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13/11/2022

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01/11/2022

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26/07/2022

Learn GST filing with Business Updates By Harish

25/07/2022

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23/07/2022

కంప్లీట్ IT ఫైలింగ్ ప్రాక్టికల్ సెషన్స్ నేర్చుకోవానుకుంటున్నారా ఫేస్బుక్ వీడియొ లింక్ పైన క్లిక్ చేసి కంప్లీట్ వీడియొ చూసేయండి ఆఫర్ లిమిటెడ్ పీరియడ్ అఫ్ టైం తరువాత లింక్ subscription బేస్డ్ చేయబడుతుంది
How to file IT returns Course link:
ITR1, ITR3, ITR4 Share market Income calculation complete details

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23/07/2022

1. Who is eligible to file ITR-1 for AY 2021-22?
ITR-1 can be filed by a Resident Individual whose:

Total income does not exceed ₹ 50 lakh during the FY
Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include:
Interest from Savings Accounts
Interest from Deposits (Bank / Post Office / Cooperative Society)
Interest from Income Tax Refund
Interest received on Enhanced Compensation
Any other Interest Income
Family Pension
Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

2. Who is not eligible to file ITR-1 for AY 2021-22?
ITR-1 cannot be filed by any individual who:

is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)
has total income exceeding ₹ 50 lakh
has agricultural income exceeding ₹ 5000/-
has income from lottery, racehorses, legal gambling etc.
has taxable capital gains (short term and long term)
has invested in unlisted equity shares
has income from business or profession
is a Director in a company
has tax deduction under section 194N of Income Tax Act
has deferred income tax on ESOP received from employer being an eligible start-ups
owns and has income from more than one house property
is not covered under the eligibility conditions for ITR-1
1. Who is eligible to file ITR-4 for AY 2021-22?
ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:

Income not exceeding ₹ 50 Lakh during the FY
Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
Income from Salary / Pension, One House Property, Agricultural Income (up to ₹ 5000/-)
Other sources which include (excluding winning from Lottery and Income from Race Horses):
Interest from Savings Account
Interest from Deposit (Bank / Post Office / Cooperative Society)
Interest from Income Tax Refund
Family Pension
Interest received on enhanced compensation
Any other Interest Income (e.g., Interest Income from unsecured loan)
2. Who is not eligible to file ITR-4 for AY 2021-22?
ITR-4 cannot be filed by an individual /HUF / Firm (other than LLP) who:

is a Residents Not Ordinarily Resident (RNOR), and Non-Resident Indian
has total income exceeding ₹ 50 Lakh
has agricultural income in excess of ₹ 5,000/-
is a Director in a Company
has income from more than One House Property;
has income of the following nature:
winnings from lottery;
activity of owning and maintaining race horses;
income taxable at special rates u/s 115BBDA or Section 115BBE;
has held any unlisted equity shares at any time during the previous year
has deferred income tax on ESOP received from employer being an eligible start-up
is not covered under the eligibility conditions for ITR-4
3. What are the changes in ITR-4 as compared to previous years?
As compared to previous years, ITR-4 of AY 2021-22 has an option where, if you wish to opt for the new tax regime u/s 115BAC, you need to select Yes in the new form.
Please note that individual or HUF opting for new tax regime u/s 115BAC has to mandatorily file Form 10-IE before due date of filing of return u/s 139(1). After filing Form 10-IE, original return or revised return is required to be filed mandatorily to avail the benefit of new tax slab u/s 115BAC and Acknowledgement Number and Date of filing Form 10IE are mandatory fields in ITR-4.

4. What documents do I need to file ITR-4?
You will need to keep the below documents ready (as applicable) to file ITR-4:

Form 16
Form 26AS
Form 16A
Bank Statements
Housing Loan Interest Certificates
Receipts for Donation Made
Rental Agreement
Rent Receipts
Investment premium payment receipts - LIC, ULIP etc.
5. What is the presumptive taxation scheme for users filing ITR-4?
According to Sections 44AA of the Income Tax Act (1961), a person engaged in business or profession needs to maintain regular books of accounts under certain circumstances as per specific conditions. To relieve small taxpayers from such compliance burden, the Income Tax Act has framed the presumptive taxation scheme u/s 44AD, 44ADA and 44AE. A person adopting the presumptive taxation scheme can declare income at a prescribed rate. The Act has laid out presumptive taxation schemes (for ITR-4 users) as given below: ·

