Amir Nazir & Associates Chartered Accountants

*Key GST Compliance Actions for FY 2024-25*
As we transition from FY 2023-24 to 2024-25, businesses must ensure compliance with *crucial GST regulations.*

Here are the key actions to take:

✅ Letter of Undertaking (LUT): File by March 31, 2025, for zero-rated supplies.
✅ GST Composition Scheme: Opt-in by March 31, 2025 and file ITC-03 within 60 days.
✅ Invoice Numbering: Reset for the new financial year.
✅ Year-End Reconciliations: Align outward/inward supplies, ITC balances, and stock to avoid discrepancies.
✅ ITC Reversal: Calculate under Rules 42 & 37 for exempt supplies and unpaid vendor invoices.
✅ E-Invoicing Compliance: Mandatory from April 1, 2025, for businesses with turnover > ₹5 crores.
✅ Export Compliance: Ensure inward remittances align with FEMA regulations to avoid refund reversals.
✅ Supplier & Rule 86B Checks: Verify supplier e-invoice status and 1% cash payment conditions.
✅ GST Amnesty Scheme 2024: Leverage relief options but withdraw appeals before applying.
✅ Input Service Distribution (ISD): From April 1, 2025, businesses must register and distribute ITC across states.
✅ Reverse Charge Mechanism (RCM): GST liability applies to commercial rent paid to unregistered suppliers.
✅ Form GST DRC-03A Adjustments: Ensure proper demand order payments.

Proactive compliance will ensure a smooth transition into the new financial year! 📅 ✅

Last date of Filing ITR 31st July 2024.
File your ITR now to avoid last minute Rush

Maximum Deduction Limit under-

80C + 80CCC + 80CCD(1)- 150K
80CCD(1B)- 50K
80CCD(2)- 10 to 14% of (B+DA)
80D- 50K to 100K
80DD- 75K to 125K
80E- No limit
80G- 50% or 100% of amt with/ without QL
80GG- 60K
80GGB/GGC- No limit
80RRB- 300K
80TTA- 10K
80TTB- 50K
80U- 75K to 125K

Taxpayers Please Note That :

New tax rules will come into effect across India w.e.f 1st April 2024 Assessment Year

This means New Tax Rates are applicable from 1 April 2023 onwards

The new Tax regime will become "DEFAULT OPTION" now.

Tax Slabs :

Upto 3 lakh - 0
3-6 lakh - 5%
6-9 lakh - 10%
9-12 lakh - 15%
12-15 lakh - 20%
15 lakh & Plus - 30%

Many are spreading false Information that is applicable from now 1 April 2024, reality is it is applicable from 1 April 2023 onwards

You can file your Tax Return for FY 2023-24 in June/ July in the new regime and get Zero Tax up to ₹7 Lakh Income

RT to spread correct news

The Hon’ble Madras High Court in the case of Sri Shamunga Hardwares Electricals v. State Tax Officer [Writ Petition No. 3804 of 2024 dated February 20, 2024] allowed the writ petition, thereby holding that, Credit should not be denied when ITC claim is not reflected in Form GSTR-3B return in case where the Assessee filed nil return erroneously in Form GSTR-3B, but claimed ITC by relying upon Form GSTR-2A and Form GSTR-9.
Regards,,
CA.Amir Nazir.
Prop.AMIR NAZIR & ASSOCIATES.
CHARTERED ACCOUNTANTS.
MUNWARABAD.
096826 66162

Income Tax Department sends notice to salaried Individuals asking proof of deductions claimed in ITR

Read more at: studycafe.in/income-tax-dep…

*GST Portal Update*

Taxpayers can opt for Composition Scheme for the Financial Year 2024-25 by accessing the GST Portal, which will be open upto March 31, 2024.

Use Navigation 'Services -> Registration -> Application to Opt for Composition Levy', and file Form CMP-02.