#Define Ais

📌 Taxation of Interest Income under GST – Know the real rules! Not all interest is “out of GST”. Understand exemptions, exceptions, registration impact & ITC rules clearly. ✅ FD, RD, savings interest – Exempt ❌ Credit card interest – Taxable 📊 Turnover & ITC implications explained #GST #InterestIncome #TaxAwareness #Compliance #CAInsights MJConsultancy

If you receive money in your savings bank account and believe GST does not apply, think again. ⚠️ Many businessmen assume that once they are GST-registered, only receipts in the current account are taxable. This is a serious misconception. 👉 If your GST registration is linked to your PAN, all receipts across all bank accounts—savings or current— must be declared in GST returns. ❌ Ignoring savings account receipts ✔️ Declaring only current account transactions can directly result in a GST notice. Non-compliance today often becomes a notice tomorrow. For more practical, compliance-focused tax updates, 👉 Follow @tax_update_by_harshit

🚨Day 7 Dont withdraw or deposit cash more than 10 lakhs In saving account❌ DM us for GST Compliance Like GST Registration, GST Returrns, Incom Tax Returns, MSME Registration, E-commerce Portals Registration. #incometax #gst #gstregistration #like4like #ecommerce 📌 Cash Deposit & Withdrawal Limits • Annual Limit (April–March): You can deposit or withdraw up to ₹10 lakh in cash per financial year without automatic reporting to the Income Tax Department. Beyond this, banks are required to report transactions in the Annual Information Statement (AIS), and you may need to explain the source in your Income Tax Return (ITR). CAclubindia • Daily Deposit Rule: A PAN card is mandatory for any cash deposit above ₹50,000 in a single day under Rule 114B of the Income Tax Act, 1961. News18 • PAN Relaxation Proposal (2026 Draft Rules): The Income Tax Department has proposed allowing deposits and withdrawals up to ₹10 lakh in a financial year without PAN requirement, to ease compliance norms. News18 ⚠️ Key Compliance Points • If you exceed the ₹10 lakh annual limit, the transaction may be flagged as unaccounted income unless properly explained. • Splitting transactions across multiple accounts can avoid automatic reporting, but you must maintain documented proof of source (salary slips, business receipts, etc.). CAclubindia • Frequent large cash dealings may attract scrutiny under anti-money laundering and tax evasion checks. ✅ Practical Takeaway • Keep deposits/withdrawals below ₹10 lakh annually in a single savings account to avoid reporting. • Always use PAN for deposits above ₹50,000/day. • Maintain records of cash sources to stay compliant.

Income Tax | GST | Finance Updates for smart professionals #tax #financetips #gst #trendingnow #viralreels

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Incorrect ITC set-off is one of the most common GST mistakes — and also one of the costliest. With the updated adjustment flow applicable from Jan 2026, understanding the correct sequence is essential for every taxpayer and professional. Save this for future reference and share with your network. #GSTIndia #InputTaxCredit #GSTCompliance #CharteredAccountant #TaxUpdates

“Know the GST Registration Limits before it’s too late.” Trader ➜ ₹40 Lakhs Service Provider ➜ ₹20 Lakhs Once your turnover crosses the limit, GST registration becomes mandatory. ⚠️ Avoid penalties and stay compliant. 📩 DM for GST Registration Follow @Finance_withswc for finance & tax updates. [Gst registration,Incometax,finance,business,limits,Tds,Accounts]

Many people thought that they are not paying tax. But people are not aware that they are paying indirect taxes like gst. So main question what is difference between Direct Tax and Indirect Tax. ✅ Direct Tax - Government take tax directly from your income earned in financial year which is April to March. Income tax is part of Direct Tax. ✅ Indirect Tax - Businessman helps government to collect Indirect Tax. People pay GST to businessman while purchasing product or services. Later on businessman used to pay GST to Government and that’s how government used to collect tax from people indirectly. #learngst #incometax #gstcompliance #indirecttax #directtax [Finance GST Income Tax Learn Accounting Learn Learning Direct Tax Indirect Tax Basics Advance Excel Tally Busy Tax Software Graduate Commerce]

Filing your ITR soon? 🚨 Don’t confuse Form 16, 26AS & AIS. Each one serves a different purpose — and checking all three can save you from notices and mismatches. Smart filing = Verified data ✔ Need help reviewing your tax documents? Basco is here to simplify it for you. #IncomeTax #ITR2026 #Form16 #Form26AS #AIS TaxPlanning

Cash Deposit During Demonetisation. #charteredaccountants #icai #trending #IncomeTaxAct #incometaxduedates

1% GST cash me pay nahi kiya toh registration suspend ho jayega.” This statement is misleading. Rule 86B of the CGST Rules, 2017 does not mandate 1% cash payment in every case, nor does it automatically lead to suspension. What the law actually says: Where the value of taxable supplies (excluding exempt and zero-rated supplies) exceeds ₹50 lakh in a month, a registered person cannot utilise ITC beyond 99% of the output tax liability. Accordingly, minimum 1% of output tax must be discharged through the electronic cash ledger. However, the Rule itself carves out statutory exceptions where this restriction does not apply, including: • Where the registered person, or specified key managerial persons, have paid more than ₹1 lakh as Income Tax in each of the last two financial years for which the due date under section 139(1) has expired. • Where the registered person has received a refund exceeding ₹1 lakh in the preceding financial year on account of unutilised ITC under section 54(3), including exports or inverted duty structure. • Where the registered person has already discharged more than 1% of cumulative output tax liability in cash during the current financial year, in which case Rule 86B ceases to apply for the balance of that year. • Where the registered person is a Government Department, Public Sector Undertaking, local authority, or statutory body. • In respect of specified goods notified under Rule 31D, where tax is paid by the supplier on the basis of retail sale price, traders are exempt from the restriction to that extent. Further, the Commissioner or an authorised officer may remove the restriction after due verification, as expressly provided under the Rule. Bottom line: Rule 86B is a restrictive mechanism, not a penal provision. Suspension, blocking of ITC, or coercive calls cannot be justified without first testing the statutory conditions. Save this. Law understood today prevents litigation tomorrow. #Gst #gstwithharshit #taxupdatebyharshit #gstnotice #gstpricedrop

Most taxpayers think GST and Income Tax work separately. They don’t. Your GST turnover, ITC claims, sales reporting, and e-invoices are silently cross-checked during Income Tax scrutiny. A mismatch is not just a difference — it’s a red flag. 🚩 Consistency between GST returns, books of accounts, and ITR isn’t optional. It’s protection. Stay compliant. Stay prepared. — CA Praveen Jha Partner – Chaudhuri P & Associates #GSTCompliance #IncomeTaxIndia #TaxAdvisory #StatutoryCompliance #CharteredAccountant