Accurals Accounting & Management Solutions

31/01/2020

26/08/2019

Last date for filing of GST Annual return for the Financial Year 2017-18 extended to November 30, 2019 from August 31, 2019.

For any assistance, contact us at +91 7025451423 or +91 9544969216.

23/07/2019

04/06/2019

CBIC has notified June 21, 2019, as the day from which any "consignor, consignee, transporter, e-commerce operator or courier agency" would be barred from generating electronic way or e-way bill for failure to file tax returns for the stipulated time period as mentioned in the GST rules.

As per rules, a composition scheme taxpayer who has not furnished the returns for two consecutive tax periods and a regular taxpayer who has not filed returns for a consecutive period of two months would be restricted from generating e-way bill.

For filing your GST returns at the most reasonable rate, contact us at +91 7025451423 or [email protected]

16/05/2019

If you are a taxpayer not liable for tax audit, the due date for filing your income tax return for the FY 2018-19 is July 31, 2019. Not filing your return within due date can lead to a penalty, but there are also other consequences and inconveniences attached to the delay.

For income tax related queries or to file your income tax return within due date and at affordable rate, contact us at +91 7025451423 or [email protected]

25/04/2019

MCA has notified that the due date for filing of e-Form ACTIVE (Active Company Tagging Identities and Verification) (INC 22A) has been extended from April 25, 2019 to June 15, 2019, for disclosure of the particulars of the companies (registered before 31 Dec. 2017) in view of representations from stakeholders specially start-ups.

The disclosure norms, which came into effect from February, make it mandatory for registered companies to upload pictures of their business premises and at least one director.

The new norm requires companies to upload a photograph of the external facade of their registered office with a board displaying the company name, corporate identity number, address of the entity, email and phone number. The entity also has to upload a photo of the office interior showing at least one director who will also sign the form.

Late filing of e-form ACTIVE will attract a fine of Rs 10,000.

For filing your Company's Form ACTIVE at reasonable rate, contact us at +91 7025451423 or [email protected]

26/02/2019

The Ministry of Corporate Affairs (MCA) has rolled out a new e-form that must be filed by all companies incorporated on or before December 31, 2017. According to a February 21 press note, the form is named ACTIVE (INC-22A), and is part of the ACTIVE (Active Company Tagging Identities and Verification) exercise. Relevant companies are to submit the form on or before April 25.

Companies which have been struck off or are under process of striking off, under liquidation, amalgamated or dissolved, as recorded in the register, shall not be required to file e-form ACTIVE.

Where a company files "e-Form ACTIVE", on or after 26th April 2019, the company shall be marked as "ACTIVE Compliant", on payment of fee of ten thousand rupees"

For filing of e-Form Active and related matters contact us at +91 7025451423 or [email protected]

10/01/2019

The 32nd GST Council Meeting held today, relaxed the tax exemption limit to Rs 40 lakh from the earlier cap of Rs 20 lakh.The exemption limit for small states has also been increased to Rs 20 lakh from Rs 10 lakh.

The GST Council has raised the existing Composition Scheme turnover threshold to Rs 1.5 crore and expanded the scheme to include services as well, starting April 1, 2019. The GST Council also decided that service providers and those who render mixed supplies of goods and services with a turnover up to Rs 50 lakh in the informal sector will be entitled to the composition scheme under the GST regime. The composition rate for service providers in the informal sector has been pegged at 6 per cent.

The GST Council also decided to allow Kerala to levy a cess for two years, to cope up with the natural calamities it faced last year.

07/01/2019

As per Notifications 75, 76, 77/2018 dated December 31, 2018, the late fee has been waived off in respect of GSTR-1, 3B & 4 for the tax period ranging from Jul-2017 to Sep-2018 if return/statement is filed from December 22, 2018 to March 31, 2019.

For any assistance in relation to GST return filing, contact us at +91 9544969216 or +91 7025451423.

10/12/2018

The Finance Ministry has extended the last date for filing annual GST return for the FY 2017-18 by three months until March 31, 2019.

The annual returns form in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal was notified in September. The last date for filing was set at December 31, 2018.

GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is composition taxpayers, while GSTR-9C is a reconciliation statement.

07/07/2018

Taxpayers who do not file their income tax return on time can be subject to penalty and charged an interest on the late payment of income tax. In addition to the penalty and delayed interest, the taxpayer would also have to face the following consequences:

1. The taxpayer will not be able to claim any interest on the delay in a refund for the period of delay in filing income tax return.
2. Taxpayers who file income tax return after the due date will not be eligible to rectify the income tax return filed, in case of any errors.
3. The taxpayer will not be able to set off losses incurred (other than house property loss).

Under Section 234F, an individual would have to pay a penalty of upto Rs 10,000 for late filing income tax return after the due dates as follows:

A penalty of Rs.5000 will be applicable for returns filed after the due date of 31st July but before 31st December of the relevant assessment year.
In case an income tax return is filed after 31st December, a penalty of Rs.10,000 will be applicable.

For assesses with a taxable income of upto Rs.500,000, a reduced penalty of Rs.1000 will be applicable.

For filing your income tax return within the time limit, contact us at +91 999586706 or +91 9544969216 or +91 9895744144.