February 2019 - TaxOnline24

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Thursday, 28 February 2019

No Online Refund if bank account is not linked Link with your PAN

Thursday, February 28, 2019 1

No Online Refund if bank account is not linked Link with your PAN

Income Tax Department clearly said "we will Issue only Online Refunds from 01.03.2019. Online Refunds will be given only to bank accounts (savings/current/cash/OD) which are linked with PAN.

How to check your bank account is linked with pan or not for getting online refund

login to e-filing portal,
go to Profile setting,
Pre-validate your bank account,
and till up the details.
No Online Refund if bank account is  not linked Link with your PAN
No Online Refund if bank account is  not linked Link with your PAN

If pre-validations is successful then your back account is link with pan and you are eligible to get online refund of income tax.

Get your online refund directly and securely in your bank account.

If you bank account not yet linked with PAN, contact your bank branch and provide your PAN details to them.

After submission of your pan details to bank, again try the above mention procedure of pre-validation
→ If your bank is integrated with the e-filing portal, pre-validation will be done directly through EVC and net banking route.
→ If your bank is not so integrated, then Income Tax Department will validate the bank account from the details filled up by you.
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GST Impact on Real Estate, 33rd GST Council Meeting - Highlights & Updates

Thursday, February 28, 2019 0

GST Impact on Real Estate

Meeting held on 20.02.2019

Recommendation of GST rate:-
  1. On under-construction properties-5% GST from 12% GST 
  2. On affordable housing category-3% or lower rate of GST from 8% 
  3. GST However, in both cases, input tax credit (ITC) cannot be claimed. 
  4. No rate cuts were discussed for Cement, which is currently being charged a GST at the rate of 28%
  5. On Lottery-18% to 28% GST

Meeting held on 24.02.2019

Proposed GST impact on real state (GST Rate on Residence)

Type of Residence
Existing GST Rate
Proposed GST Rate
ITC Availability
Residential properties outside affordable segment
12%
5%
Without ITC
Affordable housing properties
8%
1%

Affordable housing properties 
Residential property of
  1. carpet area of up-to 90 sqm in non-metropolitan cities /towns 
  2. 60 sqm in metropolitan cities
priced at Rs 45 lakh or below will be considered ‘affordable

Metropolitan Cities are – Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR)

The new GST rate shall be applicable from 1st April 2019.

GST exemption has also been proposed on Transfer Development Rights (TDR) / Joint Development Agreement (JDA), long term lease (premium), Floor Space Index (FSI)

GST Council has specified that an Intermediate tax on these development rights such as TDR, JDA, lease (premium), FSI will be exempt from GST for such residential properties on which GST is payable. 

The new GST rate shall be applicable from 1st April 2019.

Benefits of the above recommendation made by the GST Council (GST Impact on real state)

  1. The buyer of house will get a fair price and affordable housing gets very attractive with GST @ 1%.
  2. Interest of the buyer/consumer will be protected; ITC benefits not being passed to them shall become a non-issue.
  3. Cash flow problem for the sector is addressed by exemption of GST on development rights, long term lease (premium), FSI etc.
  4. Unutilized ITC, which used to become cost at the end of the project gets removed and should lead to better pricing.
  5. Tax structure and tax compliance becomes simpler for builders.
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Saturday, 23 February 2019

How to Become a CA in First Attempt?

Saturday, February 23, 2019 0

How to Become a CA in First Attempt?

CA which is an abbreviation of Chartered Accountant is a dream course for every Commerce Student. Almost every student who opts for commerce stream dreams of becoming a CA. It is a highly rated profession in our country and a continuously growing field. This profession offers great opportunities and a good pay scale. But all the opportunities and salary packages depend upon the knowledge you have and the number of attempts you take to clear this exam.

If you are a CA aspirant, are about to make an entry into this course and willing to clear all its level in the first attempt this article is for you. Read this article till the end to know what it takes to become a CA in First Attempt and all the perks associated with it.

