GSTR - 10

All you need to know about filing GSTR-10

GSTR-10 is a final return form, furnished by the taxable Individual whose GST registration is cancelled or surrendered. GSTR-10 contains details about all the stock that is held by the registered dealer till the date of cancellation of registration. Due date for GSTR-10:An Individual whose registration is cancelled and but has to file GSTR 10 must file it electronically within three months of the date of cancellation or date of cancellation order whichever is later. Who should file GSTR-10?GSTR 10 is to be filed only by such persons whose…
GST assessment

All you need to know about the GST Assessment, Demand and Recovery

GST procedures includes Audits, Assessments, Demand and recovery, Advance ruling.  GST Audit:GST Audit involves the scrutiny of the records, statements, returns and various other documents furnished by the registered taxpayer. It is done with the intention to verify the precision of the tax paid, turnover, refund claimed and so on. What is GST Assessment?The next step after the audit is GST assessment wherein the verification of the tax liability is done under the CGST Act 2017. The assessment is categorized into five types as follows. A.…
Section 269ST

Section 269ST: Computation of Limit under various circumstances

Section 269ST came into effect from April 1, 2017. This section was introduced by the Central Government in the Finance Act 2017 to curb and stop the circulation of black money and to minimize the easy availability and supply of cash by discouraging cash transaction and by promoting digital economy. The provisions of this section provide a penalty for any cash transaction above the value of INR 2 Lakh. Computation of LimitLimit Of Receipt From A Single Entity In Cash Etc. In A Day under section 269ST• Under clause (a), limit is applicable…
Limited Liability Parntership
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New LLP Incorporation Amendments in 2018

Limited Liability Partnership is a separate legal entity in which the liability of each partner is limited to the contribution made by the partner. To form an LLP, there should be minimum partners. Recently, on 18th September, the Ministry of Corporate Affairs, by a notification in LLP (Second) Amendment Rules 2018, has introduced some major amendments under the LLP incorporation Rules to bring the Limited Liability Partnership incorporation in par with the Company Incorporation Procedures. According to the notification issued, the LLP related…

What is GST filing audit process and its procedure ?

GST filing audit process requires scrutiny of books and accounts of the individual who is registered to pay tax. The examination is done to ensure the validity of the information given, refund claims, input tax credit availed and tax liability. An individual whose turnover during the financial year is more than 2 crores needs to hire the chartered accountant for auditing the accounts. One can also hire the Cost Management Accountant for auditing the process. Under section 35(5), a taxable person who has to get his accounts audited should offer…
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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.…