aCAdemia CA Final

between 6pm to 10pm today

*CHANGES FROM 1ST SEPTEMBER 2024*_ ✅Notification No. 12/2024 (10 July 2024): *From September 2024, if a supply's value is above Rs. 1 lakh, it must be reported in GSTR-1's Table B2CL.* ✅Notification No. 12/2024 (10 July 2024): *Taxpayers can now report negative liability in GSTR-3B's Table No. 3. The negative liability will be automatically adjusted in the next month's return, making the reconciliation process smoother.* ✅Blocking of GSTR-1 for Non-Furnishing of Bank Account Details: *From 1st September 2024: If you haven't added and validated your bank account details in your GST registration, your GSTR-1 /IFF will be blocked.* * ✅GSTR-9 and GSTR-9C: *Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be active on the GST portal.* ✅**Reduction of Time Limit Under Section 148A for Issuing Notice Previous Rule: The time limit for the Income Tax Department to issue a notice under Section 148A for reopening assessments was 10 years from the end of the relevant assessment year. *New Rule Effective from 1st September 2024:* The time limit for reopening cases u/s 148A has been reduced. The updated time limit for reopening cases with income Upto Rs.50 lakhs – The cases should not be reopened within 3 years from the end of the assessment year. Above Rs.50 lakhs – The time limit for reopening cases u/s 148A has been reduced from the earlier 10 years to 5 years.