What it takes to be a CA

Once you become a CA, you will get ample opportunities knocking at your doorsteps. But you will have to toil really hard to make a way for all those opportunities come and knock your door. This a rewarding but a highly demanding career. You will be required to devote at least four years of your life to the preparation of this course. You will have to work extremely hard to cover the vast syllabus of each of its level. Judge your potential then only go for it.

Different Stages of the CA Course

Chartered Accountancy involves primary three levels.
   1) CA Foundation

   2) CA Intermediate
   3) CA Final
With each stage, the level of this course increases, and it becomes difficult with every subsequent stage. But if you are determined and ready to devote yourself you will be able to clear each of its stage in the first attempt.

Why Clear CA in First Attempt

Though there are no restrictions on the number of attempts you clear this exam. But with every attempt you fail, you lose your chance of becoming a successful CA and diminish the scope of opportunities you were about to get if you had cleared this exam in the first attempt. Companies while recruiting CA’s prefer candidates who have cleared all the levels in a single attempt or those who are rankers. The packages offered also depend upon the number of attempts taken by an individual to clear this exam. So, now you must have realized the importance of clearing this exam in the first attempt.

How to Clear CA in First Attempt.

Starting with CA foundation, which is an entry-level exam of this course. The syllabus of CA Foundation is similar to that of your class 11th and 12th, if you have decided to become a CA while opting for commerce stream it is better to start its preparation in the 11th class itself. As you are starting early and there is no rush, so devote at least an hour of your day for preparation of this exam, make your base strong, analyse past year papers which will give you the idea of the kind of questions that will be asked in the exam and that will make you exam ready. Once you are done with your 12th boards you will get an approximate period of 2 months before appearing in CA Foundation exam, as you started the preparation early, these two months will we more than enough for you to revise the entire course, and hence you can be sure of passing it in the first attempt itself.

Once you have appeared for CA Foundation, without wasting any time you must start your preparation of CA intermediate for which you get approximately 9 months of the study period. This Exam consists of 2 groups, each group consists of 4 papers, you can appear for either 1 group at a time or for both the groups simultaneously. This completely depends upon your level of preparation. If you are not sure of appearing in both the groups simultaneously, appear for one than for other.

Once you qualify either one or both the groups you can register for Practical training under a practicing CA. The practical training is for a period of 3 years. These three years are going to be hectic for you because you will be required to attend regular office and with that, you will have to manage your studies and CA Coaching Institute also (just in case you want to join for CA Final preparation).During your articleship days, any how to try to allot 2 hours for self-study and do not procrastinate & do it religiously.Try to cover your entire course for both the groups of CA Final in your articleship period itself as after approximately 2.5 yrs of your articleship you will be eligible to appear in CA FInal.For which students usually get around 4 months of preparation leave from their office.If you have completed the entire course in your articleship time period these four months of leave will be enough for you to revise your entire course at least 3 times.

In the end, I would like to conclude that clearing CA Exam in the first attempt is no big deal, the only thing is you should be determined and ready for all the hard work it takes to clear this exam, and I am sure you will clear it in first attempt itself.

This article is written by Nisha Singh. The authors can be reached at "connect@quibus.in”

Author Bio

Name: Nisha Singh
Qualification: NA
Company: NA
Location: NA
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Wednesday, 20 February 2019

Income Tax Deduction From Salary

Wednesday, February 20, 2019 1

Income Tax Deduction From Salary

CIRCULARS :- F. No. 275/19212018-IT (8)Date – 8.02.2019

Subject:- Income-Tax Deduction from Salaries during the Financial Year 2018-19 under Section 192 of the Income-tax Act, 1961-regarding

In Circular NO.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of  section 80TTB were inadvertently not correctly explained in para 5.5.12 of the circular. The correct position of the admissibility of deduction under section 80TTB is provided as under: -

"Section 80TTB introduced by Finance Act, 2018, w.e.f 01.04.2019, allows deduction to a senior citizen from his gross total income in respect of income by way of interest on deposits with-
  1. a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
  2. a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); or 
  3. a Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898), 
The amount of deduction in respect of above interest on deposit is as under: -
  1. in a case where the amount of such income does not exceed in the aggregate fifty thousand rupees, the whole of such amount; and
  2. in any other case, fifty thousand rupees
However, no deduction is allowed under section 80TTB to any partner of the firm or any member of the association or any individual of the body if said interest is derived from any deposit held by, or on behalf of, a firm, an association of persons or a body of individuals.

