The Accountant

Income Tax Return (ITR) Filing is Mandatory if any of the below mentioned condition is satisfied
(for Other than a Company or a Firm)

Section 139 and Notification No. 37/2022

If Aggregate Turnover During FY 22-23 exceeds below specified amounts then following new compliances applicable w.e.f.01/04/2023

Turnover limit for GST Registration

E envoice will be applicable above 5 Crore Turnover with retrospective effect.

The CBIC will start a fresh drive against Fake GST Registrations and may visit business premises from May 16 onwards

This may lead to harassment by a few GST officers and may demand bribes at the time of visit.

Businesses and Professionals having GST numbers should ensure following :

- Keep Ready All Registration Docs Copy

- Displace the Name of the Business with GST Number at the Premises (Many fail to displace when its residence premises, its better to take a printout and attach at their workstation /door)

- soft / hard copy of last 3 returns filed or Sales and Purchase Reg for verification

Failure to produce docs or display GST numbers at premises may invite penalty or cancellation.

There are rare cases where GST Reg is taken based on the forged document like electricity bill, property receipts, rent agreements and also cases with dummy mobile numbers linked with Aadhaar. The month-long drive will start by CBIC to detect suspicious Registrations, when found, then GST number will be suspended

If your business is genuine you need not worry, but ensure compliance with above points to reduce harassment by field officer.

Link your PAN with Aadhar before 31/03/2023

Tax Calculator is now live!

A dedicated tax calculator to check Old Tax Regime vis-à-vis New Tax Regime for Individual/HUF/AOP/BOI/Artificial Juridical Person(AJP) as per Section 115BAC can now be accessed on the IT Dept website.

Pl check the link below:
https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

Gross Direct Tax collections for FY 2022-23 upto 10th February,2023 are at Rs.15.67 lakh crore, higher by 24.09% over gross collections for corresponding period of preceding yr.
Net collections at Rs.12.98 lakh crore are 18.40% higher than net collections for same period last yr

As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023.
From 1.04.2023, the unlinked PAN shall become inoperative.

Urgent Notice. Don’t delay, link it today!

AIS Mobile Application from Income Tax India.

How to know name in PAN as per Income Tax database

How to know name as per pan database in Income tax How to know name as per pan database in Income tax.Firsh name, middle name, last name check.Pan card surname, middle name first name check.

-Gross Direct Tax collections for FY 22-23 as on 17.12.22 at Rs. 13.64 lakh cr grow at 25.9% over collections of corresponding period in preceding yr
-Net DT collections at Rs. 11.36 lakh cr grow at 19.8%
-Cumulative Advance Tax collections at Rs. 5.21 lakh cr grow at 12.83%