TAXAJ - TAXAJ Knowledge Base #Updates

Best Chartered Accountants in Bangalore

Mon, 12 Feb 2024 22:59:11 +0530

Best Chartered Accountants in Bangalore

In the bustling metropolis of Bangalore, where businesses thrive and entrepreneurs flourish, having the right financial expertise can make all the difference. Chartered accountants play a pivotal role in ensuring financial compliance, strategic planning, and business success. In this comprehensive guide, we'll explore the best chartered accountants in Bangalore who excel in their field, providing exceptional services to clients across various industries.

Why Choose a Chartered Accountant in Bangalore?

Bangalore, often dubbed the Silicon Valley of India, boasts a vibrant economy and a diverse business landscape. From startups and SMEs to multinational corporations, businesses in Bangalore require specialized financial services to navigate complex regulatory frameworks and achieve their growth objectives. Chartered accountants in Bangalore bring a wealth of knowledge, experience, and industry insights to the table, making them indispensable partners for businesses seeking financial excellence.

The Role of Chartered Accountants:

Chartered accountants serve as trusted advisors to businesses, offering a wide range of services, including:

Financial Planning and Analysis: Chartered accountants help businesses develop comprehensive financial plans, analyze performance metrics, and identify areas for improvement to enhance profitability and sustainability.
Tax Planning and Compliance: With expertise in tax laws and regulations, chartered accountants assist businesses in optimizing their tax liabilities, ensuring compliance with tax authorities, and maximizing tax benefits.
Audit and Assurance: Chartered accountants conduct audits, reviews, and assurance services to provide stakeholders with confidence in financial reporting and regulatory compliance.
Business Advisory Services: Chartered accountants offer strategic advice and insights to help businesses make informed decisions, mitigate risks, and capitalize on growth opportunities.

The Best Chartered Accountants in Bangalore:

TAXAJ Corporate Services LLP: With a reputation for excellence and integrity, TAXAJ is a leading chartered accounting firm in Bangalore. Their team of experienced professionals offers a comprehensive range of services, including tax planning, audit and assurance, and business advisory.
Abhilesh Jha & Company: Abhilesh Jha & Company is known for its personalized approach and commitment to client satisfaction. Their dedicated team of chartered accountants provides tailored solutions to meet the unique needs of businesses across various sectors.
Ruhi Kapoor & Associates: Ruhi Kapoor & Associates stands out for its innovative solutions and proactive approach to financial management. Their seasoned chartered accountants specialize in corporate finance, risk management, and compliance services.
Taxophobia Solutions: Taxophobia Solutions is recognized for its expertise in international taxation and cross-border transactions. Their global network and strategic partnerships enable businesses to navigate complex regulatory environments with ease.
AJC Partners: AJC Partners offers a holistic suite of financial services, including accounting, payroll management, and CFO advisory. Their team of chartered accountants collaborates closely with clients to drive operational efficiency and sustainable growth.

Conclusion

Choosing the right chartered accountant is essential for businesses seeking financial stability, regulatory compliance, and strategic guidance. In Bangalore's dynamic business environment, the best chartered accountants combine technical expertise with industry knowledge to deliver value-driven solutions that drive business success. Whether you're a startup, SME, or multinational corporation, partnering with a reputable chartered accounting firm can unlock new opportunities and accelerate your journey towards financial excellence in Bangalore's thriving economy.

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Signs Your Business Model Needs To Change

Sat, 11 Jul 2020 13:54:08 +0530

Four Signs that your Current Business Model needs a change to Sustain in Market

Even businesses that succeed wildly in the past may fail quickly if money stops coming in even for a few months or when the consumer expectations change. The Coronavirus Economic Crisis has already proved that beyond a doubt.

Business is all about staying on your toes all the time and if you don’t have awareness to be able to spot the tale signs of a flawed business model, then any amount of time you spend on it could be pretty much worthless.

So let’s get to the main points that indicate that your current business model is failing and you need to do a serious rethink on it.

1. You are no longer passionate about it.

Steve Jobs rated passion as one of the biggest predictors of success. The reason he said that passion is so important was because that doing something on your own in life can be so excruciatingly hard that if you are not extremely passionate about it, you are going to give up.

When you pick something you are passionate about, chances are that you are going to get it even when the going gets tough. However, that being said sometimes things are so hard that you simply start losing passion for what you are doing. Or maybe things are not that bad but you still no longer feel internally driven to work on your business.

Just because you are losing passion for what you do, doesn’t mean it is time to throw in the towel. See if you can do things differently or take up new challenges in your business that make working on it exciting again. And obviously if it’s making you money, don’t quit! Try to see if you can somehow automate the processes so that your personal presence is not required as much but don’t quit a business making you money unless there is a far greater proven opportunity available to you.

However, if you don’t have passion and you are slogging away for a considerable period of time, over two years with absolutely no glimmer of a hope that things are going to get better, it’s one of the signs that your business is in trouble.

2. There are no Customers or very few of them

One of the greatest yardstick for whether or not your business has a decent chance of succeeding is simply having customers. It is not the only yardstick as I will explain later, but if you don’t have any customers even after a year in business, there is something seriously wrong.

