GST SRM II Form Release for PAN Masala and Tabacco Manufacturers

The GST portal has released two forms for manufacturers of pan masala and tobacco products: • Form GST SRM-I for registering and disposing of manufacturing machines and • Form GST SRM-II for reporting monthly inputs and outputs. The first form pertains to machine registration and disposal, while the second form asks for information on inputs and outputs during a month. The GST portal has made Form GST SRM-I available since 15-05-2024, and taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month. The aim is to combat evasion in the industry. Form GST SRM-II is now available on the portal, allowing taxpayers involved in Pan Masala and Tobacco product manufacturing to report their inputs and outputs for the relevant month.

Dt.- 08 Jun 2024

Chandra Pal v. ACIT

The announcement was made on November 17, 2023. The Delhi bench of the Honorable ITAT ruled that excess jewelry was quite appropriate if the assessee had disclosed adequate revenue in their income tax returns from prior years, demonstrating their wealthy status and the fact that they occasionally got jewelry from family. Thus, no u/s 69A additions were required.

NO ADDITION U/S 69

If the assessee's prior years' return shown sufficient income, then no additional payments under section 69A may be paid.

CII

Cost inflation index for F.Y 24-25 is 363

ITR FILING

July 31, 2024, is the deadline for filing Income Tax Returns (ITR) for FY 2023–24 (AY 2024–25) without incurring a late fee. In the event that a taxpayer files their return after the deadline, they will be subject to Section 234A interest and Section 234F penalties.

Dt.- 31 Jul 2024

DIR-3KYC

Attention to All DIN holders having DIN as on 31st March, 2024 KYC last date is 30 September 2024 Non filling of KYC within due date levies late fees of Rs 5000/-

Dt.- 07 Oct 2024
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