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ITR filing with audit report deadline extended: CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018 Those with turnover exceeding Rs 1 cr in business or whose gross professional income is over Rs 50 lakh need to get a tax audit done. The government, on Monday, extended a two-week deadline to file an income tax return (ITR) with an audit report for the 2017-18 financial year (AY 2018-19). Such taxpayers now have until October 31 to file their returns. This is a second extension by the Direct Tax Center (CBDT) within two weeks. It previously extended the last date for filing an ITR for taxpayers who were asked to submit their returns along with audit reports from 30 September to 15 October 2018. Taxpayers with a turnover exceeding Rs 1 crore in business (not choosing an alleged taxation scheme) or whose gross professional income is more than Rs 50 lakh needs to get a tax audit done. CBDT extends the filing date for  Income Tax Returns  and Audit Repor

Tax Audits: Smart things to know about Tax Audits Tax audits ensures proper maintenance of books of accounts and certification by a tax auditor. The tax inspector is a taxpayer account with a business from  tax  revenues such as taxes, etc. A taxpayer with a turnover exceeding Rs 1 crore in  business  (or better than tax) more than is required to obtain a Tax Audits. Tax  audits  ensure proper maintenance of books and certification by tax auditors. The tax audit report must be submitted on or before September 30 of the following year in the case of taxpayers who have not carried out international transactions. If the taxpayer needed to get his books audited fails to do so then he is responsible for paying a fine of 0.5% of his turnover / gross revenue subject to a maximum of Rs 1.5 lakh

Statutory Audit – Meaning & Applicability Statutory Audits are  audits  determined by different laws such as the Reserve Bank of India,  Income Taxes , Company Laws, etc.  Chartered accountants  need to conduct many audits in accordance with the provisions of different laws. The Process to Conduct a Statutory Audit Auditors must ensure that their reports must include quantification of advances, deposits, interest income and interest costs. Important elements for checking the mandatory bank audits are: A. Cash Verification Procedure B. Tax Related Items C. Verification of Loan Accounts Audit Report After conducting an audit, the auditor must provide an audit report for the same thing. An auditor is required to make a report as stated in the engagement letter where he must state the following: I. Does the balance sheet show a true and fair view that contains all the things needed to show a true and fair view of the bank’s business ii. Whether profit and loss acc

Assess the Market Accurately Business  ideas seem brilliant at first but cannot turn into a feasible Business. You need to do enough research to understand the potential of your business market. Is there really a need for the product or service you want to sell? How many customers do you need in a month to maintain your business? What customer base do you need in 2 years to be profitable? Are there similar businesses in this country? If so, then what do they do? If not, why not? Formulate a Business Plan Businessmen who are looking to build a business with their own money often forget the importance of business plans. You must have a solid business plan even if your business will be fired and does not require funding. A business plan will basically cover what you need to invest to get started, what you need to spend on a monthly or quarter-to-quarter basis and how fast you will be able to make money. Register Your Name Business names are often the face of business.

Due Date For Filing Income Tax Return, Audit Reports Extended By 15 Days The taxman last month announced the extension of the maturity date of September 30 by a similar 15 days.  The Government on Monday extended the due date for submission of income tax returns (ITR) and audit reports. The Direct Tax Center Board, the top policy-making body of the Income Tax Department, said the due date for filing  income tax returns  and the audit report for Assessments 2018-19 (2017-18 financial year) is October 31, 2018 for certain. taxpayer category. Monday’s step marks the second extension given by the  Direct Tax  Center Council to assessors whose bookkeeping must be audited. The move comes after the tax officer considers representation from stakeholders, he said in a statement. The taxman last month announced the extension of the maturity date on September 30 by the same 15 days, until  October 15, 2018 . Submission of income tax returns by paid taxpayers and those choosing the Estim

GST is a Destination-based tax. GST follows a Multi-Stage collection mechanism. The Goods and Services Tax (GST) will be collected at each stage (from the product manufacturing stage to the delivery to the final consumer) and the tax credit paid in the previous stage is available as a set-off at the next stage of the transaction. This helps eliminate the system of “Indirect tax on taxes”. Indirect tax structures in India can be clearly understood from the following chart: Now GST (Goods and Services Tax) replaces all of these indirect taxes collected by the Central and State Governments. When the Goods and Services Tax is applied, there will be 3 types of applicable Goods and Services Taxes, namely CGST, SGST & IGST. CGST – Central Goods and Services Tax: Revenue will be collected by the central government SGST – State Goods and Services Tax:   R evenue will be collected by the state government for intra-country sales (that is, sales in certain sta

Every month suppliers will be asked to upload their invoices to the GSTN portal and they will be matched with purchases from customers. So, matching invoices will be a monthly affair for businesses. The use of IT systems for bookeeping and tax compliance work will be seen even in many small and medium-sized businesses from now on. A well integrated IT system will also help suppliers and buyers to match their invoices effectively. Invoice matching is a very important part when it comes to trading. What Is Matching Invoice? Matching all supplies taxable , bought by a buyer and supplied by a supplier is known as Invoice Matching. According to finance minister, “It is through the invoice matching and automated return mechanism that the government can guarantee eligible input tax credit is accurately transferred between the states”. GSTN is working towards the GST web application which is hosted on the common portal to make invoice matching easy. How do Invoice Mat

