MSME
IMPORTANT WHY MSME’s & THE OWNERS FILE ITR 1.Registration in udyam portal is updated based on ITR’s as udyam portal is fully integrated with the income tax system. Non-filing may result in suspension of udyam registrtion. 2.Income proof for landers. 3.In case of road accidents, for assessing compensation claims in motor accident claims tribunal.
MSME CLASSIFICATION & BENIFITS:MSME stands for macro,small & medium enterprises
1.Classification (Revised) Investment Limit Turnover Limit Macro Rs.1 cr Rs. 5 cr Small Rs. 10 cr Rs.50 cr Medium Rs.50 cr Rs.250 cr 2.BENIFITS: a) Protection against delayed payments. b) Time bound settlement of payment related disputes. c) Central Govt. subsidies & incentives.
GST Amnesty scheme
TRADE CIRCULAR No.03/2024 – KERALA GST 1. Tax liability up to Rs.50000 in a tax assessment order under this scheme shall be treated as discharged by the applicant without submission of application. 2. For settlement of tax arrears under this scheme, the applicant should submit the application only after paying the amount due under the […]
VI A Deductions
Severe (>80%) 1,25,000 80EE : 50,000 , cost of property 50,00,000 and loan maximum 35,00,000 2019 EEA: 1.5L + stamp duty Maximum 60,000 / form 10BA to be filed
Restrictions on Cash Transactions
TDS on Cash Withdrawals
ITR – INDIVIDUALS
ITR due by July 31st Documents required for Income Tax Return Filing: .Aadhar / PAN – if registering for first time Or Income Tax E-filing login – if already registered
Expected Outcomes of GST Council Meeting
June 2024
GST Council Eases Taxpayer Compliance Burden
Major Rate Changes Goods/Service Revised Rate All Milk Cans 12% Cartons, Boxes, Cases of Paper/Paper board […]
E-commerce Sellers Count on Cash-Flow Gains from GST Cut
Sellers operating across E-commerce platforms expect to see cashflow benefits from a recommended reduction in tax collected at source (TCS) made by the GST Council due to the cumbersome nature of filing returns, the tax credits that are incurred through TCS often end up sitting with the Government for a long period of time without […]
Form DPT- 3 (MCA)
DPT-3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.It is due on 30th June. Who is exempt from filing the return? Every company except a government company must file this return. Additionally, the following companies are also exempt: Transactions […]