How do you know whether the product or service you are selling is viable business wise? You may love what you create but if others are not loving it, you are not going to make much money out of it. You may think you are putting your heart and soul into your business. But that is not enough. People need to find value in what you do. Great marketing and sales skills only work when what you are providing to people actually solves their problems.

That’s why brutally honest feedback is very valuable in business. Go seek out customers or your target audience. Try to sell to them. If they don’t buy, ASK for feedback. Ask them what’s wrong. Is the price too high, is the product/service not suited for their needs? What is their need exactly? What is it they will be willing to pay for?

Many people may not answer, but some people love giving feedback! It maybe harsh but you can learn a lot from criticism. Go and implement what they say, especially if a few people share the same concerns over and over again. If the same issue is being mentioned over and over again, go and fix it and come out with a new version of your service or change the price. If the people’s feedback was genuine, this time some of them will buy.

If people still don’t care to buy your product/service despite repeated improvements after feedbacks, this is another sign your business is in serious trouble.

3. The market is contracting.

This simply means the industry you are in is shrinking. Even if you are making a lot of money today, if you continue doing what you are doing, over a period of time, the profits you make will continue to decrease because customers no longer care about your products or services OR similar services as much. It has nothing to do with you personally, it just means that your product or service has become obsolete because of newer services that are more in demand.

This has happened throughout history. Whenever an innovation happens, it pretty much kills a major chunk of a previously thriving industry. The candle making industry was huge up until the 1800’s but the invention of the light bulb and access of electricity wiped out a major chunk of it. The horse carriage industry was huge until the Automobile industry took its place.

Closer to present times. Mobile phones eliminated the need for pagers. Whatsapp and Skype severely impacted the market of SMS and Long Distance Phone Calls! So the point is things are going to keep changing as innovation happens. Just because you are earning a lot now in your business does not mean it is going to happen forever. Keep your eyes on the trends and be prepared for the change.

You also need to understand that there is no such thing as customer loyalty. The only thing that matters is value. If your customers get better value elsewhere, they will switch very soon. So if there is a new innovation in your industry that provides better value at a cheaper price (or for free) they are going to switch!

The only thing you can do in this case is to look out for the trends and be in a position to make the appropriate decision as quickly as possible.

Ask yourself. Is this industry realistically going to thrive for the next ten, twenty or thirty year? If not, then what’s your plan when things do change? There are three things you can realistically do,

1. You can choose to stay in the industry right now because it is still making you money and in the meanwhile set up totally unrelated businesses well that will earn you money when this one shuts.

2. You can stay in the industry but always be ahead of the curve and be on the lookout of new business models so that when innovation happens you can embrace it quickly and can continue making money in this industry or a related industry.

3. You can choose to go for an industry that has stood the test of time. For example there will always be a demand for Food supplies, hospitals, legal firms, teaching institutions, alternative medicine (that works) etc. However, do not expect to see much growth unless a major consumer mindset shift happens.

4. Expenses greater than income, no signs of improvement visible.

This is one of the surest signs that your business is in trouble. When it comes to running a successful business, No amount of Facebook Likes or You-tube Views or Website Hits are more important than hard cash. You can’t tell investors that they should invest money in your business because even though it has no chance of making money, it has a big social media following. You can’t feed your family with these metrics. You can’t pay for your grocery bills with Facebook likes.

No matter what changes take place over the years in the nature of how business is conducted, at its core, a business by definition is something you do for profit. The profit need not come immediately but it has to depend on a solid strategy that if you invest money today, there should be a good chance that the money will come back in the future. The amount of uncertainty you are willing to accept depends on you and your cushion of money.

Venture Capitalists funding high growth/high risk startups can take on a huge amount of risk because they have an even huger amount of money. Small business depending upon their own savings or loans from friends and family cannot afford to take that risk. Thus any business, but especially small business with limited cash need to keep an eye on the amount of money that is going out as expenses versus the amount of money that is coming in as a revenue.

If the amount of money that goes out is consistently higher than the amount of money coming in, sooner or later you will run out of cash. Once you run out of cash, your business shuts down, plain and simple, unless of course someone else puts some money into it to bail you out for the time being. But even then, if your business model doesn’t change and money keeps burning without enough coming back in, others can bail you out only for so long. If the model doesn’t change, it is still a failing business that will eventually shut down.

So be smart and monitor your expenses, especially if you are self-financing your business or taking loans. Be very very smart about where you put in your money. If you don’t have much personal savings or have loans to repay to others, it is better you re-evaluate your business strategy and move on to a new business model while you still have time.

Mandatory Linking of Pan with Aadhar by 30th June 2020

Wed, 17 Jun 2020 10:51:45 +0530

How to Link PAN Card to Aadhar Card Online through e-Filing Website

Link PAN card with Aadhaar card right now if you haven't already done so June 30, 2020 is the new deadline to link your Aadhar Card and PAN Card. As per a directive from the Income Tax Department, it is mandatory to connect your Permanent Account Number (PAN) with Aadhar Card. In case you are not sure whether you have already linked PAN card with Aadhaar card, it is a good time to check the status of your Aadhaar card and PAN card linking. The Central Board of Direct Taxes (CBDT) on December 30 extended the deadline for linking Aadhaar card with PAN card from December 31 to March 31, 2020, and then on March 24, extended it to June 30 in light of the coronavirus pandemic. People failing to meet the deadline will no longer be able to file their income tax returns and their PAN will become inoperative.

