Taxation Updates (Mayur J Sondagar) @TaxationUpdates Twitter profile

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Taxation Updates (Mayur J Sondagar)

6 months

Analysis of Section 43B(h) : Payment based Deductions for Amount payable to Micro and Small Enterprises along with examples #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

COMPUTATION OF TOTAL INCOME AND TAX PAYABLE BY AN INDIVIDUAL – STEP BY STEP PROCEDURE Source @theicai This Thread will definitely be helpful during ITR Filing Session for AY 2023-24 Thank You @theicai #TaxationUpdates 1/6

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

A wonderful compilation of threads and tweets that will definitely serve as a referencer for all the professionals If you find it worthy then do follow the creator 1/n

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 months

Today we have Inaugurated the New Premise of our CA Firm. We seek your Blessings and Well Wishes for the same 🙏

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

TDS on Sale of Immovable Property

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Very Important Thread Every month you need OTP from tax payer for filing every GST Return and you have to wait till OTP provided by tax payer Below mentioned process will definitely help you

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

4 months

INCOME TAX CALCULATOR FOR AY 2024-25 (FOR RESIDENT INDIVIDUAL AGE BELOW 60 YEARS AND HAVING INCOME UP TO RS.50 LAKH AND WHICH WAS TAXABLE AS PER NORMAL SLAB RATES) Enter Actual Amount of Income and Deductions and it gives you Calculation of Tax Amount as per Old Regime and New

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Income Tax Portal not working Anyone facing same issue?

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

List of Some useful EXCEL Shortcut Keys Thanks @msexcel @Office

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

6 months

#CA

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Section 44AA/44AB/44AD/44ADA of Income Tax Act, 1961-2022 (To whom it is Applicable and when it is applicable) For Income from Business Pic 1 & 2 For Income from Profession Pic 3 & 4 #TaxationUpdates #IncomeTax

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

If your Turnover in F.Y.2022-23 exceeds Rs.10 Crores then provisions of S.194Q and S.206C(1H) shall be applicable to you with effect from 01/04/2023 Everything about TCS u/s 194Q and TCS u/s 206C(1H) (Pic 1 & 2) Accounting Entries for TDS u/s 194Q and TCS u/s 206C(1H) (Pic 3)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Section 44AA/44AB/44AD/44ADA of Income Tax Act, 1961-2022 (To whom it is Applicable and when it is applicable) For Income from Business Pic 1 & 2 For Income from Profession Pic 3 & 4

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

If Your Turnover in F.Y.2021-22 is exceeding Rs.10 Crores then provision of Section 194Q and Section 206C(1H) shall be applicable to you with effect from 01/04/2022 Detailed analysis of both sections given here #IncomeTax #TDS #TCS

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

6 months

Periodic Table of TDS This Table covers the TDS Section, TDS Rate, Time of Deduction, Type of Deductee and Applicability Credit to @taxmannindia Thanks for this unique TDS Table #Taxmann #TDS

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Zerodha provides the best reports for Share Market related transactions Tax P&L Reports help in filing ITR Thanks @ZerodhaVarsity @zerodhaonline @Nithin0dha @nikhilkamathcio

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

If Aggregate Turnover During FY 22-23 exceeds below specified amounts then following new compliances applicable w.e.f.01/04/2023 #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

5 months

Deductions/Allowances allowed to a salaried employee Part 1/2 Source @IncomeTaxIndia

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Taxation of Shares & Mutual Funds #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

18 days

Section 115BAC of Income Tax Act is Totally changed from AY 2024-25 on-wards and these changes are explained here Note on ITR Filing options Till A.Y. 2023-24 and A.Y. 2024-25 on-wards #IncomeTax #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Everything about #GST Registration, Amendment & Cancellation Source @theicai Thank You @theicai for such a great presentation

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

26 days

List of codes NOT eligible for section 44AD (Codes related to nature of business) #IncomeTax

