Taxdtidt Blog

Myth 1) Every taxpayer has to file invoice wise details in the return 2) There are 3 returns to be filed every month Reality 1)  Only suppliers to re-sellers (i.e. B2B suppliers) not under composition scheme have to file invoice wise details. 2) There is only one return to be filed by the taxpayer with other components getting auto-populated. Category of Taxpayers Details to be Given Form to be used Periodicity / Last date Aggregate Turnover less than Rs. 20 lakh Nil Nil Nil Aggregate Turnover up to Rs. 75 lakh and availing the composition Scheme Ø   Consolidated details of outward supplies made by you during the quarter including that if advance received Ø   Details of supplies received ( Auto-populated from the GSTR-1 of the supplier) Form GSTR-4 Quarterly or 18 th of the month following the quarter Aggregate Turnover more than Rs. 20 lakhs and not availing Composition Scheme but

The central government recently made the quoting of  Aadhaar Number / Enrolment ID  mandatory for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.But now the government has given relief to certain persons/states from quoting of Aadhaar/Enrolment ID. As per the notification dated 11th May, 2017, the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID:- An individual who is residing in the state of Assam, Jammu and Kashmir and Meghalaya. An individual who is a non-resident as per the Income-tax Act, 1961. An individual of the age of eighty years or more at any time during the previous year. An individual who is not a citizen of India. It is to be noted that if the above individuals possess Aadhaar Number or Enrolment ID, then they must mention it while filing return.It is only when they donot possess i

The Central Government has recently notified the Shri. Ram and Ramdas Swami Samadhi Temple & Ramdas Swami Math at Distt. Satara, Maharashtra to be a place of public worship u/s 80G (2).It means any donations made to this temple would qualify as deduction from the income u/s 80G. Sec 80G specifies the various relief funds, charitable and religious institutions to which donation can be made for the purpose of claiming it as a deduction from the total income. These donations are allowed either up to 100% or 50% depending upon the fulfilment of conditions laid down in section 80G. In order to qualify as deduction, the donations exceeding Rs 2,000 should not be made in cash. It can be made in any mode other than cash. The central government has the power to specify any temple, mosque, gurdwara, church or any other place as an eligible charitable or religious institution u/s 80G.The government can do this through notification in the official gazette. (As per CBDT Notificati

Minimum educational qualification for apprenticeship training lowered under Apprenticeship (Third Amendment) Rules, 2017 The Ministry of Labour and Employment has introduced the Apprenticeship (Third Amendment) Rules, 2017 to amend the Apprenticeship Rules, 1992. Rule 7A(2) : The amended rule has lowered the minimum educational qualification to undergo apprenticeship training in optional trade as  “fifth class pass”. Earlier the minimum educational qualification requirement was “eighth class pass”.   Rule 7A: REGULATION OF OPERATIONAL TRADE (1)    A person shall not be qualified for being engaged as an apprentice to undergo apprenticeship training in any optional trade, unless he: (a)  Is not less than fourteen years of age, and for optional trades related to hazardous industries, not less than eighteen years of age; and        (b)   Satisfy such physical fitness as determined by employer. (2)   The minimum qualification for person to undergo apprenti

SAP Materials Management (Procure to Pay)  Purchase Info Records Material/Service Master Purchase orders, Invoices Subsequent Credit /Debit, Debit/Credit Notes Master Data SAP FI, SD, MM, G/L Master Vendor Master Customer Master SAP Sales & Distribution (Sales Order to Cash) Sales Orders, Invoicing Distribution Channels & Sales areas Pricing (Types of Conditions)  Billing Schedules, Delivery Debit/Credit Notes SAP Financial Accounting Accounts Payable and Receivables Invoicing (Non-PO)  Management of Master Records  Billing (Non-SO) Petty Cash  Invoices and Credit Notes  General Voucher G/L Account SAP Forms & Reporting Other Statutory Reporting  G/L Account Reporting Goods and Service Tax Structure: CGST: Central GST SGST: State GST

Ministry of Corporate Affairs has notified another Section, namely section 234 of Companies Act, 2013 and issued rules thereunder, thereby enabling merger and amalgamation of a foreign company. “S.O. _____(E).— In exercise of the powers conferred by sub­section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 13th day of April, 2017 as the date on which the provisions of section 234 of the said Act shall come into force.” Further the newly inserted Rule 25A Merger or Amalgamation of a foreign company with a Company and vice versa provides that:  (1) A foreign company incorporated outside India may merge with an Indian company after obtaining prior approval of Reserve Bank of India and after complying with the provisions of sections 230 to 232 of the Act and these rules. (2) (a) A company may merge with a foreign company incorporated in any of the jurisdictions specified in Annexure B after obtaining prior approval

Disclaimer: The post on this blog is not a professional advice and is shared for academic and knowledge sharing purpose only.