Finance (Taxation And Accounting)

4 errors in GST return that could be too costly to ignore! Error No1 – Making payment under wrong head of GST i.e. Central GST (CGST) instead of Integrated GST (IGST) This is one of the asked queries of the taxpayers, as people are very confused between the three heads of GST i.e. IGST, CGST and State GST (SGST). Let us understand this query with the help of an example. Example : The summary of GST of the ABC Ltd for September 2017 is as follows: The total liability of the ABC Ltd is Rs1.55 crore and the total ITC available to the company is Rs51 lakh. Hence, Rs1.04 crore needs to be paid to the government. This is what the ideal situation should be.  The mistake Now, one can see that the total tax liability of ABC is Rs1.55 crore which is divided into three heads of GST. Now, at the time of payment of tax, the taxpayers are making payments under wrong heads, i.e. CGST instead of IGST and vice versa...

Due dates for GST filing GSTR-1 Quarterly Returns (Taxpayers with Annual Turnover upto Rs. 1.5 Crore who opt for Quarterly return filing) Period (Quarterly) Due dates July- Sept 10th January 2018 Oct- Dec 15th Feb 2018 Jan- Mar 30th April 2018 For Taxpayers with Annual turnover of more than Rs 1.5 cr and for Taxpayers with the Annual turnover of upto Rs 1.5 cr (who opt for monthly return filing instead of Quarterly return filing)  Period Dates July to Nov 10th Jan 2018 Dec 10th Feb 2018 Jan 10th Mar 2018 Feb 10th Apr 2018 March 10th May 2018 GSTR-2 and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by a GST Committee. GSTR-3B GSTR-3B has been extended to March 2018 All businesses to file GSTR-3B by 20th of next month till March 2018.  As per Latest update on 20th Jan...

All about UIN : Unique Identification Number Updated on Sep 11, 2017 - 03:47:14 PM Unique Identification Number, UIN, is a special class of  GST registration  for  foreign diplomatic missions   and embassies  which are not liable to taxes in the Indian territory. Any amount of tax (direct or indirect) collected from such bodies is refunded back to them. CONTENTS: 1.       Who can apply for UIN under GST? 2.       What is the purpose of a UIN? 3.       What is the difference between GSTIN and UIN? 4.       How to register as a UIN? 5.       What returns should be filed by a UIN holder? 6.       What should a seller supplying to a UIN holder ensure? 7.       What is the last day for claiming a refund on purchases by a UIN holder? 1. Who can apply for UIN under GS...

Payment of TDS take place on or before 7th of every subsequent month, for eg: January month TDS should pay before 7th February. Filing of TDS takes place every quarter end. If you file after the due date then you have to pay the fee of Rs.200/-per day. If you delay in monthly payment then you have to pay Fee+Interest. So that file at least with one challan to avoid the heavy penalty within due date and later you can correct it through offline or online by using TDS Trace portal. Please find the below attachment to look how to file TDS quarter original filing and Corrections for the same with Java  RPU tool.(offline tool) https://drive.google.com/open?id=1WT5drWpIfxmLbVng8QJcZ0pxL6APlSvx

Tally is the software mostly used by many firm for their proper finance control. With the help of Tally we can record all Purchase transactions  Sales trasactions Payment through cash/Bank Receipts through cash/Bank Balance sheet preparation Profit and Loss preparation GSTR 3B-1 TDS calculations Payroll  Auditing,etc Today I will tell how to enter and maintain the payroll transactions by using Tally software. Please find below link for the complete details. https://drive.google.com/open?id=1z01g4mX4dXnHBxHm5vJuAIAxfOoIUrz9

Professional Tax Profession tax  the tax by the state governments in  India . Anyone earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, profession tax is imposed evel. However, not all states impose this tax. The states which impose professional tax are  Karnataka ,  Bihar ,  West Bengal ,  Andhra Pradesh ,  Telangana ,  Maharashtra ,  TamilNadu ,  Gujarat ,  Assam ,  Kerala ,  Meghalaya ,  Odisha , Tripura , Madhya Pradesh , and  Sikkim . Business owners, working individuals, merchants and people carrying out various occupations come under the  purview  of this tax. Profession tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of...