For this purpose, "senior citizen" means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year. However, taxpayers claiming deduction under section 80TTB shall not be eligible for deduction under section 80TTA". 

In view of above, Circular NO.1/2019 may accordingly be treated as modified to this extent. The earlier corrigendum dated.01 .02.2019 stands withdrawn and cancelled.

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Recent Changes In GST Portal

Wednesday, February 20, 2019 0

Recent Changes In GST Portal

1. Monthly Refund applications by Quarterly GSTR-1 filers

There was restriction for applying refund on quarterly basis for quarterly GSTR 1 filers.
This restriction has been removed now. 

Change - The tax payer can now file refund application on monthly basis, if GSTR 1 for the quarter is filed

2. Auto approval of Appeals filed by Taxpayer or Tax Department

Application for appeal has to be submitted by the Appellant (Tax payer or Tax Department) to the First Appellate Authority. The Appellant also needs to submit certified copies within 7 days from the date of application or within the time limit allowed. The Appellate Authority may either admit the appeal by issuing the final acknowledgement or reject the application.

Change - If Appellate Authority fails to issue final acknowledgement to the appellant within the stipulated time, then a system generated final acknowledgement will be issued to the appellant with a remark “subject to validation of certified copies”

3. List of Preferred Banks list while making Payment 

When a taxpayer will make payment of GST using a bank, it will be updated in the Preferred Banks list for that taxpayer.

Up to 6 Preferred Banks will be shown to a taxpayer while making e-Payment on GST Portal.

When a Taxpayer already having 6 banks in its preferred bank’s list, makes a payment with 7th bank, then that 7th bank will be added in the preferred banks and the least used bank will be removed from the list. 

The taxpayer can delete any of the preferred banks at any point in time.


4. Release of API related to Assessment and adjudication

Following API released
  1. Assessment of non-filers of Returns
  2. Summary Assessment
  3. Rectification of mistake

5. Removal of validation of 2% in Form GSTR-7

At the time of filing of Form GSTR-7, generally it is being checked automatically whether total amount deducted is 2% of the taxable value or not.

Change – Now this auto checking has been removed. TDS Deductor will be free to report any value under CGST, SGST or IGST columns.. Same is implemented in offline utility also.

6. Population of data from EWB system into Form GSTR-1  

At the time of generating E-way bill for outward supply, taxpayers enter the details of outward supplies such as invoice number, date, quantity, value, Tax, HSN code and Consignee GSTIN etc.

Change – Taxpayers can now easily import these details of outward supply invoices, as indicated in the eway bill, at the time of preparation of Form GSTR-1, by clicking the “import EWB Data” button, on the GST portal

On the GST portal, the “Import EWB Data” button has been added in the following titles of the Form GSTR-1 page
  1. 4A, 4B, 4C, 6B, 6C – B2B invoices
  2. A, 5B – B2C (Large) invoices
  3. 12 – HSN wise summary of outward supplies
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Tuesday, 19 February 2019

PAN-AADHAAR LINKAGE MANDATORY

Tuesday, February 19, 2019 0

PAN-AADHAAR LINKAGE MANDATORY 

Pan-Aadhaar linkage mandatory for filing income tax returns from AY 2019- 20: Union of India & others vs. Shreya Sen & others (SC)