"The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020. Notification no.107 of 2019 dated 30/12/2019 issued by CBDT," the IT department said in a tweet

If you want to check whether your Aadhaar and PAN are already linked, you need to follow the steps provided below.

How to check your PAN-Aadhaar card link status

Checking PAN-Aadhaar link status is easy. You need to go to the website of the Income Tax Department before the June 30, 2020 deadline. The website will ask you to enter your Aadhaar card number and PAN card details to check the status of the Aadhaar-PAN linking online

Go to the official website of the Income Tax Department by visiting https://www.incometax.gov.in/iec/foportal/ from your browser.
Now, click on the Link Aadhaar option provided under the Quick Links section on the left sidebar.
This will take you to the Link Aadhaar page from where you need to click on the Click here link.
You'll now see a page where you need to enter your PAN and Aadhaar numbers to check the linking status.
If your Aadhaar and PAN are already linked, you'll see a screen showing a confirmation message. This will highlight the last four digits of your Aadhaar number.
You should verify the PAN and Aadhaar number you've entered if you're getting a message that you're yet to link them but you have a doubt that you had already performed the linking.

In case if you haven't linked your Aadhaar and PAN, you can follow the steps available below to link them online.

How to Link PAN Card to Aadhar Card Online through e-Filing Website

People can get their PAN and Aadhar linked online by following the steps mentioned below:

Step 1. Visit the Income Tax e-Filing website to link your PAN and Aadhaar

Step 2. Enter your PAN and Aadhar number in the form

Step 3. Enter your name as mentioned in your Aadhar card

Step 4. In case only your birth year is mentioned on your Aadhar card, you have to tick the square

Step 5. Now enter the captcha code mentioned in the image for verification

Step 6. Click on the “Link Aadhaar” button

Step 7. A pop-up message will appear that your Aadhaar will be successfully linked with your PAN

Visually challenged users can request for an OTP that will be sent to the registered mobile number instead of the captcha code.

How to Link Aadhar with PAN by Sending an SMS

In order to link your Aadhar to PAN, follow these steps:

You have to type a message in the format
UIDPAN<12 Digit Aadhaar> <10 Digit PAN>
Send the message to either 567678 or 56161 from your registered mobile number
If your Aadhaar number is 987654321012 and your PAN is ABCDE1234F, you have to type UIDPAN 987654321012 ABCDE1234F and send the message to either 567678 or 56161

Correction Facility for Linking your PAN with Aadhar Card

PAN and Aadhar card linking is successful only when all your details in both the documents match. In case there are errors such as spelling mistakes in your name, your PAN will not be linked with Aadhaar. You can make changes by visiting a nearby Aadhaar Enrolment Centre or through the portal of NSDL PAN. In case there are errors, you can get it corrected by following these steps:

The user can correct his PAN details using the NSDL website
The NSDL link redirects to the page where you can apply for the correction of your name
Submit signed digital documents to get your PAN details updated
Once your details are corrected in your PAN and confirmed by NSDL over a mail, you can link your PAN with Aadhaar

Unable to Link PAN with Aadhaar? Here’s What to Do

PAN cards have to be mandatorily linked with Aadhaar before the deadline ends otherwise they will be deactivated by the Income Tax Department. The name of the applicant should be the same on both PAN card and the Aadhaar card. In case there is some spelling mismatch, you will be unable to link Aadhaar with PAN. You will have to get your name corrected and after correction, you can easily link your PAN with Aadhaar.

When PAN Card is Mis-Spelt:

Step 1: Visit the e-filing website of NSDL at https://goo.gl/zvt8eV
Step 2: Select the ‘Changes or Correction in existing PAN data/Reprint of PAN Card (No changes in Existing PAN Data)’ option from the drop-down menu
Step 3: Select the individual category and enter your details
Step 4: Make payment and submit your form online after Aadhaar e-KYC
Step 5: Your updated PAN will be sent to your address
Step 6: Once you receive your PAN card, you can link your PAN with Aadhaar

When Aadhaar Card is Mis-Spelt:

Step 1: Visit an Aadhaar Enrolment Centre
Step 2: Carry a self-attested copy of your proof of Identity
Step 3: Fill the Aadhaar Enrolment Form
Step 4: Submit the form along with the documents
Step 5: You will get an acknowledgement slip that contains the update request number
Step 6: This URN can be used to check the status of your update request
Step 7: Once your update request is processed and the name is corrected, you can link your PAN with Aadhaar

Importance of Linking PAN Card with Aadhar Card

Linking PAN with Aadhar is very important for all PAN cardholders because of the following reasons:

All PAN cards that are not linked with Aadhaar will be deactivated after March 31st, 2020
Linking PAN with Aadhaar will help in tackling the problem of multiple PAN cards issued in the same name
Your income tax return form would not be processed if your PAN is not linked with Aadhaar
The user will get a summarised detail of taxes levied on him for future reference

FAQs on Linking PAN-Aadhaar

Q. I don’t have Aadhaar. Can I still e-file my tax return?
A. Yes, you can file tax returns but it will not be processed until your Aadhaar is linked with PAN. In case you have enrolment number, you can link it with PAN and your e-return would be processed this year but you will have to link your PAN with Aadhaar at a later stage.

