Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…

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…

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…

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…

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…

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…

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…

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…

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…

The examination of Goods and Service Tax Practitioners (GSTPs) is a computer based examination conducted by The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) for confirmation of enrollment of GSTPs. Every person who has enrolled as GST practitioner under the current regime for not less than 5 years on the GST common portal is required to clear this exam otherwise their enrolment ID will not be held as a valid ID. A look at the Registration Process All the eligible GST Practitioners can register for the examination by…

FORM GSTR 9 is an annual return that should be filed by the taxpayers who are registered under GST. It should be filled by even those who are registered under the composition Levy scheme. In GSTR 9 form, you would see various information related to supplies received and done during the whole year under various tax heads such as CGST, SGST and IGST. You should also understand the types of return under GSTR-9 form. There are four different types of form under the GSTR-9 forms. These forms are as follows: GSTR 9 – This form should be filed…