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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…
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Filing GSTR after due date - GST late fees to be given

A registered dealer should file the GST returns in time, else it could attract the GST late fees and penalty. For instance, earlier a registered dealer should have filed the GSTR-1 return due for months of July to Nov 2017 and July to September 2017 by 10th Jan 2018. In case the details are missing, he would now be liable to pay late fees for Rs 200 (has changed after the CBEC notification about the same as on March 7th 2018) on the daily basis for the number of days that have passed after the due date until the day of finally filing the return. Further,…
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Checksum Validation : Failed getting this error while offsetting liability ..

Many of the GST users getting error as  " Checksum Validation : Failed " while offsetting liability ..in GSTR 3B filing. This is error from GST portal only and no need to panic. I have checked with GSTN help desk who claim team is working on this issue and it will be fixed soon. Generally this happens on the day when you make online payment and try to do Offset liability next day or else wait for GSTN team to fix the error. Like this there are many errors which GSTN throws up specially during peak filing season. It is always advisable to plan…
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Time period for furnishing the details in FORM GSTR- 1 not extended

Time period for furnishing the details in FORM GSTR- 1 Not extended:   The notification as circulated in social media is fake... Old date as given in the link remains same In exercise of the powers conferred by the second proviso to sub- section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the Act) and in suppression of notification No.0 72/2017 – Central Tax dated the 11th September,2017, published in the Gazette of India, Extraordinary,…
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Major revamp in Company incorporation and INC-1 form Not available till 25th Jan 2018

Ministry of Corporate Affairs (MCA) is in the process of revising the incorporation and the DIN application process. The below are some important points for your perusal: Allotment of DIN For New Company: DIN of the proposed director needs to be applied at the time of filing of SPICE Form for incorporation. In this, application can be made for 3 directors at max. For Existing Companies: DIN shall be applied by the Company who is appointing the person as a director through e-form DIR 3 Incorporation process Now, while incorporating a new…
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Looking to come out of Disqualification as Director ?

MCA in September 2017 has disqualified 3,09,614 directors for non-filing of returns of various companies for consecutive 3 years. This has made DIN of many directors under disqualified list up to the year 2021. Whereas, companies registered under the Companies Act, 2013 (or its predecessor Act) are inter-alia required to file their Annual Financial statements and Annual Returns with the Registrar of Companies and non-filing of such reports is an offence under the said Act. Whereas, section 164(2) of the Act read with section 167 of the Companies…
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GSTR-1 filing deadline extended

Government of India Ministry of Finance (Department of Revenue) [Central Board of Excise and Customs] Notification No. 71/2017 - Central Tax New Delhi, the 29. December, 2017 G.S.R. (E):- In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), and in supersession of notification No. 57/2017 -Central Tax dated the 15. November, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1413 (E), dated the 15. November, 2017,…
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Summary for Filing is not Generated or is not available at this time. Please try again later

Getting this error while filing GSTR-1 " Summary for Filing is not Generated or is not available at this time. Please try again later" As GSTR-1 filing deadline for July, August and September 2017 is 31st of December 2017 may of the GST user's are able to submit GSTR-1 but not able to file the same. Once they click on file return getting message as "Summary for Filing is not Generated or is not available at this time. Please try again later" I have checked with GSTN helpdesk and they claim this is an error from GSTN and send screenshot of the…
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NOTICE U/S 46 FOR NON FILING OF GSTR 3B FOR THE PERIOD JULY-2017 TO OCTOBER-2017.

NOTICE U/S 46 FOR NON FILING OF GSTR 3B FOR THE PERIOD JULY-2017 TO OCTOBER-2017. There are many registered GST payers who have taken registration but not filed return i.e. GSTR3B which is due by 20th of each month for the prior month. Department has sent notice under section 46 of GST Act. The notice is read as below: Being a registered taxpayers, you are required to furnish return for the supplies made or received and to discharge resultant tax liability for the aforesaid tax period by due date. It has been noticed that you have not filed the…