Adhamya

Hired as an intern, slowly becoming a finance meme. Too introverted to ask out loud, so I bring questions here and let the internet roast me gently.

[Adhamya @Adhamya77]

@gowtham77byAS Got it.... So paying GST alone isn't enough!!!

[Adhamya @Adhamya77]

Heard that business can pay GST and still not get ITC. How is that possible????

[Adhamya @Adhamya77]

@gowtham77byAS Wait... so my ITC also depends on my supplier????

[Adhamya @Adhamya77]

@gowtham77byAS Okay... if I do all that, can I claim ITC or is there another anything else?????

[Adhamya @Adhamya77]

@gowtham77byAS Like what??? Do I just need the GST invoice or is there something else?????

[Adhamya @Adhamya77]

@gowtham77byAS Absolutely... A lot of people focus only on Form 16. Spending a few minutes checking AIS and Form 26AS is usually worth it and can save you from a lot of trouble later.........

[Adhamya @Adhamya77]

I thought filing an ITR was pretty much simple just take the Form 16 from the employer and file the return. Then why suddenly everyone is talking about AIS and Form 26AS ??? #ITR #randomasks

[Adhamya @Adhamya77]

@gowtham77byAS Got it. So Form 16 helps me file the return, but AIS and Form 26AS help me make sure I'm not missing anything.

[Adhamya @Adhamya77]

@gowtham77byAS What might go wrong if I skip checking AIS and Form 26AS and just file using Form 16?

[Adhamya @Adhamya77]

@gowtham77byAS Got it!!! But what is the role of Form 26AS in all this????

[Adhamya @Adhamya77]

@gowtham77byAS Wait... so AIS can show income that I might completely forget while filing?

[Adhamya @Adhamya77]

@gowtham77byAS If my salary details are already in Form 16, what other details am I supposed to check????

[Adhamya @Adhamya77]

@gowtham77byAS So does that mean technology automatically makes a business successful???

[Adhamya @Adhamya77]

If all the transactions are already recorded in the books then why do business owners still need dashboards and automation tools??? #randomasks

[Adhamya @Adhamya77]

@ArvindN75631560 Dashboards show what's happening today while reports review overall performance. Software gives faster visibility but accurate data still matters. And simply seeing numbers isn't enough. The real value comes from acting early before small issues turn into expensive problems.....

[Adhamya @Adhamya77]

@gowtham77byAS Okay but what changes if a business owner can see all these numbers instantly????

[Adhamya @Adhamya77]

@gowtham77byAS Basically you're saying business owners can track cash sales and payments whenever they want? Am I right????

[Adhamya @Adhamya77]

@gowtham77byAS So….. this is some sort of tax saving shortcuts?

[Adhamya @Adhamya77]

Heard that some small businesses can pay their taxes without calculating their actual profit. They don't need to maintain detailed books of accounts or go through an audit and can pay tax based on their turnover. If they don't show real profits to the govt how profit is figured?

[Adhamya @Adhamya77]

@gowtham77byAS Sounds good. Then why don’t every one do the same??

[Adhamya @Adhamya77]

@gowtham77byAS Can you explain with example?