The First Country in the world to implement the GST Law was France (in 1954). More than 160 countries have implemented this GST system. Following are the great benefits of GST in India. Consumer Side Benefits: Uniform prices for goods and services throughout India.  GST definitely reduces the tax burden of Indian citizens by removing some of the indirect taxes collected by the Center and the State, because the cost of most goods and services in India is currently loaded with a lot of hidden taxes. This means that consumers will now only bear the GST charged at the previous point of the supply chain and not from the manufacturing stage. This reduces the tax burden for end consumers. The final cost of goods is expected to be lower because of the smooth flow of tax credit input between producers, retailers and service suppliers.  The overall tax for some commodities and services will decrease. This will benefit more consumers. Benefits for the Central Government and

GST is an Indirect Tax that has replaced many Indirect Taxes in India. The Goods and Services Tax Law was passed in Parliament on March 29, 2017. This Act came into effect on July 1, 2017; The Goods & Services Tax Law in India is a comprehensive , multi-stage tax based on the objectives imposed on each value addition . What is GST? “GST (Goods and Services Tax) is India’s largest indirect tax reform. GST is a single tax on the supply of goods and services. This is a destination-based tax. GST has included taxes such as Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. GST is one of the largest indirect tax reforms in the country. GST is expected to unite the country’s economy and increase the country’s economic growth as a whole. GST is one of the indirect taxes for all countries . So, before the Goods and Services Tax, the tax collection pattern is as follows: Multi-stage There are several changes of goods that enter through its supply

How to E-file Income Tax Returns ( ITR )? – Income Tax E-filing Guide Step 1:  E-filing ITR – Start Before starting, you must have the following document to speed up the process: PAN Adhaar Bank Account Details Form 16 Investment Details Step 2: Enter your Personal Information Enter Your Name, PAN, Date of Birth, and Father’s Name. Step 3: Enter your Salary Details 1)  Fill in Your Company Name and Type. 2)   Give your salary and TDS information. To enter your salary details in detail, ‘Click here’ . Step 4: Enter Details to Claim Reduction Enter investment details for the deductions to be claimed (Eg. LIC, PPF, etc., and other tax allowance claims here. Step 5: Enter the Details of Taxes Paid If you have any non-salary income, say, interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26AS. Step 6: E-File Enter your bank account details and proceed to e-fil

#GST E way bills now demand another compliance that must be followed because the GST network has required it to enter the PIN code of the place where the shipment must be loaded or unloaded. The reason for entering the PIN code on the E-Way Bill will help the portal to calculate the actual distance further helping to validate #E Way Bill. At present, businesses only need to mention the distance and place of loading and unloading that do not help for reasons but now the #PIN code should help in this cause. At present the GST E bill is generated when 100kms are spent in one day but the problem is that some businesses can use the same GST e-way bill and make several trips. And now GSTIN offers auto-population facilities when a PIN is entered in the place of the sender’s or recipient’s address, according to an official statement released. GSTN also issued a statement saying, “This new feature is part of GSTN ‘s ongoing efforts to improve user experience and

What does “GST extra as applicable” mean? In our country, no one knows as for when the rate of any taxes will get changed and/or a new tax/es will get imposed. Sometimes, to counter the stiff competition, a dealer classify the product being sold under a particular heading taking the benefit of lesser taxes, against the large company classifying the same product under a different head. Therefore in order to safeguard its interest, the dealer quote the price as rate plus applicable taxes at the time of delivery/invoicing. When someone quotes his fees or the price of goods, he may use the words,  GST  extra as may be applicable. This is written in the following cases. If the rate at the time of quotation is not known to the supplier. If the supplier is not registered at the time of giving quotation but over a period of time he might have to register. Hence he clarifies that GST will be over and above the rate that he has quoted. Supplier thinks that GST rates may change betw

Key Changes in Income Tax Return Forms Announced: 5 Things You Should Know In the coming months, the government expects you to give more details about your finances and business with the filing of income tax. The new forms, issued by the Central Board of Direct Taxes for the 2017-18 fiscal year, you will see several new columns from all categories of taxpayers Sahaja (ITR1), Form ITR-2, Form of the ITR-3 form Sugam -ITR-4, form MFI-5, 6-form MFI, MFI-form 7, and the shape of MFI-V. Why is the government asks its citizens to provide more information? According to the report Economic Times, information from the salaried persons benefits not exempt from tax, in summing up the direct and indirect taxes, the amount of any enterprise to engage in any lawful business, the IT department seeks to prevent tax evasion on a few levels. A) There are more than 25 major changes in the new ITR forms. B) Some of these changes clearly indicate that the focus of the new  ITR form  to get mo

Key Changes in Income Tax Return Forms Announced: 5 Things You Should Know In the coming months, the government expects you to give more details about your finances and business with the filing of income tax. The new forms, issued by the Central Board of Direct Taxes for the 2017-18 fiscal year, you will see several new columns from all categories of taxpayers Sahaja (ITR1), Form ITR-2, Form of the ITR-3 form Sugam -ITR-4, form MFI-5, 6-form MFI, MFI-form 7, and the shape of MFI-V. Why is the government asks its citizens to provide more information? According to the report Economic Times, information from the salaried persons benefits not exempt from tax, in summing up the direct and indirect taxes, the amount of any enterprise to engage in any lawful business, the IT department seeks to prevent tax evasion on a few levels. A) There are more than 25 major changes in the new ITR forms. B) Some of these changes clearly indicate that the focus of the new  ITR form  to get mo