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…
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…
59 Minutes Loan
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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…

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…

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…
EPFO- Aadhaar
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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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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…

Karnataka Shops and Establishment Act and who needs to Register

Karnataka Shops and Establishment Act and who needs to RegisterThe Karnataka Shops and Establishment Act apply to the whole state of Karnataka and has been enacted to regulate the conditions of work and employment in shops and commercial establishments/undertakings in Karnataka. As per the provisions of Karnataka Shops and Establishment Act,• The employment of children below 14 years of age at any establishment is prohibited.• Young persons (anyone who has completed the age of fourteen) and woman shall not be employed to work in any establishment…
Dividend Payment

Dividend - Procedure for Declaration and Payment

The companies act, 2013 has not provided any specific definition of the dividend. But basically, dividend is that part of the profit of a company that is distributed among shareholders. From the shareholders’ view, the distribution is a return on their investments in the share capital of the company. The term dividend includes the final dividend and interim distribution. Final dividend is the amountthat is declared by the company at the annual general meeting (AGM) held at the end of the financial year and interim dividend is  announced and…
ICEGATE Registration

Procedure of Registration of Beneficiary on ICEGATE

The Central Board of Indirect Taxes and Customs in one of its recent circulars has requested all the beneficiaries transacting with customs, including importer and exporter, to register themselves at ICEGATE. Things to know before RegistrationSingle Window Interface for Facilitating Trade has been introduced already. It would enable the integration of Customs and other Participating Agencies for simple processing of Import or Export procedures. A notable feature of SWIFT is eSANCHIT that enables the traders to submit all the clearance documents…
Section 269ST

Section 269ST: Computation of Limit under various circumstances

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…
Spam IT Notice

Here is How You Can identify Between Real And A Spam IT Notice

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.…

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…
EPFO- Aadhaar

GST and GAAR details in Tax audit report deferred till March 2019

The revenue department has delayed implementation of a reporting norm for the tax auditors. Under the new rule, the tax auditors will have to give all the details of GST and general anti-tax avoidance rules (GAAR) till March 31, 2019. Changes made in 3CD Under the Income Tax Act, an individual has to furnish the  Audit report in addition to the specifics as mentioned in Form No 3CD. Now, the Central Board of Direct Tax has made some changes in the Form 3CD with effect from August 20. Under the new form, there has been several inclusions…
EPFO- Aadhaar

States Where Aadhaar is Not Required For EPFO Enrollment

Employee Provident fund organization (EPFO) has decided to enroll the new members without Aadhaar in Meghalaya, Nagaland and Assam. The regulatory body has decided to take the step since adoption of Aadhaar in these states has been low. The service would be provided till November 23,2018. Mandatory in other States For generating UAN, it is mandatory to have a 12 digit Aadhaar number but these states would be exempt. For employees in other states who  have not generated their UAN yet and want to do so without having to wait for their employer…