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…

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…

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…

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…

Gratuity is a benefit which an employee gets when his employment comes to an end due to the retirement or superannuation. It is an amount as a lump sum payment which is paid by an employer to his employee for his past services rendered for not less than 5 years. The payment of gratuity is a statutory right of the obligation of the employers and a statutory right of the employees as per the payment of Gratuity act, 1972.  The condition of completion of 5 years continuous service is however not essential in case of termination of employment…

Income tax slabs are the rates on the basis of which individual taxpayers are required to pay tax to the Government of India. The applicable rates for the relevant assessment year are announced by the finance minister in the interim budget. Likewise, the income tax slab rates for Financial Year 2019-20 and assessment year 2020-21 was announced on 1st Feb 2019 by Mr. Piyush Goyal in the interim budget in the Parliament. The income tax slab rates are directly related to an increase in the income slab. Income tax slab rate for an assessee depends…

TDS stands for Tax deducted at source, and as the name specifies, under TDS, every person who is responsible for making specific payments like interest, rest, salary etc. must deduct a certain amount as tax before making such payment in full to any person. Basic provisions of TDS: Every person responsible for deducting or collecting the tax is required to obtain TAN (Tax Deduction Account NumberIt is mandatory to quote TAN in all TDS returns.Tax shall be deducted or collected at source at the applicable rate of TDS.Amount of TDS received shall…

The Income Tax Department has introduced the new Income tax return form with some major changes in the form. The new ITR forms for the assessment year 2018-19 mandate the taxpayers to provide detailed information about their incomes including their GST number and turnover and the salaried class assesses to provide their salary breakup.  For the first time, a penalty will be levied on returns filed after the due date. The new Income Tax Returns have been uploaded on the official website of the income tax department (www.incometaxindia.gov.in). To…

Section 269ST came into effect from April 1, 2017. This section was introduced by the Central Government in the Finance Act 2017 to curb and stop the circulation of black money and to minimize the easy availability and supply of cash by discouraging cash transaction and by promoting digital economy. The provisions of this section provide a penalty for any cash transaction above the value of INR 2 Lakh. Computation of LimitLimit Of Receipt From A Single Entity In Cash Etc. In A Day under section 269ST• Under clause (a), limit is applicable…

Individual tax payers often receive tax notices through E-mail relating to outstanding tax payment and it becomes difficult for them to segregate between the real and spam. This spam IT Notice looks like legitimate letters from the Income Tax department. Cyber criminals are finding alternative ways to steal client data from tax professionals that may be used to file fraudulent tax returns or other things that we cannot imagine. Earlier, fraudsters used to send an E-mail that contains signs and symbols allowing easy recognition of a fake notice.…