The accounting departments of businesses are becoming increasingly crucial as a result of the intensifying rivalry in the commercial sector. Only the largest businesses could have considered outsourcing accounting services only a few days ago. But over the past few years, a lot has changed, and now even tiny businesses may outsource their accountants from the institute of computer accountants cochin.
Account outsourcing is the best option for small firms. They have a lot of things to accomplish, but they lack the means to complete them the way they would like. For them, outsourcing accountants from the institute of professional accountants might be quite beneficial. Their resources for accounting are conserved. As a result, these businesses may conveniently use these resources in a certain industry.
There does, however, appear to be one issue with this. The accounting outsourcing process costs money. Small businesses are now likely debating whether to spend money on outsourcing or not. Well, the answer to that question can only be discovered after weighing the benefits and drawbacks of outsourcing the service. They must also learn Tally from the institute of tally learning cochin.
Of course, after you give it some serious thought, you'll see that there are several advantages to employing accountants who are professionals and outsourcing your accounting needs to a few reputable organizations. It is first and foremost economical. Second, the personnel that provides accounting services are knowledgeable and qualified from the institute of professional accountants. That indicates that they will manage the issue better than you and your belongings will.
You can always select the precise services you want with accounting services, which is another fantastic feature. Additionally, you may free up a significant amount of time for yourself, which you can use to advance the business's other divisions. Additionally, outsourcing accounting services allows you to save a lot of hassles. Otherwise, you would need to train and keep the staff.
However, there is no need to think that outsourcing accountants are perfect in every way. In actuality, there is one significant issue with it. These days, tens of thousands of various businesses provide this service. Therefore, it is crucial to confirm that the organization you are choosing can do the jobs. Additionally, you need to confirm that you are not spending more than is essential.
Therefore, there are a few considerations you need to make to make the greatest decision. You must first conduct an online search for the most affordable prices. In a perfect world, you would visit at least the top 10 websites on the list. You should carefully take notice of the cost, the type of service, and any other extra costs as you browse each site. They must also get qualified from the institute of computer accountants cochin. Consider the company's technology choices and contract conditions as well.
Are your business's profit and loss accounts and other financials causing you a lot of stress? Do you struggle to find time to do other business-related tasks? Not in a position to manage them with a full-time accountant? In this situation, outsourcing your accounting and Tax Associates in Kochi would be the wisest course of action for you. You may relax knowing that your business's accounts are in good hands by outsourcing them to a professional. The following are some of the top advantages of outsourcing accounting:
Sufficient leisure for other things
When you use accounting outsourcing, you entrust an outside staff with the task of handling your accounts. Because of the decrease in your workload, you will have more time to handle other crucial and significant work-related matters. If you're short on time, accounting outsourcing is a true godsend.
Worth the money
When you outsource accounting, you may hire a team for less money than you would have to pay a full-time staff. But even with lower prices, you may still obtain complete accounting services from a professional, giving you fantastic value for your money. If you are a small business owner, outsourcing accounting from Kerala's Best Accounting Training Institute would be quite beneficial to you.
You are in for a double whammy when you opt to outsource accounting and bookkeeping for your company. Not only are you relieved of the responsibility of handling your accounts, but you also have access to first-rate services from a qualified individual or group. Through outsourcing accounting, you are introduced to some very amazing technology.
You may work with teams who have an excellent turnaround time by outsourcing your accounting. The outsourced team or person will most likely be a financial specialist and a seasoned professional. Therefore, using an accounting outsourcing service ensures that your problems will be resolved quickly. The staff typically responds within 24 hours of receiving your request for account assistance.
Small business owners can profit greatly from Account Outsourcing in Kochi, particularly due to its adaptability. You may turn to outsource accounting to handle your accounts for a fair price and prompt problem resolution during crucial periods like quarter and year-end reporting, audits, and other crises.
The Indian Partnership Act, of 1932, which governs partnerships in India, allows partnership deeds to be registered or unregistered. Because each partner is an agent of others and links them to the maximum degree of their fortunes, a partnership can only function well if the partners have complete faith in one another. Therefore, it is advised that the partners be chosen with great care and prudence. Registration might not be necessary if the partnership company functions well and the partners communicate well with one another and with other parties. However, it is always advised to create a partnership business because the future is quite unknown. The pvt ltd company registration govt fees are quite reasonable.