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Due Date Extension is necessary for proper filing of ITRs @FinMinIndia @IncomeTaxIndia please extend due dates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

List of Some Useful Contact Numbers and Email id (Income Tax, GST, CBIC, TRACES, ICEGATE, Udhyam, NSDL Protean Tech, MCA)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

GST on Rent of Residential Property Source @financepost_in

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 month

Things to be remembered for Tax Regime from AY 2024-25 onwards ◾ Default Tax Regime is New Tax Regime u/s 115BAC, it means if you want to opt for Old Tax Regime then you have to select it specially in ITR Form ◾If you are filing ITR 1 or ITR 2 then you can select any regime

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Every Year Due Date Pressure in July Why!! Forms Notified in March and Filing enabled in April/May but actual Filing will start after 15th June as 26AS ready with all TDS data after filing of Q4 TDS Returns and all data in AIS were available after 15th June Due to this out of

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Accounting Entries For TCS u/s 206C(1H) & TDS u/s 194Q

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Applicability of Section 44AA / 44AB / 44AD of Income Tax Act, 1961-2021 For Income From Business

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Some useful chart related to #IncomeTax #GST #ROC Income Tax Rates 1⃣

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

10 months

Some accountants are so perfect They maintain books of account accurately Every accounting entry with narration and supporting documents Keep working for Reconciliation of GST and TDS with books of account Thanks to their efforts and smart work This post is an appreciation

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

10 months

Thread which helps you in Filing Income Tax Audit Report Form 3CA-3CD and 3CB-3CD 1: Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 (Revised 2023) (From ICAI) 2: Quick Referencer for Tax Audit under Section 44ab of the Income

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

10 months

Tax Tools from @IncomeTaxIndia Tax Calculator Advance Tax Calculator Income and Tax calculator Medical Facility Transport Allowance Calculator Children

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

10 months

AUDIT OF DIFFERENT TYPES OF ENTITIES Source @theicai

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

4 months

Section 44AA/44AB/44AD/44ADA of Income Tax Act, 1961-2023 for AY 2024-25 (To whom it is Applicable and when it is applicable) For Income from Business Pic 1 & 2 For Income from Profession Pic 3 & 4 #IncomeTax #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

When you try to reconcile GSTR-3B vs GSTR-1 vs Books / GSTR-2B vs GSTR-3B vs Table 8A vs Books in a single excel sheet while filing GSTR 9/9C

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

11 months

New Functionality for "Challan Correction" by @IncomeTaxIndia Path :Dashboard > Services > Challan Correction Using this Functionality you can Change Assesment Year, Major Head and Minor Head for Advance Tax, Self-Assessment Tax and Demand Payment as Regular Assessment Tax for

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Official Links 1:Income Tax Notification 2:Income Tax Circular 3:Income Tax Section 4:Income Tax Rule 5:GST Notification and Circular #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

If ITC will be allowable as per GSTR-2B only, then what is my role - Purchase Invoice

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Section 44AD of Income Tax Act Applicability of Section 44AD Based on Different Combination of Turnover (For Knowledge purposes only) #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Periodic Table of TDS Source: @taxmannindia

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

17 days

Give Respect to #Professionals

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Accounting Entries For TCS u/s 206C(1H) & Accounting Entries For TDS u/s 194Q #IncomeTax

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Compliance Calendar (April 2022 - March 2023)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Turnover Limit for Business u/s 44AD Increased from Rs.2 Crore to Rs.3 Crore Turnover Limit for Professionals u/s 44ADA Increased from Rs.50 Lakh to Rs.75 Lakh #Budget2023 #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

5 months

I have used this website "SUVIT" for importing bank entries in tally from PDF & Excel formats The unique features i experienced in SUVIT are -We can import Bank Statements from PDF & Excel format to Tally -It allows you to select ledgers directly from SUVIT instead of importing

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

100 KB is too small @Infosys_GSTN please increase the attachment size of Documents in GST Registration for "Electricity Bill" & "Consent Letter" Difficult to scan clear copy in 100 KB size

