TAXLA Services: Your One-Stop Solution for Financial and Compliance Needs!

Filing your Income Tax Return (ITR) is a legal responsibility and a crucial part of financial planning. Missing deadlines can lead to penalties, additional tax liabilities, and unwanted stress. At Taxla Services , we simplify tax filing for you by offering expert guidance and support to meet your deadlines seamlessly. Deadlines You Need to Know Here’s a detailed guide to the ITR deadlines for the last 3 financial years: 1. FY 2023-24 (AY 2024-25) Belated ITR Deadline: December 31, 2024 Updated ITR (ITR-U) Deadline: March 31, 2027 2. FY 2022-23 (AY 2023-24) Belated ITR Deadline: December 31, 2023 Updated ITR (ITR-U) Deadline: March 31, 2026 3. FY 2021-22 (AY 2022-23) Belated ITR Deadline: December 31, 2022 Updated ITR (ITR-U) Deadline: March 31, 2025 What Happens If You Miss the Deadline? Missing the deadline for filing your ITR can lead to the following: Penalty: A fine of up to ₹10,000 may be imposed under Section 234F of the Income Tax Act. Interest on Taxes Due: You may incu...

As consumers, we have the right to expect quality, fairness, and transparency in the goods and services we purchase. However, not everyone is aware of the rights they are entitled to under the Consumer Protection Act, 2019 . Knowing your rights is the first step in standing up against unfair practices. At Taxla Services , we not only guide you in managing your finances but also empower you to understand and assert your consumer rights. What Are Consumer Rights? Under the Consumer Protection Act, every consumer in India is entitled to the following rights: Right to Safety: Protection from hazardous goods and services that could harm life and property. Right to Information: Complete knowledge about the product or service, including its quality, quantity, potency, price, and standard. Right to Choose: Freedom to choose from a variety of products and services at competitive prices without pressure or restriction. Right to be Heard: Assurance that consumer complaints will be listened to and...

Income tax notices can be daunting, but they don’t have to disrupt your peace of mind. At Taxla Services , we specialize in resolving income tax issues quickly and efficiently, ensuring you stay compliant and stress-free. Here’s a breakdown of the most common types of notices and how we can assist you: 1. Defective Return (Section 139(9)) A defective return notice is issued when there are discrepancies or incomplete details in your filed ITR. How We Help: ✔️ Identify and rectify errors in your return ✔️ Refile the corrected ITR within the stipulated time 2. Letter of Intimation (Section 143(1)) This notice is issued to inform you about any tax demand, refund, or adjustments to your return. How We Help: ✔️ Verify the intimation details against your ITR ✔️ Resolve discrepancies and handle any additional tax payments 3. Notice for Reassessment (Section 148) This notice is issued when the tax department believes income has escaped assessment. How We Help: ✔️ Respond to the notice with accu...

The clock is ticking, and the final date to file your income tax returns (ITR) for Assessment Year (AY) 2024-25 is just around the corner! December 31 marks the last opportunity to comply with your tax obligations and avoid penalties. Here’s why you need to act now: 1. Avoid Penalties Failing to file your ITR by the deadline can result in hefty fines, which can go up to ₹10,000 under Section 234F of the Income Tax Act. Don’t let procrastination lead to unnecessary financial burdens. 2. Smooth Financial Transactions ITR filings are essential for availing loans, applying for visas, or carrying out major financial transactions. A delayed or unfiled ITR could create complications when you need it the most. 3. Claim Refunds If you’ve paid excess tax, filing your returns on time allows you to claim a refund without delays. Missing the deadline could mean losing out on your hard-earned money. 4. Build a Clean Tax Profile Timely compliance with tax laws showcases your financial discipline and ...

The 55th GST Council Meeting brought significant updates to streamline GST compliance, address ambiguities, and minimize legal disputes. Here are the primary highlights: Input Tax Credit (ITC) Reversal for E-Commerce Operators: The Council has clarified the requirement for reversing Input Tax Credit by electronic commerce operators concerning supplies made under Section 9(5) of the CGST Act, 2017. ITC Availability as per Section 16(2)(b): Clarity was provided on the availability of Input Tax Credit for goods delivered by the supplier at the supplier’s place of business, ensuring seamless compliance for taxpayers. Late Fee Waiver for FORM GSTR-9C Filing: The Council announced a waiver of late fees for delayed furnishing of FORM GSTR-9C for the periods from 2017-18 to 2022-23, reducing compliance costs for businesses. What This Means for Businesses: These clarifications aim to reduce litigation, ensure transparency, and simplify compliance for taxpayers across industries. Businesses are ...