Advantages of Registering a Partnership Company
In Section 69 of the Indian Partnership Act, the benefits of registering a partnership business are listed. They are described below.
A partner has the authority to launch a lawsuit in court against the company or other partners.
A partner of a registered business may always bring a lawsuit in court if there is a disagreement among the partners, between a partner and the firm, or between a partner and ex-partners, and the disagreement is based on contractual rights or rights granted by the Partnership Act. The partner of an unregistered firm is not granted this authority.
However, one partner of an unregistered business may file a criminal complaint against the other partner (s). Therefore, any partner may bring legal action against a partner if he steals company property or sets company structures on fire.
The ability to bring legal action in court against other parties
Any right deriving from a contract, such as the right to the recovery of the cost of products delivered, may always be enforced by the partners of a registered business by filing a lawsuit in court. The partners of an unregistered firm are not granted this authority.
Although an unregistered business cannot bring a lawsuit against a third party, it should be emphasized that the third party always has the right to bring a lawsuit against both a registered and an unregistered firm.
Ability to assert set-off
If a third party sues the company to collect money, the registered company can always make a set-off, or assert that the third party also owes money to the company and that this should be subtracted from the claim in dispute. An unregistered firm is not granted access to this authority.
The aforementioned are some of the main advantages of registering a partnership firm, and it is recommended that all partnership firms do so with the registrar of firms. It should be emphasized, nevertheless, that registration with the Registrar of Firms is distinct from registration for income tax reasons. For all Partnership Firms, Partnership Registration Service In Kochi is required.
We advise you to speak with the best tax expert if you want to develop the best plan for reducing your tax liability. You can develop the greatest plans with their assistance. You have no choice but to speak with a specialist in this sector if you're seeking a means to cut back on your tax payments. You might not be able to make the best choice because you haven't read thousands of pages of tax codes and related regulations. So, you can use the instructions in this article to find suitable Tax Consultants in Kochi. Continue reading to learn more.
We advise you to speak with the finest tax expert if you want to develop the best plan for reducing your tax liability. You can develop the greatest plans with their assistance. You have no choice but to speak with a specialist in this sector if you're seeking a means to cut back on your tax payments. You might not be able to make the best choice since you haven't studied thousands of pages of tax rules and related regulations. So, you may use the instructions in this article to choose a suitable tax counselor. Continue reading to learn more.
Look For A Top-Notch Advisor
Tax advisers are there for you to pick from. There are several enrolled agents and certified public accountants. Their Preparer Tax Identification Numbers are particular. As a result, they may provide you with expert assistance with your federal tax returns.
It is critical to remember that not all of these specialists have the same degree of expertise or experience. As a result, we advise against hiring unskilled personnel. Instead, you might choose to consult with a state-licensed Tax Consultancy in Kochi.
Although fundamental qualifications are simple to get, finding the right expert is difficult for everyone. Therefore, you might wish to do research.
According to professionals, there are a few key qualities you should look for when choosing an expert. For instance, you want to seek out a tax expert that is enthusiastic and knowledgeable. They ought to think of innovative ways to assist you in saving money. A general accountant, on the other hand, might not be able to assist you in making financial savings without going against the law.
Make careful to seek the ideal fit. Make sure you feel at ease interacting with these pros because they will evaluate your personal information. To put it another way, you might prefer to work with a specialist who you feel at ease talking to.
You should find out from them how they intend to handle IRS audits. Make sure to seek a consultant who can professionally interact with the IRS. Finally, you might wish to consider their credentials. Choosing a qualified public accountant is your best option.
Conceive Of A Long-Term Plan
Make sure you closely collaborate with your adviser once you've selected one to develop a long-term tax plan. In most cases, you might have to go through this process over months. They will assist you in defining your objectives and investigating several options throughout this time so you can develop a plan to save money.
The finest Income Tax Filing Consultants in Ernakulam can help you save a lot of money throughout your lifetime, to put it briefly. In light of this, you would want to take your time in your search for the greatest professional who can comprehend your goals and assist you in developing a sound plan. These three pointers should enable you to find the greatest tax expert to suit your needs.
