GSTR-9

Credit Mismatch – What is it and how to deal with it?

As per the provisions of Central Goods and Service Tax Act, every registered person under GST is required to file the annual return GSTR-9 irrespective of his business turnover. GSTR-9 contains all the details about inward or outward supplies of an entity, taxes paid, refund claimed and ITC availed by the taxpayer. Deadline for filing GSTR-9 is already nearby and the Government has clearly stated that the date will not be extended anymore. Thus, to avoid any interest and penalties or any demand notice by the tax department, taxpayers should…

Documents that should be handy when filing ITR

As the Government of India has already notified the ITR Forms for the Financial Year 2018-19, thereby to ensure easy and convenient filing of the return, it is necessary to collect all the required documents in advance and keep in hand to make the process of ITR filing easier and fast. Filing the Income Tax Return before the due date will also help an assessee to avoid any penalties and interest that would otherwise be levied. As per the directions of the Income Tax Department, for the Assessment Year 2019-20, all the below-mentioned documents…
GSTR

GST New Return System – What Should You Know

GST return is a statement of facts containing all the details pertaining to the nature of business, taxable turnover of business, determination of tax liability etc. It is furnished by the taxpayer to tax administrators at regular intervals. Taxpayers can file the statements and returns directly on the GST common portal online. The details furnished by the taxpayer in the form of returns is consolidated and stored at the common portal which will be common for both, i.e. Central Government and State Governments. Currently taxpayers file…
Gratuity
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GSTR-9 Annual return workshop in Bangalore

Annual Return (Theory) (3 hours) 1. Meaning of Annual Return  2. Different Types of Annual Returns  3. Who need to file Annual Returns?  4. Preconditions of filing form GSTR9 5. Explaining the terminology used in GSTR1 & GSTR3B  6. Difference Between GSTR9 & GSTR9C  7. What happens once filed the GSTR9 in GSTN ledger  8. Drawbacks & Issues in GSTR9 and its suggestions  Annual Return Topics covered (Practical) (5 hours) 1. Details of Advances, Inward and Outward Supplies…
Form 16
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Form 16 – What are the latest changes that you should know?

Form 16 is a certificate issued by an employer to his employee under Section 203 of the Income-tax Act, 1961 and contains all the details about the amount received by the employee as salary, Tax Deducted at Source (TDS) on salary, and any other deduction claimed by the employee during the year. The Income Tax Department has revised the format of Form 16 and notified the new format that will have more essential details about an employee’s income and deductions. The amended format of Form 16 will come into effect from May 12, 2019. Thus,…
Gratuity

GST Application – What are the rules to follow for new registration verification

As per the Registration rules of Goods and Service Tax, the applicant in order to obtain GST registration, has to electronically submit an application duly signed by him. But due to noncompliance of the said statutory provisions of CGST act, the proper officer of Central Goods and Service Tax has recently canceled a number of applications for new GST registrations. The Central Board of Indirect tax and Customs has noticed that to avoid payment of the outstanding tax liabilities under the existing GST registration, certain taxpayers are…
NCMC

NCMC -What should you know One Nation One Card?

National Common Mobility Card (NCMC), commonly known as One nation one card is a single card that can be used for doing various transactions. The card was launched by Prime Minister Narendra Modi on 4th March, 2019 at Ahmedabad. This card is supported by Indigenous Automatic Fare Collection System (SWEEKAR) and SWAGAT. The card will benefit millions of travelers in the country. With this facility, India’s dependence on foreign technology will be ended. This card is similar to a debit-credit smart card issued by a bank with some special…
Gratuity
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Gratuity – Everything You Need to know about it

Gratuity is a benefit which an employee gets when his employment comes to an end due to the retirement or superannuation. It is an amount as a lump sum payment which is paid by an employer to his employee for his past services rendered for not less than 5 years. The payment of gratuity is a statutory right of the obligation of the employers and a statutory right of the employees as per the payment of Gratuity act, 1972.  The condition of completion of 5 years continuous service is however not essential in case of termination of employment…
Gratuity

Public Grievances redressal Mechanism by Goverment of India

This is very good tool which can be called as an ultimate solutions to all public grievances which is not handled satisfactorily or not handled at all here is a solution to it. The Department of Administrative Reforms And Public Grievances is the nodal agency to formulate policy guidelines for citizen-centric governance in the country. Redress of citizens' grievances , being one of the most important initiatives of the department, DAR&PG formulates public grievance redress mechanisms for effective and timely redress / settlement of citizens'…