Businesses operating in India must ensure compliance with tax regulations to avoid penalties and ensure seamless financial operations. One crucial requirement is filing Form 3CEAD , with a deadline set for 31st December 2024 . What is Form 3CEAD? Form 3CEAD is a report submitted under Section 286 of the Income-tax Act, 1961 , applicable to: Parent Entities Alternate Reporting Entities Other Constituent Entities This form is relevant for entities resident in India and applies for reporting accounting years starting from 1st January 2023 to 31st December 2023 . Purpose of Form 3CEAD Form 3CEAD facilitates the reporting of consolidated financial information for multinational enterprises (MNEs). This ensures transparency and compliance with international taxation standards, particularly for cross-border transactions. Importance of Filing on Time Failure to file Form 3CEAD can result in severe penalties, increased scrutiny from tax authorities, and potential disruptions to business operatio...

As the financial year 2023-24 comes to a close, businesses with an annual turnover exceeding ₹5 crores must gear up for an essential compliance task—filing GSTR-9C. The Ministry of Finance has set 31st December 2024 as the deadline for this critical filing. What is GSTR-9C? GSTR-9C is a reconciliation statement that bridges the gap between the annual returns filed in GSTR-9 and the audited financial statements of the taxpayer. It is a mandatory GST audit requirement for businesses that surpass the ₹5 crore turnover threshold. Key Highlights of GSTR-9C: Applicability: Taxpayers with a turnover exceeding ₹5 crores. Purpose: Ensures consistency between the GST returns filed and the audited financial statements. Content: Details of taxes paid, input tax credit claimed, and any discrepancies, if present. Importance of Timely Filing Failing to file GSTR-9C by the due date can lead to hefty penalties and legal complications. Compliance not only avoids penalties but also ensures a smooth ...

For companies in India engaged in Corporate Social Responsibility (CSR) activities, it's critical to stay updated with compliance deadlines. The Ministry of Corporate Affairs (MCA) has mandated the submission of the CSR-2 form for FY 2023-24 by 31st December 2024 . What is CSR-2? CSR-2 is an annual compliance requirement for companies that spend on CSR activities under the Companies Act, 2013. It ensures transparency and accountability in reporting CSR expenditures and their impact. Key Details to Note: Deadline: 31st December 2024 Applicability: All companies that fall under CSR regulations. Requirement: Accurate and detailed reporting of CSR expenditures, projects, and outcomes for the financial year. Why Choose Taxla Services? At Taxla Services , we specialize in helping corporates meet their compliance needs with ease. From preparing the necessary documents to filing the CSR-2 return, our team ensures accuracy, transparency, and adherence to regulations. Consequences of Miss...

Understanding Belated and Revised ITR The Income Tax Act allows taxpayers to file a Belated Return or make corrections through a Revised Return even after the original due date has passed. This ensures taxpayers can meet their tax obligations and fix errors. Key Deadline for FY 2023-2024 🗓️ 31st December 2024 The last date to file your Belated or Revised ITR for the financial year 2023-2024 is December 31, 2024 . What is a Belated ITR? A Belated ITR is filed when the taxpayer misses the original ITR filing deadline (usually 31st July of the assessment year). Filing is allowed under Section 139(4) of the Income Tax Act. Late fees may apply for missing the original deadline: INR 1,000 for taxpayers with income below INR 5 Lakhs. INR 5,000 for taxpayers with income above INR 5 Lakhs. What is a Revised ITR? A Revised ITR is filed to correct errors, omissions, or discrepancies in the originally filed return. Allowed under Section 139(5) . Taxpayers can file as many revisions as requ...