Q. Is there any other process to link the two?
A. Right now, there are only two processes. The user has to get his documents linked by any one of the processes.

Q. Do NRIs need Aadhaar card to e-file?
A. NRIs are exempt from quoting their Aadhaar while filing their income tax e-returns.

Q. Who will be required to link PAN and Aadhaar numbers? What if my income is below taxable limits?
A. Even if the taxable income of an individual is below the taxable limits, he has to link his PAN with Aadhaar. Otherwise, it will be deactivated.

Q. Why do I get failed authentication message when I try to link Aadhaar with PAN?
A. You have to enter the correct OTP sent to your registered mobile number. In case you enter wrong OTP, you will get the failed authentication message. It is best suggested to enter the OTP diligently on the website to authenticate your request.

Q. When is the Aadhaar-PAN linking not compulsory?
A. You are exempt from linking your Pan with Aadhaar if:

You are an NRI
Residents of Assam, Meghalaya and Jammu & Kashmir
Foreign nationals residing in India.
Senior citizens who are more than 80 years of age at any time during the financial year

Q. Is it mandatory to create an account with the department website?
A. All taxpayers have to create an account with the Income Tax Department to file their e-returns.

Q. How can I change the mobile number that is registered with Aadhaar?
A. In order to get your mobile number updated, you have to visit a nearby Aadhaar Enrolment Centre and get your mobile number updated.

Q. What is the deadline for linking PAN card with Aadhaar card?
A. The deadline for linking PAN card and Aadhaar card is 30th June 2020.

Q. Do I have to submit any documentary proof to link my PAN and Aadhaar card?
A. Linking PAN with Aadhaar is a very simple process. You can do it online or via SMS. You do not have to submit any document proof.

Q. What are the details I have to check when linking my PAN with my Aadhaar card?
A. You have to check your name, gender and date of birth when linking your Aadhaar with PAN. In case there are errors, you can get them rectified before linking both documents.

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GST Council Meeting Highlights

Sat, 13 Jun 2020 11:49:41 +0530

No late fee for GSTR-3B filing for those with nil liabilities, says FM Sitharaman

GST Council Meeting Highlights: Finance Minister Nirmala Sitharaman today announced major relief for small taxpayers with an aggregate turnover of less than Rs 5 crore. Nirmala Sitharaman cut the interest rate on late submission of returns for the month of February, March, and April from 18 per cent to 9 per cent. The government also announced that there will be no late fee for filing GSTR 3B returns with no liability and pending from July 2017 to January 2020. However, for those with liabilities, the maximum late fee has been capped to Rs 500. FM Sitharaman underlined that no discussion on GST rate cut took place in the meeting and the decision on issues related to inverted duty structure were also postponed, however, she added that the council is looking at such issues, especially in textile, footwear, and fertiliser sectors. Amid the revenue crisis, the government also said that GST council is thinking over borrowing to fund compensation. In another major decision, the government allowed taxpayers, who could not get cancelled GST registrations restored in time, to apply for revocation of cancellation of registration up to September 30, 2020. GST Council met today for the first time after the nationwide lockdown. Finance Minister Nirmala Sitharaman chaired the 40th GST Council meeting through video conferencing, in which, Anurag Thakur, finance ministers of states & UTs, and senior government officers also participated.

There will be no late fee for those who have no tax liability and have not filed returns between July 2017 and January 2020, the government announced today while easing compliance rules for Goods and Services Tax (GST) compliance norms at its first meeting since the nationwide lockdown was implemented to prevent the spread of coronavirus pandemic. Finance Minister Nirmala Sitharaman also ruled out any tax increase. "States said this is not the time to increase taxes and so we deferred all proposals to increase taxes," Ms Sitharman said.

The government decided to defer increasing GST on textiles and garments, fertilisers and footwear was as all GST Counciil members felt lockdown has just been lifted.

The government also reduced interest on late GST filing for small businesses with a turnover up to Rs 5 crore from 18 per cent to 9 per cent for furnishing late returns for months of February, March and April 2020 beyond July 6, 2020.

"The small taxpayers will not be charged any interest till the notified dates for relief (staggered up to 6th July 2020)and thereafter 9 per cent interest will be charged till 30.09.2020," the government said in a press release.

In wake of COVID-19 pandemic, for taxpayers having aggregate turnover up to Rs. 5 crore, further relief was provided by waiver of late fees and interest if the returns in form GSTR-3B for the supplies effected in the months of May, June and July, 2020 are furnished by September, 2020, the release said.

To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to September 30, 2020, in all cases where registrations have been cancelled till June 12, 2020.

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Sonu Sood Signed by PepsiCo

Wed, 03 Jun 2020 21:48:13 +0530

Sonu Sood Signed by PepsiCo

Beverage maker PepsiCo signed actor and Bollywood man-of-the-moment Sonu Sood for a one-off Instagram campaign that centres around contactless greetings and encourages people to adhere to physical-distancing norms.

