S K and Associates

2- Factor Authentication for e-Way Bill and e-Invoice System

2- Factor Authentication for e-Way Bill and e-Invoice System

To enhance the security of e-Way Bill/e-Invoice System, NIC
is introducing 2-

Factor Authentication for logging in to e-Way Bill/e-Invoice
system. In addition

to username and password, OTP will also be authenticated for
login.

There are 3 different
ways of receiving the OTP. You may enter any of the

OTP and login to system. The various modes of generating OTP
are explained<img alt="2-Factor Authentication in the e-Way Bill and e-Invoice System - Tax Ninja | Serving Knowledge Digitally" aria-hidden="false" class="sFlh5c FyHeAf iPVvYb" src="https://taxninja.in/uploads/taxninja_557274d156a65107b7236a496253896f.png" style="height: 431px; margin: 0px; max-width: 960px; width: 766px;" />

below:

1. SMS: OTP will be sent to your registered mobile number as
SMS.

2. On ‘Sandes’ app: Sandes is a messaging app provided by
government so

that you can send and receive messages. You may download and
install the

Sandes app on your registered mobile number and receive the
OTP in it.

3. Using ‘NIC-GST-Shield’ app: ‘NIC-GST-Shield’ is a mobile
app provided by

e-Way Bill /e-Invoice System, so that OTP can be generated
by using the app.

This app can be downloaded only from the e-Waybill /
e-Invoice portal from

the link ‘Main Menu2-Factor Authentication. Install
NIC-GST-Shield’.

Download, install and register this app on your registered
mobile number. You

should ensure the time displayed in the app should be in
sync with e- Waybill

/ e-Invoice system. On opening the app, OTP is displayed.
You may enter this

OTP and continue the authentication. The OTP gets refreshed
after every 30

seconds. You will not require internet or any dependency on
mobile network

for generating the OTP on this app.

Registration for
2-Factor Authentication:

On logging to e-Waybill System go to Main Menu 2 Factor
Authentication

and confirm the registration. Once confirmed, the system
will ask OTP along-

with username and password. The OTP authentication is based
on individual

user accounts. The sub users of GSTIN will have separate
authentication

depending on their registered mobile number in the e-Way
Bill/ e- Invoice

System. Once you have registered for 2 Factor
authentication, then the same

is applicable for both e-Way bill and e-Invoice system.

Creation of
sub-users:

For better management of e-waybills, main users may create
sub-users and

mobile number of the sub-user may be updated accordingly.
The sub-user

may be granted permissions to generate e-waybill or cancel
e-waybill or all

the options. Further, the activities of the sub-users may be
monitored by the

main-user on a regular basis.

SK and Associates

2- Factor Authentication for e-Way Bill and e-Invoice System

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TDS DEMAND #TDS #DEMAND #400

…

Key Changes in TDS for FY 2024-25

<h2 style="background-color: white; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #1d2939; font-family: Supreme-Medium; font-size: 24px; line-height: 32px; list-style: none; margin: 0px 0px 16px; outline: 0px; padding: 0px; text-align: center;">Key Changes in TDS for FY 2024-25</h2><p style="background-color: white; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #060b14; font-family: Supreme-Medium; font-size: 16px; line-height: 24px; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;">One of the most significant relief measures is the increase in the <a href="https://www.5paisa.com/stock-market-guide/tax/what-is-tds" style="background-color: transparent; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #007bff; display: inline-block; list-style: none; margin: 0px; outline: 0px; padding: 10px 0px 0px; text-decoration-line: none;">TDS</a> exemption limit for senior citizens on interest income from fixed deposits, which has been raised from ₹50,000 to ₹1,00,000. Other notable changes include:<ul style="background-color: white; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #171313; font-family: Supreme-Medium; font-size: 16px; list-style: none; margin: 0px; outline: 0px; padding: 0px;"><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">The annual TDS exemption limit on rent payments has increased from ₹2.40 lakh to ₹6 lakh.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">A new TDS exemption threshold for interest on securities has been introduced at ₹10,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">The TDS deduction limit for dividends paid to individual shareholders has been doubled from ₹5,000 to ₹10,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">Commission and brokerage exemption limits have been raised from ₹15,000 to ₹20,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">The threshold for professional or technical services has been increased from ₹30,000 to ₹50,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">Overseas remittances under the Liberalized Remittance Scheme (LRS) and overseas tour packages now have a higher threshold for Tax Collected at Source (TCS), increasing from ₹7 lakh to ₹10 lakh.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiU_16DawTsYe4d90wlMOVd90WTOdVDpIfOauQMiJbk2vhjBUexDfLA1zDhP6MaNNdMr9UCfaIFeZG0VB5mUDu2n4VV5CjF0Meebveloji8yTu9X0AZwNGRYsDUAYNXBs7_HsQ7m0ryA4vBXtfWmhI94wgJ3BlOtEgF8eIRAgZIElgI6AjOEqhobPJOjGEE" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="300" data-original-width="500" height="192" src="https://blogger.googleusercontent.com/img/a/AVvXsEiU_16DawTsYe4d90wlMOVd90WTOdVDpIfOauQMiJbk2vhjBUexDfLA1zDhP6MaNNdMr9UCfaIFeZG0VB5mUDu2n4VV5CjF0Meebveloji8yTu9X0AZwNGRYsDUAYNXBs7_HsQ7m0ryA4vBXtfWmhI94wgJ3BlOtEgF8eIRAgZIElgI6AjOEqhobPJOjGEE" width="320" /></a></div> </li></ul>