What is PMT-06? PMT-06 is a challan used for making payments of tax, interest, late fees, and penalties under GST. This challan is primarily applicable for taxpayers who have opted for the QRMP Scheme and are required to file GSTR-3B quarterly. Who Needs to File PMT-06? Taxpayers under the QRMP scheme making monthly tax payments. Businesses to remain compliant and avoid interest for delayed payments. Key Information: Period Covered: November 2024 Due Date: 25th December 2024 💡 Why File on Time? Timely payment ensures compliance and avoids interest and penalties. Taxla Services helps you manage GST payments effortlessly. 📞 Contact us: +91 9600076134 / 6374812546 📧 Email: auditsiva2@gmail.com 🌐 Website: www.taxlaservices.com #PMT06   #GSTPayments   #TaxConsulting   #TaxlaServices   #GSTDueDate   #IncomeTaxPractitioners

What is GSTR-5A? GSTR-5A is a return filed by Online Information and Database Access or Retrieval (OIDAR) service providers for taxable supplies made to non-taxable persons in India. Who Needs to File GSTR-5A? Foreign businesses providing online services to individuals in India. Key Details: Filing Period: November 2024 Due Date: 20th December 2024 Late submission can lead to penalties and interest charges. Why Compliance Matters: OIDAR service providers must ensure timely and accurate filing to maintain compliance under GST laws. 💼 Why Taxla Services? We specialize in assisting OIDAR service providers with GSTR-5A filing, ensuring compliance and peace of mind. 📞 Contact us: +91 9600076134 / 6374812546 📧 Email: auditsiva2@gmail.com 🌐 Website: www.taxlaservices.com Contact Information: 📞 Call/WhatsApp: +91 9600076134 / 6374812546 📧 Email: auditsiva2@gmail.com 🌐 Website: www.taxlaservices.com #GSTR5A #TaxCompliance #TaxlaServices #OIDAR #GSTDueDate #IncomeTaxPractitio...

What is GSTR-9? GSTR-9 is the Annual Return that GST-registered taxpayers must file to report a summary of their GST transactions for the entire financial year. It consolidates details of: Outward supplies (sales). Inward supplies (purchases). Input Tax Credit (ITC) claimed. GST payable and paid under CGST, SGST, and IGST . Key Deadline for GSTR-9 🗓️ 31st December 2024 Taxpayers must file GSTR-9 for the financial year 2023-2024 on or before this date to avoid late fees or penalties. Who Needs to File GSTR-9? All regular GST-registered taxpayers, including businesses and professionals, must file GSTR-9. Optional Filing : Taxpayers with an Aggregate Annual Turnover (AATO) up to INR 2 Crore can opt out of filing GSTR-9. Why Filing GSTR-9 is Important ✅ Avoid Penalties : Late filing attracts penalties of INR 200 per day (CGST + SGST). ✅ Ensure Compliance : Filing GSTR-9 maintains your GST compliance and ensures smooth business operations. ✅ Accuracy of Records : The return summarizes ...

What is Form 3CEF? Form 3CEF is the Annual Compliance Report for taxpayers who have entered into an Advance Pricing Agreement (APA) with the Income Tax Department. Filing this form is a critical compliance requirement for companies to ensure adherence to their APA terms. Key Due Date 🗓️ 30th December 2024 This deadline applies to taxpayers whose income tax return submission deadline was 30th November 2024 . What is an Advance Pricing Agreement (APA)? The APA is a binding agreement between a taxpayer and the tax authority that determines the transfer pricing methodology for future international transactions. It ensures: ✅ Avoidance of transfer pricing disputes. ✅ Certainty regarding tax outflows. ✅ Compliance with global tax regulations. Why Timely Filing of Form 3CEF is Important Avoid Penalties : Delay or failure in filing may lead to penalties under the Income Tax Act. Stay Compliant : Timely compliance enhances credibility and ensures smooth business operations. Simplified Report...

Tax Deducted at Source (TDS) is a mandatory compliance under the Income Tax Act, ensuring tax collection at the source of income. Here’s a detailed breakdown of the due dates and requirements for TDS payments and filings for November 2024: 1. Sections Covered Section 194-IA : TDS on the purchase of immovable property (other than agricultural land). Deductor: Buyer of property Rate: 1% Section 194-IB : TDS on rent paid by individuals or HUFs not subject to tax audit. Deductor: Tenant Rate: 5% Section 194M : TDS on payments to contractors/professionals by individuals or HUFs exceeding ₹50 lakh annually. Deductor: Individual/HUF Rate: 5% Section 194S : TDS on the transfer of Virtual Digital Assets (VDAs), such as cryptocurrency. Deductor: Buyer of VDA Rate: 1% 2. Key Due Date TDS Deduction Month: November 2024 Filing Due Date: 30th December 2024 3. Importance of Compliance Filing the TDS challan-cum-statement on time is crucial to: ✅ Avoid penalties and interest charges. ✅ Stay complian...