Any newly formed firm requires extensive preparation and must go through several challenging stages and processes to establish a strong financial foundation. Its incorporation procedure as a whole is known as company formation or company registration.
The laws see the business that is incorporated as a distinct entity from the individual who founded or owns it. Every day, a wide range of business entities, including public limited corporations, private limited companies, unlimited companies, limited partnerships, limited liability partnerships, royal charters, community interest businesses, and many more, are established. These businesses must all go through the incorporation process. The pvt ltd company registration govt fees is favorable for all.
In the past, only paper was used to create corporations; however, today, the majority of the company creation process is done electronically through the Internet. The incorporator of the company must deliver several papers along with a registration fee to the Registrar of Companies as part of the paper procedure.
Now, several service providers have emerged online that give help to new organizations as well as Company Registration Service in Kochi.
The process of forming a firm is called company formation. When a private limited company is incorporated, it becomes a distinct legal entity; a person that is independent of its owners and in charge of its finances, assets, and liabilities.
The second step in the formation process is the registration stage. During this phase, the firm registers, officially establishing it. If a company is registered by the 2013 Companies Act, it is considered to be in operation. The Registrar of Companies must receive a few documents before a business may be registered.
The pvt ltd company registration govt fees are very affordable. The registration process involves the following stages, which are all necessary:
• Memorandum of Association: The founders of the firm must sign the memorandum of association (MoA). A private business only needs two members, but a public firm needs a minimum of seven. The MoA needs to be properly stamped and registered.
• The Article of Association (AoA) must also be completed, signed, and filed. The AoA should be signed by all members who have already signed the MoA.
• Making a list of directors and submitting it to the Registrar of Companies is the following step.
• To serve as directors, a company's directors must sign a formal agreement that is submitted to the Registrar of Companies (RoC). It is necessary to file the office's notification of a change of address.
• Any High Court or Supreme Court attorney, as well as anybody serving in the office of director, secretary, or managing director, must submit a statutory declaration. The RoC must receive this declaration as per the Company Registration Service in Kochi.
You can prepare your income taxes for submission if you have the time and desire. However, a lot of individuals value having these jobs handled by an expert. Learn about the advantages of consulting with a professional tax adviser vs. doing it yourself.
You may be confident that you will get the greatest support and guidance possible when a professional complete your taxes. Professionals with deep industry knowledge may offer suggestions that frequently result in cost savings for customers. These cost-saving advantages cannot be provided by preparation software. The specialist at Tax Consultancy in Kochi will also address your inquiries and give detailed responses.
For commercial or investing endeavors, some persons have complex returns. There is no substitute for a tax counselor in these circumstances. This expert will be able to review the data, properly arrange it, and create the forms. Due to their extensive acquaintance with the system, the expertise and skill level of Tax Consultants in Kochi make the procedure simpler.
Additional Credits and Deductions
You can locate all the allowable deductions and credits with the aid of an expert on your team. While software can uncover many of these cost-cutting opportunities, a specialist can frequently uncover more. This is a cost-effective choice for many people since frequently even the expenses you pay for this service are deductible.
The most cutting-edge software for helping customers is often an investment made into a Tax Consultancy in Kochi. This software will typically be a lot more advanced than what people buy for personal usage. The consultant will be able to arrange data, scan papers, and fill out forms using expert-level software. Fewer errors are made on the final return as a result of the information's enhanced speed and automation.
While you could do your taxes, doing so may take a lot of time and effort. Due to your inexperience, you will likely spend more time and effort than an expert would. Tax Consultants in Kochi are probably already familiar with how to file returns; however, you might have to spend hours researching the subject. By employing a professional, even those with basic returns may save time and work.
Using Tax Associates in Kochi for preparation and filing would assist you to manage an audit if it happens, whether or not your income falls inside this level. If a professional assists you with this procedure and you are audited, you will get support during the audit.
By using Tax Associates in Kochi, you may simplify your life while saving money and time. You may be confident that the return you file will not only be the most favorable for you but it will also be completed properly and on schedule.
New venture success depends heavily on business ties. They offer further management assistance in the form of a combination of knowledge, resources, and expertise. Before the start of the procedure, be aware of a few features of partnership business registration in India. It can be difficult to keep relationships together since things like ego, finances, and arguments can cause a rift.