Section 44AD: Computation of income on estimated basis in the case of taxpayers (being a Resident Individual, Resident HUF, or Resident Partnership Firm (other than LLP) engaged in certain business subject to certain conditions.
Section 44ADA: Computation of professional income on estimated basis for Assessee being a resident in India and engaged in a profession referred to in section 44AA (1) subject to certain conditions.
Section 44AE: Computation of income on estimated basis in the case of taxpayers (being an Individual, HUF, Firm (other than LLP) or any other person being a resident or non-resident) engaged in the business of plying, leasing or hiring goods carriages, who owns not more than ten goods carriages at any time during the previous year.
6. Who is not eligible for the presumptive taxation scheme of Section 44AD?
The scheme of Section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:

Business of plying, hiring, or leasing goods carriages referred to in sections 44AE
A person carrying on any agency business
A person earning income in the form of commission or brokerage (e.g., insurance agents)
Any business whose total turnover or gross receipts exceeds ₹ 2 Crore
Apart from the above, a person who is required to maintain books of accounts as referred to in Section 44AA (1) is not eligible for presumptive taxation scheme u/s 44AD.

7. The gross receipts for my business in the year are more than ₹ 2 Crore. Can I opt for presumptive taxation scheme of 44AD?
No. You can opt for the presumptive taxation scheme of section 44AD only if the total turnover or gross receipts from your business do not exceed the limit prescribed (i.e., ₹ 2 Crore).

8. I opted for the presumptive taxation scheme u/s 44AD for my last filed ITR. If I don't opt for it any time in the next 5 years, what will happen?
If you opt for presumptive taxation scheme then you are required to follow the same scheme for the next 5 years. If you don't, the presumptive taxation scheme won't be available for you for next 5 years. For example, you claimed to be taxed on presumptive u/s 44AD for AY 2019-20, AY 2020-21 and AY 2021-22. However, for AY 2022-23, let's say you did not opt for the presumptive taxation scheme. In this case, you will not be eligible to claim benefit of presumptive taxation scheme for next five AYs (AY 2023-24 to 2027-28).

9. Who can opt for presumptive taxation scheme of Section 44ADA?
The presumptive taxation scheme of Section 44ADA can be adopted by a resident in India carrying on specified profession whose gross receipts do not exceed ₹ 50 Lakh in a FY. Following professions are specified profession:

Legal
Medical
Engineering or Architectural
Accountancy
Technical Consultancy
Interior Decoration
Any other Profession as notified by CBDT

22/07/2022

GST Tutorial- How to claim Input tax credit from Jan 2022 - GST filing rules - Input tax credit

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Complete GST tutorial: https://youtube.com/playlist?list=PLnBrc9nyOudxVqiGwAuUJhS4j7uz3xXNs

