Income Tax Department warning Taxpayers not to do these transactions

Income Tax Department warning Taxpayers not to do these transactions

In a bid to implement the government’s mission to make India a cashless or less cash country and weed out corruption, the Income Tax Department has again warned people to refrain from large cash transactions, contravention of which may result in the levy of penalty or dis allowance of tax deductions.

Following are the five transactions that Income Tax Department doesn’t want you to do.

1) Simple Don’t accept cash of Rs 2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion. Instead of cash, you are advised to use best an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account for such transactions. However, the said restriction shall not apply to government, any banking company, post office savings bank, co-operative bank or a person notified by the Central Government. Section 271DA of the Income Tax Act provides for levy of penalty on a person who receives a sum in contravention of the provisions of section 269ST. The penalty shall be equal to the amount of such receipt. However, the penalty shall not be levied if the person proves that there were good and sufficient reasons for such contravention.

2) Don’t receive or repay specified sum exceeding Rs 20,000 or more in cash for transfer of immovable property and use account payee cheque or account payee demand draft or use of electricity clearing system through a bank account. “Specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place. Contravention of the provisions of section 269SS will attract penalty under section 271D. Penalty under section 271D shall be levied of an amount equal to loan or deposit taken or accepted.

3)Don’t pay more than Rs 10,000 in cash relating to expenditure of business/profession. If such expenses exceeding Rs 10,000 are made in any mode, other than by an account payee cheque drawn on a bank, or account payee bank draft, or use of electronic clearing system through a bank account, no deduction shall be allowed in respect of such expenditure in the profit and loss account.

4)Don’t donate in excess of Rs 2,000 in cash to a registered trust or political party. Not only you won’t be able to claim deductions under section 80G of the Income Tax Act for such donations, but appropriate actions would be initiated against the trust or political party for encouraging money laundering.

5) Don’t pay health insurance premiums in cash. If you make any payment in cash on account of premium on health insurance facilities, you won’t get deductions under Section 80D of the Income Tax Act.
So, it is advisable for your own good not to violate the above rules, as the Income Tax Department is seeking information regarding such violations, black money or benami transactions

http://www.dptaxexperts.com

 

 

Most Important Point starting new Financial year 2019-2020

Below are the key points in relation to Goods and Services Tax (‘GST’) in view of the end of Financial Year 2018-19 and finalization of accounts

Turnover of previous financial year to be reported in Form GSTR-1 return for April 2019
⭕Turnover for the Financial Year 2018-19 to be reported in Form GSTR-1 for the Financial Year 2019-20.
⭕As per return instruction, the said turnover should be auto-populated on the GST portal (based on GST returns filed during the Financial Year 2018-19). In such a scenario, it would be prudent to verify the auto-populated turnover.
⭕Where GST portal does not auto-populate turnover for the Financial Year 2018-19, then the same should be manually entered in the Form GSTR-1 for April 2019.
⭕It is recommended that the said turnover should be computed and kept ready well in advance for the purpose of verifying/ reporting turnover in Form GSTR-1 for the month of April 2019.

Input Tax Credit (‘ITC’) reversal to be recomputed for the Financial Year 2018-19

⭕Rule 42(2) of the CGST Rules, 2017 provides for recalculation of ITC reversal basis the turnover ratio (exempt turnover vs total turnover) for the Financial Year 2018-19.
⭕Any shortfall in ITC reversal (vis-à-vis ITC reversed previously on a monthly basis) should be added in output tax liability computed for the subsequent months, not later than September 2019. Interest, as applicable should also be discharged on such shortfall from 1 April 2019 till the date of actual payment. Hence, it would be prudent to determine such shortfall in reversal and discharge the same at the earliest in order to minimise the interest implication.
⭕Any excess ITC reversal (vis-à-vis ITC reversed previously on a monthly basis) should be availed in Form GSTR-3B filed for the subsequent months, not later than the month of September 2019.

