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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…

CA, Income tax, Public helpful

How to apply for the new Loan under 59 Scheme by the Government

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…

Public helpful

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…

Public helpful

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…

Income tax

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…

CA, GST, Income tax

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…

CA, Income tax, Uncategorized

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…

CA, CMA, CS, GST

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…

CS, GST, MCA

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…

CA, CS, MCA

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…

CS, MCA

Ministry of corporate affairs mandates Dir-3 KYC for all the directors

The ministry of Corporate affairs has announced conducting KYC verification for all the directors in every company by linking it to the mobile number and email ID. The steps would be taken to update the registry of all the directors annually through a new e-form – Dir-3 KYC. Under the new announcement, each director of every company who has Director identification Number on or before 31st March 2018 and if the DIN is approved would require to fill the form DIR-3 KKYC on or before 31st August 2018. The director would need to give the Unique Personal…

CA, CS, GST, MCA

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,…

CA, CS, GST, MCA

Know your VAT Jurisdiction in Karnataka State- Bangalore

CA, CS, MCA

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…

MCA

Form(s) getting resubmitted is/are not pre-scrutinized

"Form(s) getting resubmitted is/are not pre-scrutinized. Make sure that each form getting resubmitted is pre-scrutinized successfully. " Many of the users get this error while re-submitting Spice forms like 32, Spice 33 and Spice 34 . Even when you open the PDF it would have been done with Pre-scrutiny Masked as completed. The only solution to fix this issue will be download Fresh Spice INC 32 form and re-fill all details and attach needed documents and affix signature of Both Applicant and Practicing professional and try re-submitting the Spice…

CA, CMA, CS, MCA

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…

CA, CS, GST, Income tax, MCA

Frequently asked question on GST as responded from CBEC

Question No. 1: Is ITC available on vehicle taken on lease for employee in a manufacturing company? Answer: No. It is not allowed as per section 17(5) of CGST Act, 2017. Question No. 2: We are dealer having more than 1.5 cr turnover. Whether GSTR-1 return to be filed for every month for July- October, 2017 or Single GSTR-1 Return will be filed for the month of July- October, 2017 on or before 31st December, 2017. Answer: FORM GSTR -1 return is to be filed for every month from July-October, 2017 by registered persons having more than 1.5 cr turnover.…

Latest News

How to apply for the new Loan under 59 Scheme by the GovernmentNovember 15, 2018 - 5:55 pm
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, […]
Class 3 DSC Signature and E-tendering- What you need to knowOctober 13, 2018 - 12:45 pm
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 […]
Here is Why Indian Rupee is Falling Against The U.S. DollarSeptember 4, 2018 - 5:18 pm
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 […]
DIR-3 KYC Filing Date Extended – How to file the form?August 29, 2018 - 4:55 pm
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 […]
Different Types OF ITR Status And How To Check It OnlineAugust 20, 2018 - 5:17 pm
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: […]
Everything you need to know about Digital SignatureAugust 20, 2018 - 2:10 pm
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 […]
Income tax notices and what should the tax payer doAugust 11, 2018 - 7:01 pm
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, […]
GST Training in Bangalore | GST Classroom cum online training in BangaloreJune 21, 2017 - 5:44 am
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 […]
FORM GSTR 9 – What you need to know about it?December 3, 2018 - 6:16 pm
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 […]
Government weighs the idea of GST E-way bill link with FASTagNovember 24, 2018 - 5:44 pm
The Government is looking to link the GST network (e-Way bill) with FASTag mechanism of the National Highways Authority of India and Logistics Data Bank services of the Delhi Mumbai Industrial corridor. For those who are not aware of what FASTag is, it is a device that with the help of Radio Frequency Identification technology […]
GSTR-9A – Everything that you should know about before availing the Composition SchemeNovember 20, 2018 - 5:16 pm
The GSTR-9A is a simplified annual return for the business owners who are looking to avail the Composition Scheme under the GST regime. The return would consist of all the quarterly returns filed by the compounding dealers/vendors in that financial year. Simply, the form consists of all the information provided in the quarterly returns by […]
NFRA – National Financing Reporting Authorities and its PowersNovember 20, 2018 - 5:12 pm
National Financing Reporting Authority was approved by the Central Government this year to ensure better regulation in the financial audit of the large companies. NFRA is an independent regulator that supervises the auditing professions. Central Government took the decision to approve this regulatory authority post the report of Standing Committee on Finance in its 21st […]
How to upload supporting documents in exports through ICEGATENovember 15, 2018 - 6:15 pm
The Central Board of Indirect Taxes and Customs (CBIC) in one of its recent circulars has requested all the beneficiaries transacting with customs, including importer and exporter,to register themselves at ICEGATE. It has already introduced Single Window Interface for Facilitating Trade (“SWIFT”) for integrating Customs and other Participating Agencies (“PGAs”) for seamless processing of Import […]
Here is everything you should know about the Audit Process under GSTNovember 15, 2018 - 6:09 pm
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person to verify the correctness of turnover, tax paid, refund claimed and input tax credit availed by the taxpayer. There are three types of audit under GST: Audit by CA or CMA: As per the provisions of […]
GST RFD-01 – Form for Refund and how to file it?November 12, 2018 - 5:15 pm
GST RFD-01 A form is introduced by GSTN for online processing of refund under GST.Who can file the GST Refund Application?The application for refund can be filed by any taxpayer in favor of whom the refund order has been issued.2) Filing of GST refund Application by unregistered person:An Unregistered person can file GST refund Application […]
TCS under GST – What do you need to know?November 12, 2018 - 5:14 pm
1) TCS under GSTTCS under Goods and Service Tax refers to the tax which is collected by the e-commerce operator when a supplier supplies some goods or services through its portal and the consideration for such supplies is collected by the electronic commerce operator. The Rate of TCS to be collected by an e-commerce operator […]
Masked Aadhar – What is it and how to downloadOctober 30, 2018 - 5:23 pm
For the better security of a person’s Aadhar number, the Unique Identification Authority of India (UIDAI) has recently introduced the facility of Masked Aadhar whereby only the last four digits of a person’s 12 digit Aadhar number will be shown. While the regular Aadhar shows all the 12 digits of our Aadhar number, the first […]