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If supplier does not file GSTR-1 timely and correct it can affect the business relationship adversely and the recipient can also recover interest from supplier as recipient cannot claim ITC of the same.
What is the new amendment that has been notified by the CBIC in respect of claim of ITC which will be applicable from 1st Jan 2022?
In business, many tax laws are applicable. Every law prescribes provisions for maintaining books of accounts and relevant records. So, one should discard old books as per provisions of law.
An investor can claim deduction up to Rs. 1,50,000/- u/s 80C for investments made in SIP. However, deduction is available only if the SIP is of an Equity Linked Savings Scheme Mutual Fund.
Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.
CBIC has issued Notification No.06/2021–Central Tax (Rate) to Notification No.12/2021–Central Tax (Rate) to amend the existing notifications which will be effective from 1st October 2021.
Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.
Recommendations in 45th GST Council Meeting
Extension of Income Tax Due Dates
Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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