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Through this page we try to keep all our clients, associates and readers informed about few important things and to share our views on other commercial matters.
Suggestions are most welcome to serve you better.
TDS UNDER SECTION 192 SALARY CASES UPDATE:
- Each year the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly.
- If intimation is not made by an employee then the default tax regime is the new regime u/s 115BAC.
- This information would not amount to the exercising option, it means a person can select any regime at the time of filing ITR u/s 139(1).
- Tax Calculator FY 23-24 is under up dation & needs own Computation
INCOME TAX RETURN FILING
- Reconcile 26AS, AIS and TIS
- If TDS / TCS/ Advance Tax is short deducted - then pay it now.
- Ensure filing your return within due date to avoid late fee and time barring.
GST ANNUAL RETURN AND OTHER IMPORTANT GST POINTS
- GST Number should be included in your Office / Shop Name Board.
- Update latest address on GST Site and add all additional place of business.
- Yearly sales and purchase as per accounts should match with GST portal.
- File GST refund application before it becomes time barred.
- Pay creditors within six months to avoid reversal of ITC claimed.
INVESTMENT PLAN FOR NEW YEAR
- Review asset allocation and use SIP to achieve your goals over relatively longer period of time.
- As per a recent SEBI report – In case of F & O traders - more % of people loose money - this fact must be kept in mind.
- Review old fixed deposits made at lower rate of interest and take benefit of higher interest currently on offer.
- Invest in your PPF account in the beginning of the year to get exempt interest income for maximum part of the year.
- Assess insurance needs of business and family and take adequate enhanced risk cover.
GENERAL PURPOSE INFORMATION
- Update Bank Account, Mail Id, Mobile No and address on IT and GST site.
- Review outstanding loans to negotiate better terms with lenders.
- Submit loan renewal request in time to avoid penal interest by lenders.
- Ensure that Nomination is done for all assets and insurance policies.
- Check mail box daily / regularly for communication from Govt department.
Best Regards - Team CANRT - 27.05.2023
Disclaimer: The above discussion is for the information purpose, exclusively for our clients and do not constitute an advice or a legal opinion. If the reader needs details or wants to enquire further related to any of the above points, please write to us at firstname.lastname@example.org, alternatively, you can reach us at - 40151490 - 26855301