Due date Calendar for August 2018

Statutory and Tax Compliance Calendar for August 2018 S.No Particulars of Compliance Forms/returns Due Date Compliances Calendar for GST 1. Return of outward supplies of taxable goods and/or services for the Month of July 2018 (for Assessees having turnover exceeding 1.5 Cr.) GSTR -1 10-08-2018 2. Return by Non-Resident Foreign Taxpayers for the month of July […]

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28th GST Council meet on Saturday i.e. 21st July 2018: Return simplification, law tweaks, setting up of tribunal on table

28th GST Council meet on Saturday i.e. 21st July 2018: Return simplification, law tweaks, setting up of tribunal on table The proposed amendments to the goods and services tax (GST)-related laws, simplification of GST returns, the creation of GST appellate tribunal and the revenue position of states will be among the key items slated for […]

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Rates of TCS for FY 2017-18

Rates for Tax Collection at Source (TCS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be collected at source during financial year 2017-18 (AY 2018-19). Section Receipts Type Basic Rate of TCS (excluding Surcharge, EC & SHEC)  206C Sale of Alcoholic liquor for human consumption  1% 206C Sale […]

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Rates of TDS for FY 2017-18

Rates for Tax Deducted at Source (TDS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be deducted at source during financial year 2017-18 (AY 2018-19). Section Payment Type Basic Rate of TDS (excluding Surcharge, EC & SHEC) Condition(if any)  192  Salary  At normal slab rate applicable  If estimated […]

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Due date Calendar for July 2018

Due dates for the month of July 2018. GSTR-3B (Jun 2018)-Jul 20th, 2018 GSTR-5 (Jun 2018)-Jul 20th, 2018 GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018 GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018 GSTR-5A (Jun 2018)-Jul 20th, 2018 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018 Turnover exceeding […]

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Due date Calendar for June-2018

(A) Due dates for Compliances under GST for the Month of June 2018 10-06-2018– Due date for filing GSTR -1 for the Month of  May 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50/- Crore (Rs. One Crore Fifty Lacs only) 20-06-2018– GSTR-3B for the Month of  May 2018 Pay due Tax till this […]

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GST due dates for FY 2017-18

GST important Due dates for Financial year 2017-18 (A) Due date for payment of GST (From 01-07-2017 to 31-03-2018) Taxpayer Periodicity of GST Payment Due Date for payment of GST Taxpayers with Annual Turnover upto Rs. 1.5 Crore (filing GSTR-1 on quarterly basis) Monthly 20th of Next month after the month in which Time of […]

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On 1st March 2018, Cabinet cleared "Fugitive Economic Offenders Bill 2018"

The Cabinet today cleared Fugitive Economic Offenders Bill which targets big defaulters involved in economic crime of over Rs. 100 crores. “Fugitive Economic Offenders Bill 2018” has been brought to confiscation of properties of such fugitives. There will also be the provision to confiscate those assets outside India but co-operation of that country will be […]

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On 1st March 2018, Cabinet approved setting up NFRA as regulator for Auditors

Today on 1st March 2018, The Cabinet approved setting up of the National Financial Reporting Authority (NFRA), which will be an independent regulator for the auditing profession. After Rs 12700 crore fraud at Punjab National, Government find timing and reason to amend Companies Act, 2013 for setting up separate independent regulator for auditing profession i.e. […]

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Priority Sector Lending Targets for FY 2018-19 for Foreign Banks with 20 or more Branches.

RBI announced Priority Sector Lending Targets for FY 2018-19 for Foreign Banks with 20 or more Branches in notification dated 1st march 2018. As per RBI notification, Lending target are:- Sub-target of 8% of ANBC (Adjusted Net Bank Credit) or CEOBE (Credit equivalent Amount of Off-Balance Sheet Exposure), whichever is higher to small and marginal […]

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On 28-02-2018, RBI revised limit of "exchange traded currency derivatives".

RBI revised limit of “exchange traded currency derivatives” without having to establish underlying exposure for resident in India and FPI.Currently, persons resident in India and FPIs are allowed position in USD-INR upto USD 15 million per exchange and positions in EUR-INR, GBP-INR and JPY-INR pairs, all put together, upto USD 5 million equivalent per exchange. […]

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On 23rd February 2018, Reserve Bank of India launched the Ombudsman Scheme for NBFC

Good News for customers of NBFC like Bajaj Financial Services Limited, LIC Housing Finance, PNB housing finance, Indiabulls group, Muthoot Finance, Reliance Capital, Sundaram Finance, GIC housing Financial Services etc. as they will get expedite and cost-free resolution for their complaints. Reserve Bank of India launched the Ombudsman Scheme for NBFC on date February 23, […]

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RBI constituted an Expert Committee to look into the reasons for high divergence observed in asset classification and provisioning by banks.