CASE NO.-34292/2018 DATE -4.02.2019

Fact of the case

  1. Shreya Sen, a taxpayer is the assessee in the present case who submitted I.T Reurn for the assessment year 2018-19 without linking Aadhaar & PAN No.
  2. The revenue department appealed to the high court regarding the aforesaid problem.
  3. The High Court had permitted the respondents, Shreya Sen to file the Income Tax Return for the Assessment Year 2018-19 without linkage of their Aadhar and PAN numbers and it was also directed that the Income Tax Department would not insist on production of their number of Aadhar enrollment.
  4. The revenue department again appealed to the Supreme Court against the order passed by High Court.
PAN-AADHAAR LINKAGE MANDATORY
Pan-Aadhaar Linkage Mandatory

Decision of the Case

The Supreme Court observed the following:-
  1. The High Court passed the order the when the aforesaid matter was pending consideration in the Supreme Court.
  2. Thereafter the Supreme Court passed the order to linkage PAN with Aadhaar mandatory.
  3. The respondents had already submitted I.T Return without linking Aadhaar as per direction of High Court and the assessment has also been completed. So it need not be implemented for the assessment year 2018-19.
  4. As per section 139AA inserted in the financial act 2017 to the Income Tax Act mandating quoting of Aadhaar or enrollment of ID of Aadhaar application form for filling of I.T Return.
  5. Two judges Bench of Supreme Court upheld the constitutional validity of the said provision & reversed the order of High Court allowing the tax payer to file I. T return without linking PAN with Aadhaar

pan Aadhar link online    Link Aadhaar

https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html


Source:- Tax Bulletin 34 of ICMAI



Section 139AA of Income Tax Act' 1961

Quoting of Aadhaar number.—
(1) Every person who is eligible to obtain Aadhaar number shall, on or after the 1st day of July, 2017, quote Aadhaar number—
          (i) in the application form for allotment of permanent account number;
          (ii) in the return of income:
Provided that where the person does not possess the Aadhaar Number, the Enrolment ID of Aadhaar application form issued to him at the time of enrolment shall be quoted in the application for permanent account number or, as the case may be, in the return of income furnished by him.

(2) Every person who has been allotted permanent account number as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be notified by the Central Government in the Official Gazette:

Provided that in case of failure to intimate the Aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number.

(3) The provisions of this section shall not apply to such person or class or classes of persons or any State or part of any State, as may be notified by the Central Government in this behalf, in the Official Gazette.

Explanation.—For the purposes of this section, the expressions—
        (i)"Aadhaar number", "Enrolment" and "resident" shall have the same meanings respectively assigned to them in clauses (a), (m) and (v) of section 2 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 (18 of 2016);
         (ii)"Enrolment ID" means a 28 digit Enrolment Identification Number issued to a resident at the time of enrolment.'.

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Friday, 15 February 2019

GST Audit

Friday, February 15, 2019 0

Type of GST Audit

GST Audit
GST Audit 


Types of Audit :-

1) Mandatory Audit :-
2) Audit by Tax Authorities :-
3) Special Audit :-

1) Mandatory Audit :-

In terms of Section 35(5) " Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub section (2) of section 44 and such other documents in such form and manner as may be prescribed".

In terms of Rule 80(3) of the CGST Rules “every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in GSTR 9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner”.

2) Audit by Tax Authorities :-

Conduct of Audit :-
As per section 65 read with Rule 101 of CGST Rules, 2017 , commissioner or any officer authorised by him may conduct audit of any registered person for a financial year or multiples thereof.

Prior Notice :-
The registered person shall be informed by way of a notice not less than 15 working days prior to the conduct of audit in such manner as may be prescribed.

Time period for concluding audit :-
The audit shall be completed within a period of 3 months from the date of commencement of the audit.

However in case where commissioner is satisfied that audit can not be completed within 3 months then he may for the reasons to be recorded in writing, extend the period by a further period not exceeding 6 months.

" Commencement of audit " shall mean -
the date on which the records and other documents, called by the tax authorities are made available by the registered person, or the actual institution of audit at the place of business, whichever is later.


3) Special Audit :-

Conduct of Audit :-
As per section 66, any officer not below the rank of Assistant Commissioner with the prior approval of the Commissioner direct such registered person by a communication in writing to get his records including books of accounts examined.

