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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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What is e-Pan and how to apply for it?

e-Pan Card facility has been launched by the Income tax department for the ease of the citizens who want instant PAN card, simply by applying online. The card facility is free of cost and as of now Beta version has been rolled out. Eligibility For someone to get the ePan, it is mandatory to have an Aadhar Card. Also, those who have Pan card already cannot apply for the ePan facility. Further, it is not possible to get ePan for company or LLP or partnership firm. Only Indian residents can apply ePan except the minors and people who do not fall…
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Here is how to withdraw 75% corpus from EPFO account?

Under the new rule Employee Provident Fund Organization has given green signal to the employees to withdraw 75% of the fund corpus, one month after the unemployment. The 75% of the total amount in the EPFO account can be withdrawn as advance according to the authorities. Why the decision? An individual is eligible for the pension on his EPFO account if the account is active for 10 years. However, after losing the job, the common trend is to close the account after two months and in that case an Individual loses the provision of pension. To make…

What is Virtual ID and how to get one on UIDAI platform?

The Virtual ID is the temporary random number linked to the Aadhar number of an Individual. The number is revocable, and it is not possible to extract the information about Aadhaar through the Virtual ID. Just like Aadhar, Virtual ID can also be used for authentication in various cases. At present the authorities have made it possible to generate the VID through the UIDAI’s portal. UIDAI has instructed entities to start upgrading their system so that they can accept VID. Where can VID be used Just like Aadhaar, VID can also be used for different…
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How to import and view Form 26AS ?

Form 26AS is the tax credit statement which is a very useful document, required for filing the tax. The information of Form 26 AS can be imported directly, while filing the Income Tax Returns. Let us understand about the Form 26 AS and how to download it. What is Form 26 AS? It is the details of tax collected by the collectors Self-assessment of tax payment It contains the details of the high value transaction related to shares, mutual funds and so on. Details of advance tax paid by the taxpayer Refund received by the tax payer during the…

New passport verification rule - verification through CCTNS

Under the new passport verification rules, the passport verification would be done with few simple clicks instead of police verification. The Central government is working towards merging the process of verification with Crime and Criminal Tracking network and systems project( CCTNS). Although, the system was thought of during the regime of the UPA government, it could never become the ground reality. If the CCTNS is indeed implemented, the need of police verification for the new passport would not be there. Not only the new process would simply…
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Different type of GST ledgers a Taxpayer should maintain under GST

Under GST, the government requires every tax payer to maintain three GST ledgers and calculate the GST liability on monthly basis. During the calculation the Input tax liability should be calculated and matched with the Outward tax liability. Whatever is the balance should be paid to the government. There are three GST ledgers needed to be maintained: Electronic Tax Liability GST Ledger Electronic Cash Ledger Electronic Credit Ledger Electronic Cash Ledger – Under this ledger, one must show the total tax liability of the registered taxpayer.…
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How to change GST Username and Password ?

GST registered users have often complained that they are facing issues in changing their username and password. In several cases, the intermediaries who were hired by these taxpayers to complete the process of registration used their own email and mobile number which has made it difficult for them to take the full control of their account. Keeping this in perspective the Finance Ministry has now come up with the option of changing GST username and password. The concerned ministry has  laid down the steps which are required to be fulfilled by the…

Pan Card is now mandatory for availing benefits under LRS

Pan Card is now mandatory for sending the money abroad under the revised norms. The government has decided to make the Liberalized Remittance Scheme stricter wherein an Individual who is availing the benefit of the scheme should be furnish the Pan card as and when required. Earlier, if the beneficiary of the scheme is ceiling the transmit to $25,000 there was no requirement of the Pan Card. However, under the new norm, this ceiling has been removed. What is Liberalized Remittance Scheme? The window was offered in the form of LRS by the…
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Companies roll out GST App to assist the taxpayers

Goods and Services Tax is a relatively new and the confusion in filing the taxes is quite evident. Even the experts in handling tax matters would need to be attentive regularly if they want to be aware of the recent amendments made, items included and rates changed. However, some companies have been ready in advance for GST and started offering the convenient GST app to the businesses as soon as the tax structure rolled out. Here, we have rounded up few apps that are not only reliable but also help filing the tax in a one swift stroke. Karvy GST…
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Important Documents Required to file Income Tax Return

Income Tax return filing should be done more cautiously and in time this time because the late filing would attract the penalty. While filing the return, there are certain documents that should be kept handy because they act as a proof. These are the following documents; an individual should keep ready before starting the return filing. Form 16- Perhaps the most important document for the salaried person is Form 16. It is nothing but a TDS certificate that is issued by the employer to provide the necessary details and the TDS deducted. If the employer…