In view of large divergences observed in asset classification and provisioning in the credit portfolio of banks as well as the rising incidence of frauds in the Indian banking system, RBI decided to constitute an Expert Committee under the chairmanship of Shri Y H Malegam, a former member of the Central Board of Directors of […]

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Link your Adhaar with Various Financial products and mobile number before 31st march 2018

On 15-02-2018, Government issued a notification to require all postal Life Insurance holder to provide their Aadhaar detail.The notification also makes Aadhaar mandatory for all new insurance policies that will be issued in the future. This notification does not specify any deadline for linking of Aadhaar with Postal Life Insurance policies. Constitutional Validity of Aadhaar […]

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Investment Decisions: Are your Investment decisions destroying your Wealth?

Every investor wants to create huge wealth by taking the best investment decisions. But sometimes decisions taken to create wealth become responsible for the destruction of wealth itself. Generally, investors are unaware of the Break-even rate of return which is a minimum return to catch up with inflation and meet our tax responsibilities. At a […]

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Indian Accounting Standards (IND-AS): Whether applicable to your company or not?

Indian Accounting Standards (IND-AS): Whether applicable to your company or not? After a long converging process of Accounting standards(AS) and IFRS, Ministry of corporate affairs has come up with new standards name as Indian Accounting Standards(Ind-AS) which sum of AS and IFRS. Hundred percent adoption of IFRS was not possible in Indian Scenario, hence Necessary […]

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Due Date for Filing GST Return and making Payment Under GST: Updated with 23rd meeting of GST council held on 10th November 2017

Due Date for Filing GST Return and making payment of GST We have received many queries regarding GST Return and Payment , here in this article we will try to show a clear picture of GST Return and payment for a taxpayer (except composition supplier) registered under GST law. There are various GST Returns, which […]

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Works Contract in GST Regime

Works Contract in GST Regime As we all know, GST is going to be implemented w.e.f 01-07-2017, We have already explained “calculation of Service tax on Works Contract“. But w.e.f 01-07-2017, Service Tax along with other indirect taxes like Excise duty, CST, Sales Tax, CVD, SAD, Extry tax etc. are going to be  replaced by […]

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GST Concepts/Basic Features of GST

GST Concepts/Basic Features of GST GST Law as going to be implemented in India w.e.f 01.07.2017, have following features:- State-wise single registration for Taxpayer: One PAN-One State-One Registration, it means for one PAN only one single GST Registration number for one state will be there. If a person does business in 5 states then he […]

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Making of GST Law in India

Making of GST Law in india As we all are aware that Government has decided to implement GST w.e.f 1st July 2017. I received many email asking questions about GST. I request the reader to ask their questions under “Ask free Questions” tab. What is GST? GST stands for Goods and Service Tax. As we […]

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Universal Basic Income (UBI): A substitute of social welfare schemes to reduce poverty

Universal Basic Income (UBI): A substitute of social welfare schemes to reduce poverty What is concept of Universal Basic Income (UBI)? As per the concept of Universal Basic Income (also known as Unconditional Basic Income, Social Dividend, Citizen’s Income), the government have to pay a unconditional sum of money to every citizen on periodical basis. […]

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Cabinet approves Implementation of the recommendations of 7th Central Pay Commission

Cabinet approves Implementation of the recommendations of 7th Central Pay Commission The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission . It will come into effect from 01.01.2016. 7th CPC recommendations are being implemented within 6 months from the due date, […]

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What is difference between Pledge, Mortgage and Hypothecation?

What is difference between Pledge, Mortgage and Hypothecation I have received some queries asking the difference between Pledge, Mortgage and Hypothecation. This question is normally asked in interviews in banking and even bankers are found confused about the little difference between these terms. To understand the difference between these terms first find the similarity in […]

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How to obtain Digital Signature?

Digital Signature Certificate can be obtained from any of the Certification Agency: What is a Digital Signature Certificate (DSC)? The Information Technology Act, 2000 provides for use of Digital Signatures on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically. This is the only secure […]

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Basics of Letter of Credit(LC)

Basics of Letter of Credit(LC)/Documentary Credit What is Letter of Credit? How does it work? What are different Types of LC? Is there any law governing LC? What is Documentary Credit? Importance of LC in International Trade. These are the questions ringing in the mind of people starting new business or people dealing with finance […]

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