Posted On:  4 months ago


New features added in Form GSTR 3B and other functionalities made available on the GST Portal

Filing of Form GSTR 3B : Filing of Form GSTR 3B has been made easier and user friendly with following features : a) While proceeding to payment you can see details of balances as available in cash and credit ledgers at one place. b) Tax liabilities as declared in GSTR 3B along with the credits gets updated in the ledgers and reflected in the "Tax payable" column of the payment section and can be seen while hovering on the said headings of credit in the payment section.

article author CA Chirag Chauhan

Posted On:  4 months ago


Procedural aspects while conducting e-assessment of Scrutiny under Income Tax : CBDT

Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate conduct of assessment proceedings electronically, vide letter dated 23.06.2017, in file of even number, Board had issued a revised format of notice(s) under section 143(2) of the Act.

article author One Roof Consultant

Posted On:  4 months ago


Procedure for registration of PTRC (Profession tax registration certificate) and PTEC (Profession tax enrollment certificate) in Maharashtra

As per the amendments in the Profession Tax Act 1975, a person (natural / legal) registered under MGST Act is liable to enroll for Profession Tax Enrollment Certificate (PT-EC) and pay Rs.2500 per annum. In addition, if the business is having any employee whose monthly salary is above Rs. 7500/- is also required to obtain Profession Tax Registration Certificate

article author CA Chirag Chauhan

Posted On:  5 months ago


Latest TDS Tax Deducted at Source Rate Chart for FY 2018-19 AY 2019-20

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act. Following are the revised rate of TDS applicable for Financial Year 2018-19 Assessment Year 2019-20

article author CA Chirag Chauhan

Posted On:  5 months ago


Online Registration Mechanism and Filing System for Stock Exchanges

. In order to ease the process of application for recognition / renewal, reporting and other filings in terms of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and other circulars issued from time to time, SEBI has introduced a digital platform for online filings related to Stock Exchanges

article author One Roof Consultant

Posted On:  5 months ago


SEBI Online Registration Mechanism and Filing System for Depositories

In order to ease the process of application for recognition / renewal, reporting and other filings in terms of Securities and Exchange Board of India(Depositories and Participants) Regulations, 1996 and other circulars issued from time to time, SEBI has introduced a digital platform for online filings related to Depositories.

article author One Roof Consultant

Posted On:  5 months ago


Chairman CBEC’s weekly newsletter dated 25.01.2018

On 20th January 2018 I was privileged and happy to be a part of the bhoomi puja on the land for the Zonal Training Institute, NACIN, Hyderabad.

article author One Roof Consultant

Posted On:  5 months ago


List of CBEC Officers to receive Presidential Award on Republic Day, 2018

Grant of Presidential Award of Appreciation Certificate to the officers of Customs & Central Excise on the eve of Republic Day, 2018

article author One Roof Consultant

Posted On:  5 months ago


Refund of unutilised Input Tax Credit (ITC)

Refund of unutilised Input Tax Credit (ITC)

article author One Roof Consultant

Posted On:  5 months ago


Benefits of Goods and Services Tax (GST)

GST stands for Goods and Services Tax which is levied on the supply of goods or services or both in India. GST subsumes a number of existing indirect taxes which were earlier levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc.

article author One Roof Consultant

Posted On:  5 months ago


Statement of Outward Supplies (GSTR-1) in GST

FORM GSTR-1 is a statement of the details of outward supplies (i.e. sales of goods or provision of services) of goods or services or both. The details filed in table of this statement are to be communicated to the respective recipients of the said supplies. The details of outward supplies shall include details of invoices, debit notes, credit notes, advances received, advances adjusted and revised invoices issued in relation to outward supplies made during any tax period

article author One Roof Consultant

Posted On:  5 months ago


Integrated Goods and Services Tax Act

The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and states would be replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or services or both.

article author One Roof Consultant

Posted On:  5 months ago


Electronic Way Bill in GST

A waybill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include name of consignor, consignee, the point of origin of the consignment, its destination, and route. Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal.

article author One Roof Consultant

Posted On:  5 months ago


Electronic Cash/Credit Ledgers and Liability Register in GST

On the common portal each registered taxpayer will have one electronic register called the Electronic liability register and two electronic ledgers namely Electronic Cash Ledger and Electronic Credit Ledger. These register and ledgers will reflect the amount of tax payable, the amount available to settle the tax liability online, and input credit balance. This is a handy tool provided in the GST system wherein the registered taxpayer can have information about his liabilities and credits at a single location which can be viewed from any place by simply logging into the common portal.Electronic liability register, electronic cash ledger and electronic credit ledger of taxpayer will be updated on generation of GSTR-3 by the taxpayer.

article author One Roof Consultant

Posted On:  5 months ago


Reverse Charge Mechanism in GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply

article author One Roof Consultant

Posted On:  5 months ago


Casual taxable person in GST

“Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.

article author One Roof Consultant

Posted On:  5 months ago


Registration under GST Law

In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies.

article author One Roof Consultant

Posted On:  5 months ago


Why Electoral Bonds are Necessary

"India is the largest democracy in the world. However, despite strengthening various institutions for the last seven decades, India has not been able to evolve a transparent political funding system. Elections and political parties are a fundamental feature of Parliamentary democracy. Elections cost money. The round the year functioning of the political parties involves a large expenditure.

article author One Roof Consultant

Posted On:  6 months ago


No shop & establishment license required for less than 10 employees from 2018 in Maharashtra

The new amendment effective from 20th December 2017 has been proved to be a boon and relief to many employers and small and medium size establishments. The state government has amended by issuance of notification the Maharashtra Shop and Establishment (Regulation of Employment and Service Condition) Act 2017.

article author CA Chirag Chauhan

Posted On:  6 months ago


How to pay advance income tax online

Advance tax is liable for those whose liability is more than 10,000 in a financial year. Advance tax is payable for all the taxpayers, Salaried freelancers & business man. This tax is mainly for those who received income from other sources apart from their salary. This tax is exempted for the senior citizens who are 60years & older & do not run a business.

article author CA Chirag Chauhan