19/07/2022

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14/07/2022

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Subject: Clarification on various issues relating to applicability of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 in respect of transactions involving fake invoices–Reg A number of cases have come to notice where the registered persons are found to be involved in issuing tax invoice, without actual supply of goods or services or both(hereinafter referred to as “fake invoices”), in order to enable the recipients of such invoices to avail and utilize input tax credit (hereinafter referred to as “ITC”) fraudulently. Representations are being received from the trade as well as the field formations seeking clarification on the issues relating to applicability of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”), in respect ofsuch transactions involving fake invoices. In order to clarify these issues and to ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the CGST Act, hereby clarifies the issues detailed hereunder.Sl. No.IssuesClarification1.In case where a registered person “A” has issued tax invoice to another registered person “B” without any underlying supply of goods or services or both, whether such transaction will be covered as “supply” under section 7 of CGST Act and whether any demand and recovery can be made from ‘A’ in respect of the said transaction under Since there is only been an issuance of tax invoice by the registered person ‘A’ to registered person ‘B’ without the underlying supply of goods or services or both, therefore, such an activity does not satisfy the criteria of “supply”, as defined under section 7 of the CGST Act. As there is no supply by ‘A’ to ‘B’ in respect of such tax invoice in terms of the provisions of section 7 of CGST Act, no tax liability
Circular No. 171/03/2022-GSTPage 2of 4the provisions of section 73 or section 74 of CGST Act. Also, whether any penal action can be taken against registered person ‘A’ in such cases.arises against ‘A’ for the said transaction, and accordingly, no demand and recovery is required to be made against ‘A’ under the provisions of section 73 or section 74 of CGST Act in respect of the same. Besides, no penal action under the provisions of section 73 or section 74 is required to be taken against ‘A’ in respect of the said transaction. The registered person ‘A’ shall, however, be liable for penal action under section 122 (1)(ii) of the CGST Act for issuing tax invoices without actual supply of goods or services or both.2.A registered person “A” has issued tax invoice to another registered person “B” without any underlying supply of goods or services or both. ‘B’ avails input tax credit on the basis of the said tax invoice. B further issues invoice along with underlying supply of goods or services or both to his buyers and utilizesITC availed on the basis of the above mentioned invoices issued by ‘A’, for payment of his tax liability in respect of his said outward supplies. Whether ‘B’ will be liable for the demand and recovery of the said ITC, along with penal action, under the provisions of section 73 or section 74 or any other provisions of the CGST Act.Since the registered person ‘B’ has availed and utilized fraudulent ITC on the basis of the said tax invoice, without receiving the goods or services or both, in contravention of the provisions of section 16(2)(b) of CGST Act, he shall be liable for the demand and recovery of the said ITC, along with penal action, under the provisions of section 74 of the CGST Act, along with applicable interest under provisions of section 50 of the said Act. Further, as per provisions of section 75(13) of CGST Act, if penal action for fraudulent availment or utilization of ITC is taken against ‘B’ under section 74 of CGST Act, no penalty for the same act, i.e. for the said fraudulent availment or utilization of ITC, can be imposed on ‘B’ under any other provisions of CGST Act, including under section 122.3.A registered person ‘A’ has issued tax invoice to another regis

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14/07/2022

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4. Furnishing of information regarding ITC availed, reversal thereof and ineligible ITC in Table 4 of GSTR-3B4.1Table 4(A) of the FORM GSTR-3Bis gettingauto-populated from various entries of FORM GSTR-2B. However, various reversalsof ITC on account of rule 42 and 43 of the CGST Rules or for any other reasons are required to be made by the registered person, on his own ascertainment, inTable 4(B)of the said FORM. It has been observed that different practices are being followed to report ineligible ITC as well as various reversals of ITC in FORM GSTR-3B.
Circular No.170/02/2022-GSTPage 3of 74.2It may be noted that the amount of Net ITC Available as per Table 4(C) of FORM GSTR-3Bgets creditedinto the electronic credit ledger (ECL)of the registered person. Therefore, it is important that any reversal of ITC or any ITC which is ineligible under any provision of the CGST Act should not be part of Net ITC Available in Table 4(C) and accordingly,should not get credited into the ECL of the registered person.4.3In this context, it is pertinent to mention that the facility of static month-wise auto-drafted statement in FORM GSTR-2Bfor all registered personshas been introduced from August, 2020. The statement providesinvoice-wise total details of ITC available to the registered personincluding the details of the ITC on account of import of goods. Further,details of the said statement are auto-populated in Table 4 of return in FORM GSTR-3Bwhich are editable in the hands of registered person. It may be noted that the entire set of data that is available in FORM GSTR-2B is carried to the table 4 in FORM GSTR-3B,except for the details regarding ITC that is not available to the registered personeither on account of limitation of time period as delineated in sub-section (4) of section 16 of the CGST Act or where the recipient of an intra-State supply is located in a different State / UT than that of placeof supply.It is pertinent to mention that the ineligible ITC,which was earlier not part of calculation of eligible/available ITC,is now part of calculation of eligible/available ITC in view of auto-population of Table 4(A) of FORM GTSR-3Bfrom various tables of FORM GTSR-2B. Thereafter, the registered person is required to identifyineligible ITC as well as the reversal of ITC to arrive at the Net ITC available, which is to be creditedto the ECL.In light of theabove,the procedure to be followed by registered person is being detailed hereunder for correct reportingof information in the return:A.Total ITC (eligible as well as ineligible) is beingauto-populated from statement in FORM GSTR-2Bin different fields of Table 4A of FORM GSTR-3B(except for the ineligible ITC on account of limitation of time period as delineated in sub-section (4) of section 16 of the CGST Act or where the recipient of an intra-State supply is located in a different State / UT than that of place of supply).B.Registered personwill report reversal of ITC, which are absolute in nature and are not reclaimable, such ason account of rule 38 (reversal of credit by a banking company or a financial institution),rule 42 (reversal on input and input services on account of supply of exempted goods or services), rule 43 (reversal on capital goods onaccount of supply of exempted goods or services)of the CGST Rules and for reporting ineligible ITC under section 17(5) of the CGST Act in Table 4 (B) (1).C.Registered personwill reportreversal ofITC, which are not permanent in nature and can be reclaimed in future subject to fulfilment of specific conditions, such ason account of rule 37of CGST Rules(non-paymentof consideration to supplier within 180 days), section16(2)(b)and section 16(2)(c)of the CGST Actin Table 4 (B) (2).Such ITC may be reclaimed inTable 4(A)(5)on fulfilment ofnecessaryconditions.Further, all such reclaimed ITC shall also be shown in Table 4(D)(1).Table 4 (B) (2) mayalso be usedby registered personfor reversal of any ITC availedin Table 4(A)in previous tax periodsbecause ofsome inadvertentmistake.
Circular No.170/02/2022-GSTPage 4of 7D.Therefore, the net ITC Available will be calculated in Table 4 (C) which is as per the formula (4A -[4B (1) + 4B (2)]) and same will be creditedto the ECL of the registered person.E.As the details of ineligible ITC under section 17(5) are being provided in Table 4(B), no further details of such ineligible ,
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14/07/2022

