Category: Uncategorized

Compliance Calendar for the month of Dec-24

Posted on by admin

GST Returns in December 2024

Due DatePeriodForm to be Filed
11.12.2024Nov – 2024GSTR 1
13.12.2024Nov – 2024GSTR 1 (IFF)
20.12.2024Nov – 2024GSTR 3B
25.12.2024Nov – 2024GST Challan Payment(Input Tax Credit (ITC) for November 2024)
31.12.2024FY 2023-24GSTR 9 & 9C

Income Tax Compliance / PF / ESI in the Month of Mar – 24

Due DatePeriodForm to be Filed
07.12.2024November 2024
Challan No. ITNS-281(Payment of TDS/TCS was deducted /collected Nov-24)
15.12.2024November 2024Professional Tax on salaries for November 2024
15.12.2024October 2024TDS Certificate for tax deducted under Section 194IA
15.12.2024October 2024TDS Certificate for tax deducted under Section 194IB
15.12.2024October 2024TDS Certificate for tax deducted under Section 194M
15.12.2024FY 2024-25Advance Tax Installment (Third installment of advance tax for FY 2024-25)
15.12.2024November 2024Form 24G for TDS/TCS paid without a challan in government offices
15.12.2024November 2024Payment of Provident Fund & ESI contributions for November 2024
15.12.2024November 2024Form No. 3BB
30.12.2024November 2024TDS Payment
30.12.2024November 2024TDS Certificate (Section 194S)
31.12.2024FY 2023-24Return of Income (Filing of revised or belated income tax return for FY 2023-24)

COMPLIANCE CALENDAR FOR THE COMPANY ANNUAL FILING AND LLP ANNUAL FILING IN THE MONTH OF NOVEMBER 2024

Posted on by admin
Due datePeriodForm to be filed
28.11.2024FY 2023-24MGT 7A (One Person Company does not require to hold AGM, yet the due date for filing Form MGT 7A shall be 60 days from the completion of the 6 Months from the end of financial year )
28.11.2024FY 2023-24MGT 7 (Form MGT-7 must be filed with the Registrar of Companies (ROC) by all the Private Limited Companies and Public Limited Companies)

GST COMPLIANCE CALENDAR FOR THE MONTH OF NOVEMBER-2024

Posted on by admin

The GST Returns in the Month of Nov- 2024

Due datePeriodForm to be filed
10.11.2024Oct- 2024GSTR 8
10.11.2024Oct- 2024GSTR 7
11.11.2024Oct- 2024GSTR 1
13.11.2024Oct- 2024GSTR 6 (Input Service Distributors)
13.11.2024Oct- 2024GSTR 1 (QRMP)
20.11.2024Oct- 2024GSTR 3B
20.11.2024Oct- 2024GSTR 5 & 5A
25.11.2024Oct- 2024GST Challan Payment

Income Tax Compliance: PF / ESI in the Month of Nov- 2024

Due datePeriodForm to be filed
07.11.2024Oct- 2024Challan No. ITNS-281
14.11.2024Sep- 2024TDS Certificate (Section 194IB in the month of Sep-2024)
14.11.2024Sep- 2024TDS Certificate (Section 194S in the month of Sep- 2024)
14.11.2024Sep- 2024TDS Certificate ( Section 194M in the month of Sep- 2024)
14.11.2024Sep- 2024TDS Certificate (Section 194IA in the month of Sep-2024)
15.11.2024Oct- 2024TDS Certificate( Quarterly TDS Certificate for the quarter ending Sep- 30, 2024)
15.11.2024Oct- 2024ESI Challan
15.11.2024Oct- 2024Electronic Challan cum Return (ECR) (PF)
30.11.2024FY 2023-24Form ITR-7
30.11.2024FY 2023-24Form No. 64D
30.11.2024FY 2023-24Return of Income
30.11.2024FY 2023-24Form No. 64A
30.11.2024FY 2023-24Form No. 3CEAA
30.11.2024FY 2023-24Form No. 64
30.11.2024Oct- 2024TDS Certificate (section 194S in the month of Oct- 2024)

Section 10AA Deduction

Posted on by admin

Section 10AA of the Income Tax Act, 1961, provides a tax deduction for businesses operating in Special Economic Zones (SEZs) in India. This incentive aims to encourage exports and boost foreign exchange earnings by offering a phased tax deduction based on the profits derived from export activities. Here’s a breakdown of how the deduction works:

Eligibility for Section 10AA Deduction

To qualify for the Section 10AA deduction, a business must:

  1. Operate in a Special Economic Zone (SEZ) and engage in the manufacture, production, or provision of services.
  2. Commence operations after April 1, 2006.
  3. Ensure the income is derived from export activities of goods or services.
  4. Maintain separate books of accounts for the SEZ unit to calculate the profit attributable to exports.

