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Tax adviser in India

Income tax Rectification

There has been a change in the way Income Tax Department (ITD) is processing the income tax returns (ITR) for financial year 2016-17.

This has led to Intimation u/s 143(1)(a) being issued to a lot of taxpayers with even the slightest discrepancy in their return.

How returns were processed till 2016:
Only tax details declared in your ITR were matched with the tax details available in your Form 26AS.

How returns are being processed in 2017:
Now all details declared in your ITR w.r.t. Income (gross total income, taxable income, other income like interest income, etc.) / Deductions / TDS, … Read more

GST Clarification

Some Important Clarifications Regarding Transportation Charges In The GST Regime

Some Important Clarifications Regarding Transportation Charges In The GST Regime

1-    It is always better in the GST regime to declare the freight charges separately in the invoice as now services received from Goods Transport Agency ( GTA ) are attributable to liability of reverse charge at the rate of 5% . On these services the GTA has no liability of payment of taxes but the recipient of such services has to pay the tax at the rate of 5% on the freight charges claimed by the GTA and the recipient of such services can claim ITC of such tax … Read more

GST returns guide

Step by Step Guide to File GST Return-3B

GSTR-3B filling is under progress and the last date for GSTR-3B filling is 20 August 2017. Please find below the step by step guide on how to file GST Return-3B.

Step by step guide on how to file GST Return-3B
1. After login, select Return Dashboard
2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B
3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1 and TRANS … Read more

GST Returns

Reverse charge mechanism under GST and implications of exemption upto Rs. 5000 per day

Let’s look at the critical provisions of the GST law which have enabled reverse charge mechanism :-

Compulsory Reverse Charge even if the supplier is registered –

Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of … Read more

GST consultant in India

Points to remember for filing GST Returns

The first return of GST is here and is due for filing is 20th of August, 2017.

Points to remember for filing the first GST Return GSTR-3B.

  1.  It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if no business is carried in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily.
  2.  GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B. Composition dealers are required to file quarterly returns therefore dealers who
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Chartered accountant in Delhi India

Reverse Charge Under GST

Points Related To Reverse Charge Under GST as Per FAQ Issued

  1. There are two type of reverse charge scenarios provided in law. First is dependent on the nature of supply and/or nature of supplier. This scenario is covered by section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act. Second scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered.
  2. Any amount payable under reverse charge shall be paid by
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GST consultant in delhi india

Executive Summary of GST Transition Provisions

1. ‘Carry forward’ of Input Tax Credit (ITC) as available on appointed day (i.e 1stJuly, 2017)

(I) Every registered person under GST is eligible to claim ITC against CENVAT credit carried forwarded in return pertaining for the period immediately preceeding appointed day(i.e on 30th June 2017) subject to satisfication of certain prescribed conditions:

  • That amount of credit is admissible as ITC under GST also
  • That all Returns for preceeding 6 months were filed under existing laws and alsoadmissible credit is reflected in last returns filed (i.e as on 30th June 2017)

(II) Electronic application … Read more

payroll-outsourcing

Payroll Outsourcing – An Ultimate Guide

A payroll is a financial record of salaries paid to an employee as wages, bonus or deduction. It is given for the work done during a particular period of time.

Payroll processing involves tedious routine work. Outsourcing this process allows you to focus on growing your business. Save cost, focus on core tasks and enable growth without manpower and infrastructure restrictions. We offer highly efficient payroll services. Partnering with us reduces costs and increases profits. We offer a convenient and reliable payroll process. Payroll is one of the most important responsibilities of the employer and his company. Our company … Read more