59 Minutes Loan
, ,

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…
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…

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…
, ,

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…
, ,

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…
, , ,

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…
,

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…
,

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.…
,

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…
,

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…
,

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…
,

GST Latest FAQs on Insurance, Credit Cards and Third Party Services

Goods and Services Tax authorities come up with regular updates over the items that come under the purview of GST and the ones that do not. However, GST is a relatively new concept in India and taxpayers taking some time to come in terms with the new tax structure is justified. Also, making the new Tax regime more comprehensible is the goal of authorities to make sure that the taxpayers are not under the clutches of double taxation. Recently, the CBIC has released FAQ on the Banking, Insurance and Stock Broker to clear the confusion as to the services…
,

Government Set to begin special GST refund fortnight Drive

The Government of India has announced launching the second edition of special refund fortnight from May 31st to track the refund payments. The centre believes that the refund amount which is pending comes somewhere between Rs 9000-10000 crore. However, the Industry body Federation of Indian Export Organization is expected to be over Rs 20,000 crore. What is Special Refund Agreement? During this 15-day special drive, the government will initiate refunds for both Integrated GST (IGST) paid on exports and GST paid on inputs. “The endeavor is to…
,

Government mulling the idea of imposing GST on Cryptocurrency

Cryptocurrency grabbed maximum limelight over past couple of years with some of the biggest cryptos such as Bitcoin and Ethereum giving stellar returns. However, as the traders and new investors flocked to get the maximum return by trading in the virtual currencies, authorities across the world tightened the noose on the trading and possession of these cryptocurrency and now India is weighing the idea of levying GST. The situation in India was no different where the traders wanted to make maximum of the rise in cryptocurrency like Bitcoin.  Just…