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 All About The Filing of e-Form MSME FORM I “Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises.” The appropriate section of the Companies Act, 2013 The e-Form MSME I is needed to be furnished beneath the Order dated 22 January 2019 issued under Section 405 of the Companies Act, 2013. Purpose of Form MSME I This form informs the ROC regarding the default in the payment by Companies to their MSME (Micro and small) vendors. Applicability: Every company that completes the below-stated process is needed to furnish an e-form MSME-1 . The company secures MSME-registered vendors. The company do the late payment to these MSME vendors exceeding 45 days from the acceptance date of goods or services in the half-year mentioning the below facts: The amount of payment due. The cause of the late payment. Applicable Due Date of The From- Duration Due Date Outstanding MSME Transactions for the half-year ending April to Septem...

Under GST when the dealer wants to choose the composition scheme, they need to intimate the government for this. The same would be done through furnishing the Form GST CMP-01 or Form GST CMP-02. CMP-01 is the form which is to be furnished via migrated assessee who are urged to choose for the composition scheme. The due date for the same was August 1, 2017 (1 month from July 2017). The assessee who likes to choose the composition scheme for the fiscal year or in the middle of the fiscal year needs to tell the government about their preference. The same would be performed via furnishing the GST CMP-02 when the CMP-02 has been furnished in the middle of the fiscal year, the law of the scheme is subjected to apply from the month after the succeeding the month where CMP-02 has been furnished.  For instance, the assessee furnishes the CMP-02 in the month of December 2017, and it pointed out that the compliance of the composition scheme would be subjected to apply from January 2018. Both...

One should not think of furnishing the ITR when your income comes beneath the tax slab. It is called nil income tax. A form where the assessee shows their income is called an Income tax return (ITR). There are various causes why an assessee should furnish an ITR, the main cause being claiming the tax deductions. While from the individual assessee, even the firms, proprietorships, and Limited Liability Partnerships are needed to furnish the nil income tax returns when there are no profits or business activities. In the latest tax regime, the person would avail of deduction beneath the income tax section 80CCD(2). The deduction would be availed when the employer contributes 10% of the basic salary to the Tier-I NPS account of the employee. What Do You Mean by The Nil Income Tax Return A nil ITR is furnished by the person whose taxable income comes below the income tax slab and does not need to furnish any taxes. It is essential to furnish the ITR irrespective of low/nil income. Advanta...

  Did you furnish your ITR yet? If you answered yes, then you must be aware that you are enabled to furnish your ITR online from your home comfortably. E-filing refers to the process of furnishing the ITR electronically. The Income-tax return e-filing method is a faster process. It would assist you to save money as you will not need to employ a professional to furnish your Income-tax return. An individual should compute his income tax liability as per the rules of the income tax laws and utilize form 26AS to summarise his TDS payments for all four quarters of the assessment year. Below is The Process to Furnish The ITR Online: Log in to the Income Tax Department's official website, eportal.incometax.gov.in, and register by entering your PAN card information. Post to finish the enrollment procedure, go to the subsequent page and tap on the e-file tab for furnishing the ITR.  Opt for the assessment year for which you want to furnish the tax and the form of the ITR filing.  ...

E-invoice beneath the GST regime refers to a system where B2B Invoices are authenticated electronically through the GSTN for subsequent use on the common GST portal. Beneath the electronic invoicing system, an identification number would be provided with respect to every invoice via Invoice Registration Portal (IRP) to be handled through the GST Network (GSTN). E-invoicing is a method beneath which the invoices are electronically made in the mentioned format average turnover towards the e-invoicing and would consist of the turnover of all the GSTINs beneath the single PAN all over India. E-invoicing beneath the GST regime in India would be executed in a phased manner in India, since 1st October 2020. E-invoicing permits the real-time tracking of invoices made via a supplier, diminishing the frauds cases. Major Highlights From April 1, GST e-invoice compulsory businesses with Rs. 20 crore turnover. The CBIC (Central Board of Indirect Taxes and Customs) diminished the turnover limit fo...

ICSI eCSIN Amnesty Scheme, 2022 The member who applied beneath the ICSI-eCSin Amnesty scheme, 2022 will furnish immunity from the applicability of the laws of the eCSin guidelines, 2019 for eCSin where the request beneath the same Amnesty scheme is built and the disciplinary proceedings will not be executed for the subject. Ecsin Covered In Scheme:  All eCSin generated or to be generated till March 31, 2022 Scheme Opens: March 16, 2022 Scheme Closes: March 31, 2022 ICSI UDIN Amnesty Scheme, 2022 Opening Date – 16 March 2022 Closing Date – 31 March 2022 Read also : CBDT Dept Prolongs Last Date of Updating UDIN for all Tax Forms Period Covered In Scheme – All UDINs made from 1st July 2021 up to 31st March 2022 Cancel the UDIN not used Alter the UDIN details Generate UDIN if skipped before Finish the Online procedure – STP Mode No Fee Immunity from Disciplinary Proceedings beneath the UDIN policies One Time – Limited Period Opportunity To claim the scheme login at the UDIN portal: h...

A coaching institute could not deposit Goods & Services Tax (GST) on the specific items which are for the supply of notebooks, t-shirts, bags, sweatshirts, and others for the students as well as the coaching service mentioned by the Central Board of Indirect Taxes & Custom (CBIC)  “These types of bundled services fall under the category of ‘Composite Supply’ and attract 18 per cent GST,” CBIC Chairman Vivek Johri stated in the weekly communication to the officers and the staff of the indirect tax council.  Composite supply referred to the supply made by the taxable individual to the receipt which consists of the two or exceeding taxable supplies of the goods or services or both or any combination of it, which are sold on the bundled and supplied in conjunction with each other in the normal business form, one of which is said to be the principal supply. The rate on the principal supply would be the rate for the complete supply. In this, the coaching service is said to ...