What is Virtual ID and how to get one on UIDAI platform?

The Virtual ID is the temporary random number linked to the Aadhar number of an Individual. The number is revocable, and it is not possible to extract the information about Aadhaar through the Virtual ID. Just like Aadhar, Virtual ID can also be used for authentication in various cases. At present the authorities have made it possible to generate the VID through the UIDAI’s portal. UIDAI has instructed entities to start upgrading their system so that they can accept VID. Where can VID be used Just like Aadhaar, VID can also be used for different…

Consequences if an individual missed the belated ITR filing return date

Income Tax related rules are put in place to ensure that everyone fills their obligation in time. It acts as a kind of deterrent for all the taxpayers so that they do not delay. Income tax rules have undergone few changes over the last few years and therefore it become important for an individual to go through all those new rules including belated ITR in order to avoid any form of penalty. Only recently, government came up with a big change when it squeezed the timeline to file the return for financial year 2016-17 till March 31st 2018 which…
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How to import and view Form 26AS ?

Form 26AS is the tax credit statement which is a very useful document, required for filing the tax. The information of Form 26 AS can be imported directly, while filing the Income Tax Returns. Let us understand about the Form 26 AS and how to download it. What is Form 26 AS? It is the details of tax collected by the collectors Self-assessment of tax payment It contains the details of the high value transaction related to shares, mutual funds and so on. Details of advance tax paid by the taxpayer Refund received by the tax payer during the…

NOTICE FOR CANCELLATION OF GST REGISTRATION-REG

NOTICE U/S. 29(2) (C) OF THE KGST ACT, 2017 READ WITH RULE 22(1) OF SGST RULES, 2017 FOR CANCELLATION OF REGISTRATION-REG: We are heading for 1 year completion of GST implementation but we have a bunch of registered GST dealers who haven't bothered to file either GSTR3B nor GSTR-1 . But remember this will be a big bomb to both your business and pocket. If you wish to comply now you will end-up paying heavy fine for delay in filing on per day basis as well as your GSTR rating. Department has started issuing notices like the below: : GOVERNMENT…

New passport verification rule - verification through CCTNS

Under the new passport verification rules, the passport verification would be done with few simple clicks instead of police verification. The Central government is working towards merging the process of verification with Crime and Criminal Tracking network and systems project( CCTNS). Although, the system was thought of during the regime of the UPA government, it could never become the ground reality. If the CCTNS is indeed implemented, the need of police verification for the new passport would not be there. Not only the new process would simply…

How to file the Income tax return without Form 16?

Salaried Individual need to have the Form 16 from the employer before filing the income tax return. It is the duty of the employer to furnish the form 16 to every employee. However, there are some cases wherein the employer has not given the Form 16 to the employee. In such cases however, the employee does not need to fear for not getting the form 16 because it is possible to fill the income tax return. Before panicking, you need to understand what the Form 16 is? The Form 16 is basically a TDS certificate and the total taxable income. There are…
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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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Income tax treatment for different types of Provident funds

Any contribution in the provident fund is made for the welfare of the employee. The contribution is made by both employee and the employer and deduction for the same is available under section 80C. In the provident fund, a part of the salary of the employees is contributed and the other part is contributed by the employer on the behalf of their employees. As per the section 10(11) and 10(12) of the Income Tax Act, the definition of the exemption on the amount added to the provident fund has been mentioned. Also, the amount deducted on contribution…
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Different type of GST ledgers a Taxpayer should maintain under GST

Under GST, the government requires every tax payer to maintain three GST ledgers and calculate the GST liability on monthly basis. During the calculation the Input tax liability should be calculated and matched with the Outward tax liability. Whatever is the balance should be paid to the government. There are three GST ledgers needed to be maintained: Electronic Tax Liability GST Ledger Electronic Cash Ledger Electronic Credit Ledger Electronic Cash Ledger – Under this ledger, one must show the total tax liability of the registered taxpayer.…