Monday, December 25, 2017

GST :- First Quarterly Return (July17 to Sep 17)

Friends,   The GST holders who have selected Quarterly return due to Sales or Turnover upto 1.50 Crore in Last Financial Year or in Current Financial Year, It is necessary to know that now First return will be submitted for the month Aug and Sep 17 data for those who have already submitted July,2017 return. 

In case, you have not submitted July 17 return earlier, then  first submit July, 17 separately and after that Aug and Sep 17 Data return will be submitted for completion of First Quarter Return .



Complete guidelines are given in the link given below:\ 

Tally :- Entry of Fixed Assets

Friends,   I am using Tally Accounting Software since 1996, but not know about entry of Fixed Assets.   There are too many modes of entry, but proper entry is required to get benefit of entry in future. 

Below screenshot help the users to make entry of fixed assets in entry.   Entry should be done as Item Invoice. 

Create a item for which you want to make entry in tally :-


In case above screen is not showing with "At Zero Cost" then  Press F12 and Allow Advanced entries in  Master with Yes.

Secondly in case you are also enable to find Ledger of fixed assets during purchase entry you should  Press F12 in twice  while making purchase invoice and and mark Yes for "Allow expenses/fixed assets for accounting allocations ? ". Screenshot for the same is also given below :-


Benefit of Entry in Proper Manner :-

  1.  Only quantity of fixed assets will be displayed in Stock Summary.
  2. Value of fixed assets will not be displayed in Trading Account.
  3. Stock Quantity of fixed assets can be checked at any time in future. 
  4. No need to pass Physical Voucher for removing Value  & Quantity of Fixed Assets from Balance Sheet.



Sunday, December 24, 2017

GST :- EXEMPTION ON GOODS AND SERVICE FROM INTERSTATE UNREGISTERED DEALER

Friends,   I want to share with you that there is no RCM liability of GST on purchase of any Goods and Service from Interstate Unregistered Dealer. 

A Notification No 32 Dated 13.10.17 of Interstate  Rate is available to verify the above facts which is given below :-


In above notification  there is discussion of sub-section (4) of section 5 of GST act which is also required to read to know the clarity of this issue.  

Sub-section (4) of Section 5 is given below :-
(4) The integrated tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

Thursday, November 30, 2017

Income Tax :- Due Dates for the Month December 2017

7 December 2017 -
Due date for deposit of Tax deducted/collected for the month of November, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
15 December 2017 -
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of November, 2017 has been paid without the production of a challan
15 December 2017 -
Third instalment of advance tax for the assessment year 2018-19
15 December 2017 -
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2017
30 December 2017 -Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of November, 2017

Tuesday, October 31, 2017

Income Tax :- Due Dates for the Month November 2017

7 November 2017 -
Due date for deposit of Tax deducted/collected for the month of October, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
14 November 2017 -
Due date for issue of TDS Certificate for tax deducted under Section 194-IA​ in the month of September, 2017.
15 November 2017 -
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of October, 2017 has been paid without the production of a challan
15 November 2017 -
Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2017
30 November 2017 -
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of October, 2017
30 November 2017 -
Annual return of income for the assessment year 2017-18 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s)
30 November 2017 -
Audit report under section 44AB for the assessment year 2017-18 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E
30 November 2017 -
Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction
30 November 2017 -
Statement of income distribution by Venture Capital Company or venture capital fund in respect of income distributed during 2016-17
30 November 2017 -
Statement to be furnished in Form No. 64D by Alternative Investment Fund (AIF) to Principal CIT or CIT in respect of income distributed (during previous year 2016-17) to units holders
30 November 2017 -
Due date to exercise option of safe harbour rules for international transaction by furnishing Form 3CEFA
30 November 2017 -
Due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB
30 November 2017 -
Due date for filing of statement of income distributed by business trust to unit holders during the financial year 2016-17. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A 
30 November 2017 -
Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm's length price of the remuneration paid to the fund manager.
30 November 2017 -
Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on November 30, 2017)
30 November 2017 -
Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(2) (if the assessee is required to submit return of income on November 30, 2017)
30 November 2017 -
Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company has any international/specified domestic transaction]

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