It’s time to submit your 2025 gross revenue form to SC&RA. Deadline is August 30. If you have not yet received a 2025 Gross Revenue identification form, download a blank copy of the form here: https://ow.ly/GPZA50SCuts
Specialized Carriers & Rigging Association (SC&RA)’s Post
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Do you know when you can claim (timing of it) the GST/HST you paid in relation to your business expenses? Do you know the amount that you can claim and what amounts have limits? Do you know whether you can even claim it? Do you want someone working with you just in relation to the GST/HST to ensure that you are handling everything correct so that the CRA does not come calling on you or if they do, they will find no errors? If you answered "no" to any of the first three questions or "yes" to the fourth question, I can provide my knowledge and experience to help you ensure that CRA will not find anything wrong, even if they come calling - remember that they have a job to do as well.
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A video with detailed explanation on New rule on MSME's timely payment. CA Namrta used a very good examples for explanation and also shows how buyer's books of account will be impacted on non payment to Micro and Small Enterprise. A must watch video.
MSME 45 Days Payment Rule | Section 43b(h) of Income Tax Act | Timely Payment to MSME
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ICD-10, CPT, HCPCS, E/M, Abstract, Medical Terminology, Structure and Function, Pathophysiology, Public Speaking, Educating, Research and Development
My To Do List.... Checklist Item 1,172 Memorize the Gobal Billing Period Package 😂 😂 😂 😂 😂 😂 😂 😂
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ITR filings have doubled to 77.8 million over the last decade! This is a significant increase in the number of taxpayers in India and a promising sign of growth potential. As we continue to focus on finance planning, strategy execution, and cost-effective financing, it's essential to keep an eye on the fundamentals of cash flow and market outlook. At CFO Services, we offer shared CFO services to help businesses navigate these challenges. Learn more at www.cfosme.in. #cfosme #cfoservices #financeplanning #strategyexecution #strategyconsulting #financing #costeffective #fundamentals #growthpotential #cashflow #marketoutlook #sharedcfoservices
ITR filing doubles to 77.8 million in 10 years! Source: ET CFO
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Chartered Accountant in Practice, GST and Income Tax , website owner of Taxheal.com and Youtuber with Channel CA Satbir Singh
Flow chart of the Processing of ITR at CPC for CPC Processed ITRs #IncomeTax
ITR PROCESSING FLOW CHART at CPC OF INCOME TAX I REASON FOR DEALY IN ITR PROCESSING !
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Foreign Accounting I Startup Mentor I GST Litigation I Industrial Policy Consultant I LICENSING I SUBSIDY
*PROPER OFFICER CAN INITIATE RECOVERY BEFORE THE 3 MONTHS PERIOD, ONLY IN SPECIFIC CASES WHERE REVENUE IS AT RISK, AND BACKED BY PROPER JUSTIFICATION AND APPROVAL: CBIC GUIDELINES* The CBIC issued Guidelines vide Instruction No. 01/2024-GST dated 30.05.2024, regarding the initiation of recovery proceedings under the Central Goods and Services Tax Act, 2017 (CGST Act) before the standard three-month period from the date of service of a demand order. The CBIC has clarified that recovery proceedings should generally be initiated after three months from the date of service of the demand order. However, in specific cases where revenue is at risk, and with proper justification and approval, recovery can be initiated earlier. This instruction ensures uniformity and fair implementation across field formations, balancing revenue interests with the business environment. Guidelines summarized as under
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check Tally Prime Multi GSTIN Feature https://lnkd.in/dZdzbJwc
Multi GSTIN For Single Data In Tally Prime Release 3.0 | Multi Branch Accounting in TallyPrime 3.0|
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*1. ITR-1, ITR-2, ITR-4 & ITR-6 for AY 2024-25 are enabled for filing in offline as well as Online mode at e-filing portal ! Excel Utilities of ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-25 are also live now* *2. Attention Deductors/Collectors!! Deductee having PAN status as 'Inoperative' attracts higher TDS/TCS rates. However, for the transactions entered into upto 31.03.2024 with inoperative PANs, deductors/ collectors shall have no liability to deduct TDS/TCS at higher rate if PAN becomes operative on or before 31.05.2024* CA Vinod Sharma
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Section 43B(h): Time Limits and Eligibility Criteria
Section 43B(h): Time Limits and Eligibility Criteria
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🚨 Decoding Section 43B(h) Amendment: The Critical Game Changer for Micro and Small Enterprises under Income Tax Act 1961 🚨 The recent amendment under Section 43B(h) has pivotal consequences for the financial discipline between businesses and Micro or Small Enterprises (MSEs). Understanding the amendment and its implications is crucial for all players involved. Under the amended provision, any pending dues to MSEs that exceed the prescribed payment deadline under the MSMED Act, 2006, will be deductible for income tax purposes only in the year in which the payment is made. 🔍 What exactly classes as a Micro or Small Enterprise? Here's a quick classification: Micro: Investment in Plant & Machinery ≤ ₹1 Crore, Turnover ≤ ₹5 Crores Small: Investment in Plant & Machinery ≤ ₹10 Crores, Turnover ≤ ₹50 Crores 💼 Buyer's Checklist: 1. Request the MSE's Udyam Registration certificate. 2. Create and update a database exclusive to Micro and Small Suppliers. 3. Formulate clear payment terms through agreements. 4. Vigilantly track your payments to ensure they're within the stipulated period. 🏭 Seller's Strategy: 1. Display your Udyam Number on all invoices. 2. Proactively inform buyers of your MSE status via email. 3. Define the credit period you're offering on the invoice itself. 4. Highlight on invoices: “In alignment with Section 43B(h) of the Income-tax Act, we request payment within 45 days post-invoice date.” 💡 Did You Know? Section 15 of the MSMED Act mandates payments to MSEs within 15 days of purchase if there's no agreement. With an agreement, the term can be extended but must not exceed 45 days. 📢 Important for Compliance: Suppliers not registered with Udyam Portal, or those who do not communicate their Udyam number, may not enjoy the benefit of the 45-day payment deadline. Understanding the fine print of these amendments could alleviate financial stress and build a more streamlined business environment. Adapt and adopt these practices for a healthier balance sheet and stronger business relations. M. Arun Chartered Accountant. #IncomeTaxAct1961 #Section43B #MSMEDAct #BusinessCompliance #MicroAndSmallEnterprises #TaxDeductibility #BusinessLaw #financeprofessionals. #BusinessConsultants. #AccountingInstitute
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