OPTS Academy

Required Accountant in Lucknow. Even fresher candidates can also apply. Kindly Share your CV ; [email protected]

It is clarified that an inoperative PAN is not an inactive PAN. One may file the Income Tax Return (ITR), irrespective of PAN becoming inoperative.
Only following are the consequences of ‘inoperative’ PAN:
i. Pending refunds and interest on such refunds will not be issued to inoperative PANs.
ii. TDS will be required to be deducted at a higher rate for inoperative PANs in accordance with section 206AA.
iii. TCS will be required to be collected at a higher rate for inoperative PANs in accordance with section 206CC.

*Very Imp Decisions taken in 50th GST council meeting today. Brief given below*

1. Transporters will not be required to file declaration for paying GST under forward charge every year

2. *No RCM on services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company*

3. Relief for taxpayer, Govt *extended the special procedure regarding mismatch in ITC availed in GSTR-3B and 2A for two more years* i.e 2019-20, 2020-21 and upto 31.12.21.

4. *Amnesty schemes* notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration *extended till 31.08.2023*

5. To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant

6. To provide for physical verification in high risk cases even where Aadhaar has been authenticated.

7. System-based intimation to the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B

8. *Supply of food and beverages in cinema halls is taxable at 5%*

9. If the sale of cinema ticket and supply of food and beverages clubbed together then gst rate of cinema ticket will apply

10. *28% GST on the value of the chips purchased in casinos*

11. *28% GST on the full value of the bets placed in Online Gaming*

12. GST Appellate tribunal will be started in a phased manner

13. *Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23*

14. *No GSTR-9 for turnover upto 2 crores*

15. *Input Services Distributor (ISD) mechanism is not mandatory* for distribution of input tax credit of common input services procured from third parties to the distinct persons as per the present provisions of GST law. Amendment may be made in GST law to make ISD mechanism mandatory prospectively

16. *Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty* replacement of parts and *repair services* during *warranty period*

17. *Refund of accumulated input tax credit (ITC) to be restricted to ITC appearing in FORM GSTR-2B*

18. Only Name of state on tax invoice, not the name and full address of the recipient, in cases of supply of taxable services by or through an ECO

OPTS Academy Computer Accountancy training Centre for Tally ERP-9, GST and Advance Excel with focus on imparting the practical knowledge by trained professionals and industry experts.

ब्रिटिश भारत का आर्थिक इतिहास

Require Two Accountants in Lucknow. Interested candidate can share your CV/Resume @ [email protected] .(Freshers can also apply)

For UPSC/UPPSC aspirants

Introductory class | History | ADVAIT CLASSES | UPSC UPPSC & OTHER COMPETITIVE EXAMS. प्रिय विद्यार्थियों,समय आ चुका है कि परीक्षा के बदलते स्वरूप खासकर इतिहास विषय को लेकर अपनी तैयारी में परिवर्तन ल....

*Income Tax Extension*

*Details*
The details are as under:

1. *ITR: 31st July, 2021* as extended to 30th September, is further extended to 31st December, 2021

2. *Tax Audit: 30th September, 2021*, as extended to 31st October, 2021 is further extended to 15th January, 2022;

3. *Transfer Pricing Report: 31st October, 2021*, as extended to 30th November, 2021 is extended to 31st January, 2022;

4. *ITR: 31st October, 2021* as extended to 30th November, 2021 is further extended to 15th February, 2022;

5. *ITR: 30th November, 2021* as extended to 31st December, 2021 is further extended to 28th February, 2022;

6. *Belated/Revised ITR: 31st December, 2021* as extended to 31st January, 2022 is further extended to 31st March, 2022;

*Interest under Sec 234A applicable where tax more than Rs.1 Lakh*

GST UPDATES:

1. No late fees for filing 3b of Mar/April 3b upto 15 days and 30 days from original due date for taxpayer with turnover more than 5 cr and upto 5 crore respectively. For quarter ending 31st mar, no late fees if 3b filed by 30 days from original due date

2. GSTR-4 due date extended to 31st May

3. ITC-04 due date extended to 31st May for Jan-Mar quarter

4. GSTR-1 due daye for April'21 extended to 26th May and IFF due date extended to 28th May.

5. Timeline for all other proceedings, asset order etc. Whose last date of completion falls between 15th April to 30th May is extended to 31st May

6. Relaxation in Interest Payment for the month of March 21 & April 21*
*Terms and conditions applicable

Online Class for GST laws with practical exposure Starting Soon
Interested Candidates Contact @ 8765656523 or [email protected]