Tax India (Accotax Business Solutions)

Purchasing Above ₹2 Lakh? PAN May Be Mandatory! Income Tax Department Tightens Monitoring on High-Value Transactions The Government of India and the Income Tax Department have increased scrutiny on high-value financial transactions. Purchases above ₹2 lakh in certain categories may now require mandatory PAN disclosure. Failure to provide correct information or improper reporting may increase the risk of Income Tax verification or scrutiny in the future. 📌 Transactions Where PAN May Be Required Gold & Jewellery Purchase Car Purchase Shares & Securities Investment Luxury Item Purchase High-Value Financial Transactions ⚠️ Why Has Monitoring Increased? The Income Tax Department is now: Tracking high-value transactions ...

HRA Update – Disclosure of Relationship with Landlord 📌 Introduction: House Rent Allowance (HRA) is a tax benefit given to salaried employees who live in rented houses. Earlier, taxpayers were not required to disclose their relationship with the landlord while claiming HRA. However, recent updates have introduced stricter rules to improve transparency and prevent misuse. 📊 Details: Now, taxpayers must disclose their relationship with the landlord while claiming HRA This applies mainly when rent exceeds ₹1 lakh per year and PAN of landlord is required Government is focusing on tracking fake rent payments made to relatives Cases like paying rent to parents without actual transfer or creating fake receipts are under scrutiny Proper documentation like rent agreement, receipts, and bank transfer proof is now very important ⚖️ Important Rules / Law: Relationship disclosure with landlord is now mandatory in updated report...

📢 Bank Account Reporting in ITR FY 2025-26 Important Update: All taxpayers must report their bank account details while filing Income Tax Return (ITR). 📌 Introduction While filing Income Tax Return (ITR), taxpayers are required to provide details of their bank accounts. This helps the Income Tax Department verify financial transactions and ensures correct reporting of income. Missing this information may lead to notices or defective return issues. 📊 Details All active bank accounts (Savings, Current, Salary, Joint accounts) must be reported. Closing balance as on 31st March may be required in certain ITR forms. Keep bank statements from 1st April to 31st March ready for accurate filing. ⚖️ Important Rules / Law Bank account reporting is mandatory as per ITR instructions issued by the Income Tax Department. Under Section 139 of Income Tax Act, filing complete and correct return is compulsory. Non-disclosure may result in defective return, scrutiny not...

 Can you identify, whether self supply taxable under GST or not ? Lets Understand the term and learn the GST implication in this case- In maximum cases we can see that  we are supplying ourselves  and can not identify the GST implication but in this article we are going to clear your confusion - Read this article in complete to clear your doubt. As per section 25(4) and section 25(5) of the CGST Act, 2017, two different registration of a same person are treated as distinct person and as per para 2 of Schedule I the CGST Act, 2017 read with section 7(1)(c) of the CGST Act, 2017 supplies between distinct person in the course or furtherance of business is treated as supply, although without consideration. Therefore, interstate self supplies such as stock transfers, branch transfer or consignment sales shall be taxable under IGST even though such transaction may not involve payment of consideration. Every supplier is liable to register under the GST law in the state or union...

 Necessary elements that constitute supply under CGST/SGST Act In order to constitute a `Supply`, the following elements required to be satisfied, i.e- The activity activity involves supply of goods or services or both, The supply is for a consideration unless otherwise specifically provided for, The supply is made in the course or furtherance of business, The supply is made in the taxable territory, The supply is a Taxable supply, and The supply is made by a Taxable Person. Suppose in a transaction any one or more of the above criteria is not fulfilled, still considered as supply under GST? Can you identify any transaction based on this? Yes, certain transaction such as import of services for a consideration whether or not in the course or furtherance of business (Section 7(1)(b)) or supplied made without consideration, Specified under schedule- I of CGST/SGST Act, where one or more ingredients specified in answer to previous illustration are not satisfied, it shall be treated as ...

  The calculation of AATO is based on return filed by taxpayer.  The detailed calculation method of AATO has been elaborate in this article later.  An opportunity has been given on dashboard to modify AATO where you believe that AATO figure is wrong and in that situation you can rectify AATO. If the figure you have changed beyond certain limit as per Advisory by GST below, the changed figure shall be sent to jurisdictional officer for appropriate action, if it deemed fit. Some taxpayer have changed the figure of AATO just for confirmation which is not required. If AATO shown on dashboard is correct, then not required any action.   Please Read the Advisory by GST carefully:- ·    This facility shows to the taxpayer AATO (Annual Aggregate Turnover) based on the returns filed by him/her in the last financial year. ·    The facility of turnover update has also been provided to the taxpayer in this functionality, if the said taxpayer feels ...

  Govt were extended earlier the date, now going to Resume for blocking e way bill- Taxpayer advice regarding the ban on the E-Way Bill (EWB) production facility resumed on August 15, 2021. 04/08/2021   1. As you may be aware that the E way block evacuation site was temporarily suspended due to the epidemic, in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill production facility of a person is liable for a ban, in the event of a person failing to submit forms build on form GSTR-3B / statement in CMP-08, consecutive term of two months / Quarterly or more.   2. Government has now decided to restart the closure of the EWB production facility on the EWB component, for all taxpayers in terms of Act 138 E (a) and (b) of the CGST Rules, 2017, from 15 August onwards.   3. Therefore, after 15 August 2021, the Program will consider the status of refunds filed on Form GSTR-3B or statements filed on Form GST CMP-08, and limit the implementati...