Take into account the following when registering a partnership with the help of Partnership Registration Service In Kochi.
Take your time while selecting a partner.
The choice of the ideal partner for your organization should be carefully considered. Successful relationships are typically formed by individuals with like mindsets, objectives, and values. It is best to weigh your choices before signing the partnership document. Networking is a fantastic place to start. Understanding the ideals and working techniques of the other person would be beneficial. The pvt ltd company registration govt fees are quite reasonable.
Partnerships depend on two or more people coming together to run a business profitably. It might be detrimental to the company if they cannot agree with one another. Therefore, for a fruitful business partnership, it is important to make a careful partner selection. The ISO Registration Company In Kochi is very helpful.
Registration of partnerships is highly advised.
Due to the ambiguous nature of partnerships, registration is essential. When all the provisions are stated clearly, there is a feeling of transparency. Because of this, it is advised that partners draught a balanced Partnership Agreement.
The following are some rewards for registering partnership deeds:
• If the partnership is registered, it is simpler and faster to transition into any other company form.
• gives the right to offset any claim from a third party
• Allows partners to bring a lawsuit against other partners and third parties.
Analyze LLP registration options
The best choice for building a more secure structure than a general partnership is a limited liability partnership. It limits the partners' collective obligations. The ISO Registration Company In Kochi is also useful.
The advantages of LLP Registration include the following.
• Protection from liability: Neither partner would be responsible for the other's acts.
• Legally distinct from the partners: enabling LLPs to own assets in their names
• Tax advantages: LLP receives additional benefits while maintaining the same standards as regular partnerships for other obligations.
• Boosts credibility: It's easier to obtain funding from banking institutions and the pvt ltd company registration govt fees are also affordable.
• Continuous existence: The LLP is unaffected by the departure or passing of partners.
• The danger is therefore lower if you opt for Partnership Registration Service In Kochi.
Accountancy is the practice of documenting, categorizing, and reporting on a company's commercial transactions. It provides management with data on an organization's financial outcomes and status.
The primary goal of this essay is to illustrate the significance of accounting training at the accounts training institute Kerala. As the work need may be for merely a professional excellent at Company accounts and Tax or Company accounts and Cost Accounting, an accounts trainee must learn, know, and grasp Direct and Indirect Tax, Accounts, and Cost Accounting. An Accounts Professional must know all of the above to fascinate the employer, and these must be included in accounting training for accountant jobs in kochi.
Accounting institutions such as basic, accounting companies, and professional organizations encourage accounting training.
With today's financial accounting and management solutions for business, you can keep your skills strong and your organization on track.
Understanding your company's finances is an important business skill that may have an influence on your organization's performance and accountant jobs in kochi.
Accounting is by far the most important factor of every successful organization. It keeps track of all earnings, losses, credits, and obligations. It offers data on the state of the firm in numbers rather than words. It gives the most crucial data you need to determine how your business develops, produces money, where a business's profit goes, and how much cash flow you have.
In summary, if you do not grasp the fundamental concepts of accounting taught at the institute of professional accountants, you cannot operate a firm or even help one expand and prosper.
Accounting is similar to learning a new skill. There is a learning curve, and the skill must be exercised or employed in this situation to be successful. If you have full access to your statement of financial position, important to take the time to adapt examples to your financials.
Right-brain thinkers are more likely to excel at creative, imaginative, and passionate pursuits. Then some of us are inherently left-brain thinkers, capable of dealing with numbers, using logical thinking, and solving issues analytically. You must opt for a reliable institute of professional accountants for proper training.
Regardless of whatever group you fit into, the reality is that anybody can master the fundamentals of accounting and gain a flair for handling business finances. The advantage of knowing basic accounting concepts taught at accounts training institute Kerala is that the same fundamental laws apply when dealing with the bottom line whether it is a giant corporation or a tiny entrepreneurial start-up.
Benefits of Learning Tally Course - Most Tally training courses offers training in tally software and regarding the importance of tally in the professional field it helps in raising awareness.