Key Changes in TDS for FY 2024-25

Key Changes in TDS for FY 2024-25One of the most significant relief measures is the increase in the TDS exemption limit for senior citizens on interest income from fixed deposits, which has been rais…

GSTR-9C LATE FEE WAIVER

GST LATE
FEE WAIVER- LAST OPPORTUNITY TO AVOID GST NOTICE DUE TO NON-FILING OF GSTR-9C.<o:p></o:p>

<o:p> </o:p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjA4qUw3MTMtslm1JLlBDOqnho-VHl0QvIhgsvN3qUqEMTJ0sPS8ADw5-OE4fYDkelPyyYx44zkLi84xm0BZUqtiJzTte8NlMcQ7IZCxydfXu8ne6nig4wf8R3G9oiejM__puIZiXa1n5xAkHBL-swEIxlBfsuh-xmKeTTumN9VzwFwk_HPRWu1-dlOBpqK" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="392" data-original-width="761" height="165" src="https://blogger.googleusercontent.com/img/a/AVvXsEjA4qUw3MTMtslm1JLlBDOqnho-VHl0QvIhgsvN3qUqEMTJ0sPS8ADw5-OE4fYDkelPyyYx44zkLi84xm0BZUqtiJzTte8NlMcQ7IZCxydfXu8ne6nig4wf8R3G9oiejM__puIZiXa1n5xAkHBL-swEIxlBfsuh-xmKeTTumN9VzwFwk_HPRWu1-dlOBpqK" width="320" /></a></div>

The Ministry of Finance has issued a notification
relevant for GST registered taxpayers who failed to file the annual
reconciliation statement through the GSTR-9C form. As per the circular eligible
GST taxpayers now have an opportunity to get a waiver of any pending late fees
for filing GSTR-9C for FY 2017-18, FY
2018-19, FY 2019-20, FY 2020-21, FY 2021-22 or FY 2022-23. However, there
is a catch which is you need to file any pending GSTR-9C on or before March 31, 2025. 
 
<o:p></o:p>

<o:p> </o:p>

GSTR-9C LATE FEE WAIVER

GST LATE FEE WAIVER- LAST OPPORTUNITY TO AVOID GST NOTICE DUE TO NON-FILING OF GSTR-9C. The Ministry of Finance has issued a notification relevant for GST registered taxpayers who failed to file th…

TDS on Commission & Brokerage

Section 194H of the Income
Tax Act: TDS on Commission & Brokerage

Section
194H of the Income Tax Act mandates TDS deduction on payments made as
commission or brokerage. Under this section, the person responsible for paying
commission, other than an individual or Hindu Undivided Family (HUF), must
deduct tax at 5% when the amount exceeds ₹15,000 in a financial year.
As per the Union Budget 2024, the TDS rate under Section 194H will be reduced
from 5% to 2% effective from October 1, 2024.

TDS on Commission & Brokerage

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Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactions

<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgZsAt_tFARnI_P6IPMtv4FqUzsWSSKJvK3JFIIvLEnMu42RlstGVibxkJPapPzREtlhgHVtW7vUWuZlzceb0BWx_NOsdsznZ6ulHtl8H9lGsisdQe1xQGS_YWHwXXKdic0QQe7mmi9MRghMqi7WBQUCirETwFesSoeXMIwEXKNGRgBtcexPEBkO36xflHw" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="720" data-original-width="1280" height="180" src="https://blogger.googleusercontent.com/img/a/AVvXsEgZsAt_tFARnI_P6IPMtv4FqUzsWSSKJvK3JFIIvLEnMu42RlstGVibxkJPapPzREtlhgHVtW7vUWuZlzceb0BWx_NOsdsznZ6ulHtl8H9lGsisdQe1xQGS_YWHwXXKdic0QQe7mmi9MRghMqi7WBQUCirETwFesSoeXMIwEXKNGRgBtcexPEBkO36xflHw" width="320" /></a></div>  The Union Budget 2024 included several significant proposals,
which have been ratified in the Finance Bill. Some of these changes have come
into effect from October 1. These changes included revised TDS rates applicable
from October 1, 2024. 
 
