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…

Which service added from 1st of July 2012 to service tax? | List of service added to service tax

14 services to be exempted from services tax purview from July 1, 2012. While releasing the Guidance Paper Hon’ble Finance Minister also announced some new exemptions as follows: (a)  Service provided by advocates to other advocates and business entities upto a turnover of Rs. 10 lakh in the preceding financial year. (b)  Exemption to firm of advocates on the same lines as individual advocates. (c)  Auxiliary educational services and renting of immovable property provided by educational institutions in respect of education exempt…

How to e-file service tax return? | Mandatory e-filing of service tax return

Registration Process: To transact business on ACES a user has to first register himself/herself with ACES through a process called “Registration with ACES”, This registration is not a statutory registration as envisaged in Acts/Rules governing Central Excise and Service Tax but helps the application in recognizing the bonafide users. Described below are steps for taking registration by a new assessee, existing assessee, non-assessee and a Large Tax Payer Unit (LTU). (a) New Assessee 1. The user needs to log onto the system, through…

e-filing of service tax mandatory from October 1st 2011

Service Tax (Fourth Amendment) Rules, 2011 – Amendment In Rule 7 Notification No. 43/2011 – Service Tax, DATED 25-8-2011 G.S.R. 642 (E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely :- 1. (1) These rules may be called the Service Tax (Fourth Amendment) Rules, 2011. (2) They shall come into force on the 1st day of October, 2011. 2.…

Service tax evaders beware | File your service tax in time

Service tax evaders Beware!!! The government is set to crack down on nearly nine lakh service providersconstituting almost 60% of those registered with the tax departmentfor not filing returns. A recent study by the finance ministry has revealed that of the 15 lakh service providers across the country,only six lakh are filing returns regularly,projecting their business profits.The remaining are not filing returns and are off the radar of the tax authorities. Based on inputs with the Central Board of Excise and Customs,the Directorate General…

Raise Service tax invoice within 14 days of service completion

As per the new service tax guidelines service provider has to raise invoice within 14 days of the completion of the service or else the CEO of the companies will be held liable for legal prosecution. Chief executives of companies in the services sector can face prosecution if their firms fail to raise invoices on time.The government has issued detailed norms for prosecution of service tax offenders,which overhauls the supervision system in the sector.Prosecution provisions have been brought in only after service tax has stabilised and as a…

How to register for e-filing of service tax? | E-filing of service tax return

E-filing of Returns: The department has extended the facility of filing the returns on-line (e-filing of returns). This facility is available for all the categories of service providers. However, in respect of assesses who have paid total service tax of rupees ten lakh or more including the amount paid by utilization of CENVAT credit, in the preceding financial year, electronic filing of return is mandatory. How to register for e-filing of service tax?: (i) File an application to the jurisdictional Asst./Deputy Commissioner of Service Tax,…

Failure to register under service tax | Penalty for failure to register under service tax

Every person who has provided a taxable service of value exceeding Rs.9 lakhs, in the preceding financial year, is required to register with the Central Excise or Service Tax office having jurisdiction over the premises or office of such service provider. a) Failure to take registration in accordance with Sec.69- Rs. 5000 or Rs. 200 per day during which failure continues, whichever is higher. b) Failure to keep, maintain or retain records- Up to Rs.5000/- c) Failure to furnish information, to produce documents called for by Central Excise…
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VAT appliable for Software services? | VAT and service tax on Software services

The recent judgement of suprement court by treating software either branded or unbranded as Goods has created the issue of going back to the definition of software services taxable under VAT. VAT is applicable on software, as that the Honourable Supreme Court directed that the software of branded and unbranded can be treated as Sale as it can be abstracted, transmitted, transferred, delivered, stored, possessed, consumed in the case of TATA Consultancy Services Vs. State of Andhra Pradesh (39) PSTJ 205 (SC). In these matters the Andhra…

Service tax on Reality sector Clarification

Realty service tax: Separate body planned to certify completion HOME BUYERS and property developers need not worry about being levied a service tax if they cannot procure a completion certificate from the local authority.The government could allow some independent authority to certify that the property is complete. We are examining the issue and will see if a similar certificate from an outside agency can suffice, a finance ministry official told ET.Local authorities in some states do not issue completion certificates while others take many…