Sood, who’s been helping thousands of migrants return home during the Covid-19 crisis, has 3.2 million Instagram followers. The campaign may be taken to other platforms but details haven’t been worked out yet. A PepsiCo spokesperson confirmed the development. “Broadening of the relationship with Sonu Sood, besides this campaign, is not ruled out,” the spokesperson said.

Actor Salman Khan, who also endorses the cola, has done a similar campaign.

Other actors presently endorsing Pepsi cola are Tiger Shroff and Disha Patani.

First Big Brand Association
Sood, who acted in a few south Indian films last year, has been hailed on social media for helping migrants reach their hometowns besides supplying them meal kits and sanitisers.

Generosity of spirit makes more of an impact than sheer star power under the current circumstances, experts said.

“We are passing through a phase of anxiety when celebrities putting out videos on workouts or exotic cooking won’t resonate as well with consumers, versus someone like Sonu who is actually going out there and working with and for people. The big star is no longer all that believable,” said social commentator and brand consultant Harish Bijoor.

Business and marketing expert Lloyd Mathias, formerly marketing head for Hewlett Packard and PepsiCo, said: “There is now a need for brands to work toward a larger purpose. For Sonu, this is a good opportunity to make the leap as a leading brand endorser.”

Pepsi will be Sood’s first big brand association. “As public figures, it is our responsibility to communicate the importance of ensuring safety for ourselves and others. I am proud to partner with Pepsi on driving the message of social distancing,” said the actor who is part of the cast of Yash Raj production Prithiviraj, which is scheduled to be released this year.

The Pepsi spokesperson said the company wanted to act responsibly. “With social distancing being the new reality, we would need to re-evaluate the way we greet each other,” he said.

The ongoing social distancing campaign with Salman Khan has garnered millions of views, said the company.

An official aware of the details said the endorsement fee for Sood is modest, given that he’s not been in the league of A-listers such as the Khans. PepsiCo declined to comment on fees. Sood’s previous brand associations have been with lesser-known entities such as the government-backed Fit India Movement and fresh fruit importer IG International.

Sood’s association with Pepsi comes at a time when summer sales of soft drinks are taking a hit as Indians have been staying indoors although lockdown curbs are easing. The April-June quarter contributes more than half of the packaged beverage industry’s annual sales of over Rs 20,000 crore, of which out-of-home consumption including sales at hotels, restaurants, theatres and cineplexes and live events account for 80%. While in-home consumption has picked up, the majority out-of-home consumption sales continue to be impacted.

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Economic Stimulus Package of 20 Lakh Crores

Wed, 13 May 2020 17:34:50 +0530

Detailed Explanation on Economic Stimulus Package of 20 Lakh Crores

The mega Rs 20 lakh crore stimulus package announced on Tuesday by Prime Minister Narendra Modi includes previously announced measures to save the lockdown-battered economy, and focuses on tax breaks for small businesses as well as incentives for domestic manufacturing. The combined package works out to roughly 10 per cent of the GDP, making it among the most substantial in the world after the financial packages announced by the United States, which is 13 per cent of its GDP, and by Japan, which is over 21 per cent of its GDP.

The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to poor and cash to poor women and elderly, announced in March, as well as the Reserve Bank's liquidity measures and interest rate cuts. While the March stimulus was 0.8 per cent of GDP, RBI's cut in interest rates and liquidity boosting measures totaled to 3.2 per cent of the GDP (about Rs 6.5 lakh crore).

"A special economic package is being announced to make India self-reliant," Narendra Modi said in his third address to the nation over COVID-19 pandemic. "This package, taken together with earlier announcements by the government during COVID crisis and decisions taken by RBI, is to the tune of Rs 20 lakh crore, which is equivalent to almost 10 per cent of India's GDP."

Most economic activity in the country had come to a standstill after the government imposed a 21-day nationwide lockdown beginning March 25 to check the spread of coronavirus. The lockdown has since been extended twice through May 17, with some relaxations to allow the resumption of economic activity.

According to the latest government data, Rs 34,800 crore financial assistance using digital payment infrastructure were provided to about 39 crore beneficiaries.

Under the Pradhan Mantri Garib Kalyan Ann Yojana 67.65 lakh MT of foodgrains have been lifted by 36 states/UTs for April 2020. Around 16 LMT of foodgrains have been distributed, covering 60.33 crore beneficiaries by 36 states/UTs for April 2020.

Major Announcements in Point:

All TDS Rates have been slashed by 25% w.e.f 14/05/2020 upto 31/03/2021
All the Income Tax Refunds has been issued immediately to all the taxpayers including Company, LLP, Proprietorship, etc
Due Dates for Income Tax Returns extended to 30th Nov 2020 from 31st July 2020 for Individuals & 30th Sept 2020 for Corporates
Tax Audit Date Extended to 31/10/2020 from originally 30/09/2020
Time Barred Assessments as on 30/09/2020 shall be extended to 31/12/2020 and those barring on 31/03/2021 shall be extended to 30/09/2021
Vivad se Vishwas scheme has been extended to 31st December 2020.

