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DIR-3 KYC 15 days time given with a fee of Rs.500

MCA has notified today to give another 15 days time to comply with DIR-3 ekyc for pending 2 million directors whose DIN status is turned to deactivated.  As you are aware the last date for filing form DIR-3 KYC without fee has expired on 15th September 2018. The process of deactivating the non-compliant DINs is in progress and is likely to be completed by 20th September 2018. Please note that the form DIR-3 KYC will not be available for filing during the pendency of this activity (from 16th September 2018 to 20th September 2018). DIR-3 KYC…

TDS/TCS provisions under GST to come into effect from 1st October 2018

The Government has directed the E-commerce companies to start collecting up to 1 percent Tax Collected at Source or TCS in the course of making any payment to suppliers under GST. Also, the other notified entities, that is, Public Sector Undertakings and the Government companies are directed to collect TDS at one percent on the payments done to the suppliers of Goods or services suppliers in excess of Rs 2.5 lakh. What it means for e-commerce companies? The Tax deducted at source (TDS) and Tax collected at source (TCS) provisions would be…
GST Return

Here is how to Rectify the error in GST Return Filing ?

In a latest, the government has announced that September is the last month to claim input tax credit in respect of invoices issued in the financial year 2017-18 and to rectify errors in the GST return forms for the year. So, if a taxpayer has not claimed his input tax credit or has made some errors in his GST return, it can still be rectified. After the implementation of GST in July 2017, taxpayers might not have complete understanding of it yet which leads to committing certain errors and omissions including incorrect claims of credit…
Spam IT Notice

Here is How You Can identify Between Real And A Spam IT Notice

Individual tax payers often receive tax notices through E-mail relating to outstanding tax payment and it becomes difficult for them to segregate between the real and spam. This spam IT Notice looks like legitimate letters from the Income Tax department. Cyber criminals are finding alternative ways to steal client data from tax professionals that may be used to file fraudulent tax returns or other things that we cannot imagine. Earlier, fraudsters used to send an E-mail that contains signs and symbols allowing easy recognition of a fake notice.…
HSN Code

What is HSN code and where to find it

HSN or Harmonized System of Nomenclature is a 6 digit uniform code system was developed by the World Customs Organization to classify the goods in a systematic manner. It is accepted worldwide and over 5000 goods are assigned a 6 digit code which is unique in nature. India has been using HSN codes since 1986 in the Central Excise and Customs regime and it is applicable in India since the implementation of GST by the government. India uses 8 digit codes for better identification and deeper classification of goods and commodities. Importance…

How to reverse wrongly availed CENVAT Credit ?

What is CENVAT and CENVAT credit?CENVAT stands for Central Value Added Tax. It was initially introduced as MODVAT (Modified VAT) in the year 1986, that allows the manufacturers to avail credit of duty paid on inputs used in the manufacturing of finished products. Later, the scheme extended to capital goods also. In the year 2002, the credit of service tax paid on input services was introduced for the very first time. In 2004, finally, CENVAT credit rules 2004 came into force which replaced all the existing laws regarding CENVAT credit that facilitated…
EPFO- Aadhaar

GST and GAAR details in Tax audit report deferred till March 2019

The revenue department has delayed implementation of a reporting norm for the tax auditors. Under the new rule, the tax auditors will have to give all the details of GST and general anti-tax avoidance rules (GAAR) till March 31, 2019. Changes made in 3CD Under the Income Tax Act, an individual has to furnish the  Audit report in addition to the specifics as mentioned in Form No 3CD. Now, the Central Board of Direct Tax has made some changes in the Form 3CD with effect from August 20. Under the new form, there has been several inclusions…
Revised ITR

Revised ITR And How To File ITR

A revised ITR means filing our Income Tax Return again in case we have committed any error or omitted to disclose any facts while filing the original ITR. Individuals who have wrongly filed the ITR can revise it, correct the mistakes and the revised return would be considered to have been filed on the same date on which the original return was filed. Earlier this was not the case as the individuals were allowed to revise the ITR only when the original return was filed on or before the due date of filing return for the assessment year. Now, even…
EPFO- Aadhaar

States Where Aadhaar is Not Required For EPFO Enrollment

Employee Provident fund organization (EPFO) has decided to enroll the new members without Aadhaar in Meghalaya, Nagaland and Assam. The regulatory body has decided to take the step since adoption of Aadhaar in these states has been low. The service would be provided till November 23,2018. Mandatory in other States For generating UAN, it is mandatory to have a 12 digit Aadhaar number but these states would be exempt. For employees in other states who  have not generated their UAN yet and want to do so without having to wait for their employer…