GST Registration Online: SuperCA

In order to discourage cash transactions and move towards a cashless economy, a new Section 194N was inserted under Income-tax Act with effect from September 1, 2019, to provide for deduction of tax on cash withdrawals made by any person from his bank or post-office account..‘Section 194N – TDS on cash withdrawals over and above Rs 1 crore’ was introduced through the Finance Bill, 2019. It is applicable on more than Rs 1 crore cash withdrawals during a financial year and is applied to the withdrawal of all the sums of money or an aggregate of sums from a particular payer in a financial year. The section serves the objective of eliminating large cash withdrawals from bank accounts and phasing out black money from India. Who will deduct TDS u/s194N? An individual or payer making the payment with cash will have to deduct TDS under Section 194N of the ITR filing Act. The list of such persons are as follows: → a banking company to which the Banking Regulation Act, 1949 (10 of 1949) ...

Within a few days of announcing various amendments to Form 26AS, the Income Tax Department has rolled out the new Annual Information Statement(AIS) on the Compliance Portal. It provides a comprehensive view of information to taxpayers, with the facility to capture online feedback. It includes detailed information of a taxpayer’s foreign remittance, mutual fund and other securities transactions, apart from details of the tax collected at source (TCS) and tax deducted at source (TDS).   The purpose of introducing the new AIS is to make taxpayers’ ITR return filing easier. New AIS not only contains a comprehensive outlay of the taxpayer information but also allows the taxpayer to submit feedback on the provided information What is AIS (Annual Information Statement)? AIS is a revised version and much more detailed than that of the existing Form 26AS. It will include various financial details of the taxpayers along with that of TCS and TDS. The main motive is to get a more simplified a...

GSTR-9 is an annual return that is to be filed annually by GST registered taxpayers. It is a compilation return that includes all business transactions done for the particular financial year and all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. The main sources of populating GSTR-9 are the GST return filing of, GSTR-1 and GSTR-3B. The form contains a total of 6 parts spread out within 19 tables. Each part asks for details that are easily available from your previously filed return and books of account. ( Note : The government had made the filing of GSTR-9 /9A optional for the financial year 2017-18 and 2018-19 as small taxpayers were facing difficulties from the implementation of GST. Further, in the 43rd GST Council Meeting, dated May 28, 2021, the council decided to amend Section 35 and Section 44 of the CGST Act as per Finance Act, 2021 and the changes will be applicable for the Financial Year 2020-2021. It was also decided that in view of the pandemi...