Aatma NIrbhar Bharat rests on five pillars: Economy, Infrastructure, Technology-driven systems, Demography, and Demand.
Focus on factors of production: Land, Labour, liquidity and Laws.
Intention is to make local brands global. Aatma Nirbhar Bharat aims at making India self-reliant and contribute globally as well.
The government had announced a PM Garib Kalyan Yojana for the poor. In addition, the RBI has announced moratorium for loans.
DBT has helped in putting money directly into the hands of the beneficiaries. Schemes like PM Kisan helped in front loading benefits for farmers during lockdown.
Rs 52,606 crore DBT transfer into 41 crore Jan Dhan accounts under PM Garib Kalyan Yojana.
14 crore tax payers benefited from tax refunds fast tracked by tax department.
Six major steps for MSME sector. Collateral free loan of Rs 3 lakh crores for those units with Rs 25 cr outstanding or 100 cr turnover. Tenor of 4 years with moratorium.100% credit guaranteed. This will benefit 45 lakh units so that they resume work and save jobs.
For stressed MSMEs, Subordinate debt provision of Rs 20,000 cr has been announced for 2 lakh MSMEs. It will benefit those which are NPAs or stressed MSMEs.
For MSMES that are viable but need hand-holding, a fund of funds with corpus of Rs 50,000 crore will help these units expand capacity and help them list on Markets if they choose.
Definition of MSMEs has been revised to allow MSMEs to aim for expansion and not lose benefits. Also, there'll be no distinction between manufacturing & services sector MSMEs. New definition: Micro units with investment till Rs 1 cr, turnover up to Rs 5 crore. Small units with investment till Rs 10 cr, turnover up to Rs 50 cr. Medium units with investment till Rs 20 cr, turnover up to Rs 100 crore.
Global tenders will be disallowed up to Rs 200 crore government contracts.
Will ensure e-market linkages are provided across the board in the absence of non-participation in trade fairs. Govt of India and PSUs will clear all the receivables in next 45 days.
EPF contribution of Rs 2,500 crore that will benefit 72.22 lakh employees has been extended till August.
Statutory EPF contribution for organisations has been reduced to 10% from 12% . This doesn't apply to govt organisations. This will infuse Rs 6,750 cr liquidity into these organisations.
Rs 30,000 crore special liquidity scheme for investing in investment grade debt paper of NBFCs, HFCs and MFIs. These NBFCs are those that are also funding MSMEs. These will be fully guaranteed by government of India.
Rs 45,000 crore partial credit guarantee scheme for NBFCs. The first 20% loss will be borne by the guarantor that is government of India.
For Discoms, a one-time emergency liquidity injection of Rs 90,ooo crore against all their receivables.
Govt contractors given extension of up to six months.
On real estate, urban development ministry will issue advisory to states/UTs so that the regulators can invoke force majeure. The regulators can suo moto extend completion/registration dates for six months.
TDS & TCS rates reduced. This will release Rs 50,000 crores.

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Banglarbhumi – Online Land Record – West Bengal

Sun, 03 May 2020 14:11:15 +0530

BanglarBhumi – Online Land Record – West Bengal

Banglabhumi is an online web portal for land records and reforms launched by the Government of West Bengal. Any person can use this portal to retrieve land and property related information such as the name of the owner, land area, plot number, the value of the property and also the present owner.

Registration of Deed
Online Mutation Application Process
Online request for a certified copy of Plot Information/Record Of Right (ROR)/Plot Map
Property Information

Details about the land/property are very important to a buyer or the owner of the land/property. As a matter of precaution, if a person wants to purchase any land/property, he should check for the basic details. These details could be as simple as – in whose name is the land registered or who is the current owner of the land. Banglarbhumi portal provides these details along with the map of the land for the land/properties located in West Bengal. It also provides assistance to the entrepreneurs intending to set up new industries in the state by letting them know the infrastructure available at the proposed location. A user can also retrieve the information in relation to his block by just filling the district and block details.

Registration of Deed

A Property registration deed is the final agreement signed between two parties. Once the property is registered in the name of the buyer, the buyer becomes the legal owner of the property. This agreement is also known as the purchase/land deed which needs to be registered with the government. The procedure for registering a purchase/land deed can be seen here. Further, the e-appointment for registering this deed can be done on the same website. E-payment for registering the deed is compulsory if the stamp duty payable on the deed exceeds Rs.10,000/- or registration fee payable is more than of Rs.5,000/- or both

This registration procedure is integrated with the Income Tax Department so that PAN verification of the parties involved at the time of registering the deed is possible.

Online Mutation Application Process

Mutation is the process to change the title/owner of the property from one person to another when a transfer of property takes place. However, the process of the mutation can be initiated only when a property is registered. The mutation form is available on the banglarbhumi web portal. Here,

The user is required to fill all the necessary information correctly to avoid rejection of the application.

Once the mutation form with required details is submitted, an application reference number will be generated. This application number can be used by the user to check the status of the application.
Post the registration, the user can pay the fee via the ‘Online Application Menu’ by clicking on the ‘Fees Payment’ option.

The user will be required to fill the request type, application number and proceed to select the desired payment option.
If the user pays the fees via the ‘online mode’ (debit card/ net banking) then the mutation case number will be registered immediately.
If the user pays the fees by selecting the ‘counter payment’ option (offline), then the user can verify the status of his payment and registration through the ‘Application- GRN Search’ from the ‘Online Application’ option.