Audit can be ordered if such officer at any stage of scrutiny, inquiry, investigation or any other proceedings before him having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that the registered person has -

(i)  not correctly declared the value, or
(ii) availed credit which is not within the normal limits.

Audit to be conducted by a conducted by a Chartered Accountant or a Cost Accountant as may be nominated by the Commissioner.

Time period of Audit :-
The Chartered Accountant or a Cost Accountant so nominated shall within the period of 90 days submit a report of such audit signed and certified by him to the said Assistant Commissioner mentioning therein such other particulars as may be specified.

However the Assistant Commissioner may on an application made to him in this behalf by the registered person or the Chartered Accountant or a Cost Accountant for any material and sufficient reason, extend the said period by a further period of 90 days.

Accounts to be audited even already audited :-
The provisions of this section shall have effect notwithstanding that the accounts of the registered person have been audited under any other provisions of this act or any other law for the time being in force.

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Tuesday, 5 February 2019

Important Due date Compliance Calendar for February 2019

Tuesday, February 05, 2019 0

Important Due date Compliance Calendar for February 2019

Important Due date Compliance Calendar for February 2019

Income tax Act, 1961
07-02-2019
  • Due date for deposit of tax deducted /collected at source for the month of  January 2019.
  • 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.
  • Form or Challan : Form 24G

GST Act
10-02-2019
  • Due date for filing GSTR-7 (to be filed by the persons who is required to deduct TDS under GST for the for the month of  January 2019.
  • Due date for filing GSTR-8 (to be filed by the by the e-commerce operators required to deduct TDS under GST for the for the month of  January 2019.

GST Act
11-02-2019
  • Due date for filing GSTR-1 for the month of  January 2019. 
  • Applicable for those taxpayers whose annual aggregate turnover above Rs. 1.50/- Crore or who opted to file monthly Return only. Notification No. 44/2018 – Central Tax.

GST Act
13-02-2019
  • Due date for filing GSTR-6 (to be filed by the Input Service Distributor for for the month of January 2019.

Income tax Act, 1961
14-02-2019
  • Due date for issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property) in the month of December 2018.
  • Form or Challan : Form 26QB
  • Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in the month of December 2018.
  • Form or Challan : Form 26QC

Income tax Act, 1961
15 -02-2019
  • Due date for furnishing of Form 24G by an office of the Government where TDS for the month of January 2019 has been paid without the production of a challan.
  • Form or Challan : Form 24G
  • Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for quarter ending December 31, 2018
  • Form or Challan : Form 26Q

EPF
15-02-2019
  • PF Payment for the month of January 2019.

ESIC
15-02-2019
  • ESIC Payment for the month of January 2019.
GST Act
20-02-2019
  • Due date for filing GSTR-5 & 5A (to be filed by the Non-Resident taxable person & OIDAR for the month of January 2019.
  • GSTR-3B for the month of January 2019. Pay due Tax till this date.
  • RFD-10:- Eighteen months after end of the quarter for which refund is to be claimed

MSME Development Act 2006
21-02-2019 

EPF
25-02-2019
  • PF Return filling for the month of January 2019 (including pension & Insurance scheme forms)



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Note:- All dates are may be subject to change as per respective notification 
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Friday, 1 February 2019

Checklist for GST Audit

Friday, February 01, 2019 0

Checklist for GST Audit in word format

Every registered person having turnover of more than Rs. 2 Crore has to file the reconciliation statement along with certificate by an Auditor as prescribed in Form GSTR 9C.

For proper execution of work a detailed checklist should be devised which clearly states the various details to be checked, manner of checking and the extent of checking. This ensures that important issues are not overlooked.


Link to download Checklist for GST Audit In Word Format:-
Server 1:- Click here
Server 2:- Click here
Server 3:- Click here
Server 4:- Click here
Server 5:- Click here
Server 6:- Click here
Server 7:- Click here
Server 8:- Click here


(Reference :- Technical Guide on Annual Return & GST Audit issued by The Institute of Chartered Accountants of India )
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