Deduction Phases

The deduction is available for a total of 15 consecutive years, divided into three phases:

  • First 5 years: 100% deduction on the profits derived from exports.
  • Next 5 years: 50% deduction on export profits.
  • Last 5 years: 50% deduction is allowed, provided the business transfers an equivalent amount to the Special Economic Zone Re-investment Reserve Account and reinvests it in assets within the specified timeframe.

Conditions and Limitations

  • Transfer of Goods to DTA: Profits from sales in the Domestic Tariff Area (DTA) are not eligible.
  • SEZ Re-investment Reserve Account: For the third phase (last 5 years), reinvested funds must remain in the account for three years and be used to acquire plant or machinery for business use.
  • Losses and Unabsorbed Depreciation: Losses can be carried forward, but the deduction is available only for the eligible SEZ profits.

Points to Note

  • MAT and AMT Applicability: SEZ units are subject to Minimum Alternate Tax (MAT) under Section 115JB and Alternate Minimum Tax (AMT) under Section 115JC.
  • Sunset Clause: Section 10AA benefits are gradually being phased out, and new SEZ units may have restricted eligibility based on recent tax amendments and government policies.

This deduction under Section 10AA is beneficial for businesses looking to reduce taxable income by leveraging their export profits, as long as they meet the eligibility and operational requirements.

Due Dates for Income Tax Returns in October-24

Posted on by CA
Form to be filedDue datePeriod
TDS Certificate-TDS Certificate for tax deducted under section 194-IB15.10.2024August 2024
TDS Certificate-TDS Certificate for tax deducted under section 194S in the month of August 2024 Note: Applicable in case of a specified person as mentioned under section 194S15.10.2024August 2024
TDS Certificate-TDS Certificate for tax deducted under section 194M 15.10.2024August 2024
TDS Certificate-TDS Certificate for tax deducted under section 194-IA 15.10.2024August 2024
Form No. 3BB15.10.2024September 2024
Provident Fund (PF)15.10.2024September 2024
Provident Tax (PT)15.10.2024September 2024
TCS Certificate30.10.2024July to September 2024
TDS Challan-cum-statement30.10.2024September 2024
ITR (Income Tax Return)31.10.2024AY 2024-25
Audit Report31.10.2024AY 2024-25
Copies of Form No. 6031.10.2024April to September 2024
Non-TDS Return31.10.2024July to September 2024
Annual Audited Account31.10.2024FY 2023-24
Form no. 3CEAB for the accounting year 2023-2431.10.2024FY 2023-24
TDS Payment31.10.2024July to September 2024
Form 3CEB in respect of international transactions and specified domestic transactions.31.10.2024AY 2024-25

Happy Gandhi Jayanti

Posted on by admin

Gandhi Jayanti, celebrated on October 2nd, marks the birth anniversary of Mahatma Gandhi, a pivotal leader in India’s struggle for independence and a proponent of non-violence and civil disobedience. It’s a day to honor his principles and contributions to peace and social justice. The day is observed as a national holiday in India and is also recognized as the International Day of Non-Violence. Many people commemorate the occasion by participating in prayer services, discussions, and community service activities.

GST COMPLIANCE CALENDAR FOR THE MONTH OF OCTOBER

Posted on by CA
Forms to be filledDue Date
GSTR-7 10-10-2024
GSTR-810-10-2024
GSTR-1-Other than QRMP11-10-2024
GSTR-1-QRMP ( Furnishing Facility)13-10-2024
GSTR-5 (Non-Resident Taxable Person)13-10-2024
GSTR-6 (Input Service Distributor)13-10-2024
GST-CMP-08 (Composition Scheme)18-10-2024
GSTR-3B-(Other than QRMP )20-10-2024
GSTR-5A20-10-2024
GSTR-3B(QRMP-Invoice Furnishing Facility)22-10-2024
ITC-04 (PFY Turnover < Rs. 5 Crores)25-10-2024

Digital Accounting

Posted on by CA

Digital accounting refers to the use of digital tools and technologies to manage and process accounting tasks. This can include a variety of software solutions and systems that automate traditional accounting functions, making them more efficient and accurate. Here are some key aspects of digital accounting:

1. Accounting Software

  • ERP Systems: Enterprise Resource Planning systems like SAP, Oracle, and Microsoft Dynamics integrate accounting with other business processes.
  • Cloud Accounting: Software such as QuickBooks Online, Xero, and FreshBooks offer cloud-based solutions that allow for remote access and real-time updates.

