Advantages of Presumptive taxation Schemes are Assessee will pay Nominal taxes even though they had more Profits

A. Due dates for Compliances under GST

11-04-19- Due date for filing GSTR-1 for m/o March 19 -> Applicable for taxpayers with Annual Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthly Return (Rs. One Crore Fifty Lacs) only.

30-04-19- Due date for filing GSTR-1 for March 19 Quarter -> Applicable for taxpayers with Annual Aggregate turnover LESS than Rs. 1.50/- Crore (Rs. One Crore Fifty Lacs) only.

10-04-19- Due date for filing GSTR-7 (to be filed by the persons who is required to deduct TDS under GST for the month of March 19.

10-04-19- Due date for filing GSTR-8 (to be filed by the by the e-commerce operators required to deduct TDS under GST for the m/o March 19.

20-04-19- Due date for filing GSTR-5 & 5A (to be filed by the Non-Resident taxable person & OIDAR for the m/o March 19.

13-04-2019- Due date for filing GSTR-6 (to be filed by the Input Service Distributor for the m/o March 19.

18-04-2019- Quarterly return GSTR – 4 for taxpayers opting for Composition Scheme from the period starting from Jan 2019 to March 2019.

20-04-2019- GSTR-3B for the m/o March 19. Pay due Tax till this date.

RFD-10:- Eighteen months after end of the quarter for which refund is to be claimed

30-04-19 – Due date of TRAN-2 is extended for certain taxpayers who could not complete filing due to tech glitch.

B. Due dates for Compliance under Income tax

07-04-19- Due date for deposit of tax deducted /collected at source by an office of the government for m/o March 19. However, all sum deducted by an office of the government shall be paid to credit of Central Government on the same day where tax is paid without production of an Income-tax Challan

30-04-19 – Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March 19.

14-04-19- Due date for issue of TDS Certificate for tax deducted u/s 194-IA (TDS on Immovable property) in m/o Feb 19

14-04-19 – Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in m/o Feb 19

30-04-19 -Due date for furnishing of Form 24G by an office of Government where TDS for m/o Feb 19 has been paid without production of a challan

30-04-19 -Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of March 19

30-04-19 -Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of March 19

C. Due dates for Compliances under Companies Act

21-04-2019- Form DPT-3 – Onetime Return For Disclosure Of Details Of Outstanding Money Or Loan Received By Company But Not Considered As Deposits In Terms Of Rule 2(1)(C) Of The Companies (Acceptance Of Deposits) Rules, 2014 (New e-form not yet deployed by Ministry (ROC)

25-04-19- INC- 22A- Filing of the particulars of the Company & its registered office. (by every company incorporated on or before 31.12.17)- Penalty after due date is Rs. 10,000/-

30-04-19 – Every Person holding DIN as on 31.03.2019 (including Directors having disqualified DIN). Penalty after due date is Rs. 5,000/-

D. Due dates for Compliances under ESI, PF Acts

15-04-2019- PF Payment for m/o March 19.

15-04-2019- ESIC Payment for m/o March 19

25-04-19 – PF Return filling for March 19 (including pension & Insurance scheme forms

Following are the five transactions that Income Tax Department doesn’t want you to do.

1) Don’t accept cash of Rs 2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion.

2) Don’t receive or repay specified sum exceeding Rs 20,000 or more in cash for transfer of immovable property and use account payee cheque or account payee demand draft or use of electronic clearing system through a bank account.

3) Don’t pay more than Rs 10,000 in cash relating to expenditure of business/profession.

4) Don’t donate in excess of Rs 2,000 in cash to a registered trust or political party.

5) Don’t pay health insurance premiums in cash.

Let us study these transactions in detail:

1) Don’t accept cash of Rs 2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion. Instead of cash, you are advised to use an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account for such transactions. However, the said restriction shall not apply to government, any banking company, post office savings bank, co-operative bank or a person notified by the Central Government. Section 271DA of the Income Tax Act provides for levy of penalty on a person who receives a sum in contravention of the provisions of section 269ST. The penalty shall be equal to the amount of such receipt. However, the penalty shall not be levied if the person proves that there were good and sufficient reasons for such contravention.

2) Don’t receive or repay specified sum exceeding Rs 20,000 or more in cash for transfer of immovable property and use account payee cheque or account payee demand draft or use of electronic clearing system through a bank account. “Specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place. Contravention of the provisions of section 269SS will attract penalty under section 271D. Penalty under section 271D shall be levied of an amount equal to loan or deposit taken or accepted.