What is GSTR-3B? GSTR-3B is a monthly self-declared return that summarises outward supplies, Input Tax Credit (ITC) claims, and the net tax payable. It is essential for taxpayers to file this return accurately and on time to comply with GST laws. Who Should File GSTR-3B? Taxpayers with a turnover of Rs.5 crore or more in the previous financial year. Taxpayers not opting for the QRMP (Quarterly Return Monthly Payment) Scheme . Key Points to Note: Filing Period: Quarter of October to December 2024 Due Date: 20th December 2024 Late filing attracts penalties and interest. 💼 Why Choose Taxla Services? At Taxla Services, we ensure seamless filing, compliance, and timely reminders for all your GST obligations. 📞 Contact us: +91 9600076134 / 6374812546 📧 Email: auditsiva2@gmail.com 🌐 Visit: www.taxlaservices.com #GSTFiling #GSTR3B #TaxCompliance #TaxlaServices #GSTDueDate #IncomeTaxPractitioners

The Indian Government, through Notification No. 09/2024 , has introduced a critical change in GST compliance, which will be effective from 10th October 2024 . This update focuses on the Reverse Charge Mechanism (RCM) for scenarios where an unregistered landlord rents out commercial property to a registered tenant . What is Reverse Charge Mechanism (RCM)? Under GST, the Reverse Charge Mechanism shifts the liability of paying GST from the service provider to the service recipient . In simpler terms, the tenant (recipient) will now bear the responsibility of GST compliance if the landlord is unregistered. Key Highlights of the Change: Who Does This Affect? Tenants (businesses) renting commercial property from landlords who are not registered under GST . Registered businesses are obligated to pay GST under RCM . Effective Date: The rule comes into effect from 10th October 2024 . GST Rate and ITC Claim: Tenants must account for 18% GST on the rent paid under the RCM . Tenants can claim...

Filing income tax returns can be challenging, especially if you’re unfamiliar with tax regulations. Simple mistakes can lead to unnecessary penalties or delays. Here are the most common errors to watch out for and how Taxla Services can help you avoid them: 1. Providing Incorrect Personal Details Mistakes in your name, address, PAN, or bank details can result in rejections or delays. Always double-check the accuracy of these details. 2. Choosing the Wrong Tax Payment Form Different income sources require specific tax forms. Using the incorrect form can complicate your filing process. 3. Selecting the Incorrect Assessment Year Filing for the wrong assessment year can lead to incorrect tax calculations. 4. Failing to Report All Sources of Income Income from multiple sources, such as interest, freelance work, or rental properties, should not be omitted. Underreporting income could trigger penalties. 5. Delaying or Not Filing Returns on Time Filing after the deadline can lead to hefty pe...

Digital payments have revolutionized the way businesses operate, with platforms like GPay, PhonePe, Paytm , and others offering convenience and efficiency. However, with this convenience comes the responsibility of tax compliance. Recently, a merchant in Tamil Nadu faced a tax notice after their UPI transactions crossed the GST threshold of ₹20 lakhs in a financial year. Why Are UPI Transactions Being Monitored? The GST Department is closely monitoring digital payment platforms to ensure businesses comply with tax regulations. Transactions conducted via UPI are no longer immune to scrutiny. If your business turnover exceeds ₹20 lakhs (or ₹10 lakhs for specific categories), GST registration is mandatory —regardless of the payment method used. What Does This Mean for You? Unregistered Businesses: If you’re operating without GST registration but your annual turnover exceeds the threshold, you could face penalties and notices. Digital Payment Records: All UPI transactions are recorded an...

In today's interconnected world, expanding your business beyond domestic markets is essential to unlocking its full potential. One of the first steps to achieving this is obtaining your Import Export Code (IEC License) —an essential requirement for businesses involved in international trade. What is an IEC Code? The Import Export Code (IEC) is a 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT) in India. It is mandatory for businesses engaged in importing or exporting goods and services. Why Do You Need an IEC Code? Facilitate Global Trade: IEC Code is your gateway to exploring international markets and forming valuable partnerships. Government Incentives: Avail various export benefits, subsidies, and schemes offered by the Indian government. Customs and Banking Processes: IEC is essential for clearing goods through customs and receiving foreign currency payments. Lifetime Validity: Once issued, the IEC Code is valid for a lifetime, requiring ...

