CA Nation Notes

Breaking News CA FINAL EXAMS NOW TO BE CONDUCTED 3 TIMES IN A YEAR. ■■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■■

We are the First Channel to Announce the result🥳🥳. ■■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■■

Result is out

This is under New income tax regime and excluding income where special tax rate is applicable NEW TAX REGIME STRUCTURE: 0-4 LK : NIL 4-8 LK : 5% 8-12 LK: 10% 12-16 LK: 15% 16-20 LK: 20 20-24 LK: 25% ABOVE 24 LK: 30% ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

NO INCOME TAX PAYABLE FOR INCOME UP TO 12 LK PER ANNUM ; FM. ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

All INDIA RANK 1 MARKSHEETS

Congratulations to the AIRs ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

CA FINAL RESULT IS OUT ALL THE BEST https://icai.nic.in/caresult/ ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

Result of CA FINAL ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

Result Time is out🥳 ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

Best wishes to all the CA Final Students 🥳🥳 ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

Most Common Areas Where CA Students Get Confused 1 Payment to Vendors Within 180 Days: If you don't pay your vendor within 180 days from the invoice date, you'll need to reverse the ITC utilised in the GSTR 3B of the immediately falling due date. Remember: ITC utilised ≠ ITC availed. ITC availed: Credit available in your electronic ledger but not yet used. ITC utilised: Credit actually used to pay output liability. Reversal is required only when ITC is utilised. 2 Payment to MSME Vendors: Here's the thing-payment to MSME vendors needs to be done within 15 days, not 45 days. The 45-day limit is the maximum period only if there's an agreement between the MSME and the buyer. Don't get confused! 3 E-Way Bill Requirements: You'll need an E-way bill along with the invoice or bill of supply if the consignment value is ₹50,000 or more (including GST). But wait, there's more: Not required for all interstate supplies. Required for: Interstate movement of goods by principal to job worker. Interstate supply of handicraft goods. ← Even if the taxable value is below ₹50,000, add GST to the mix, and boom-you'll need an E-way bill if it crosses the threshold! 4 GSTR-2A vs GSTR-2B: Let's clear up the confusion: GSTR-2B: It's an auto-generated statement (not a return!) showing outward supplies filed up to the 13th of the next month, Why the 13th? When due date for GSTR 1 is 11th of next month? Under the QRMP scheme (Quarterly Return Monthly Payment) for taxpayers with turnover up to 5 crore, GSTR-1 can be filed quarterly. For the 1st and 2nd months of the quarter, you can use the IFF (Invoice Furnishing Facility) to share invoice details by the 13th of the next month, so that buyer's can take the credit. That's why GSTR-2B is ready on the 14th. Simple, right? 5 TDS Under GST: Supplying goods to the Central/State Government, local authorities, or government agencies worth *2,50,000 or more. They'll deduct TDS @ 2%. ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■

17 Mainboard IPO DRHPs have been filed in just One Day (30th September). It is an All time Record of Highest DRHP filings in a single day. IPO Festival will continue.. !! @CANATIONNOTES

@CANATIONNOTES

Hindenburg

Just for fun😂

*Union Budget 2024 Tax Headlines* Here are the key tax-related highlights from the Union Budget 2024 ¹ ² ³: - *Angel Tax Abolished*: The Angel Tax, which was levied on investments received by startups from external investors, has been abolished for all classes of investors. - *Revised Income Tax Slabs*: The government has revised the tax rate structure for the new regime, with more than two-thirds of taxpayers availing of the new Income Tax regime. - *Increased Standard Deduction*: The standard deduction for salaried employees has been increased to ₹75,000 from the existing ₹50,000. - *Capital Gains Taxation*: Short-term capital gains on certain financial assets now attract a tax rate of 20%, up from the existing 15%. Long-term gains on financial and non-financial assets attract a tax rate of 12.5%, up from the existing 10%. - *Exemption Limit on Capital Gains*: The exemption limit on capital gains has been increased to ₹1.25 lakh. - *TDS Rate Reduced*: The TDS rate on e-commerce operators has been reduced from 1% to 0.1%. ■■■■■■■■■■■■ @CANATIONNOTES ■■■■■■■■■■■■