3) Don’t pay more than Rs 10,000 in cash relating to expenditure of business/profession. If such expenses exceeding Rs 10,000 are made in any mode, other than by an account payee cheque drawn on a bank, or account payee bank draft, or use of electronic clearing system through a bank account, no deduction shall be allowed in respect of such expenditure in the profit and loss account.

4) Don’t donate in excess of Rs 2,000 in cash to a registered trust or political party. Not only you won’t be able to claim deductions under section 80G of the Income Tax Act for such donations, but appropriate actions would be initiated against the trust or political party for encouraging money laundering.

5) Don’t pay health insurance premiums in cash. If you make any payment in cash on account of premium on health insurance facilities, you won’t get deductions under Section 80D of the Income Tax Act.

The Government is time and again giving us opportunities to declare the relevant information suo motto in the ITR forms. For eg: in the recently notified ITR Forms for the AY 2019-20, one important declaration asked by the government is that of the holding of shares in unlisted companies. The Government is thus trying to co relate all the data and have access to all the information about a particular assessee, which is in a way a very good initiative to curb Black Money and Benami transactions.

Also, the Government has these days become very interactive and keeps issuing Rules and Warnings to the assessee’s to not perform certain transactions which might land them into
unnecessary trouble. We therefore need to take care of such warnings and avoid such transactions to avoid future hassles.

So, it is advisable for your own good not to violate the above rules, as the Income Tax Department is seeking information regarding such violations, black money or benami transactions. Also, all the tax departments are now being centralized and there is easy flow of information and assessee data from one department to another, because everything is online.

1. Form GSTR-9, Annual Return for 2017-18 to be filed by normal taxpayer
Facility to file Annual Return by normal taxpayers in Form GSTR 9, for Financial Year 2017-18, is now available at GST Portal. APIs for Form GSTR 9 has been released for CBIC/Model I States for back office integration.
2. Form GSTR-9A, Annual Return for 2017-18 for composition taxpayer
Facility to file Annual Return by composition taxpayers in Form GSTR 9A ,for Financial Year 2017-18, is now available at GST Portal.
3. Viewing & Downloading of month-wise Comparative Table on Liability Declared and Credit Claimed
Taxpayers have been provided with facility to

to view and download a report on tax liability as declared in their Form GSTR- 1 and as declared & paid in their return filed in Form GSTR 3B.
view information regarding data of Input tax credit (ITC) as claimed in their Form GSTR 3B and as accrued in Form GSTR 2A to view the liability paid due to reverse charge as declared & paid in Form GSTR 3B and as accrued in Form GSTR 2A, due to uploading of such details by the supplier in Form GSTR-1.
view and compare the liability related to exports & SEZ supplies as declared in their Form GSTR-3B during themonth [as per table 3.1(b)] and liability as declared in their Form GSTR-1 (Zero rated supplies) as per table 6A, 6B, 9A, 9B & 9C of the Form GSTR 1.
This functionality has been provided in Returns dashboard on the GST Portal to taxpayers under the headings “Comparison of liability declared and ITC claimed”.

4. Revocation of cancellation of Registration
Facility for applying for revocation of suo-moto cancellation of registration for the persons registered as OIDAR /TDS/TCS/ NRTP category has been enabled on GST Portal.
APIs for these functionalities have also been released for CBIC and Model I States.

Hi members Good Afternoon
We have an announcement 📢

Important Announcement


Are you a Stock Market Trader?
Filing income tax return can be tricky for you.

IT Return - Salaried Employees with Trading Income need to file return as a Business Owner in ITR-3 and not in ITR-1 which is for Salaried Employees.

Gain & Loss Calculation - Gains & Losses are calculated differently for Income Tax purpose, based on whether you took delivery of stocks, did intra-day trading, or traded in the futures and options segment.

Claim Expense - rent of premises used for the business; mobile or telephone bills; Internet charges; demat account charges; broker's commissions; depreciation on a laptop used for trading; and any other expense related directly to your work.

Carry forward Loss - Made loss this year? Carry forward losses up to 4/8 years and set off against future profits.

Tax Audit - Tax audit becomes applicable if turnover exceeds Rs 1 crore or if Profit declared is less than 6% of the Turnover.

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1. ITR 1 (SAHAJ): For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand]
NOTE: Not for an individual who is either Director in a company or has invested in unlisted equity shares.

2. ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession

3. ITR 3: For individuals and HUFs having income from profits and gains of business or Profession.

4. ITR 4 (SUGAM): For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE]
NOTE: Not for an individual who is either Director in a company or has invested in unlisted equity shares]

5. ITR 5: For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

6. ITR 6: For Companies other than companies claiming exemption under section 11

7. ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).