Online request for a certified copy of plot information/ Record Of Right (ROR)/ plot map

The people of West Bengal can apply for the certified copies of plot Information/ ROR/ plot map by following these simple steps:

Log onto http://banglarbhumi.gov.in
Under ‘Service Delivery option’ in the menu bar select your requirement – ROR Request/Plot Info Request/Plot map Request/ Request GRN search/ Application/Receipt Reprint.

After selecting the required option it will redirect the user to a new page where he/she will be required to fill up the asked details. Further, automated calculation of fee is done by clicking on ‘calculate fee’.
Here, the payment has to be made through the online mode.Property Information

A user can get the information about the property/land records by following these steps:
Log onto the homepage of Banglarbhumi website and select “Know Your Property” under the Citizen Service option.
Enter district, block, and mouza (village) details
Search for the required information either by using the ‘khatian number’ or plot number.
Once the appropriate number is submitted and are matched with the records, the user will get the required details.

Detailed Analysis

Land record of any property is a repository of information pertaining to the concerned property, including the name of the owner, area of the land, plot number, present owner of the property, and value of the property, among others.

Like any other state in India, West Bengal also has an online portal, “Banglarbhumi”, through which you can get access to land record details of your property. The portal helps you gather land record details, including Record of Rights in a hassle-free manner with a quick turnaround time.

Note that land record details serve as important data for both the buyer and seller during property transaction.

Services and Functions Provided by Banglarbhumi

Select Name of Department
Citizen Centric Services
Digitisation of Map & Records
Preparation, Updation & Maintenance
Distribution of Land
Management of ISU
Training (ARTI and LMTC)
Rent Controller
Thika Tenancy
Indo-Bangladesh Boundary Demarcation
State Land Use Board

How to Log in to Banglarbhumi as Departmental Users

Step 1: Go to the official website of Banglarbhumi or Land & Land Reforms and Refugee Relief and Rehabilitation Department West Bengal Visit Here.
Step 2: Click on the “Citizen Services” tab.
Step 3: A dialogue box asking you to log in to your account will show up.
Step 4: Select “Departmental Users”.

Step 5: Enter your username and password.
Step 6: Enter the captcha and click on the “Login” button.

How to Log in to Banglarbhumi as Citizens

Step 1: Go to the official website of Banglarbhumi or Land & Land Reforms and Refugee Relief and Rehabilitation Department West Bengal.
Step 2: Click on the “Citizen Services” button.
Step 3: A dialog box asking you to log in to your account will show up.
Step 4: Select “Citizens”.
Step 5: Enter your username and password.
Step 6: Enter the captcha and click on the “Login” button.

How to Apply for Record of Rights (RoR) in West Bengal through CSC Centre

To get RoR details, you can apply through the CSC centre. Here’s a step-by-step breakdown of what you need to do:

Step 1: Visit the nearest CSC centre.
Step 2: Fill in the application form with the required details.
Step 3: Attach the required documents, including identity proof, ration card, Aadhaar, and encumbrance certificate, among others, and submit the application form to the concerned authority.
Step 4: Upon verification, a certified copy of RoR will be issued.

How to Apply for Record of Rights through West Bengal e-District Portal

Step 1: Visit the official West Bengal e-District website.
Step 2: Click on the “Citizen Registration” button located on the right-hand bottom of the page.
Step 3: Fill in the required details and click “Save” to register.
Step 4: You will receive a one-time password (OTP) on your registered mobile number.
Step 5: Provide the OTP and a confirmation mail will be sent to your registered email ID.
Step 6: Click on the activation link to complete your registration.
Step 7: Log in to the portal using your username and password and enter all the details related to property record.
Step 8: Upload all the necessary documents and click on the “Submit” button.
Step 9: You will receive an acknowledgement slip along with an application number.
Step 10: Upon verification, your RoR certificate will be issued by the concerned authority.

How to Track Your Application Status

Step 1: Visit the e-District website and click on the “Inspection Report” button located on the bottom right-hand side of the page.
Step 2: Enter the “Application Identification Number” and click “Search Document” to view your application status.

How to find Land Record with Khatian or Plot Information Online in West Bengal

Step 1: Visit the official website of Banglarbhumi or Land & Land Reforms and Refugee Relief and Rehabilitation Department West Bengal and click on the “Know Your Property” button located on the right-hand side top of the page
Step 2: Fill in the required fields, enter the captcha, and click on the “View” button.
Step 3: You can either search by plot or “khatian”, as per your preference.

How to Search for Plot Information via Query Number

Step 1: Go to the Banglarbhumi or Land & Land Reforms and Refugee Relief and Rehabilitation Department West Bengal portal and click on the “Query Search” button located on the right-hand side top of the page.
Step 2: Enter the query number, query year, along with the given captcha, and hit “Show” to view any information regarding the concerned plot.

Banglarbhumi Public Grievance Application

Step 1: Visit the official website of Banglarbhumi or Land & Land Reforms and Refugee Relief and Rehabilitation Department West Bengal.
Step 2: Click on the “Public Grievance” button located on the right-hand side top of the page.
Step 3: Click on the “Grievance Application” button.
Step 4: Upon clicking, you will be redirected to a page where you have to fill in the required fields.
Step 5: Enter the captcha and hit “Submit” to complete your grievance application.