 
<o:p></o:p>

· 
Section 194G – Commission etc on sale of lottery tickets is reduced from
5% to 2%. This will be effective from October 1, 2024. .. 
 
<o:p></o:p>

· 
Section 194-O - Payment of certain sums by e-commerce operators to
e-commerce participants is reduced from 1% to 0.1%. This will be effective from
October 1, 2024.< .. 
 
<o:p></o:p>

Section 194F relating to payments on account of repurchase of
units by Mutual Fund or Unit Trust of India is proposed to be omitted. This
will be effective from October 1, 2024. 
 
<o:p></o:p>

Floating
rate of bonds TDS 
 <div style="text-align: justify;">In Budget 2024, it was announced that starting
from October 1, 2024, tax deducted at source (TDS) will be deducted at a 10%
rate from specified central and state government bonds, including floating rate
bonds.</div><div style="text-align: justify;"> </div>

<div style="text-align: justify;">There is a Rs 10,000 threshold limit, after
which the tax is deducted. This means that there is no TDS if the revenue
earned throughout the year is less than Rs 10,000.</div><div style="text-align: justify;"> </div>

<o:p></o:p>

Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactions

The Union Budget 2024 included several significant proposals, which have been ratified in the Finance Bill. Some of these changes have come into effect from October 1. These changes included revised …

Advisory for Form GST DRC-03A

<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjZBMDFWKHlqqY8iMCrpsHMyfe1idDtcw7403Aag4yNVjxGGghPRT8VaYEmpUZ_CsLDPc0n9kgOXikEt7dkH9bJbQzNFQa2H8DJZkAmnIWznRlI7sW6eE3BrJcx2Nigy0Vmm5epAfVW6SlRmFhLgvhX_c3XbrFkoj03wx5GKV48EQm8iwaiFo2vI0Lrw5ji" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="720" data-original-width="1280" height="180" src="https://blogger.googleusercontent.com/img/a/AVvXsEjZBMDFWKHlqqY8iMCrpsHMyfe1idDtcw7403Aag4yNVjxGGghPRT8VaYEmpUZ_CsLDPc0n9kgOXikEt7dkH9bJbQzNFQa2H8DJZkAmnIWznRlI7sW6eE3BrJcx2Nigy0Vmm5epAfVW6SlRmFhLgvhX_c3XbrFkoj03wx5GKV48EQm8iwaiFo2vI0Lrw5ji" width="320" /></a></div>  1. It has been observed that some taxpayers have paid the demanded amount vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead of using payment facility ‘Payment towards demand’ available on GST portal. This led to a situation where demand has been paid by the taxpayer, however the demand is not closed in the electronic liability register. To address this issue, the government has notified a new form named GST DRC-03A which was notified vide Notification No. 12/2024 dated. 10th July 2024.<p style="background-color: white; box-sizing: border-box; color: #212121; font-family: verdana, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin: 0px 0px 10px; text-align: justify;">2. Accordingly, GSTN has developed the new Form GST DRC-03A on GST portal which is available now to adjust the paid amount through DRC-03 against the corresponding demand order. Therefore, it is advised to the taxpayers to use the DRC-03A form to link the payment made vide DRC-03 with the demand order. Only DRC-03 forms where the cause of payment is either ‘Voluntary’ or ‘Others’ can be used in the Form GST DRC-03A.<p style="background-color: white; box-sizing: border-box; color: #212121; font-family: verdana, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin: 0px 0px 10px; text-align: justify;">3. Taxpayers will be required to enter the ARN of the DRC-03 along with the relevant demand order number on the portal. Upon entering the ARN and selecting the demand order number of any outstanding demand, the system will auto-populate relevant information of the DRC-03 form as well as from the specified demand order against which the payment is to be adjusted.<p style="background-color: white; box-sizing: border-box; color: #212121; font-family: verdana, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin: 0px 0px 10px; text-align: justify;">4. Once the adjustment is made, corresponding entries will automatically be posted in the taxpayer’s liability ledger to reflect the updated status of demands.

Advisory for Form GST DRC-03A

1. It has been observed that some taxpayers have paid the demanded amount vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead of using payment facility ‘Payment towards demand’ available o…

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S K and Associates

2- Factor Authentication for e-Way Bill and e-Invoice System

2- Factor Authentication for e-Way Bill and e-Invoice System

TDS DEMAND #TDS #DEMAND #400

Key Changes in TDS for FY 2024-25

GSTR-9C LATE FEE WAIVER

TDS on Commission & Brokerage

Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactions

Advisory for Form GST DRC-03A

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