Major Changes/Additional details to be furnished in new ITR Forms

1. ITR Form – 1 can be filed only by the following residents & ordinary resident (ROR) persons i.e.

(a) Whose total income does not exceed Rs. 50 lakhs;

(b) Who is not a director in a company;

(c) Who is not holding any unlisted equity shares;

(d) Who is not assessable in respect of other person’s income on which tax has not been withheld.

(e) Who has not claimed any deduction against “income from other sources” (other than family pension

2. The assessee who is filing ITR 2 or ITR 3 has to provide a history of their stay in India to determine residential status for income tax purposes.

3. In case rental income from house property on which tax has been deducted, the details of TAN/PAN of the tenant for claiming the credit for the tax deducted by the tenant has to be given.

4. In case any tax has been deducted by the buyer in respect of the sale of any immovable property then have to mandatorily furnish the details of the PAN of the buyer for claiming the TDS credit.

5. Assessee having business or profession with GST registration are now needed to furnish GST Revenue, GSTIN (GST Number). This disclosure is extended to ITR Forms from 3-6.

6. Salaried Employee: Exempt allowance to be shown separately along with the bifurcation for deductions claimed u/s 16 of the IT Act, 1961. TAN of employer mandatory required to be reported in ITR 2 and ITR 3.

7. Foreign Assets: Column A, which deals with the details of the foreign bank account in ITR Form 2 & 3, has been reframed to include the details of foreign depository account, foreign custodian accounts, foreign equity and debt interest, foreign cash value insurance contract or annuity contract, etc.

8. In ITR form 2 & 3, additional details in case of agricultural income are required to be reported, such as the name of the district with pin code, measurement of agricultural land, whether owned/leased, whether irrigated or rain-fed under the “exempt income schedule”. In addition, reporting of income not chargeable to tax under the tax treaty is required to be disclosed in this schedule.

9. Only very senior citizen (i.e. above 80 years) filling ITR 1 and ITR 4 will be entitled to file physical returns and all other Individuals will have to file their ITR electronically.

Hello Members Good Morning

Aadhar Pan Link deadline extended- The aadhar PAN link deadline has been extended to 30th September 2019. Central Borad of Direct taxes (CBDT) has pronounced the extension in aadhar card linking with pan card on 31st March 2019. vide its notification no 31/2019.

For filing of Income tax Returns Aadhar and PAN linking is mandatory

1. Without logging in to your account (2 step procedure)

Step 1: Go to www.incometaxindiaefiling.gov.in and click on the link on the left pane – Link Aadhaar

Step 2: Enter the following details:
PAN;
Aadhaar no.; and
Name as exactly specified on the Aadhaar card (avoid spelling mistakes)
After entering the details click on submit. Post verification from UIDAI the linking will be confirmed.
In case of any minor mismatch in Aadhaar name provided, Aadhaar OTP will be required. Please ensure that the date of birth and gender in PAN and Aadhaar are exactly same. In a rare case where Aadhaar name is completely different from name in PAN, then the linking will fail and taxpayer will be prompted to change the name in either Aadhaar or in PAN database.

2. Logging in to your account (6 step procedure)

Step 1: Register yourself at the income tax e filing portal, if you are not already registered.

Step 2: Log in to the e-Filing portal of the Income Tax Department by entering the login ID, password and date of birth

Step 3: After logging in to the site, a pop up window will appear prompting you to link your PAN card with Aadhaar card. If you don’t see the popup, go to blue tab on the top bar named ‘Profile Settings’ and click on ‘Link Aadhaar’.

Step 4: Details such as name, date of birth and gender will already be mentioned as per the details submitted at the time of registration on the e-Filing portal. Verify the details on screen with the ones mentioned on your Aadhaar card.

Step 5: If the details match, enter your Aadhaar number and captcha code and click on the “Link now” button.

Step 6: A pop-up message will inform you that your Aadhaar number has been successfully linked to your PAN card.

3. Linking of Aadhaar Number and PAN via SMS

Now you can link your Aadhaar and PAN through SMS also. The Income Tax Department has urged taxpayers to link their Aadhaar with their PAN, using an SMS-based facility. It can be done by sending an SMS to either 567678 or 56161. Send SMS to 567678 or 56161 from your registered mobile number in the following format: UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN> Example: UIDPAN 123456789123 AKPLM2124M

Rule of Issuing Invoice in GST for financial year 2019-20 According to Rule 46 (b) of the CGST Rules 2017, it has been specified that the GST tax invoice issued by a registered person

-should have a consecutive serial number,

-not exceeding 16 characters

-in one or multiple series

-containing alphabets or numerals or special characters and any combination thereof unique for a financial year.