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

SAY NO TO CASH TRANSACTIONS

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Section 44AA/44AB/44AD/44ADA of Income Tax Act, 1961-2023 (To whom it is Applicable and when it is applicable) For Income from Business Pic 1 & 2 For Income from Profession Pic 3 #Budget2023 #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Income Tax Return and Audit Due Date for A.Y.2022-23 (F.Y.2021-22)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

All rate changes recommended by the 47th GST Council will be made effective from today 18th July, 2022

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Reporting u/s 269SS & 269T in Income Tax Audit Report

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Give Respect to Professionals

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

This year due to share market transactions, ITR filing taking more time in compare to previous year

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Cash Transaction Limits under Income Tax act and what if the cash amount crossed the particular limit 👇👇👇 #TaxationUpdates #SayNoToCashTransactions

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Save this thread for future reference Tax Rates for the last 8 assessment years (A.Y.2015-16 to A.Y.2022-23)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Kindly Check this Cash Transaction Limits while Conducting Income Tax Audit and Filing Tax Audit Reports

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Applicability of Income Tax Audit for FY 21-22 u/s 44AB for Conditions provided below

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Compliance Calendar for Year 2023 (January 2023 to December 2023) @TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

5 months

Applicability of Section 43B(h) #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

TAX TREATMENT OF GIFTS RECEIVED BY AN INDIVIDUAL OR HUF Source @IncomeTaxIndia Thread 🧵

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

11 months

Having issue in reducing PDF or Image size while attaching documents in GST Registration or elsewhere Try for compressing PDF or Images Main advantage is it allow you to select Compression Level so that you can adjust the attachment size as per your

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Note on ITR Filing options Till A.Y. 2023-24 and A.Y. 2024-25 onwards (Section 115BAC is Totally Changed from AY 2024-25 and these changes are explained here) #TaxationUpdates (In 2nd column read it is as Form 10IEA instead of Form 10IE)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

ITR Filing Statistics (A.Y.2022-23) 5,82,88,692 ITR Filed till 31/07/22 72,42,156 ITR Filed on 31/07 (Highest) 5,13,17,536 ITR Filed During July 2022 28,92,189 New Individual Registered during July 2022 Thanks to Tax Professionals Thanks @IncomeTaxIndia Thanks to Tax Payers

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

11 months

Examples related to Section 10(10D) - Exemption in respect of sum received under a life insurance policy (Circular No.15/2023) Clarification: Any sum received under a Term Insurance policy shall continue to be exempt u/s 10(10D) and the premium paid for Term Life Insurance

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Extend GSTR 3B Due Date

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Thread on GSTR-9 and GSTR-9C for FY 21-22 Due Date is 31/12/2022 1/4

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

6 months

Compliance Calendar for Calendar Year 2024 (January 2024 to December 2024) Follow 👉 @TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Long Term Capital Gain is exempt from Tax if the seller invests the amount of such capital gain in specified types of assets. The key exemptions in this regard has been summarised here👇👇 Source @IncomeTaxIndia

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Me: Sir ITR filing done,kindly make payment of fees Client: Will pay it as soon as the TDS Refund will be received 🙈🙊🙉

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

TDS on Rent (Pic 1) TDS on Sale of Immovable Property (Pic 2)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Taxation of Shares & Mutual Funds #Taxation_Updates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Detailed analysis about Tax Invoice, Credit and Debit notes in #GST -Time limit for issuance of invoice -Important contents of tax invoice -E-invoicing Source @theicai

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 months

If your Turnover in the F.Y.2023-24 exceeds Rs.10 Crores then provisions of Section 194Q and Section 206C(1H) shall be applicable to you with effect from 01/04/2024 Everything about TDS u/s 194Q and TCS u/s 206C(1H) (Pic 1) Accounting Entries for TDS u/s 194Q and TCS u/s

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

44AD APPLICABLE OR NOT? (BASED ON DIFFERENT DIFFERENT AMOUNT OF TURNOVER) (For Knowledge purposes only)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