ITC in respect of input invoices issued during Financial Year 2017-18
⭕Proviso to Section 16(4) of the CGST Act, 2017 inserted vide Order No 02/2018-Central Tax provides an extension for availment of ITC on invoices pertaining to the Financial Year 2017-18 up to due date for filing Form GSTR-3B for the month of March 2019.
⭕Vendor invoices pertaining to the Financial Year 2017-18 should be identified and corresponding ITC (subject to eligibility) should be availed before the aforesaid due date, otherwise ITC would lapse.
⭕ITC on debit notes in relation to invoices issued during Financial Year 2017-18 (irrespective of whether such debit notes are issued in Financial Year 2017-18 or 2018-19) should be availed before the aforesaid due date (ie 20 April 2019).
⭕Accordingly, it may be prudent to co-ordinate with vendors to ensure that all debit notes pertaining to invoices issued in Financial Year 2017-18 are issued and received for timely availment of ITC.

ITC in respect of input invoices issued during Financial Year 2018-19
⭕Section 16(4) of the CGST Act, 2017 states that ITC on any invoice/ debit note (in respect of invoice issued during Financial Year 2018-19) would not be available after the due date for filing return for September 2019 or furnishing Form GSTR-9 for the Financial Year 2018-19; whichever is earlier.
⭕Vendor invoices/ debit notes pertaining to the Financial Year 2018-19 should be identified and corresponding ITC (subject to eligibility) should be availed before the aforesaid due date ie 20 October 2019, otherwise ITC would lapse.
⭕Accordingly, it may be prudent to co-ordinate with vendors to ensure that all debit notes pertaining to invoices issued in Financial Year 2018-19 are issued and received for timely availment of ITC.

Credit notes in respect of invoices raised during Financial Year 2018-19
⭕Section 34(2) of the CGST Act, 2017 prescribes that credit notes issued against invoices pertaining to Financial Year 2018-19 cannot be adjusted in the Form GSTR-1 for the period post after filing the Form GSTR-1 for September 2019 or Form GSTR-9 for the Financial Year 2018-19, whichever is earlier.
⭕Hence, credit notes, if any, pertaining to invoices of Financial Year 2018-19 should be raised and reported in the GST returns before the above prescribed dates.

Rectification of error/ omission in respect of details already furnished in Form GSTR-1 for the Financial Year 2017-18
⭕Proviso to Section 37(3) of the CGST Act, 2017 read with Order No 02/ 2018 – Central Tax provides an extension for rectification of any errors/ omissions in the details furnished in Form GSTR-1 filed for the Financial Year 2017-18 till March 2019
⭕Accordingly, any errors/ omissions in details reported in Form GSTR-1 should be identified and rectified before the aforesaid due date.

Rectification of error/ omission in respect of details already furnished in Form GSTR-1 for the Financial Year 2018-19
⭕The GST Legislation permits rectification of any errors/ omissions in the details furnished in Form GSTR-1 for the Financial Year 2018-19 in the returns to be filed for the subsequent months.
⭕The said rectification is however restricted till furnishing Form GSTR-1 for the month of September 2019 or Form GSTR-9 for Financial Year 2018-19, whichever is earlier.
⭕Accordingly, any errors/ omissions in details reported in Form GSTR-1 should be identified and rectified before the aforesaid due date.

Annual Return (Financial Year 2017-18) and Reconciliation between GST returns and financial statements
⭕Due date for filing annual return for the Financial Year 2017-18 under Form GSTR-9 and Form GSTR-9C has been extended to 30 June 2019 vide Order No 03/2018-Central Tax.
⭕Accordingly, it is prudent to initiate preparation for filing Form GSTR-9 and Form GSTR-9C ie annual return and reconciliation statement.
⭕Details reported in GST returns for Financial Year 2017-18 should be reconciled with the financial statements/ General Ledgers/ Trial balance for the financial year on a GSTIN level – in order to identify discrepancies (if any) in filing of GST returns.
⭕Any shortfall in payment/ excess payment of GST, if any, to be identified and appropriately adjusted in Form DRC–03.

Reconciliation between GST returns and financial statements (Financial Year 2018-19)
⭕Details reported in GST returns for Financial Year 2018-19 should be reconciled with the financial statements/ General Ledgers/ Trial balance for the financial year on a GSTIN level – in order to identify discrepancies (if any) in filing of GST returns.
⭕Any shortfall in payment/ excess payment of GST, if any, to be identified and appropriately adjusted in GST returns to be filed for the subsequent months.

Distribution of credit by ISD registration
⭕Credit is required to be distributed by ISD registration based on the turnover of previous financial year/ previous quarter – as the case maybe.
⭕For distributing the credit availed by ISD registration from April 2019 onwards, the turnover for distribution of credit (of previous financial year or the previous quarter) should be recomputed.

