12 Types of ITR clients you met

DO READ TILL END . JUST FOR FUN

1. Always Denial mode clients
" sir मैंने कोई POST मे FD, MIS नहीं की . पता नहीं कैसे ये दिख रहा है AIS TIS मे . औऱ  हमने तो shares बेचे ही नहीं . मेरा तो Demat ही नहीं है. Share Trading कौनकर रहा है पता नहीं" 2. Always जल्दी Clients-

"sir मेरा जल्दी ITR लेना, Refund बहोत बड़ा हे"

(Refund होता हे उसको हमेशा जल्दी रहती है.)

Few days later - "Sir, कब आएगा refund?

10 Things to keep handy before you start GSTR 9

1. Annual GSTR 2A (even 8A zip)
Source -Software

2. 21-22 ITC claimed in 22-23 if any
Source-Check in monthly 3B for 22-23. Spcly Apr 22/Sep 22 3B

3. 20-21 ITC claimed in 21-22 if any
Source -check in Last yr GSTR 9
Table 12,13 4. 21-22 sales side Problem solved in 22-23 if any
Source - Check monthly 3B/1 for 22-23. Spcly April 22

5. 20-21 sales side Problem solved in 21-22
Source - check Last year GSTR 9
Table 10, 11, 14

( u must knw reason why POINT 2 to 5 very IMPORTANT)

EWAY BILL X JOB WORK GOODS SENT BACK

A thread OF 5 Questions

Imagine the scenario when Goods are processed at Job worker's place and now sent back to Principal

Q1. Who is require to Make EWAY BILL in this case?
Is it PRINCIPAL or JOB WORKER
Assume both are registered only Q2
The same Rs 50000 exemption is available when Jobwork send the goods to principal after completing jobwok?

asked by @AbhasHalakhandi

FINANCIAL PLANNING TWEET posted on 9th April- has got Almost 74000+ Impressions & 1100+ likes

THANK YOU SO MUCH

Many requested Excel to work & make their own FINANCIAL PLANNING sheet with their Age and their own idea of Fund allocations

here is
drive.google.com/file/d/1ZkP6NR…

1/5 I still can't digest what this one tweet has achieved. It still making me smile . Last 5 days were just SO AWSOME. The unprecedented response and love it has got , is like dream . Infact, Beyond dream. I had no idea that it would become popular

2/5

FINANCIAL PLANNING in ONE TWEET

All about Financial Planning, Retirement Planning, Discipline Investment, Financial security, Financial Freedom - ALL in ONE. & show you how disciplined investing can do wonders.

here are slides

pic 1- PPF
pic 2- NPS
pic 3- SIP
pic-4- SUMMARY I have been writing & updating this for so long.
I just made tables having in mind age 40 . You may prepare your own Tables with your current age in Mind.

GOAL = TO HAVE atleast 1.37 CRORE fund at 60TH AGE FOR RETIREMENT

STRATEGY- INVESTING 3 Lacs in PPF + NPS + MF SIP

27 MARCH REMINDERS - Posting again

1. Composition - (to whomsoever applicable)
Opting or opting out Composition till 31-3 for FY 22-23

2. QRMP (to whomsoever applicable)
Opting or opting out QRMP till 30-4 for FY 22-23

3. LUT
Apply LUT in case of Exporters for FY 22-23 4. FETCH BILL OF ENTRY -
IMPORT BOE DATA FETCH FOR ALL IMPORTS MADE IN FY 21-22 BY SEARCH BILL OF ENTRY - FOR THOSE WHOM IMPORT NOT APPEARING IN GSTR 2A

E-invoice - QUICK GUIDE for TALLY PRIME user

A THREAD -

1. Login with Same Eway bill id password on einvoice1.gst.gov.in

2. Go to API registration > Go to user credentials>
Create API User > Enter OTP>
Click THROUGH GSP > Choose TALLY 3. OPEN TALLY PRIME > press F11

-click YES in ENABLE GST> NEW MENU POP-UP
Go to Last Line > E-invoice Applicable > YES

Write date > Write Applicable from 1-4-2022
( if you want to trail &b test it , Write today date)

Also click YES in Make eway Bill with E-invoice

25 MARCH/APRIL TASK FOR Year end compliances FOR GST &IT

MEGA THREAD

1. Opting or opting out Composition till 31-3 for FY 22-23 ( to whom applicable)

2. Opting or opting out QRMP till 30-4 for FY 22-23 ( to whom applicable)

3. Apply LUT in case of Exporters for FY 22-23 4. Completing your Accounting till 31st MARCH - Give all File of purchase + sale + Exp Bank statement of current accounts and Saving accounts to your Accountant till March 2022
SO THAT your March GST return will be ready and your Accounting data will be ready for FY 21-22

Crypto पर Tax

This is how they must have come up with idea of Taxing Crypto profits

#cryptocurrency
#Cryptoindia
#budget2022
#incometax Junior - sir we must tax Crypto. But how?

Sir - must tax at higher rate. People are getting so much profits

Junior - but how? It's not even leagalize yet?