Today tally has become an integral part of any organization as it manages the accounting details. Many students come together to study the Tally course in after understanding the importance of Tally Accounting software. Many tally training institute near me provide you Tally training ensuring high career opportunities. But many of us are blind about the advantages of learning the Tally course.
In today's time, there is high demand of Tally accounting software. It is a complete business accounting software that in small and medium enterprises can be managed well. tally with gst course near me is a complete accounting and inventory management software that offers various facilities to its users, such as check to print, GST filing, comparative analysis, cash flow, ratio analysis, and fund statements, generating required reports, etc.
The scope of Tally's search actually depends on your interest and when you learn the latest versions of Tally, it becomes beneficial for you to get a job easily. Mainly, for Freshers and Commerce students it is a good advantage and there are institute of tally learning cochin too.
Tally is very easy to use. Tally training institute near me operates at high speeds, is robust and powerful, highly versatile and flexible and you need to specify codes to the software while comparing other accounting software to execute/approve any journal entry. But in case of Tally, there is no code of matter at all.
Tally with gst course near me provides easy-to-use accounting features that help you in recording business transactions easily and quickly. By creating and maintaining vouchers, and generating reports you can record the transactions necessary for your business. In your business it also allows you to perform and manage all the main accounting operations.
Cost Centres and Profit Centres
Cash and Fund Flow
Balance Sheet and P&L
Tally accounting software provides help to the administration in handling transactions, money flow, and interest payments. The major functions of Tally Accounting software include:
Purchase order management
This easy computerized accounting course in institute of tally learning cochin comprises of different aspects of accounting such as taxes, inventory, and payroll. In tally software many Tally training offers training and this in the professional field helps in raising the awareness about the importance of tally.
It isn't always a very easy matter to run a business. When you need to get your finances right in terms of managing it, it becomes even more tedious. When you are the owner of the business, there can be so much to do that you are forced to end very late and start early at night.
Our accountants from cochin institute of accountants are the professionals ensuring everything is in order, running smoothly and your finances are also managed. It is for this reason that in the different areas of business, every business person deserves to get assistants.
You can hire services when you need them most or you can decide to employ a company accountant. Different kinds of accounting services are offered by the truth and when hiring the services, you must therefore be careful. So, a professional who can deliver to your expectations must be hired. These are few major services offered by professional accountant from institute of professional accountants for your business.
For many, VAT can be a little complicated especially when it is the matter of determining what needs to be paid. For your business, accounting services can make it all easy. To file and fill VAT returns, solve any tax issues and negotiate, the accountant you hire for your business will be in a position. You can make all the right decisions as you will also enjoy useful VAT advice from your accountant. Our accountants also learn Tally from institute of tally learning cochin.
It encompasses tasks like preparing financial statements and recording financial transactions, keeping sales ledgers as well as journals and is one of the most basic functions of accountants from institute of professional accountants. Ensuring finances are in check, Book keeping is essential as it helps in the daily running of the business for businesses.
Legislation is ever changing and this means that new tax regulations are inevitable every now and then the one thing that makes tax a tricky affair is that. With the latest changes, our Professional accountants from cochin institute of accountants are always up to date and to avoid penalties and other kinds of fees, they will ensure that your business remains compliant with the regulations. Your business can claim tax back when applicable. You can also meet with tax return deadlines and be up to date with upcoming changes in tax policy. You must prefer institute of tally learning cochin if you want to learn accounting.
A Tax Consultancy is a professional tax firm that renders excellent service to businesses. It provides the best-equipped infrastructure and highly qualified manpower which helps clients in getting their taxes done efficiently, timely, and accurately. There are many Tax Consultancy in Kochi but we have selected the best 5 out of them.
3 Top Tax Consultancy In Kochi
These 3 Top tax consultancy in Kochi have been in business for a decent time and catering to various clients across different industries.
The first name on the list is Prasad Associates. This is a 21 years old company in the Kochi area founded in 2000. It has been serving different clients in different industries since. Prasad associate is well known for its best solution in Goods and service tax(GST) are. They are the no 1 choice if you want someone to handle your GST work only although they take care of the whole Tax work. This tax consultancy caters to both individuals and businesses. Prasad Associates is known for its excellent professional services and they do it in a personal way. Their clients belong to various industries like Pharmaceutical, Clothing, Jewelry, electronics, advertising, retail, hospitals, hotels, and many more.
