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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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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…
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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,…
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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…

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…
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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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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.…
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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 claim Unutilised credit under GST ?

Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability.Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subject to certain exceptions. As per Section 54(3) of the CGST Act, 2017, a…
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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…