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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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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…
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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…
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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…
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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…
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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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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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Aadhaar Address Update - Here is how to Do it ?

Aadhaar has become one of the most important documents to for getting various tasks done. Right from the investment to getting the other documents, everything require you having an Aadhaar Card. This new identity card has made our lives easy in many ways sparing individuals from the hustle of carrying plethora of documents to open a new bank account, or open PPF account and so on. However, due to few circumstances you might want to change the address on the Aadhaar card. For instance, if you have located somewhere else after marriage then it would…
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Welfare Schemes for which Aadhaar Card is Mandatory

Aadhaar is a 12-digit unique identification number issued by the Central Government to the Indian Citizens. The whole process is managed by the UIDAI and there are various services for which having an Aadhaar card is mandatory. However, every now and then we come across the new development when it comes to Aadhaar Card and it become a little challenging to keep track of the services that can be availed without Aadhaar Card and ones where the card is important. Honorable Supreme Court has stated that government cannot be stopped from using the Aadhaar…
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File GST return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018

All Taxpayers are required to file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018: Due dates for filing of details in FORM GSTR-1 for the period of July, 2017-March, 2018 are given bellow: A. Taxpayers with annual aggregate turnover upto Rs.1.5 Crore need to file GSTR-1 on quarterly basis before the due dates tabulated below: Period                              Date July-September          31st December, 2017 October-December  15th February, 2018 January-March …
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Blog is no private domain

All bloggers in india must read this news matter which gives them an idea of legal implication of blog publishing in indiaBlog is no private domainComments On Web May Attract Libel, Criminal CasesNew Delhi: A 19-year-old blogger’s case could forever change the ground rules of blogging. Bloggers may no longer express their uninhibited views on everything under the sun, for the Supreme Court said they may face libel and even prosecution for the blog content.It will no longer be safe to start a blog and invite others to register their raunchy, caustic…
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IMPORTANT: THE POWER OF "49-O" A CHANCE TO CHANGE OUR POLITICS!!!!!

Did you know that there is a system in our constitution, as per the 1969 act, in section " 49-O" that a person can go to the polling booth, confirm his identity, get his finger marked and convey the presiding election officer that he doesn't want to vote anyone!Yes such a feature is available, but obviously these leaders have neverdisclosed it.This is called "49-O".Why should you go and say " I VOTE NOBODY"... because, in a ward, if a candidate wins, say by 123 votes, and that particular ward has received "49-O" votes more than 123, then that polling…
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Very Good pension plan from MetLife Insurance in India.

Very Good pension plan from MetLife Insurance in India.Met Advantage Plus - Unit-linked Pension Plan (Non Par) Met Advantage Plus is a Unit-linked Pension Plan that works hard for you when you stop working. And like the name suggests, it comes with the maximum number of advantages. For one, it ensures that you lead a comfortable lifestyle. Always. More importantly, it helps you plan ahead, keeping in mind the escalating cost of living. What’s more, unlike any other plan, Met Advantage Plus comes with six investment options, eight annuity options,…
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Economic Stimulus Payments and the Recovery Rebate Credit (RRC).

  On Wednesday the IRS made some announcements regarding the Economic Stimulus Payments and the Recovery Rebate Credit (RRC). There will also be an IRS news release forthcoming in this regard   The Recovery Rebate Credit is for people who did not receive an Economic Stimulus Payment in 2008, or for taxpayers who did not receive the full Economic Stimulus Payment in 2008.   It is very important that when you file your tax return, you enter the correct amount of stimulus payment you received in 2008.  If you do not enter…
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Satyam Chairman Resigns After Falsifying Accounts

Satyam Computer Services Ltd. Chairman Ramalinga Raju resigned after saying he falsified accounts and assets, sending shares of the Indian software services provider to a record decline. Raju, 53, unsuccessfully tried to sell two companies to Satyam last month in a final attempt to plug 50.4 billion rupees ($1.04 billion) of “fictitious assets” on the company’s balance sheet, Hyderabad-based Satyam said in a statement today. Profits from the main business have been inflated “over a period of last several years,” Raju said in a letter to…
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consent-form-for-outsourcing-us-tax

Anyone looking for outsourcing US tax return to any other countries outside US they must obtain the following downloaded form signed from the taxpayer. This format is taken from IRS website. New regulations under Internal Revenue Code Section 7216, Disclosure or Use of Tax Information by Preparers of Returns, become effective January 1, 2009. Disclosure Situation 3 Consent is sought for disclosure of tax return information in the context of tax return preparation or performance of auxiliary services; and Tax return information…
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