Some of the services offered by Prasad associate are as follows,
● GST Registration- They help you register a new GST no for individuals(proprietors), Businesses like Pvt Limited, Partnership, HUF, and more. GST registration is now fully online and they will help you secure a no with proper and accurate documents.
● Return Filing- This firm offers GST filling on a monthly and quarterly basis.
● Accounting Services- Accounting services include bookkeeping, ledger update and invoices tracking, and more.
● PAN Registration- If you are new and looking to open a business or an individual does not hold a pan card then Prasad associates help you apply and get a Pan card.
● Income Tax Filing- Income tax filling is important and this consultancy help proprietors and firms file their income tax with proper computation and all.
● Appeals and Hearing- sometimes disputes occur in business and you need a reliable partner who understands your point and gives you a way to solve it. Prasad associate is the best man for the job.
● Consultancy Services- You can consult them in various cases like any disputes, land purchase, asset purchase, securing a loan, buying a company or starting a new business venture, and many more.
They are one of the best choices for your tax work.
2. Fintax Corporate Professionals LLP
The next firm in our list of besttax consultancy in Kochi is Fintax Corporate professionals as the name suggests these are a group of tax professionals. The consultancy includes CA, CMA, Company secretary, ICWA, Corporate Lawyers, Civil Lawyers, Registered Valuers, Chartered Engineers, and other different qualified tax professionals. each of these professionals has 10-20 years of experience in them.
Fintaxprofessionals firm works PAN India and they serve 100+ clients in different parts of the country. Their operation is on a global scale and they cater to foreign clients also.Fintax operates in all major and small cities of India.
They have clients in different sectors like Energy, Mining, Metal, Pharmaceutical, Software IT, ITES, Retail, Electronics, and many other industries. Their work standard is ethical and they have set benchmarks in delivering competence every time. The client base is diversified and thus they have good domain knowledge of working in different industries in all these years.
They are responsible to their clients and follow-up is regular and in case of any dispute, they resolve it quickly. The services offered by them are on-time and they deliver a quality of work.
If you want to describe them in limited words then we will call them your reliable partner in business.
They offer a variety of services and they are as follows,
● ROC Annual Filing
● GST Return Filing
● TDS Return Filing
● Income Tax Return
● Financial Audit
● Tax Audit
● Company Registration
● Factory License
● GST Registration
● Trademark Registration
● Copyright Registration
● MSME/SSI Registration
● FSSAI Food License
● Drug License
● Import Export Code
● Bar Code Registration
● ISO Certification
● Digital Signature
● Startup India Registration
● EPF Registration
● ESI Registration
● Professional Tax Registration
● Trade License
● ISI Registration
● Patent Registration
3. ENS Associates
The next consultancy on our list is ENS Associates, it is one of the upcoming and ethical firms that you can rely on completely. Founded in 2013 ENS Associate Private Limited is a venture of ENS SKill Development company. This consultancy handles 500 plus clients in India and globally. Apart from its India operations, it is also available in Saudi Arabia and UAE.
This consultancy in Kochi is engaged in Tax related works, corporate compliance, tax audit, tax registration, and many other works. Its clients are from different industries.
ENS Associates work closely with startups and new business ventures to show them light in the tough business world. Startups need advice regarding cash flow, financing, investment, expenses, sales, and purchases and so ENS associate has a knack for working for new ventures.
Services offered by ENS Associate are as follows,
● Registration- it handles Tax registration like GST Registration, New Partnership Firm Registration, Private Limited Registration LLC Registration, NIDHI Registration, Trademark registration, ISO Certification, and Registration, IE Registration.
● Accounting- You can outsource your whole accounting system to them, they can help in Book Keeping and accounting management, Task planning and return fillings, preparing your financial statements, and payroll management.
● Audit Return Filings- They help in filling in Incometax, Goods and Services Tax, TDS Filling, SWI filling, and PF filling.
● Reporting- They can prepare reports on a monthly, quarterly and annual basis.
● Advisory Services- If you need any kind of financial or tax-related advice then they are the best man for the job.