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Circular link: https://taxinformation.cbic.gov.in/view-pdf/1003102/ENG/Circulars

F.No. CBIC-20001/2/2022-GSTGovernment of IndiaMinistry of Finance Department of RevenueCentral Board of Indirect Taxes and CustomsGST Policy WingNew Delhi, Dated the 6thJuly,2022To, The Principal Chief Commissioners/Chief Commissioners/Principal Commissioners/ Commissioners of Central Tax (All) The Principal Directors General/Directors General (All)Madam/Sir, Subject:Mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORMGSTR-3B and statement in FORMGSTR-1 –reg. The process of return filing has been simplified over a period of time. With effect from December 2020, FORM GSTR-3Bis getting auto-generated on the portal by way of auto-population of input tax credit (ITC)from FORM GSTR-2B(auto-generated inward supply statement) and auto-population of liabilities from FORM GSTR-1(Outward supply statement), with an editing facility to the registered person.However, it has been observed that therestillare some infirmities in information being furnished by the registered personin relation to inter-State supplies effected to unregistered person, registered person paying tax under section 10 of the Central Goods and Services Tax Act, 2017(composition taxable persons) and UIN holders. Also,there appears to be lack of clarityregarding reportingof information about reversal of Input Tax Credit (hereinafter referred to as the “ITC”) as well as ineligible ITC in Table 4 of FORM GSTR-3B.2.It is desirable that correct reporting ofinformation is done by the registered person inFORM GSTR-3Band FORM GSTR-1 so as to ensure correct accountal andaccurate settlement of funds between the Central and State Governments. Accordingly, in order to ensure uniformity in return filing, the Board, in exercise of its powers conferred under sub-section (1) of section 168 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”), hereby clarifies various issues in succeeding paragraphs.3.Furnishing of information regarding inter-State supplies made to unregistered persons, composition taxable persons and UIN holders: 3.1It has been noticed that a number of registered persons are not reportingthecorrectdetails of inter-State supplies made to unregistered persons, toregistered person paying tax
Circular No.170/02/2022-GSTPage 2of 7under section 10 of the CGST Act (composition taxable persons) and to UIN holders,as required to be declared in Table 3.2 of FORM GSTR-3B,under the notion that the taxable value of the same along with tax payable has already been reported in Table 3.1of the said FORM.In certain cases, it has also been noticed that the address of unregistered person arecaptured incorrectly by the supplier, especially those belonging to banking, insurance, finance, stock broking, telecom, digital payment facilitators, OTT platform services providers and E-commerce operators, leading to wrong declaration of Place of Supply (PoS) in both the invoices issued under section 31 of the CGST Act, as well as in Table 3.2 of FORM GSTR-3B.3.2In this context, it may be noted that the information sought in Table 3.2 of FORM GSTR-3Bis required to be furnished, place of supply-wise,even though the details of said supplies are alreadypart of the supplies declared in Table 3.1of the said FORM. For assisting the registered persons, Table 3.2 of FORMGSTR-3Bis being auto-populated on the portal based on the details furnished by them in their FORM GSTR-1.3.3Accordingly, it is hereby advisedthat the registered persons making inter-State supplies–(i) to the unregistered persons, shall also report the details of such supplies, place of supply-wise,in Table 3.2 of FORM GSTR-3Band Table 7B or Table 5or Table 9/10of FORM GSTR-1,as the case may be;(ii) tothe registered personspaying tax under section 10 of the SGST/CGST Act (composition taxable persons) and to UIN holders,shall also report the details of such supplies, place of supply-wise,in Table 3.2 of FORM GSTR-3Band Table 4A or4Cor 9 of FORM GSTR-1,as the case may be,as mandated by the law.(iii) shall update their customer database properly with correct State name and ensure that correct PoS is declared in the tax invoice and in Table 3.2 of FORM GSTR-3Bwhile filing their return, so that tax reaches the Consumption