This rule implies that with the start of new financial year 2019-20 (w.e.f. 01/04/2019), a new invoice series, unique for the financial year is to be started by the GST taxpayers.

Similar provision is there in Rule 49 of the CGST Rules 2017, in respect of issue of Bill of Supply by registered taxpayers availing Composition Scheme or supplying exempted goods or services or both.

If the provisions of Rule 46 or Rule 49 are not adhered to, apart from being a compliance issue, taxpayers may face problem while generating E-Way Bill on E-way bill system or furnishing their Form GSTR 1 or for applying for refund on GST Portal.

It is therefore necessary that suitable modification may be made by the taxpayers in this regard in their invoices or bill of supply, to avoid any inconvenience in the future.

Extract of Rule 46 to 49 of CGST Rules 2017 related to Tax Invoice under GST are as follows:-

46. Tax invoice.- Subject to rule 54, a tax invoice referred to in section 31 shall be issued by the registered person containing the following particulars, namely,-

(a) name, address and Goods and Services Tax Identification Number of the supplier;

(b) a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters-hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination thereof, unique for a financial year;

(c) date of its issue;

(d) name, address and Goods and Services Tax Identification Number or Unique Identity Number, if registered, of the recipient;

(e) name and address of the recipient and the address of delivery, along with the name of the State and its code, if such recipient is un-registered and where the value of the taxable supply is fifty thousand rupees or more;

(f) name and address of the recipient and the address of delivery, along with the name of the State and its code, if such recipient is un-registered and where the value of the taxable supply is less than fifty thousand rupees and the recipient requests that such details be recorded in the tax invoice;

(g) Harmonised System of Nomenclature code for goods or services;

(h) description of goods or services;

(i) quantity in case of goods and unit or Unique Quantity Code thereof;

(j) total value of supply of goods or services or both;

(k) taxable value of the supply of goods or services or both taking into account discount or abatement, if any;

(l) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);

(m) amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess);

(n) place of supply along with the name of the State, in the case of a supply in the course of inter-State trade or commerce;

(o) address of delivery where the same is different from the place of supply;

(p) whether the tax is payable on reverse charge basis; and

(q) signature or digital signature of the supplier or his authorised representative:

Provided that the Board may, on the recommendations of the Council, by notification, specify-

(i) the number of digits of Harmonised System of Nomenclature code for goods or services that a class of registered persons shall be required to mention, for such period as may be specified in the said notification; and

(ii) the class of registered persons that would not be required to mention the Harmonised System of Nomenclature code for goods or services, for such period as may be specified in the said notification:

Provided further that where an invoice is required to be issued under clause (f) of sub-section (3) of section 31, a registered pe

rson may issue a consolidated invoice at the end of a month for supplies covered under sub-section (4) of section 9, the aggregate value of such supplies exceeds rupees five thousand in a day from any or all the suppliers:

[Provided also that in the case of the export of goods or services, the invoice shall carry an endorsement “SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS ON PAYMENT OF INTEGRATED TAX” or “SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX”, as the case may be, and shall, in lieu of the details specified in clause (e), contain the following details, namely,- (i) name and address of the recipient; (ii) address of delivery; and (iii) name of the country of destination:]1

Provided also that a registered person may not issue a tax invoice in accordance with the provisions of clause (b) of sub-section (3) of section 31 subject to the following conditions, namely,-

(a) the recipient is not a registered person; and

(b) the recipient does not require such invoice, and

shall issue a consolidated tax invoice for such supplies at the close of each day in respect of all such supplies.

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Request all of your to spend few minutes on this and leave your Valuable Feedback. Below is the link for the same.

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Happy to see all the positive comments form all of you. Have not read our blog yet? Spend few minutes and go through our blog and leave your feedback in comments section. We would be publishing a details blog today on the Tax filing for Investors and Traders. This information is no where available over internet so far. We will make it simple in our website.

Link : http://phoenixauditing.com/blog/tax-brackets-in-india-for-fy-2019-20/

The most important blog every Trader and Investors should read. We have written a blog on the Tax Filing Requirement for all the Traders and Investors. Go through the blog and know what kind of ITR you should be filing this year. Read the complete blog and leave your feedbak and queries in the comments section. we will be replying your queries as early as possible.

Link : http://phoenixauditing.com/blog/taxation-and-return-filing-for-stock-market-traders-and-investors/

A bold move from Phoenix Auditing. Happy Knowledge Sharing in Taxation Field.

Good Morning members

Thanks for your valuable feedback for our Blog. We are getting a good response from all . Happy to see that. Those who has not seen our blog spend few minutes and leave your feedback and queries in comments session it will enrich your knowledge. We are trying to make it simple in our website

Good Morning Members😊