● Placements and Education
If you are looking for the best tax consultancy in Kochi, you should look no further. The team at ENS Associates can help you with any matter related to taxation and accounting, including the registration of a company. They have helped countless startups and small businesses in Kochi with their affordable services.
Measures for stream lining compliance in GST
1.Late fees for delayed filing of form GSTR-1 to be auto-populated and collected in next open return in form GSTR-3B.
2.Refund to be disbursed in the same bank account, which is linked with the same PAN on which registration has been obtained under GST
3.Aadhaar authentication to be mandatory for being eligible for Filing refund claim and application for revocation of cancellation.
4.Rule 59(6) of GST rules to be amended to W.E.F. 01.01.2022 to provide that a registered person shall not be allowed to furnish Form GSTR-1,if he has not furnished the return in Form GSTR-3B for the preceding month.
5.Rule 36(4) of CGST Rules 2017,to be amended,once the proposed clause (aa) of section 16(2) of CGST Act,2017 is notified,to restrict a availment of ITC in respect of invoices/debit notes,to the extent the details of such invoices/debit notes are furnished by the supplier in Form GSTR-1/IFF and are communicated to the registered person in form GSTR-3B.
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021 22 under the Income-tax Act, 1961(the "Act"), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22. The details are as under:
1. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;
2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;
3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st January, 2022;
4. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th February, 2022;
5. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 28th February, 2022;
6. The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022;
It is also clarified that the extension of the dates as referred to in clauses (9), (12) and (13) of Circular No.9/2021 dated 20.05.2021 and in clauses (1), (4) and (5) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub section (1) of that section exceeds rupees one lakh. Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.
1. Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR 3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021 to 31.08.2021. The last date to avail benefit of the late fee amnesty scheme, has now been extended from existing 31.08.2021 to 30.11.2021. [Refer Notification No. 33/2021 Central Tax, dated 29.08.2021].
2. Based on the multiple representations received, Government has also extended the timelines for filing of application for revocation of cancellation of registration to 30.09.2021, where the due date of filing of application for cancellation of registration falls between 01.03.2020 to 31.08.2021. The extension would be applicable only in those cases where registrations have been cancelled clause (b) or clause (c) of sub-section (2) of section 29 of the CGST Act. [Refer Notification No. 34/2021- Central Tax, dated 29.08.2021].
3. The filing of FORM GSTR-3B and FORM GSTR-1/ IFF by companies using electronic verification code (EVC), instead of Digital Signature certificate (DSC) has already been enabled for the period from 27.04.2021 to 31.08.2021. This has been further extended to 31st October, 2021. [Refer Notification No. 32/2021- Central Tax, dated 29.08.2021].
4. The extension of the closing date of late fee amnesty scheme and extension of time limit for filing of application for revocation of cancellation of registration will benefit a large number of taxpayers, specially small taxpayers, who could not file their returns in time due to various reasons, mainly because of difficulties caused by COVID-19 pandemic, and whose registrations were cancelled due to the same. Taxpayers are requested to avail the benefit of these extensions at the earliest to avoid last minute rush.
The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 3151 May, 2021 under Rule 31A of the Income-tax Rules,1962 (hereinafter referred to as "the Rules"), as extended to 30. June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15. July, 2021.
1) Late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021 has been reduced / waived as below:
(i) Late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who
did not have any tax liability for the said tax periods;
(ii) Late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return for other
The reduced rate of late fee would apply *if GSTR-3B returns for these tax periods are furnished between
01.06.2021 to 31.08.2021
2) The upper cap of late fee is being rationalized to align late fee with tax liability/turnover of the taxpayers.
3) The filing of annual return in FORM GSTR-9/9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover up to Rs 2 Crore.
4) The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore.
5) GST Council recommended amendments in certain provisions of the Act so as to make the present system of GSTR-1/3B return filing as the default return filing system in GST.
6) Group of Ministers to be constituted to decide GST rate on Covid related medicines in next 10 days.
7) Annual Return for Financial Year 2020-21 has simplified.
8) QRP-Quarterly Return Quarterly Payment scheme to be worked out by the law committee.
