CA NARESH KUMAR SANKHLA

  Can a composition taxpayer sell through an e-commerce operator in India? In the realm of tax compliance, the Composition Scheme emerges as a beacon of simplicity for small businesses, especially those navigating the complexities of e-commerce. Recent amendments have expanded the scope of this scheme, granting e-commerce goods suppliers the opportunity to embrace its advantages. Now, they can revel in the perks of a fixed tax rate based on turnover and streamlined compliance procedures. It's important to emphasize that this amendment exclusively pertains to the sale of goods via e-commerce platforms, excluding services. Service providers operating within the e-commerce landscape remain outside the purview of the Composition Scheme. This amendment represents a significant stride forward, lightening the tax load for e-commerce goods suppliers. It's a testament to fostering growth and adherence to regulations within the ever-evolving digital marketplace.

 ICAI The Institute of Chartered Accountants of India (ICAI) hosted a press conference on Thursday in Ahmedabad to share insights about the first Global Professional Accountants Convention (GloPAC) being hosted from 24th-26th November, 2023 on the theme “Connecting the Globe, Creating Value” at the Mahatma Mandir Convention Centre in Gandhinagar, Gujarat, India.

The Central Government, acting on the recommendations of the GST Council, has issued a set of significant notifications, bringing about changes that will impact electronic commerce operators and businesses operating in the e-commerce space. These changes are set to take effect on October 1, 2023. Can a composition scheme dealer sell online? Notification No. 36/2023 - Central Tax (Dated: August 4, 2023): According to this composition scheme dealer can sell online within same state. This notification outlines a special procedure for electronic commerce operators in India. It restricts them from facilitating inter-State supply of goods by persons paying tax under Section 10 of the Central Goods and Services Tax Act. Electronic commerce operators are required to collect tax at source for such supplies and file the details electronically in FORM GSTR-8. These changes aim to ensure smoother tax collection and reporting, particularly for composition scheme dealers. The effectiv

Can UDIN be provided on profit & loss account, statement of affairs, computation, and ITR copy for loan purposes if ITR is filed under section 44AD? No, it is not necessary to provide a Unique Document Identification Number (UDIN) on the profit and loss account, statement of affairs, computation, and Income Tax Return (ITR) copy if the ITR has been filed under section 44AD. Section 44AD constitutes a presumptive taxation scheme that permits businesses to calculate their taxable income at a flat rate of 8% of their turnover. This scheme exempts businesses from maintaining conventional bookkeeping practices or undergoing financial statement audits by a chartered accountant. Consequently, the requirement for a UDIN, which is a distinctive document identification number generated by a chartered accountant for certifying or attesting documents, is negated. However, it's important to note that specific banks might still mandate a UDIN even when the ITR is filed under section 44AD. Su

Introduction:- The recent demerger of Jio Financial Services (JFSL) from Reliance Industries (RIL) has sent ripples of excitement through the financial sector. With its inclusion in prestigious indices like Nifty50 and BSE Sensex, JFSL's imminent listing has shareholders and investors eagerly awaiting its entry into the stock exchanges. This article delves into the significance of this move, sheds light on the pre-listing valuation, and explores the visionary approach of RIL's Chairman and MD, Mukesh Ambani. Shareholders' Awaited Crediting As anticipation builds for the listing date of JFSL, eligible shareholders of RIL have already received a notable boost. Shares of the newly demerged company have been credited to their demat accounts, creating a palpable sense of anticipation among investors. However, it's important to note that trading in these shares will only commence post-listing on the stock exchanges. The Nifty50 and BSE Sensex Inclusion JFSL's inclusion in

Introduction: Receiving an income tax notice can be an unsettling experience for anyone. It's essential to understand the implications and respond effectively to ensure a smooth resolution. In this comprehensive guide, we will delve into the intricacies of Income Tax Notice under Section 133(6), its significance, and how to respond strategically. We'll also address common questions related to this notice to equip you with the knowledge needed to navigate this process with confidence. What is Section 133(6) as per Income Tax Act? Section 133(6) of the Income Tax Act, 1961 empowers income tax authorities to gather information from third parties deemed relevant or necessary for proceedings under the Act. This provision plays a pivotal role in ensuring transparency, accountability, and accurate assessment of taxpayers' income and claims. Key Points to Understand: - Section 133(6) allows tax authorities to request information and documents from third parties to verify taxpayers&

Big news in the tech world today! Meta, the company behind Facebook, Instagram, and WhatsApp, has just dropped a bombshell by introducing its latest creation called 'Threads'. Mark Zuckerberg, CEO at Meta, introduced Threads as an expansion of Instagram. This exciting new app is all set to challenge the dominance of Twitter. So, gather 'round as we dive into the world of Threads and explore what makes it a game-changer in the social media landscape! What Exactly is Threads? Imagine a world where you can share your thoughts, updates, and ideas with the whole world in just a few characters. Well, Threads is a brand-new app that offers a platform for exactly that! It's like Twitter but with a fresh Meta twist. You can follow your friends, celebrities, influencers, and even your favorite brands. Threads is all about short and snappy messages that keep you connected and in the loop. A Seamless User Experience: Threads has been designed to provide users with a seamless and in