5 months

Everything about Section 43B(h) Section 43B(h)-Payment based deduction for amount payable to micro and small enterprise 👉Applicable from AY 2024-25 onwards -Not Applicable for Transaction pertaining to on or before 31/03/2023 👉Due Date for Payments -15 Days from Date of

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

11 months

Accounting Entries for TDS u/s 194Q and TCS u/s 206C(1H) #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Income Tax Return and Audit Due Date for A.Y.2022-23 (F.Y.2021-22)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

If you have filed Original Income Tax Return on or before 31st July 2022 & Filing Revised Return now then make sure that you have to complete verification process for Original ITR also, else revised ITR will be considered as Original and Late Filing Fee will be levied #IncomeTax

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Client: This is my salary certificate, I have No Other Income Me: You have Saving Bank Interest Income from 2 Bank, FD Interest Income from 2 Bank, Dividend Income etc Client: Ye sab apko kese pata chala Me: #AIS

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Most Commonly Used TDS Sections with TDS Rates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

List of codes NOT eligible for section 44AD (Codes related to Nature of Business) #IncomeTax #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

TDS/TCS Summary (Reporting under Clause 34 of Form 3CD)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

13 days

Income Tax Rates and Surcharge Rates for #Companies Source @theicai #IncomeTax

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

TDS on Sale of Immovable Property #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

From 1st October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join Atal Pension Yojana (APY) @FinMinIndia

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

List of codes NOT eligible for section 44AD (Codes related to nature of business) #IncomeTax

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

GST is PAN based so if you have GST number then GST is applicable on your all taxable supplies It is irrelevant whether you receiving amount in current a/c or saving a/c Some GST Taxpayers thinks that if they accepts amount in saving account then GST is not applicable on it

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Proper Filing of ITRs requires adequate time period Time Period as per Law is From 1st April to 31st July (4 month) Time Period as per Situation is From 16th June to 31st July (1.5 month) @IncomeTaxIndia please extend the due date to 31/08/22 for proper compliances

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

7 months

Best ever presentation on Assessment & Audit under GST (Must refer to it once or bookmark it) Presentation covers 1:Statutory provisions. 2:Self-Assessment-Taxpayers 3:Assessment by Tax Authorities-Scrutiny of Returns 4:ASMT-10 Notice & Reply by Taxpayer 5:Audit by the

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Documents to be asked for in case of Share Market Transactions #IncomeTax

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Note on ITR Filing options Till A.Y. 2023-24 and A.Y. 2024-25 onwards (Section 115BAC is Totally Changed from AY 2024-25 and these changes are explained here) #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Please provide last 4 digits of mobile number here, it will makes verification process easy Most of the time clients asks "on which number OTP came" Thnaks @IncomeTaxIndia

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Reduction of time limit for verification of ITR from within 120 days to 30 days of uploading of ITR electronically For ITR Filed upto 31/07/22 earlier time limit of 120 days would continue to apply For ITR Filed from 01/08/22 reduced time limit of 30 days would be applicable

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

11 months

SAY NO TO CASH TRANSACTIONS #IncomeTax #TaxationUpdates

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Many times buyer asks for screen shot of B2B invoice shown in GSTR 1, then seller has to go to particular period GSTR 1 and then to that specific buyer @Infosys_GSTN please enable functionality of search invoices by invoice no. and reflect in which GSTR 1 that invoice shown

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

2 years

Tax Rates for TDS (FY 21-22)

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

1 year

Late Fee is payable if ITR Filed after due date u/s 139(1) for Individuals No Late Fee if Gross Total Income(GTI) upto ₹2,50,000 Late Fee is ₹1,000 if GTI above ₹2,50,000 Late Fee is ₹5,000 if Total Income above ₹5,00,000 And Losses if any cannot be carried forward if

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Taxation Updates (Mayur J Sondagar)

@TaxationUpdates

11 months

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