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Everything you need to know about Digital Signature

Digital Signature acts like a guarantee that the electronic documents and the message sent digitally has not been tampered because of the encryption techniques used. Digital signature is popularly known as electronic signature. Difference between digital and electronic signature Digital signature is also a form of electronic signature but the method differs slightly. It uses the certificate-based digital ID to authenticate signer identity. In digital signature, the proof of signing linked together to the document through encryption and the…
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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…
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…
US$ to INR

Here is Why Indian Rupee is Falling Against The U.S. Dollar

The Indian Rupee is not taking halt against US dollar, falling continuously to touch the lifetime low of 71.10 against the greenback. In today’s session, the currency got some relief after the good GDP numbers but failed to sustain and fell to an all time low levels. There are multiple factors behind falling Indian rupee against US dollar. Global and Domestic Factors The rising tensions between two biggest economies – the United States and China has taken toll on India rupee. Both the countries are in a race to slap tariff on each other’s…

DIR-3 KYC Filing Date Extended - How to file the form?

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract…

Different Types OF ITR Status And How To Check It Online

Taxpayers should regularly check their ITR status to ensure that the Income Tax Return has been accepted and processed. Income-tax Department has provided access to check Income-tax Return Status in user login. However, not every tax payer understands the meaning of checking the status means after they file the return. Different types of ITR status: Submitted and pending for e-verification: this status appears on the screen:  When you have filed the ITR but have not e-verified it. You have  sent the acknowledgement to the department but…
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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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DIR-3 KYC 15 days time given with a fee of Rs.500

MCA has notified today to give another 15 days time to comply with DIR-3 ekyc for pending 2 million directors whose DIN status is turned to deactivated.  As you are aware the last date for filing form DIR-3 KYC without fee has expired on 15th September 2018. The process of deactivating the non-compliant DINs is in progress and is likely to be completed by 20th September 2018. Please note that the form DIR-3 KYC will not be available for filing during the pendency of this activity (from 16th September 2018 to 20th September 2018). DIR-3 KYC…
GST
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TDS/TCS provisions under GST to come into effect from 1st October 2018

The Government has directed the E-commerce companies to start collecting up to 1 percent Tax Collected at Source or TCS in the course of making any payment to suppliers under GST. Also, the other notified entities, that is, Public Sector Undertakings and the Government companies are directed to collect TDS at one percent on the payments done to the suppliers of Goods or services suppliers in excess of Rs 2.5 lakh. What it means for e-commerce companies? The Tax deducted at source (TDS) and Tax collected at source (TCS) provisions would be…
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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…