Bangalrbhumi Grievance Status/Description
Step 1: Go to the official website of Banglarbhumi or Land & Land Reforms and Refugee Relief and Rehabilitation Department West Bengal.
Step 2: Click “Public Grievance” located on the right-hand side top of the page.
Step 3: Click on the “Grievance Status/Description” button.
Step 4: Enter the UPN along with the captcha and click on the “Show” button to view your grievance status.
So, if you are planning to buy a property in West Bengal, don’t forget to ask the owner to show land record details of the concerned property. Follow the aforementioned processes to address everything related to West Bengal land record.

GST Filing Date Extension due to Covid Pandemic

Wed, 08 Apr 2020 19:31:39 +0530

GST Filing Date Extension due to Covid Pandemic

The government on March 24 announced extension of the last date for filing GSTR-3B for Goods and Services Tax (GST) for March, April and May to June 30.

"Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract a reduced rate of interest at 9 percent per annum from 15 days after due date (current interest rate is 18 % per annum)," she said.

Bigger companies, the FM said, would have to pay only interest but no late fee or penalty will be imposed.

"No late fee and penalty to be charged, if complied with before or till 30th June 2020," she said.

In a press conference, Sitharaman announced a slew of measures to fight the economic fallout of Covid-19 pandemic.

"The extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future,“ said MS Mani, Partner, Deloitte India.

The government also extended the date till the last week of June, for opting for composition scheme.

"Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020," the FM said.

The date for filing GST annual returns of 2018-19, which was due on March 31, has been extended till the last week of June.

"Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020," the government said.

Sitharaman also extended the deadline for filing FY19 income tax (I-T) returns till June 30.

ATM charges have been scrapped till June 30.

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Extension of Financial Year 2019-20

Wed, 08 Apr 2020 19:26:21 +0530

Extension of Financial Year 2019-20

1. Extension of Form 16 issue date

On June 4, 2019, Central Board of Direct Taxes (CBDT) had issued a notification extending the deadline for the employers to issue Form 16 to employees from June 15 to July 10. It has been observed that several employees had still not received Form 16 even after the due date. With only a few days left, if Form 16 is received at a later date, the time to file ITR will understandably be less. “Salaried taxpayers now have a shorter window to file their tax returns due to the extension of the due date of providing Form 16 for employers. In the wake of this extension, the due date for tax filing may be extended so salaried taxpayers can plan to file their tax returns in time,”

2. Changes in Form 16

There are two parts of Form 16, in which Part A was standardised for all employers but the Part B was not standardised. The new rule asks the employer to ensure generation of accurate TDS certificate in Part B of Form No. 16 As per the new format, every employer is required to report the detailed break-up of salary, exempt allowances and deductions claimed and allowed to an employee.

3. Extension of Form 24Q issue date

The CBDT had also extended the due date of filing of Form 24Q for the financial year 2018-19 from May 31, 2019, to June 30, 2019. The Form 24Q is a quarterly statement of deduction of tax in respect of salary for the four quarters of the financial year and is to be filed by the employer. As per the new rules, the employers have to report correct data in Annexure II of Form 24Q.

4. Verification of pre-filled data

Once Form 16 is received, one needs to ensure if the employer has generated it from the TRACES, the official software of the income tax department. Also, it is important to ensure that the figures in Form 16 and Form 26AS are matching. Lastly, the I-T department has cautioned that the pre-filling of ITR is only for the taxpayer’s convenience. Therefore, as a taxpayer one needs to verify the pre-filled data carefully and add any other taxable income which is not pre-filled.

5. Long term capital gain (LTCG )

The long term capital gain (LTCG ) tax was re-introduced in the FY 2018-19 and assessee were finding it a tad difficult to enter the figures in the software while filing the ITR. “Reporting LTCG on ClearTax is fairly simple since we allow uploading of CAMS report or even an excel file. However, the reporting of LTCG on equity shares has been introduced for the first time, the portal’s reporting section has recently undergone some change too. Those who have not yet finished calculations and made tax payment arising due to gains may need more time,” informs Gupta.

Latest CBDT clarifications
The Income Tax Department has recently issued a clarification from the CBDT that has responded to reports in social media that taxpayers were facing difficulties in the filing of IT Returns in ITR-2 & ITR-3 due to large scale changes in the ITR form. It was made clear by CBDT that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification made on 1st April 2019 and further clarified that the software utility update is a dynamic process, done continuously based on feedback received from users, to ease filing and that the updating of utility doesn’t hamper filing of ITR as taxpayers are allowed to file using utility which is available at that point of time.
Further, on July 19, CBDT clarified that taxpayers have an option to either enter the Scrip wise details of long term capital gains or enter the self-calculated aggregate value of long term capital gains directly, without entering scriptwise details. Taxpayers may exercise either option based on their convenience.

Even though these 5 reasons for an extension exists as of now, the last date for ITR filing may not be extended if things fall in place. It’s always better to not wait for the last minute and file the ITR well in advance.

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