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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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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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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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Latest GST update from Council Meet

1. New rates to be applicable from 15.11.2017 prospectively after notification. 2. 178 items shifted from 28% slab to lower slabs leaving apart sin goods and cess applicable goods. 3. Restaurants to have no ITC. Rate of tax shall be 5%. Restaurants in star hotels-18% with ITC. Other hotels -5% without ITC. 4. Outdoor catering -18% with ITC. 5. Gstr-3b to continue till 31.03.2018. 6. Nil returns to become very easy. 7. Only filing of GSTR-1 in current year for all taxpayers. Below 1.5 crore- 31st dec for July to sept, Qtr3- 15.02.2018, Qtr4-…
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No more uploading Forms 49 A& 49B post Incorporation

MCA has underwent drastic changes post recent development which has taken place recently. The way of working of MCA and Incorporation has underwent drastic changes in terms of approval of name availability, e-forms for MOA and AOA. The ease of doing business in India has really ranked up across globe. As part of its continuous efforts for simplifying Incorporation related process for providing Ease of Doing Business to stakeholders, MCA will be dispensing with the requirement of separately uploading Forms 49 A& 49B after filing SPICe e-forms. Accordingly,…
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How to prepare GSTR 2 ?

Most of us have already filed GSTR3B and GSTR1 even we have Nil income Nil return need to be filed . We have one more complicated task here which is verifying GSTR2 if not found as per our GSTR3B input need to follow up with other side vendors who have either missed to file GSTR1 or not bothered to file GST return itself. As per the records published from Government still we are missing 10 lakh plus GST registered dealers not filed GSTR1.  1.The window to file Return GSTR 2 for the month of July, 2017 has opened and it can be filed till 31st…
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Interest and Penalty calculation for GST return filing

Interest and Penalty calculation for GST return filing: Government might waive off interest and penalty on late filing of GSTR-3B for August in lieu of load on GSTN Earlier Revenue Secretary Hasmukh Adhia ruled out any further extension of timeline after December for filing GSTR-3B tax returns by businesses. The GST Council had earlier allowed businesses to file GSTR-3B, a summarised return, till December.  Forms pertaining to tax payment under GST Form GST PMT-01 Electronic tax liability register will be maintained in Form GST PMT-01 Form…
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GST Notification on extension of facility of LUT to all exporters issued

GST Notification on extension of facility of LUT to all exporters issued: Notification on extension of facility of LUT to all exporters issued. Government of India Ministry of Finance (Department of Revenue ) [Central Board of Excise and Customs] Notification No. 37 /2017 – Central Tax New Delhi, the 4th October, 2017 G.S.R….(E).- In exercise of the powers conferred by section 54 of the Central Goods and Services Tax Act, 2017, and section 20 of the Integrated Goods and Services Tax Act, 2017, sub-rule (5) of rule 96A of the Central…
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Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17

Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17: GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS OFFICE OF THE REGISTAR OF COMPANIES RoC-Delhi Dated: 04-10-2017 Dear Sir/Madam, Subject: Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17 1.As you are aware, Companies are statutorily required to file Annual Return and Financial Statements every year. These filings account for approximately 50% of the total filings done during the year.…
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How to generate e-way bill in Karnataka under GST regime ?

We have explained how to get e-way bill login in Karnataka under new GST regime . Once you get the login id and password created next step would be generation of e-way bill.     As of now GST number of the receiving party is not validated so kindly check twice before generating e-way bill. Once you generate e-way bill depending on KM it will allocate the time. if you made any error in e-way bill you can cancel e-way bill by entering e-way bill number as generated from system. You can enter the vehicle number or Transporter…
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How to register for e-way bill in Karnataka ?

As we know from our earlier post  e-WAY BILL SYSTEM is live in Karnataka one can register using the link http://gst.kar.nic.in/ewaybill and new user click on e-way bill registration which will get redirected to a new page asking you to enter your GST number. Once you enter your GST number your details will appear like this but make sure details belong to your GST only. There are some cased data is not matching. You will be asked to send OTP and it will allow you to choose your own user name and password for e-way bill. After that login…