Chartered Accountants Blogs

In a major step towards enhancing India’s digital infrastructure, the Cabinet Committee on Economic Affairs (CCEA), chaired by   Prime Minister Narendra Modi, has approved the PAN 2.0 Project for the Income Tax Department. With a financial outlay of ₹1,435 crore, this initiative aims to re-engineer taxpayer registration services through advanced technology,   aligning with the vision of   Digital India . Union Information and Broadcasting Minister Ashwini Vaishnaw shared that the project will offer a free-of-cost upgrade to PAN Cards, introducing QR codes for improved usability and security. What is the PAN 2.0 Project? The PAN 2.0 Project represents a transformation of the existing PAN/TAN 1.0 ecosystem. It consolidates core and non-core activities, introduces enhanced features, and redefines the  taxpayer  experience. Key objectives include: Technology-Driven Transformation:  Overhauling the PAN issuance and verification systems to deliver a seamless digi...

  Tax Planning for Middle-Class Salaried Employees For middle-class salaried employees, tax planning can significantly improve post-tax earnings and long-term wealth. Although  salaried individuals  have fewer avenues to reduce taxable income compared to self-employed professionals, there are still strategic ways to optimize taxes. Here’s a structured approach to maximize savings: 1. Maximize Deductions and Structure Your Salary The most common deductions used by salaried employees include  Section 80C  and  Section 80D  deductions. Here’s how these can work for you: 80C Deductions:  This is one of the most utilized sections for tax savings,  allowing up to ₹1.5 lakh  deduction each year. Contributions toward Employee Provident Fund (EPF), Public Provident Fund (PPF), tuition fees for children, principal repayment on a home loan, Equity-Linked Savings Scheme (ELSS), National Savings Certificate (NSC), tax-saving fixed deposits, and life ...

  Navigating the world of GST (Goods and Services Tax) audits can be challenging for many businesses.  GST audits  are essential to ensure compliance with tax regulations, and understanding the process can help businesses prepare better and avoid potential issues.  Here’s a breakdown of the key elements of GST audits, including what they entail, the documents needed, and how to prepare. 1. What is a GST Audit? A GST audit is an official examination of a business’s records, returns, and other documents to verif y  the accuracy of the turnover declared, taxes paid, refunds claimed, and input tax credit (ITC) availed.  This audit ensures that the business complies with all provisions of the CGST (Central Goods and Services Tax) Act, 2017. 2. The Legal Framework for GST Audits GST audits are mandated under Section 65(1) of the CGST Act. This provision authorizes the Commissioner or a designated officer to conduct audits periodically or as needed. The frequency ...

The due date for filing GSTR-9 and GSTR-9C forms is December 31. The Finance Act, 2021 brought significant changes to GST audit requirements, particularly impacting businesses with higher turnovers. While previously,  taxpayers with an annual turnover of Rs. 2 crores or more had to submit GSTR-9C certified by a  Chartered Accountant   (CA) or Cost Accountant (CMA), this mandate was lifted, shifting to self-certification for turnovers above Rs. 5 crore,  as confirmed by the 43rd GST Council meeting in May 2021. These updates were later notified by CBIC in Notification No. 29/2021 – Central Tax, dated 30th July 2021. Let’s explore the GST audit process and its various types, providing clarity for businesses navigating these regulations. Understanding GST Audit and Its Importance A GST audit entails a thorough examination of financial records, returns, and other documentation maintained by a GST-registered taxpayer.  The purpose is to verify the accuracy of reporte...

Your Trusted Chartered Accountants in Bangalore for Expert Financial Services Certicom Consulting  is Bangalore’s leading provider of business registration, accounting, tax planning, and business advisory services. Our team of expert Chartered Accountants offers results-driven solutions across a wide range of industries, including IT, healthcare, banking, real estate, and construction. With a focus on timely, accurate advice and tailored strategies, we help businesses unlock their full potential and achieve lasting success. Kedia Arpana & Co., founded by Arpana Kedia, is dedicated to providing expert audit and advisory services. Backed by extensive industry experience, our team offers personalized financial guidance and strategic support to businesses, ensuring customized solutions that meet their unique needs. As your trusted partners in financial excellence, we are committed to helping your business thrive. Our Services As experienced Chartered Accountants, we provide a full ...