Friday, September 21, 2018

GST :- September 2018 (Special Return)

Friends,   As everyone knows that now GSTR-3B AND GSTR-1 are due for filing GST return for the month September, 2018 as time period for the month Aug, 2018 for GSTR3b has been lapsed. 

Why September, 2018 is important for filing GST return ?
  • All Data of GSTR-1 relating to Financial Year 2017-18 can be amended through this return. 
  • GSTR3b can be updated accordingly GSTR-1 for correcting  input and output GST.
  • Due interest or penalty(Financial Year 2017-18) should be deposited before submitting this return to avoid audit litigation. 
  • Sales showing in Trading Account for the year 2017-18 should be matched with data of GSTR-1.
  • GST payable / receivable amount showing in balance sheet dated 31.03.2018 should be matched with GST Cash Ledger + GST Credit Ledger. 
  • GSTR-2A data should be matched with Purchase figures showing in Trading Account ending on 31.03.2018.

Due Dates for Submitting GSTR returns for the month September 2018 is given below :-
  • GSTR-1         due date 31-10-2018
  • GSTR-3B       due date 20.10.2018


Thursday, September 20, 2018

GST :- Due Date for submitting or filing GST Return for Aug, 2018

Friends,   It is now general awareness that Due Dates of GST returns have been extended upto 31.10.2018 etc,  This is not only for a particular month but also since inception of GST i.e. July, 2017.

                 Keeping in view above position, lot of personals or GST stake holders will be in double that the due date of  GSTR3B for the month Aug, 2018 is also extended, where as there is no change.  Due Date for GSTR3B for the month Aug, 2018 is 20th September, 2018.  After that Late filing fee will be charged.  

                     Therefore all GST Number holders are requested to submit their GSTR3B for the month Aug, 2018 in time so that penalty can not be imposed. 

A picture view for showing GST Due Dates of GST portal as on 20.09.2018 is available below:-


Thursday, June 7, 2018

Income Tax Deduction u/s 80CCD

Friends,   The employees who are appointed after 01.01.2006 are falling under NPS Scheme.   The special deduction has been provided for them under section 80CCD.    There are three type of deductions under 80CCD.

1. 80CCD (1)   for employee contribution
2. 80CCD (2)   for employer contribution
3. 80CCD (Ib)  for getting Extra Benefit in Income Tax.
 
Above deductions are detailed given below for easy use of stake holder :-

Section 80CCD: Deduction for Contribution to Pension Account

Employee’s contribution – Section 80CCD (1) is allowed to an individual who makes deposits to his/her pension account. Maximum deduction allowed is 10% of salary (in case the taxpayer is an employee) or 20% of gross total income (in case the taxpayer being self-employed) or Rs 1, 50,000, whichever is less.
FY 2016-17 and earlier years – In the case of a self-employed individual, maximum deduction allowed is 10% of gross total income.
However, the combined maximum limit for section 80C, 80CCC, and 80CCD (1) deduction is Rs 1, 50,000, which can be availed.
Deduction for self-contribution to NPS – section 80CCD (1B) A new section 80CCD (1B) has been introduced for an additional deduction of up to Rs 50,000 for the amount deposited by a taxpayer to their NPS account. Contributions to Atal Pension Yojana are also eligible.
Employer’s contribution to NPS – Section 80CCD (2) Additional deduction is allowed for employer’s contribution to employee’s pension account of up to 10% of the salary of the employee. There is no monetary ceiling on this deduction.

Tuesday, April 17, 2018

TDS / TCS :- LATEST RETURN FILING NSDL SOFTWARE VERSION RPU2.2

Friends,   Latest version of TDS return filing software is RPU 2.2.  To download free of cost , the same alongwith its Key Feature  is given below :-

Key Features – Return Preparation Utility (RPU) version 2.2

In case of non-availability of PAN of deductee for Form 27EQ, two new fields are introduced under deductee details which are as below: 


               >>>> Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) 

           >>>> Column no. 33) Deductee is having Permanent Establishment in India (under this column two dropdown options will be provided i.e. Yes/No) 

              >>>>  This will be applicable to correction (C3) and regular statements pertains to FY 2017-18 onwards. 


Incorporation of latest File Validation Utility (FVU) version 5.7 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.153 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).


Saturday, April 14, 2018

TDS/TCS DUE DATES FOR Q4 OF FINANCIAL YEAR 2017-18 OR ASSESSMENT YEAR 2018-19

Friends,  Everyone is in confusion for due dates of filing of TDS/TCS returns.  It is special for Last Quarter.  First three quarters due date do not match with the criteria of Last fourth Quarter.   To remove the doubt or avoid late filing fees , Detailed  filing dates of TDS/TCS returns are given below :-


TDS Last Dates of FY 2017-18 for Return Filing

QuarterPeriodLast Date of Filing
1st Quarter1st April to 30th June31st July 2017
2nd Quarter1st July to 30th September31st Oct 2017
3rd Quarter1st October to 31st December31st Jan 2018
4th Quarter1st January to 31st March31st May 2018

TCS Last Dates of FY 2017-18 for Return Filing

QuarterPeriodLast Date of Filing
1st Quarter1st April to 30th June15th July 2017
2nd Quarter1st July to 30th September15th Oct 2017
3rd Quarter1st October to 31st December15th Jan 2018
4th Quarter1st January to 31st March15th May 2018
Note:
  • The due date for non-government deductor of depositing TDS/TCS is 7th of next month except March and for government deductor last day of the current month in which TDS is deducted.
  • Deposit date of TDS Deducted in March is 30th April (other than Government), TCS Deducted in March for other than Government and TDS for government deductees due date is 7th April.
  • Quarterly TDS/TCS Certificate: After uploading quarterly TDS return you can generate TDS/TCS certificate within 15 days of uploading your return.

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