We thaught 16(2)(aa) is last nail in Coffin,
They have come up with New Section 38

A thread u must read First read what are changes in Section 16 and how section 38 is amended

Photo credit whatsapp

It will require 2 3 times reading to digest what is written

Serious Glitch happening . Big Blunder in Income tax New portal

File return of MUNNA , Got ITR-V of CIRCIT

Read the whole thread-

1/n
This happened me with on 1-12- 2021
Mrs. SANTOSHXXX and Mr. HAJXXXXX are my clients whose ITR, I was filling on 1st dec-2021 2/n
I filed first Mr. HAJXXXX ITR -3, Got ITR-V and all ok. Then I made Json of Mrs. SANTOSHXXX ITR-2

In the login of Mrs. SANTOSXXX ,When I uploaded Json of ITR 2 &submitted it and Downloaded ITR-V , I was shocked to see Name/PAN / Figures
Everything related to Mr. HAJXXXX

1/n
Thread on 16(2)(aa) -MOST DANGEROUS PROPOSED CHANGE

Sec 16(2)(aa) says that ITC will be available only when Supplier has furnished in his GSTR -1

16(2)(aa) is end of all hopes for any simplifications, we ever demanded in GST

On the contrary ,This is injustice to Taxpayers 2/n
I repeat , It is putting Condition which is beyond own control.
&
coz its Impossible that my 100% purchases will be reflected in Same month everytime every month

My que is
"Why I m at loss of ITC in current month if my Supplier did not filed GSTR 1?"

impossible to comply

Dedicate a song to Infy

Here is my dedication

Offo from 2 states

"Offo इसे डांट के भगाऊं
Offo या…या सीने से लगाऊं
Offo इसे डांट के भगाऊं
Offo या…या सीने से लगाऊं
सर पे बिठाऊं, या थप्पड़ लगाऊं offo ओ… "

Sound on @AbhasHalakhandi @SaurinShahCA @ca_hiteshpatel @AshishRPai @CAMihirModi @dineshwadera @prarthanajalan @ca_shridhar @AdvocateBLJain @PratibhaGoyal @Dishasehgal4 @guru_practice @CaSondagar @Lotus_Engine @ca_avijit @abhishekrajaram @TilotamaG @jivikauthada @Basappamv

MEGA THREAD ON 30 BURNING GST ISSUES & SUGGESTIONS thereof

This detailed Presentation on 30 burning issues in GST Law, Procedures, Returns are hard work of Last 4 year. All GST law related issues (which we all have faced) have been compiled in this Thread. Also attached Link You can check whole PDF in this link drive.google.com/file/d/1bM69fs…

or U can check 30 points below in Thread below

Lets get started

26AS should be having all info.
@IncomeTaxIndia
@FinMinIndia

Apart from TDS TCS or AIR SFT

1 SB interest
2 FD interest ( evenif TDS not deducted or no 15G/H)
3 MF Sold
4 Shares sold
5 Crypto sold
6 Share Trading or F&O
7 Property sold (Evenif < 50 lac)
8 Gold sold (yes) 9. Dividend ( Evenif TDS not deducted)

(Salary /Rent / Commission/ Fees/ Deposit interest/ Royalty
tough to get info. if TDS not deducted)

But Rest like any of above, Anything where PAN is used and Any heads of income are hit
Then it must be shown in 26AS automatically

HANDS ON EXPERIENCE on New portal​

For simpler ITR 1 or 2 having Salary & Interest incomes , ​I tried filing few ITR & here is experience ( torture)

​​If you lucky U get to validate ur json from Software, upload it .. If more lucky then No error will come & U can Submit ITR But problems are mainly after that

1. If name is not matching with PAN database then ITR will not be submitted. Dont get annoyed . Change name and Upload Json again . We had habit of Writting name SURNAME-NAME-FATHER NAME
Now this habit need to be changed

Earlier payment of TDS was really insignificant task. Clients used to pay at own before 7th

So I was nvr worried for reminders .. Still I used to send them

But now It has 3 categorizes (and horrible messy task of checking )

so I had sent this- as reminder to clients JUL month TDS TCS reminder - Pay before 7th Aug

Category 1- TDS (normal) -
on interest, Commission, RENT, Fees, JOB WORK, REPAIRING, ADVERTISEMENT , FREIGHT ( >10 TRUCKS)

MASTER Thread on current PROBLEMS in GST ( law, procedure & Returns)

GST can be Good & Simple if Following problems r resolved . I am aware that There is no discussion, No representation, No hope abt these Problems getting solved

But Still I am making list

READ ALL 25 points 1. ITC restrictions in 36(4) and 16(2)(aa)
2. ITC Denial of utilizing u/r 86B
3. ITC reversal due to 180 days Non-payment
4. No ITC allowed for CG in Export refund
5. No ITC allowed for CG & Services in Inverted duty refund

4 years of GST - THREAD ON UNANSWERED QUESTIONS

This thread is different than anything else

Here are list of some Unanswered Questions. Its about those "WHY" which You must have encountered these questions in these 4 years.

like CGST of one state not available to Other Do read all. Add more in Comments .

Here it goes

1. Why Credit of CGST of other state not available in state in which Taxpayer is registered ?? Why? There is only one CGST act. Right? Have you ever thought?

GST REGISTRATION related Questions - A thread

WHETHER PERSON is LIABLE to REGISTER in EACH CASE ?
(SECTION 22 to 25 & DEFINITION OF AGGREGATE Turnover will be helpful )

Here are Incomes of some persons from his Profit loss accounts 1. A trader having 38 lakh turnover ( Taxable Goods) + 1 lakh Rent from residential house +1 lakh Interest from FD and saving bank account

2 An advocate earning 19 lakh from consultancy on which recipient is paying tax on RCM basis + 2 lac rent from Commercial Property

THREAD on GST portal issues

Inspired from @ca_shridhar post
I Have added few points & made this list

Its not about Portal glitches or Its Getting down/slow its capacity issue or anything abt Law. We made list here list how GST Portal inefficient to give full fledged experience 1. Negative figure in GSTR 3B-
Law is clear but Portal is still not ready for same. Negative Figure in 3B is necessary . Definitely not provided because technical team is not ready.