GST RETURNS FORMAT RELEASED:
Under GST, Primarily a tax payer is required to file following:
1) GSTR 1 -: Details of outwards supplies of Goods & Services.
2) GSTR 1A -: Details of auto drafted supplies of Goods & Services.
3) GSTR 2 -: Details of inwards supplies of Goods & Services.
4) GSTR 2A -: Details of supplies auto drafted from GSTR-1 OR GSTR-5 to recipient.
5) GSTR 3: Monthly Return
6) GSTR 3A: Notice to Return Defaulter u/s 46A
7) GSTR 4: Quarterly return for Registered Person opting Composition Scheme.
8) GSTR 4A: Auto Drafted detail for Registered Person opting Composition Scheme.
9) GSTR 5: Return for Non Resident Taxable Person.
10) GSTR 6: Return for Input Service Distributor.
11) GSTR 6A -: Details of supplies auto drafted from GSTR-1 OR GSTR-5 to ISD.
12) GSTR 7: Return for Tax deducted at Source.
13) GSTR 7A: Tax deducted at Source Certificate.
14) GSTR 8: Statement for Tax Collection at Source.
15) GSTR 11 -: Details of inwards supplies statement for person having UIN.
Are you doing the same mistake as lot of borrowers are doing in the market?
As home loan payment takes a major part of your life, it is any borrowers top most priority to prepay home loan.
Some of borrowers mentioned that they are availing tax deduction because of which they don't want to prepay but they ignored the fact that they lost HRA (House Rent Allowance) component.
In our next topic we will be discussing how to prepay home loan faster in order to get the benefits out of it.
Last year when banks switched to MCLR from base rate, lot of people got confused on migrating from base rate to MCLR.
In few cases, banks told borrowers that they can switch back to Base rate from MCLR in future. Just to clarify, it is not correct. The migration from base rate to MCLR is irreversible. Due to low MCLR compared to base rate the borrower think that bank is doing a favor to him/her. In my opinion, it is otherwise.
MCLR will be more beneficial during decreasing interest rate.On the other hand, the base rate is financial beneficial during increasing interest rate. This understanding is from a borrower’s perspective.
Biggest question a home loan buyer has in their mind is how much should truly you could afford to spend on home loan EMI?
Spending less than 28% of your income before tax on housing is the first, most fundamental rule for determining how much you can truly afford to spend.
Aadhaar to be made mandatory for filing IT return
Government has proposed to make Aadhaar card mandatory for filing income tax returnAs per the government estimate, every year 2.5 crore people across the country apply for PAN cards
NEW DELHI: The government has proposed to make Aadhaar card mandatory for filing income tax return and also applying for permanent account number (PAN).
The new proposal has been made through an amendment to the Finance Bill.
Recently, the I-T department had announced a mobile app for paying taxes and tracking of refunds. It had also said it was considering issuing PANs on real time basis using Aadhaar biometric.
"Income Tax department is considering issuing of Permanent Account Number (PAN) on a real time basis using Aadhaar's e-KYC facility. The proposal is at an initial stage of consideration," Minister of State for Finance Santosh Kumar Gangwar had said in a written reply in Lok Sabha on March 10.
Aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions.
So far, more than 111 crore Aadhar numbers have been issued . The unique identification number is being used for getting a new SIM card, for opening bank accounts, transfer of subsidies and also for biometric based digital payments under Aadhaar Enabled Payment System.
As per the government estimate, every year 2.5 crore people across the country apply for PAN cards.
There are more than 25 crore PAN cardholders in the country.
As per recent amendments Proposed Dividend or Dividend declared after balance sheet date has to be shown as Notes to the Account. I want to knw that do we have to treat proposed dividend as notes to account while preparing p/l a/c or b/s of banking co. also???
Vide Finance Bill , Time Limit for filing belated returns u/s 139(4) has reduced from 1 year from the end of the Assessment Year to end of the Assessment Year
For Example: – For AY 2015-16 belated returns can be filed upto 31st March 2017 however For AY 2016-17 belated returns can be filed upto 31st March 2017
CA. Tejinder Pal Singh
Abhianchal and Company
Are you also losing out your money due to lack of proper tax planning?
A research report shows that genuine tax payers are not doing proper tax planning and losing out.
“Tax is one of the most important personal financial decisions. Often, these decisions are taken without help. This could lead to a lot of mistakes and wealth erosion. In fact, most of the mistakes are made between the ages of 21-30,” said Nitin B. Vyakaranam, CEO ArthaYantra.