AJ Consultancy services

12/05/2019

12/05/2019

11/05/2019

GST AUDIT REQUIRED EVEN IF YOUR GST TURNOVER IS LESS THAN 2CR.

AS GST is applicable from the July 17 so for fy 17-18 we have only 9 months of GST period. Rule 80(3) says that “Every registered person whose aggregate turnover during a financial year exceeds 2 crore” GST audit required. It means we have to consider turnover of first quarter (April-June) of fy 17-18 for the aggregate turnover.

So effectively even if your GST turnover is less than 2 crore but it exceed the prescribed limit of 2 crore after adding the value of first quarter of pre GST period, audit under GST is required.

20/04/2019

| Due date of filing GSTR-3B for the tax period March, 2019 has been extended to April 23, 2019.

15/03/2019

With the soon emerging payment of last installment of advance tax for the current financial year 2018-2019, which is due on 15th March for all the assessee (other than 44AD and 44ADA assessee) and 31st March for assessee who are paying tax under section 44AD and 44ADA, let understand the entire concept of advance tax along with answers to various questions which are commonly emerging in to the minds of the taxpayer with regard to the advance tax payment.

One common question that would arise in the taxpayer’s mind is why advance tax? The simple answer to the same is that the income tax forms a major part of the Government’s revenue. The advance tax helps the Government to receive continuous revenue throughout the year and in turn helps the Government to incur timely expenditure.

Present article provides advance tax section, answers to the various questions like what is advance tax and who should pay the advance tax, how is advance tax calculated, can advance tax be paid after due date, is it mandatory to pay advance tax and advance tax due dates for AY 2019-2020.

09/03/2019

Compliances Time Table🙂

*Due date calendar for the month of March 2019*

🌹7th Mar 2019- Income Tax TDS/TCS payment for the month of Feb’19

🌹10th Mar 2 xx xx019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of Feb'19 under GST.

11th Mar 2019- GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for Feb’ 2019.

🌹15th Mar 2019- Due date for fourth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,

🌹20th Mar 2019 - GST monthly return for the month of Feb’2019 (GSTR-3B)

🌹15th Mar 2019- Due date for PF and ESIC payment.

25th Mar 2019- Due date for filing monthly return of PF

🌹30th Mar 2019- Challan cm statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for Feb'19.

🌹31st Mar 2019 – PT payment for the month of Feb'19

🌹31st Mar 2019 – Due date for filing of GSTR 3B and 1 from July’17 to Sept18 without late fees

🌹31st Mar 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July17 to Dec’18.

🌹31st Mar 2019 – Due date for Annual return under PT from April to Mar’19

🌹31st Mar 2019 – Last date for linking Aadhar with PAN.

(To check your liability, the detail based of Assessee' category is as below)

A) Corporate law:
➡ All Companies incorporated after 02/11/18 to file Form20A for certificate of commencement of business within 180days from Incorporation without this cerificate business can't be started.

➡ Companies who had supplied goods/ taken services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days in Form MSME- 1 but form not yet available.

➡ Filing of the particulars of the Company & its registered office by every company incorporated on or before the 31.12.2017 in Form INC 22A by 25/04/2019.

➡ All company where members is company / partnership firm/ trust/ other non natural person to form FORM BEN 1 within 30days of deployment of form, form not yet available.

➡ Every company other than Government company to file Form DPT – 3 for outstanding loan from directors, shareholders and relative . Due date of filing of Form is 21/04/2019 but form not yet available.

B. Direct tax:
For firm, individual covered under tax audits and Companies

➡ TCS/TDS deducted in Feb’19 is due for payment on 07/03/2019

➡ Due date for challan cm statement for TDS deducted u/s 194IA and 194IB is 30/03/19

➡Due date for fourth and last / entire amount of advance tax for Assessee having presumptive basis income, installment of advance tax is 15/03/2019

C. Maharashtra Dealers:
➡ PT where annual liability above Rs. 50000 - payment due for salary of Feb'2019 – 31/03/2019

➡ Due date for Annual return whose laibility is less than Rs.50000/- under PT from April to Mar’19 is 31/03/2019

D. PF and ESIC registered units
➡ Payment of PF due on 15/03/2019 and monthly return 25/03/2019 for the month of Feb'19

➡ Payment of ESIC due on 15/03/2019 for month of Feb'19

E. GST
➡ Monthly TDS payment in form GSTR-7 for the month of Feb'19 under GST is due on 10/03/19

➡GST Filing of returns by registered person with aggregate turnover is more than 1.50 crores. (GSTR-1) for Feb’ 2019 is 11/03/19

➡ GST monthly return for the month of Feb’2019 (GSTR-3B) is due on 20/03/19.

➡ *Due date for filing of GSTR 3B and 1 from July’17 to Sept18 without late fees is 31/03/2019*

➡ *Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July17 to Dec’18.*

06/03/2019

* *

*JUSTIN*

*The most awaited Annual Return (GSTR-9) is now available on GSTN portal to file by tax payer for the financial year 2017-18.*

*All about GSTR-9*
_All the registered taxable persons under GST must file GSTR 9 form. However, the following persons are not required to file GSTR 9_

1. Taxpayers opting Composition scheme as they must file GSTR-9A
2. Casual Taxable Person
3. Input service distributors
4. Non-resident taxable persons
5. Persons paying TDS under section 51 of GST Act

*Late Fees*
Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default.