Invoice Series
⭕In accordance with Rule 46 of the CGST Rules, 2017 a unique document series should be introduced for invoices/debit notes/ credit notes to be issued in Financial Year 2019-20.

Letter of Undertaking (LUT)
⭕For continuous availment of benefit of export with payment of IGST post 31 March 2019, it is required to file LUT for Financial Year 2019-20 at the earliest on the GST portal.

what is procedure for applying Trademark/logo/Brand?

What is procedure for applying Trademark/logo/Brand?

 

Quick​ ​and​ ​Easy​ ​Trademark​ ​Registration

 

A trademark is a unique and characteristic brand representation tool that is displayed on products manufactured by a company that upon a glance indicates to the consumers that a certain product has been produced by this company. It can be displayed in the form of a slogan, a logo, a sign, graphic, a particular colour or word; or a combination of these- the best examples of the combination being Coca Cola and BMW who have embedded their logo within the brand name.

It is necessary to have a trademark that sympathies with your brand value and the product that you’re trying to sell. If you wish to make your brand a household name, the best way to go about it is get a trademark for it- in whatever way that complies best with the advertised product.

When we say unique it also means that you need to get your trademark registered as soon as possible because it cannot be predicted as to when exactly someone else is going to have the same idea and get it registered before you do. we are providing service from ahmedabad,Gujarat india.

 

What is Benefits of Trade Mark Registration ?

Provides​ ​a​ ​Separate​ ​Identity​

A trademark takes over as your brand’s prime identity in the market. Customers upon noticing the trademark, either based on previous impressionable experiences or advertisements where the trademark forms a major visual cue, tend to favour the products they recognise and have an idea about.

 

Safeguarding​ ​the​ ​brand

Registering a trademark secures the brand and protects its authenticity. The owners of the trademarks can easily establish their right over them in case of disputes. Furthermore new companies that arrive in the market shall not be able to use similar names for their brand which ensures that the customers don’t get confused.

 

Exclusive​ ​Rights

The owner of Registered Trademark enjoys exclusive right over his trademark. The owner can use the same trademark for all his products. Also, the owner can enjoy the sole ownership of the Trademark and can stop others from the unauthorized use of his Trademark under the same class where it is registered.

 

Builds​ ​Trust​ ​and​ ​Goodwill

The established quality of your product and services are known by everyone through the trademark and which establishes trust and goodwill among the customers in market. It helps in creating permanent customers who are loyal and always opt for the same brand.

 

Differentiates​ ​Product

It makes easy for customers to find your products. It makes your product and identity of products different from that of the existing and foreseen competitors and acts as efficient commercial tool. The logo can communicate your vision, quality or unique characteristic of your company and any organisation.

 

Recognition​ ​to​ ​product’s​ ​Quality

It gives recognition to the quality of the product. Customers attach the product’s quality with the brand name and this image is created in the market about the quality of a particular brand which helps in attracting new customers as they can differentiate the quality of a product by the logo/brand name.

 

Use​ ​of​ ​®​ ​symbol

Once the trademark is registered you can use the ® symbol on your logo stating that it is a registered trademark and no one can use the same trademark. It is exclusive of all types of usages as well as rights. If someone else use the trademark then you can also sue the party if the trademark is registered.

 

Which are Necessary​ ​Basic Documents​ ​for Trade Mark registration?

Soft Copy

Soft copy of Trademark/Logo (image, sound or shape)

Proof

Name and address of Trademark Applicant

Class

Classification or Trademark Class

Description

Description of the goods and services.

 

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MCA Update : Forms to be filled for this year:

MCA Update :

Forms to be filled for this year:

Initial MSME 1 : within 30 days from date of availability of form on MCA portal

One time DPT 3 : within 90days from date of notifications i.e 20th April 2019

E form Active ( INC 22A) : on or before 25the April 2019

DIN 3KYC : on or before 30th April 2019

MSME 1 (1st half) : on or before 30th April 2019

Annual DPT 3 : on or before 30th June 2019

Annual Filling AOC 4: on or before 30th October 2019

MSME 1 (2nd half) : on or before 30th October 2019

Annal Return MGT 9: on or before 29th November 2019

CA Nitin Patil