CENVAT
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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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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…
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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…
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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…
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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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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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GST

GST RFD-01A Form- Procedure to file it

GST RFD-01A form is introduced for online processing of refund under GST. It is required to be filed electronically on the GST portal. It is to be filled and filed accordingly with the department for claiming such refunds or any amount paid by mistake or the excess of amount lying in cash ledger. However, a refund can be claimed only if the amount is showed in the GST returns of the relevant tax period. The applicant needs to be very careful while furnishing the values in form GST RFD 01 A form as no rectification is allowed after filling of…
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GSTR - 10

All you need to know about filing GSTR-10

GSTR-10 is a final return form, furnished by the taxable Individual whose GST registration is cancelled or surrendered. GSTR-10 contains details about all the stock that is held by the registered dealer till the date of cancellation of registration. Due date for GSTR-10:An Individual whose registration is cancelled and but has to file GSTR 10 must file it electronically within three months of the date of cancellation or date of cancellation order whichever is later. Who should file GSTR-10?GSTR 10 is to be filed only by such persons whose…
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GST assessment

All you need to know about the GST Assessment, Demand and Recovery

GST procedures includes Audits, Assessments, Demand and recovery, Advance ruling.  GST Audit:GST Audit involves the scrutiny of the records, statements, returns and various other documents furnished by the registered taxpayer. It is done with the intention to verify the precision of the tax paid, turnover, refund claimed and so on. What is GST Assessment?The next step after the audit is GST assessment wherein the verification of the tax liability is done under the CGST Act 2017. The assessment is categorized into five types as follows. A.…
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Limited Liability Parntership
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New LLP Incorporation Amendments in 2018

Limited Liability Partnership is a separate legal entity in which the liability of each partner is limited to the contribution made by the partner. To form an LLP, there should be minimum partners. Recently, on 18th September, the Ministry of Corporate Affairs, by a notification in LLP (Second) Amendment Rules 2018, has introduced some major amendments under the LLP incorporation Rules to bring the Limited Liability Partnership incorporation in par with the Company Incorporation Procedures. According to the notification issued, the LLP related…
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GST

What is GST filing audit process and its procedure ?

GST filing audit process requires scrutiny of books and accounts of the individual who is registered to pay tax. The examination is done to ensure the validity of the information given, refund claims, input tax credit availed and tax liability. An individual whose turnover during the financial year is more than 2 crores needs to hire the chartered accountant for auditing the accounts. One can also hire the Cost Management Accountant for auditing the process. Under section 35(5), a taxable person who has to get his accounts audited should offer…
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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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GST Return

Here is how to Rectify the error in GST Return Filing ?

In a latest, the government has announced that September is the last month to claim input tax credit in respect of invoices issued in the financial year 2017-18 and to rectify errors in the GST return forms for the year. So, if a taxpayer has not claimed his input tax credit or has made some errors in his GST return, it can still be rectified. After the implementation of GST in July 2017, taxpayers might not have complete understanding of it yet which leads to committing certain errors and omissions including incorrect claims of credit…
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HSN Code

What is HSN code and where to find it

HSN or Harmonized System of Nomenclature is a 6 digit uniform code system was developed by the World Customs Organization to classify the goods in a systematic manner. It is accepted worldwide and over 5000 goods are assigned a 6 digit code which is unique in nature. India has been using HSN codes since 1986 in the Central Excise and Customs regime and it is applicable in India since the implementation of GST by the government. India uses 8 digit codes for better identification and deeper classification of goods and commodities. Importance…
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CENVAT
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How to reverse wrongly availed CENVAT Credit ?

What is CENVAT and CENVAT credit?CENVAT stands for Central Value Added Tax. It was initially introduced as MODVAT (Modified VAT) in the year 1986, that allows the manufacturers to avail credit of duty paid on inputs used in the manufacturing of finished products. Later, the scheme extended to capital goods also. In the year 2002, the credit of service tax paid on input services was introduced for the very first time. In 2004, finally, CENVAT credit rules 2004 came into force which replaced all the existing laws regarding CENVAT credit that facilitated…
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