Every month ITC was claimed based on GSTR 2B Due to this some ITC for the last quarter of FY 22-23 was claimed in the first quarter of FY 23-24 (Reason late reflection in GSTR 2B due to late filing of GSTR 1 by counter party) Same happens every year Now Table 6 of GSTR 9 have ITC value based on GSTR 3B filed during FY 22-23 but this ITC have some part pertaining to FY 21-22 As a result of this process even though ITC was claimed 100% accurately based on GSTR 2B but still calculations of ITC amounts for Table 6 and Table 8 were difficult in GSTR 9
Taxation Updates (CA Mayur J Sondagar)’s Post
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Notification No.09/2024 - Central Tax (Rate) Impacts of RCM on Renting of any property other than residential dwelling If the tenant is Unregistered and the owner is also Unregistered under GST then GST is not applicable (Neither RCM nor FCM) If the tenant is Unregistered and the owner is Registered under GST then GST is applicable on FCM basis If the tenant is Registered and the owner is also Registered under GST then GST is applicable on FCM basis If the tenant is Registered and the owner is Unregistered under GST then GST is applicable on RCM basis If the tenant is Registered under GST as Composition tax payer then RCM liability will become an extra expense for him because he is not eligible for ITC #CBIC kindly exempt such tax payers If the tenant is Registered under GST as Regular tax payer then he is eligible to claim RCM liability as ITC #CBIC majority of owners were unregistered under GST, due to this notification all of them have to discharge their RCM liability through cash because RCM liability compulsorily required to be paid through cash only Applicable from 10th October 2024 onwards RCM on Commercial Rent has biggest impact In short for registered tax payers, rent on commercial property is always taxable, either under RCM or FCM as the case may be #TaxationUpdates
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Many people ask what is the solution for 87A related demand for special income Some tax payers have filed ITR before 5th July and are getting processed with demand Some tax payers have filed ITR before 5th July and are processed without demand before 5th July As per me the only option left is to pay the demands -You can't opt for the old regime as the due date u/s 139(1) is already over -Basic Exemption limit under new tax regime is 3 lakh so if total income including short term capital gain is upto 3 lakh then no tax is payable Income Tax India Official
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Parcel Management System (PMS) of Indian Railways has now been integrated with the E-Way Bill (EWB) system via Application Programming Interfaces (APIs). This integration facilitates the seamless transfer of RR No./Parcel Way Bill (PWB) data from Railways to e-way bill portal , ensuring better traceability and compliance. Advisory on Proper Entry of RR No./Parcel Way Bill (PWB) Numbers in EWB system Post EWB-PMS Integration https://lnkd.in/gsRWeAtp
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There is a misconception that TDS on all rent reduced to 2% Clarification Kindly note that TDS rate reduced for section 194IB and not for section 194-I(b) TDS Rate u/s 194-I(b) is 10% only and not reduced to 2% Section 194-I has a threshold limit of Rs.2,40,000 per annum Section 194-IB has a threshold limit of Rs.50,000 per month
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Updated TDS Rates Chart as per The Finance (No. 2) Act, 2024 TDS under some sections has been reduced from 1st October 2024 Copyright and Credit to Taxmann This Table covers the TDS Section, TDS Rate, Time of Deduction, Type of Deductee and Applicability
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