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11/07/2022

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1. What is Form GSTR-1? Who is required to file Form GSTR-1?
Form GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.

Every registered taxable person, other than an input service distributor/ composition taxpayer/ persons liable to deduct tax u/s 51 / persons liable to collect tax u/s 52 is required to file Form GSTR-1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal.

2. When can I opt for Quarterly filing of Form GSTR-1 return?
You can opt for Quarterly filing of Form GSTR-1 under following condition:

If your turnover during the preceding financial year was up to Rs. 1.5 Crore or

If you are registered during the current financial year and expect your aggregate turnover to be up to Rs. 1.5 Crores

3. I have already opted for Quarterly filing of Form GSTR-1 return. Can I change my preference now?
Facility to change frequency is available if you have not filed any return during the financial year according to the original frequency.

4. Is Form GSTR-1 filing mandatory?
Form GSTR-1 needs to be filed even if there is no business activity (Nil Return) in the tax period.

5. What are the available modes of preparing Form GSTR-1?
Form GSTR-1 can be prepared using the following modes through:

1. Online entry on the GST Portal.

2. Uploading of invoice and other Form GSTR-1 data using Returns Offline Tool.

3. Using third party application of Application Software Provider (ASPs) through GST Suvidha Providers (GSPs).

6. What details have to be furnished in Form GSTR-1?
The following details of a tax period have to be furnished in Form GSTR-1:

a. Invoice level details of supplies to registered persons including those having UIN;

b. Invoice level details of Inter- State supplies of invoice value greater than Rs. 2,50,000 to unregistered persons (consumers);

c. Details of Credit/Debit Notes issued by the supplier against invoices;

d. Details of export of goods and services including deemed exports (SEZ);

e. Summarised state level details of supplies to unregistered persons (consumers);

f. Summary Details of Advances received in relation to future supply and their adjustment;

g. Details of any amendments effected to the reported information for either of the above categories;

h. Nil- rated, exempted, and non-GST supplies; and

i. HSN/SAC wise summary of outward supplies.

7. Which type of registered taxpayers are not required to file the Form GSTR-1?
The following taxpayers are not required to file Form GSTR-1:

• Taxpayers under the Composition Scheme

• Non-resident foreign tax payers

• Online information database and access retrieval service provider

• Input Service Distributors (ISD)

• Tax Deducted at Source (TDS) (deductors); and

• E-commerce operators collecting TCS

10/07/2022

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What is Form GSTR-1? Who is required to file Form GSTR-1?
Form GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.

Every registered taxable person, other than an input service distributor/ composition taxpayer/ persons liable to deduct tax u/s 51 / persons liable to collect tax u/s 52 is required to file Form GSTR-1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal.

2. When can I opt for Quarterly filing of Form GSTR-1 return?
You can opt for Quarterly filing of Form GSTR-1 under following condition:

If your turnover during the preceding financial year was up to Rs. 1.5 Crore or

If you are registered during the current financial year and expect your aggregate turnover to be up to Rs. 1.5 Crores

3. I have already opted for Quarterly filing of Form GSTR-1 return. Can I change my preference now?
Facility to change frequency is available if you have not filed any return during the financial year according to the original frequency.

4. Is Form GSTR-1 filing mandatory?
Form GSTR-1 needs to be filed even if there is no business activity (Nil Return) in the tax period.

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