TAX समाचार (NEWS) ~ Accounting & Tax Consultancy

  IMPORTANT DECISIONS TAKEN IN THE 45TH GST COUNCIL MEETING 45th GST Council Meeting held on 17th September 2021. Briefing the media on the outcomes of the meet, Finance Minister Nirmala Sitharaman said: “We have taken quite a few people-friendly decisions, I am very happy that some of them were long-pending.”   20 important decision taken in 45th GST Council Meeting are as follows- 1. GST Rate on Covid-19 treatment drugs reduced till 31st December 2021 i. Amphotericin B -nil ii. Remdesivir – 5% iii. Tocilizumab -nil iv. Anti-coagulants like Heparin – 5% v. Itolizumab -5% vi. Posaconazole -5% vii. Infliximab -5% viii. Favipiravir -5% ix. Casirivimab & Imdevimab -5% x. 2-Deoxy-D-Glucose -5% xi. Bamlanivimab & Etesevimab -5% 2. Registered person shall not be allowed to file GSTR-1, if he has not filed GSTR-3B for the preceding month With effect from 01.01.2022, to provide that a registered person shall not be allowed to furnish FORM GSTR-1, if he has not furnished the re...

  Proof of Income & A Financial Record ITR serves as a legal proof of your income and an useful financial document. It is an employment proof also. Easy Loan Approval Banks demand your past ITRs at the time of giving loans or credit cards. It helps them evaluate your credit worthiness. Non-availability may reject the loan application Quick VISA Processing If you are travelling overseas, income proof would be required. Most embassies & consulates require your tax returns for the past couple of years at the time of the visa application. Higher Life Insurance Cover ITR acts as a proof of income and proper compliance of tax laws, which helps you get a higher life insurance cover, whenever required. Claim Tax Refunds ITR would help you claim the refunds of the excess TDS deducted on your income and investments. It is compulsory to file ITR to seek refunds. Set off & Carry Forward Losses It is mandatory to file ITR, to carry forward the un- adjusted past losses, and s...

Savings/Current account For an individual, the cash deposit limit in a savings account is ₹ 1 Lakh. Similarly, for current account holders, the limit is ₹ 50 Lakh Credit Card bill payment While paying credit card bill, one should not cross the ₹ 1 Lakh limit.

“Notarized” is a broad term, which could include witnessing someone sign something. For that reason, we prefer to use the term “Certified Copy” or “True Copy” to refer to a copy of a document that has been stamped by a Notary to certify that the copy is a true copy of the original. And that’s all it means. A certified copy does not verify the authenticity of the original document, only that the copy is a true copy of what appears to be an original document to the Notary Public.   Of course, Certified Copies can only be made of documents that are original. What makes something an original document is whether it has some sort of seal, stamp, or signature. Some types of documents that are very common to certify as true copies include such things as Identification documents (e.g. Passport, Driver’s License, Birth Certificate), Diplomas, Report Cards, etc. In FAQs issued by ICAI UDIN said that, CA are not authorised to certify Income Tax Return (ITR) as True copy.