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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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Salary Components that Can Save Your Income Tax

There are various salary components and the breakup is given to you by the organizations. These components can help us save tax some or other way if we know how to manage it. Apart from the investments that we make, there are other things which also help us save big on Income Tax. Let us see how to manage various items in order to get the easy rebate on the Income tax that we pay every fiscal. Reimbursements – It is up to your employer to reimburse the expenses that has been incurred by you for the official purposes. Take for instance, you…
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Pan Deactivation- Steps to Reactivate before ITR filing

Just last year, the income tax department deactivated the PAN of those who were allotted more than one PAN at a time. Every Individual is allotted just one pan card and having more than that is illegal therefore leading to Pan Deactivation. Therefore, the drive which was conducted by income tax department last year swept of over 11 lakh Pan cards. However, most the individuals had hardly any idea of such a massive campaign going on across the nation and they got to know only at the time of starting the process of ITR. How To Check? To know whether…
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NOTICE U/S 46 FOR NON FILING OF GSTR 3B FOR THE PERIOD JULY-2017 TO OCTOBER-2017.

NOTICE U/S 46 FOR NON FILING OF GSTR 3B FOR THE PERIOD JULY-2017 TO OCTOBER-2017. There are many registered GST payers who have taken registration but not filed return i.e. GSTR3B which is due by 20th of each month for the prior month. Department has sent notice under section 46 of GST Act. The notice is read as below: Being a registered taxpayers, you are required to furnish return for the supplies made or received and to discharge resultant tax liability for the aforesaid tax period by due date. It has been noticed that you have not filed the…
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How to claim Unutilised credit under GST ?

Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability.Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subject to certain exceptions. As per Section 54(3) of the CGST Act, 2017, a…
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How to prepare GSTR 2 ?

Most of us have already filed GSTR3B and GSTR1 even we have Nil income Nil return need to be filed . We have one more complicated task here which is verifying GSTR2 if not found as per our GSTR3B input need to follow up with other side vendors who have either missed to file GSTR1 or not bothered to file GST return itself. As per the records published from Government still we are missing 10 lakh plus GST registered dealers not filed GSTR1.  1.The window to file Return GSTR 2 for the month of July, 2017 has opened and it can be filed till 31st…
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Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17

Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17: GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS OFFICE OF THE REGISTAR OF COMPANIES RoC-Delhi Dated: 04-10-2017 Dear Sir/Madam, Subject: Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17 1.As you are aware, Companies are statutorily required to file Annual Return and Financial Statements every year. These filings account for approximately 50% of the total filings done during the year.…
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How to file GST return ? Filing of GSTR-1 to GSTR-9

How to file GST return ? Filing of GSTR-1 to GSTR-9: Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. The period from 11th to 15th will allow for any corrections (additions, modifications and deletion) in Form GSTR-2A and submission in Form GSTR-2 by 15th of the subsequent month.The corrections (addition, modification and deletion) by the recipient…
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Online submission of FATCA Self-Certification for your PRAN under NPS

How to Submit Self-certification for PRAN under NPS? Earlier one need to send hard copy of self certification under NPS plan and failure to submit may lead to  A Press Release dated 11 April 2017 was issued by Ministry of Finance wherein it was stated that in the event of non-receipt of self-certification form by 30 April 2017, the account(s) should be blocked and the transactions by the account holder in such blocked accounts would be effected once the duly filled self-certification is obtained. later same has been holded till further new order…
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Invitation to join Knowinfonow.com Submit Articles

Invitation to join Knowinfonow.com Submit Articles Knowinfonow.com would like to invite Authors to join our blog www.knowinfonow.com . The Authors who like to be Part of  Knowinfonow.com and get their article published on our website can mail their article to us and we will publish the same with due credit to the author. Knowinfonow.com is a unique and focused portal on taxation, Accounting, Finance, Audit and Corporate law. We are currently providing all news and analysis on taxation, Accounting, Finance, Audit , GST., ESI/PF and Corporate…
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The Union Budget had proposed a ₹3 lakh cap from April 1, 2017

The ₹3 lakh ceiling on cash transactions from April 1, 2017,Proposed in the Union  budget 2017-18, has been revised to ₹2 Lakh, with the government introducing an amendment to this effect in the Finance Bill cleared by the Lok Sabha on Tuesday. The tightening of the cap on cash transactions was one of 40 Amendments to the Finance Bill proposed by the Center. “In the official amendments to the Finance bill, the Government has proposed that the limit of ₹3 lakh for cash transactions, beyond which it is illegal, be reduced to ₹2 lakh. The…