2. Automation

  • Automated Data Entry: Scanning and uploading invoices and receipts which are then automatically processed.
  • Recurring Transactions: Automation of regular transactions such as payroll, rent, and utilities.

3. Data Analytics

  • Financial Reporting: Tools that provide detailed financial reports and dashboards for better decision-making.
  • Predictive Analytics: Using historical data to forecast future financial trends and outcomes.

4. Compliance and Security

  • Regulatory Compliance: Ensuring that all financial activities adhere to local and international laws.
  • Cybersecurity: Protecting sensitive financial data through encryption, access controls, and secure data storage.

5. Integration

  • Bank Integration: Direct connections with bank accounts for real-time transaction updates.
  • Third-party Apps: Integration with other business tools such as CRM systems, e-commerce platforms, and payment processors.

6. Collaboration

  • Multi-user Access: Allowing multiple users to work on the same accounting data simultaneously.
  • Remote Work: Enabling accountants and bookkeepers to work from anywhere, enhancing flexibility and productivity.

Benefits of Digital Accounting:

  • Accuracy: Reduced human error through automated data entry and calculations.
  • Efficiency: Faster processing of transactions and financial reporting.
  • Cost Savings: Lower operational costs by reducing the need for physical storage and manual labor.
  • Real-time Data: Instant access to up-to-date financial information for timely decision-making.

Challenges:

  • Learning Curve: Initial training and adaptation to new software.
  • Cybersecurity Risks: Protecting against data breaches and cyber-attacks.
  • Dependence on Technology: Ensuring system reliability and dealing with potential downtime or technical issues.

Digital accounting is transforming the accounting profession by leveraging technology to enhance efficiency, accuracy, and decision-making. By adopting digital tools, businesses can streamline their financial processes, gain better insights into their financial health, and stay competitive in a rapidly evolving marketplace.

TDS Rate Chart For Assessment Year 2024-25

Posted on by CA
Nature of PaymentSectionThresholdRate of TDS
Salary Payment192Taxable Income that is liable to taxNormal slab rates or New Tax Regime Slab Rate as opted by the employee(Basic exemption limit for employees)
Premature Withdrawal from EPF192A50,00010%
Interest on Securities1932,50010%
Dividend1945,00010%
Interest other than interest on securities (Bank Deposit/Post Office Deposit/Banking Co-Society Deposit)194A5,00010%
(a) Senior Citizens50,000
(b) Others40,000
Winnings from lotteries, crossword puzzles, card games and other games194B10,00030%
Income earned from winning in horse races194BB10,00030%
Winning from Online Games194BA _30%
Payment of Contractors and sub-contractors194CSingle Transaction: 30,000/ Aggregate of Transactions: 1,00,0001% (individual/HUF)
2% (others)
Insurance Commission194D15,000 5% (Individual)
10% (Companies)
Payment in respect of life insurance policy194DA1,00,0005%
Payment to non-resident sportsmen/sports association194E _20%
Payments in respect of deposits under National Savings Scheme194EE2,50010%
Payments on account of re-purchase of Units by Mutual Funds or UTI194F
 _20%
Commission, prize etc., on sale of lottery tickets194G15,0005%
Commission or brokerage194H15,0005%
Rent for plant and machinery194-I(a)2,40,0002%
Rent for immovable property194-I(b)24000010%
Payment for acquisition of immovable property other than agriculture land194-IA50 Lakhs1%
Payment of rent by individual or HUF194-IB50,000 per Month5%
Payment for Joint Development Agreements194-IC _10%
Fee for Professional or Technical Services (FTS), Royalty, etc.194J30,0002% (FTS, certain royalties, call center) 10% (others)
Payment of dividend by Mutual Funds194K _10%
Payment of Compensation on acquisition of immovable property194LA2,50,00010%
Payment of income by Business trust194LBA(1)
 _10%
Payment of income by Investment fund194LBB(i) _10%
Income by securitization trust194LBC(1) _25% (Individual/HUF) 30% (Others)
Payment to commission, brokerage etc. by Individual and HUF194M50 Lakhs5%
TDS on e-commerce participants194-O5 Lakhs1%
TDS on Senior Citizen above 75 Years194S
 _1%
Purchase of goods (applicable w.e.f 01.07.2021)194Q20,0000.1%
TDS on benefit or perquisite of a business or profession
194R _10%