Class 3 DSC

Class 3 DSC Signature and E-tendering- What you need to know

Class 3 Digital Signature is used for e-tendering and is considered to be the signature of the highest level. The importance of the Class 3 DSC lies in the fact that it enables safety of the user. An Individual who is applying for tenders through e-tendering route would always want to know that his transactions are safe. Class 3 Digital Signature has been designed to do exactly the same. There are two validity period of Class 3 Digital Signature – One year and Two Years. According to the Information Technology Act, Class 3 Digital Signatures…
Dividend Payment

Dividend - Procedure for Declaration and Payment

The companies act, 2013 has not provided any specific definition of the dividend. But basically, dividend is that part of the profit of a company that is distributed among shareholders. From the shareholders’ view, the distribution is a return on their investments in the share capital of the company. The term dividend includes the final dividend and interim distribution. Final dividend is the amountthat is declared by the company at the annual general meeting (AGM) held at the end of the financial year and interim dividend is  announced and…
ICEGATE Registration

Procedure of Registration of Beneficiary on ICEGATE

The Central Board of Indirect Taxes and Customs in one of its recent circulars has requested all the beneficiaries transacting with customs, including importer and exporter, to register themselves at ICEGATE. Things to know before RegistrationSingle Window Interface for Facilitating Trade has been introduced already. It would enable the integration of Customs and other Participating Agencies for simple processing of Import or Export procedures. A notable feature of SWIFT is eSANCHIT that enables the traders to submit all the clearance documents…

GST RFD-01A Form- Procedure to file it

GST RFD-01A form is introduced for online processing of refund under GST. It is required to be filed electronically on the GST portal. It is to be filled and filed accordingly with the department for claiming such refunds or any amount paid by mistake or the excess of amount lying in cash ledger. However, a refund can be claimed only if the amount is showed in the GST returns of the relevant tax period. The applicant needs to be very careful while furnishing the values in form GST RFD 01 A form as no rectification is allowed after filling of…
GSTR - 10

All you need to know about filing GSTR-10

GSTR-10 is a final return form, furnished by the taxable Individual whose GST registration is cancelled or surrendered. GSTR-10 contains details about all the stock that is held by the registered dealer till the date of cancellation of registration. Due date for GSTR-10:An Individual whose registration is cancelled and but has to file GSTR 10 must file it electronically within three months of the date of cancellation or date of cancellation order whichever is later. Who should file GSTR-10?GSTR 10 is to be filed only by such persons whose…
GST assessment

All you need to know about the GST Assessment, Demand and Recovery

GST procedures includes Audits, Assessments, Demand and recovery, Advance ruling.  GST Audit:GST Audit involves the scrutiny of the records, statements, returns and various other documents furnished by the registered taxpayer. It is done with the intention to verify the precision of the tax paid, turnover, refund claimed and so on. What is GST Assessment?The next step after the audit is GST assessment wherein the verification of the tax liability is done under the CGST Act 2017. The assessment is categorized into five types as follows. A.…
Section 269ST

Section 269ST: Computation of Limit under various circumstances

Section 269ST came into effect from April 1, 2017. This section was introduced by the Central Government in the Finance Act 2017 to curb and stop the circulation of black money and to minimize the easy availability and supply of cash by discouraging cash transaction and by promoting digital economy. The provisions of this section provide a penalty for any cash transaction above the value of INR 2 Lakh. Computation of LimitLimit Of Receipt From A Single Entity In Cash Etc. In A Day under section 269ST• Under clause (a), limit is applicable…
Limited Liability Parntership
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New LLP Incorporation Amendments in 2018

Limited Liability Partnership is a separate legal entity in which the liability of each partner is limited to the contribution made by the partner. To form an LLP, there should be minimum partners. Recently, on 18th September, the Ministry of Corporate Affairs, by a notification in LLP (Second) Amendment Rules 2018, has introduced some major amendments under the LLP incorporation Rules to bring the Limited Liability Partnership incorporation in par with the Company Incorporation Procedures. According to the notification issued, the LLP related…

What is GST filing audit process and its procedure ?

GST filing audit process requires scrutiny of books and accounts of the individual who is registered to pay tax. The examination is done to ensure the validity of the information given, refund claims, input tax credit availed and tax liability. An individual whose turnover during the financial year is more than 2 crores needs to hire the chartered accountant for auditing the accounts. One can also hire the Cost Management Accountant for auditing the process. Under section 35(5), a taxable person who has to get his accounts audited should offer…