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…
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…
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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…

SERVICE TAX RATE HIKED TO 14% WEF JUNE 1, 2015

SERVICE TAX RATE HIKED TO 14% WEF JUNE 1, 2015: 1. The Government has notified that the enhanced service tax rate of 14% will come into effect from June 1, 2015. This development will require an intense understanding of the statutory provisions governing the point of taxation, especially with regard to the on-going contracts. With effect from 1-6-2015, the enhanced rate of 14% would be an all inclusive rate and there would be no need for payment of education cess over and above this rate of 14%. 2.2. For understanding the effective date for…

The Central Govt has extended the due date for filing of the service tax return in Form ST-3 for the half year ended Sep 30, 2014 to 14-11-2014 from 25-10-2014.

The Central Govt has extended the due date for filing of the  service tax return in Form ST-3 for the half year ended Sep 30, 2014 to 14-11-2014 from 25-10-2014. Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs *** New Delhi, the 24th October, 2014 ORDER NO. 02/2014-SERVICE TAX In exercise of the powers conferred by sub-rule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the  Form…

No taxes to be withheld on the service tax component in payments made to Residents

No taxes to be withheld on the service tax component in payments made to Residents:   The Central Board of Direct Taxes (CBDT) vide Circular No. 1/2014 dated 13 January 2014 has clarified that tax is not required to be withheld on service tax, provided such service tax is indicated separately in the invoice and also the same is in line with the terms of the agreement/contract between the payer and payee.   Earlier, the CBDT had issued Circular No. 4/2008 dated 28 April 2008, wherein it was clarified that tax is required to be withheld under…

Non-filing of service tax return will lead to cancellation of Service tax registration

Government Proposes Automatic Cancellation of Excise, Service tax Registration for non filing of Returns Registration of a manufacturer are off automatically if excise duty returns don't seem to be filed for six months, as per the newest government proposal. in case of a service provider, the registration are off automatically if come is not filed for twelve months, aforesaid the draft of the common excise duty and service tax form on which the Revenue Department has sought comments from stakeholders by Gregorian calendar month thirty. Cancellation…

Services provided by way of erection of pandal or shamiana would attract the levy of service tax

Pandal or shamiana would attract the levy of service tax: Subject: Tax on service provided by way of erection of pandal or shamiana - regarding. Several representations have been received seeking clarification on the levy of service tax on the activity of preparation of place for organizing event or function by way of erection/laying of pandal and shamiana. The doubt that has been raised is that this may be a transaction involving “transfer of right to use goods” and hence deemed sale. 2. The issue has been examined. “Service” defined…

Service tax return filing deadline extended by 31st August 2013 | ST 3 filing deadline

Service tax return filing deadline : CBEC extends the last date of e-filing of Service Tax Return (ST 3) for the period October, 2012 to March, 2013 from 25th April to 31st August, 2013. The return utility for this period is expected to be made available in ACES in July, 2013; the exact date of the availability will be announced later. For CBEC's Order No 3/2013-ServiceTax dated 23-4-2013  In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends…

Download latest version of ST-3 | Service tax return software download for free

Service tax return software download for free: Modified version of the Service Tax Return (ST3) for the quarter Apr-Jun,2012 is now available for uploading to ACES .It is available in ‘DOWNLOADS’ section in offline version only and not online version. In view of the implementation of the Negative List concept in Service Tax with effect from 1st July, 2012, the return filing cycle of six months (April-September, 2012) has been spilt. This new ST 3 Return will be only for the period April-June, 2012, when Negative List was not introduced. This…

Service tax filing deadline extended to 25th November 2012 | ST-3 deadline

Service tax filing deadline extended to 25th November 2012: In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the  return for the period 1st April 2012 to 30th June 2012, from 25th October, 2012 to  25th November,2012. The circumstances of a special nature which have given rise to this extension of time are as follows: a)      ACES will start releasing the return in Form ST3 in a quarterly format, shortly…
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Service tax not applicable on Google AdWords from July 1st 2012

Service tax not applicable on Google AdWords:   Due to a recent change in Indian tax regulations, the service tax rate for advertising services supplied by Google India Private Limited will change. The rate will be reduced from the current rate of 12.36% to 0% (zero percent). Given that Education Cess and Secondary & Higher Education Cess are calculated as a percentage of the service tax, we will also no longer charge these taxes. This change will take effect for all AdWords invoices dated on or after July 1, 2012. Please note…