Blog relating to GST, Income Tax, ROC in India and Mutual Fund Investment, published from Kolkata

Return Annual turnover in the previous Financial Year Months relating to Original due date Last date without late fee or interest, as applicable GSTR – 3B (Monthly) Less than Rs.1.5 crore February 2020 22nd# or 24th of next month## 30th Jun 2020^ March 2020 3rd Jul 2020^ April 2020 6th Jul 2020^ From Rs.1.5 crore to Rs.5 crore February 2020 22nd# or 24th of next month## 29th Jun 2020^ March 2020 29th Jun 2020^ April 2020 29th Jun 2020^ More than Rs.5 crore February 2020 20th Mar 2020 24th J...

Steps of  registration process as tour operator with Indian Mountaineering Foundation (IMF)  1. Logon to https://www.indmount.org/IMF/clubSignUp 2. Click Signup tab

1. What is the specified period of loss here? 1.1. Let us take the specified period is December 2007 to March 2009. 2. Why this is loss making period? Since the NAV is falling, in the taken period the NAV has fallen from ₹ 301 to ₹ 117. 3. Why this period is significant for investment? 3.1. In a falling market SIP manages to receive more units. 3.2. For example SIP of ₹ 5,000.00 in 12 December 2007 was allotted 16.59 units, when the NAV was ₹ 301.24 3.3  On the other hand the same SIP of ₹ 5,000 was managed to receive 42.67 units, when the NAV was ₹ 117.16 as on 22 March 2009. 3.4. Hence more units were received on 22 March 2009 on same amount of SIP investment of ₹ 5,000.00 than that of received in 12 December 2007. 4. How we can manage to get more return on investment in a falling market? 4.1. In a falling market if we decided to stop SIP we can manage our valuation as follows: 4.1.1. We stopped SIP after 12 December 2007, and hence as on February 2020, our investment ...

1.1) SIP invested on 12 December 2007 Rs. 5000.00 1.2) 16.59   Units are alloted on SIP investment made on 12 December 2007, i.e.₹ 5,000.00 devided by  ₹ 301.24 being NAV as on the date of investment. 1.3) Valuation as on 22 March 2009 of my such  investment made on 12 December 2007 will be detarmined as, 16.59 units multiplied by NAV as on 22 March 2009 , as follows: 16.59 unites X Rs. 117.16 (NAV as on 22 March 2009: ) = Rs.  1,943.68 1.4) Such Valuation of my investment as on 10 May  2020 of those 16.59  units will be determined as multiplied by Rs.  585.45 ( NAV as on 10 May 2020) = Rs. 9,712.61 1.5) So my return on investment will be 4,712.61 i.e.  ( ₹ 9,712.61-₹ 5,000) 1.6) If I consider the return as on 22 February 2020, at the NAV of ₹ 791.92 such valuation will be:       i) 16.59 units X ₹ 791.92 = ₹ 13,137.92       ii) the return will be ₹ 8,137.92 i.e. ( ₹ 13,137.92 - ₹ 5,000.00...

Every following taxpayers person is required to file 1. Individual or HUF (Hindu Undivided Family) who is subject to tax audit under section 44AB 2. A Company registered Companies Act. 3. A Political Party. 4. Person who is filing return in ITR 5 Changes by financ Act 2018 in filing income tax return from F. Y. ( Financial Year) 2018-19 1. Objective of the changes in form to turn the ITR into Scrutiny forms. 2. Primary and easy flag of doubtful returns. 3. Forms and it's relationship with nature of income. 3.1 ITR 1 to 4 having income or loss from one house property. 3.2 ITR 2/3 for income or loss from more than one house property. 3.3. ITR 2/3 in case of brought forward or carried forward losses. 3.4 ITR 2/3 Capital gain or loss on sale of investment / property. 4. ITR 2/3 income from other source at special rate 5. ITR 2/3 divided income exceeds ₹ 10 lakhs. 6. ITR 2/3 agricultural income exceeds ₹ 5,000.00 7. ITR 2/3 total income exceeds ₹ 50 lakhs. 8. ITR...

Four names which become the nightmare are IL&FS, DHFL, Reliance Anil Dhirubhai Ambani Group(ADAG) and Zee / Essel. What is particularly noticeable that in corporate bond instruments not only the ability to repay the bond is important but also the willingness of repayment is also important ,  hence subjective factors are also present there. Another important point is no cap has now been provided by regulator on promoter's borrowing capacity, which also effects the financial ability of the borrower's. 1. Role of credit rating agencies 1.1 Credit rating agencies generally delay in downgrading funds which itself creates problems, such action puts question mark on the credibility of credit rating. Now regulatory authority has started scrutiny. 2. Mutual fund schemes are affected 2.1 Downgrading of funds from AA+ ( high-grade investment) to D (Investment in default) 2.2 Since October 2018 credit rating agencies have downgraded 319 bonds of 63 issuers, which is more than the total...

28th meeting og GST Council July 2018 1. Quarterly return for dealers having turn over of rs. 5 crore 2. Composition scheme is available to service se 3. Minor mistake in generation of e-way bill      Circular No. 64/38/2018 dt. 14 Sep  2018      - penalty of rs. 1,000.00  will be lavied for deletion of eway bill for mistakes like:      -name of the consignor/consignee      -error in PIN code      -error in address      -error in document number      -vehicle number 4. Audit report and Reconciliation statement: Notification No. 49/2018 dated 13 Sep 2018 GST (10th ammendment rules 2018) 4.1 FORM NGSTR-9C 4.2 'Part A' Reconciliation of turnover and Taxes 4.2.1 Basic details of suppliers,  Reconciliation of turnover, tax paid, input tax credit 4.3 'Part B' Auditors' certificate. 5.TDS is not applicable for supply by one PSU to ano...