 The recent Banking Laws (Amendment) Bill passed by the Lok Sabha introduces an innovative feature that allows account holders to nominate up to 4 individuals for their bank accounts. This significant update aims to ensure that your hard-earned savings and deposits are safeguarded and efficiently passed on to your loved ones. Key Features of the Amendment: Prevent Unclaimed Deposits: Deposits will no longer fall into the unclaimed category after the account holder's demise, thanks to clear nominee designations. Flexible Nomination Options: Account holders can now choose between: Successive Nomination: Nominees will access the account in order, meaning the next nominee can access funds only if the previous one is unavailable. This is particularly applicable for bank lockers . Simultaneous Nomination: All 4 nominees can access funds or account assets simultaneously, offering maximum flexibility. Why Is This Important? This amendment provides clarity and avoids legal complications a...

The Invoice Furnishing Facility (IFF) is a valuable option under the QRMP (Quarterly Return Monthly Payment) scheme that enables registered taxpayers to report B2B invoices for the first two months of a quarter. Key Details of IFF: Purpose : Helps businesses furnish B2B invoices monthly, ensuring recipients can claim Input Tax Credit (ITC) promptly. Who Should File? Taxpayers under the QRMP scheme who need to report outward supplies for November 2024. Due Date : 13th December 2024 Note : Filing IFF is optional, but missing it could delay ITC claims for your recipients, impacting their tax compliance. How Taxla Services Can Assist You: At Taxla Services, we simplify your GST compliance by ensuring timely and accurate IFF filing. Let us handle your tax obligations while you focus on growing your business. 📞 Contact us today: +91 9600076134 / 6374812546 📧 Email: auditsiva2@gmail.com 🌐 Website: www.taxlaservices.com #GSTIFFFiling #GSTCompliance #TaxExperts #QRMPUpdates #TaxlaServi...

Timely compliance with GST filing is essential for a smooth tax process and to avoid unnecessary penalties. Here's a quick reminder: GSTR-5 : Applicable for non-resident taxable persons, this return captures details of all outward supplies and inward supplies, tax liability, and payments made. GSTR-6 : Required for Input Service Distributors (ISD), this return consolidates the details of input tax credit (ITC) distributed among units. 🗓️ Due Date : 13th December 2024 At Taxla Services , we ensure your GST filings are accurate and submitted on time, saving you from compliance hassles. Our expert team is here to guide you through the process efficiently. 📞 Contact us today: +91 9600076134 / 6374812546 📧 Email: auditsiva2@gmail.com 🌐 Website: www.taxlaservices.com #GSTCompliance #GSTR5Filing #GSTR6Filing #TaxPractitioners #GSTFilingExperts #TaxlaServices

The Direct Tax Collection statistics are a testament to India's evolving tax landscape. Over the past decade, substantial growth in collections has been observed, reflecting economic expansion, improved compliance, and effective administration. Key Highlights of Direct Tax Collection (2013-2024) The table provides a breakdown of Corporate Tax , Personal Income Tax , and Other Direct Taxes , showcasing their contribution to the total direct tax collection over the years. Corporate Tax: Significant growth from ₹3,94,678 crore in 2013-14 to ₹9,11,055 crore in 2023-24. Reflects robust business activity and better tax compliance by corporates. Personal Income Tax: Increased from ₹2,42,888 crore in 2013-14 to ₹10,45,139 crore in 2023-24. Indicates rising individual incomes and improved filing rates. Total Direct Tax Collection: Surged from ₹6,38,596 crore in 2013-14 to ₹19,60,166 crore in 2023-24. What This Growth Represents Economic Development: Higher collections align with economic ...

The Cost of Collection is a critical metric reflecting the efficiency of tax collection by comparing the total expenditure incurred to the total tax revenue collected. This data not only highlights the government’s administrative efficiency but also provides insights for taxpayers into how public funds are managed. A Decade of Tax Collection Efficiency (2013-2024) Below is a snapshot of the Income Tax Cost of Collection over the years: The total tax collections have steadily increased from ₹6,38,596 crore in 2013-14 to ₹19,60,166 crore in 2023-24. Despite this rise, the cost of collection has seen consistent improvements, reducing from 0.57% in 2013-14 to 0.44% in 2023-24, showcasing greater administrative efficiency. Why Does Cost of Collection Matter? Efficiency in Administration: Lower costs indicate streamlined processes and better resource utilization. Taxpayer Confidence: Efficient tax management reassures taxpayers about the effective use of their contributions. Improved Pu...