The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as ’the Act") provides relaxation in respect of the following compliances:
1) The Statement of Financial Transactions (SFT) for the Financial Year 2020- 21, required to be furnished on or before 31 May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as ”the Rules") and various notifications issued thereunder, may be furnished on or before 30 June 2021;
2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31 May 2021 under Rule 114G of the Rules, may be furnished on or before 30 June 2021;
3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31 May 2021 under Rule 31A of the Rules, may be furnished on or before 30 June 2021;
4) The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by 15 June 2021 under Rule 31 of the Rules, may be furnished on or before 15 July 2021;
5) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before 15t June 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30 June 2021;
6) The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before 31May 2021 under Rule 33 of the Rules, may be sent on or before 30June 2021;
7) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D for the Previous Year 2020-21, required to be furnished on or before 15 June 2021 under Rule 12CB of the Rules, may be furnished on or before 30June 2021;
8) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before 30 June 2021 under Rule 12CB of the Rules, may be furnished on or before 15 July 2021;
9) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31 July 2021 under sub-section (1) of section 139 of the Act, is extended to 30 September 2021;
10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30! September 2021, is extended to 31 October 2021;
11) The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section
92E of the Act for the Previous Year 2020-21, which is 31 October 2021 extended to 30 November 2021
12) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31October 2021 under sub-section (1) of section 139 of the Act, is extended to 30t November 2021;
13) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30 November 2021 under sub-section (1) of section 139 of the Act, is extended to 31 December 2021;
14) The due date of furnishing of belated / revised Return of Income for the Assessment Year 2021-22, which is 31 December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31 January 2022.
Clarification 1: It is clarified that the extension of the dates as referred to in clauses (9), (12) and (13) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.
Clarification 2: For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under this Circular) provided in that Act, shall be deemed to be the advance tax.
The Finance Ministry on Monday further lowered the threshold for mandatory e-invoicing to ₹50 crore, from ₹100 crore. The new rule will come into effect from April 1, according to a Central Board of Indirect Taxes and Customs (CBIC) notification.
e-invoicing essentially involves reporting details of specified GST documents to a government-notified portal and obtaining a reference number. GSTN (the IT systems provider for GST) claims that there is not much difference between the present system and new one. Registered persons continue to create GST invoices on their own accounting/billing/ERP systems.
These invoices are now reported to the Invoice Registration Portal (IRP). On reporting, the IRP returns the e-invoice with a unique Invoice Reference Number (IRN) after digitally signing the e-invoice and adding a QR Code. Then, the invoice can be issued to the receiver, along with QR Code. A GST invoice will be valid only with a valid IRN.
The Government claims that huge advancements in technology, increased penetration of the Internet, along with availability of computer systems at reasonable cost has made ‘e-invoice’, a popular choice worldwide. It hopes that this system will help in enhancing ease of doing business.
The GST Council, at its 37th meeting on September 20, 2019, recommended introduction of electronic invoice (‘e-invoice’) in GST in a phased manner. It started with businesses having annual turnover of ₹500 crore from October 1. Then the limit was brought down to ₹100 from January 1. Ultimately, the Government intends to cover each of the GST assesses.
The government announces GST return filing due dates from time to time in order to maintain taxation in line with respective clearance. Also, the main effort is to alert the taxpayers regarding the GST return filing due dates is to make them neglect any penalty or interest.
TDS/TCS return filing date extended
The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare
their return of income for FY 2019-20, the date for furnishing of TDS/ TCS
statements and issuance of TDS/ TCS certificates pertaining to the FY
2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.
Last date for making tax saving investment s extended
The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 19-20.
1. No late fee on GSTR 3B from July 2017 to January 2020 for taxpayers with no tax liability
2. Late fee on GSTR 3B from July 2017 to January 2020 capped to Rs. 500 for taxpayers liable to pay tax. The reduced late fee would apply for GSTR 3B returns filed between July to September 2020.
3.Small taxpayers with turnover is up to 5 crores can file their returns for the months February to April 2020 till 6th July with no interest and then with a reduced rate of 9% till September 2020.
4. Small taxpayers with turnover up to 5 crores can file their returns for the months May to July 2020 till September 2020 without any interest and late fee.
5. One-time extension in period for revocation of cancellation of registration up to 30th September 2020 for registrations which have been cancelled up to June 12, 2020.