Quick answer: A mismatch between turnover in your books turnover in your GST returns is common, and many differences have valid reasons such as timing, advances or exempt supplies. During a tax audit...
Short answer: Banks most often query or return CMA data because the figures do not match the ITR, GST returns, or audited accounts; the statements do not tie to each other, the working capital limit...
Short answer: A DRC-01C notice is a system-generated intimation under Rule 88D, sent when the ITC you claimed in GSTR-3B exceeds the ITC available in GSTR-2B beyond the prescribed limit. You have 7...
Short answer: Income tax notices are issued when the information the department holds, through AIS and other sources, does not match your return, or when a return is not filed despite reported...
Short answer: GST TDS is tax deducted at source under Section 51 of the CGST Act by government bodies and notified persons, at 2% on contracts above ₹2.5 lakh, and it is credited to the supplier’s GST...
The CBDT has extended the tax audit report date for AY 2026-27 from 30 September to 21 October 2026 and the return date for audit cases from 31 October to 21 November 2026. If your accounts are...
GST Notice for Excess ITC Claim: How to Reply and Correct It Short answer: First identify the form: DRC-01C (intimation, 7 days), ASMT-10 (scrutiny, reply in ASMT-11), or a show cause notice. Then...
To resolve a GSTR-2B vs GSTR-3B mismatch, reconcile your purchase records with GSTR-2B before filing GSTR-3B each month. Claim Input Tax Credit (ITC) only when it is supported by GSTR-2B and satisfies...
Short answer: No. Only expenses incurred wholly and exclusively for the business are deductible, and personal expenses are excluded. If an item is used partly for business and partly for personal use...