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Wednesday 30 August 2017

Conditions and Restrictions for Composition Levy

Chapter II of Central Goods & Services Tax Rules, 2017 specify Composition Rules which lay down the conditions and restrictions of composition levy. The person exercising the option to pay tax under section 10 shall comply with the following conditions, namely:
1. he is neither a casual taxable person nor a non-resident taxable person
2. the goods held in stock by him on the appointed day have not been purchased in the course of inter-State trade or commerce or imported from a place outside India or received from his branch situated outside the State or from his agent or principal outside the State, where the option is exercised under sub-rule (1) of rule 3
3. the goods held in stock by him have not been purchased from an unregistered supplier and where purchased, he pays the tax under section 9(4)
4. he shall pay tax under section 9(3) or 9(4) on inward supply of goods or services or both
5. he was not engaged in the manufacture of goods as notified under clause (e) of sub-section (2) of section 10, during the preceding financial year
5. he shall mention the words “composition taxable person, not eligible to collect tax on supplies” at the top of the bill of supply issued by him
6. he shall mention the words “composition taxable person” on every notice or signboard displayed at a prominent place at his principal place of business and at every additional place or places of business
The registered person paying tax under section 10 may not file a fresh intimation every year and he may continue to pay tax under the said section subject to the provisions of the Act and these rules.

Quarterly Return by Composition Supplier

The composition scheme under the GST regime is a method of levy of tax designed for small taxpayers whose turnover is up to Rs.75 lakhs (Rs.50 lakhs in case of States like Sikkim, other North Eastern States and hilly areas). It is an optional scheme and not all taxpayers are eligible to opt for this. The basic eligibility criteria to opt for Composition scheme is to small taxpayers whose aggregate turnover in the preceding financial year did not cross Rs.75 lakhs/50 lakhs.

Form and Manner of Submission of Quarterly Return by Composition Supplier 
Chapter VIII of Central Goods & Services Tax Rules, 2017 deals with Returns under the CGST Act, 2017 and Rule 62 provides for form and manner of submission of quarterly return by the composition supplier.
Details to be furnished
Form GSTR-4A
Auto-populated details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier.
Form GSTR-4
(To be submitted on 18th of succeeding month)
All outward supplies of goods and services including auto-populated details from Form GSTR-4A and tax payable details. Details of any additions, modifications, or deletions in Form GSTR-4A should also be submitted in Form GSTR-4.

A registered person who has opted to pay tax under section 10 from the beginning of a financial year shall, where required, furnish the details of outward and inward supplies and return under rules 59, 60 and 61 relating to the period during which the person was liable to furnish such details and returns till the due date of furnishing the return for the month of September of the succeeding financial year or furnishing of annual return of the preceding financial year, whichever is earlier.

Tuesday 22 August 2017

Govt extends deadline for filing GSTR 3B

As per the notifications issued by the Ministry of Finance regarding the extension of time limits to file GST returns, a registered person is required to file one return in Form GSTR-3B only which is a simple return form introduced by the CBEC for the month of July and August, for which the government has now decided to extend the deadline for submitting GSTR Return Form 3B for the month of July. Accordingly, for taxpayers who do not wish to claim transitional input tax credit, the deadline is now August 25 while for those who will seek credit, the deadline for submitting the GSTR 3B is August 28. Earlier, the last date for filing the return was August 20.

The remaining returns under GST (GSTR-1, GSTR-2, and GSTR-3) for the months of July and August are to be filed much later in the month of September 2017 the due dates of which are as follows:

Due Date
Outward Supplies
01.09.17 - 05.09.17
Inward Supplies
06.09.17 - 10.09.17
Monthly Return
11.09.17 - 15.09.17
Outward Supplies
16.09.17 - 20.09.17
Inward Supplies
21.09.17 - 25.09.17
Monthly Return
26.09.17 - 30.09.17

Saturday 12 August 2017

Quick Insight to GSTR-3B

What is GSTR-3B Return?
GSTR-3B return must be filed by all persons having GST registration. It is a Simple Return Form introduced by the CBEC for the month of July and August 2017 due on the 20th of August and 20th September 2017 respectively. From October 2017, the taxpayers would be required to file GSTR-1, GSTR-2 and GSTR-3, as per normal schedule. 
Hence, GSTR-3B is a temporary return that must be filed monthly until October, 2017. Consequently, GSTR-3B is not applicable starting September 2017, where-from regular returns in GSTR-1, GSTR-2 and GSTR-3 have to be filed. Filing GSTR-3B is mandatory. Even if a business has no transactions during July, it will still have to file a nil return.           
What details are required to be disclosed?
GST-3B will require you to disclose the following details in detail:
-Outward supplies and inward supplies on reverse charge

Friday 11 August 2017

All about Trademarks.

What is a Trademark?
Basically, a trademark is a “brand” or “logo” that you can use to distinguish your product from those of your competitors. It may be a logo, brand name, word or punch line. For e.g. the logo of NIKE and their tagline JUST DO IT is a registered trademark. It provides them protection as it is illegal to use the same logo or tagline.
How to get a Trademark Protection?
By filing a trademark application with Indian Trademark Registry, you can protect your trademark. We can help you in filing a Trademark application.
Who can apply for Trademark Registration?
Any Individual Person, Company, Trust, NGO, even Govt. agency can apply for Trademark.
What can be Trademarked?
Business name, product name, brand name, logo or slogan can be trademarked.
What is trademark search?
Trademark search is done to check if the name to be registered is already taken by others or is closely similar to existing trademarks in trademark database. Proper trademark search is important in trademark registration process.
Who is a Trademark Consultant?
Trademark consultant is a lawyer or attorney specialised in Trademark laws. They are also known as Trademark Agents.
How the Online Trademark Process works?
Firstly, detailed trademark check is conducted, after that one page authority letter is signed by the owner, then the Consultant files the application with the trademark registry.
When can I use (TM) symbol?
You can use (TM) mark as soon as the Trademark application is filed and you receive acknowledgement receipt. (R) mark can be used once it is registered.
When should we renew the trademark registration?
Every 10 years the trademark to be renewed.

Need expert assistance in getting a TM contact 9900397777 or mail your requirements at

Wednesday 9 August 2017

Can you claim both HRA & deduction on home loan interest?

Yes, a person can claim exemption on HRA as well deduction for Home loan interest provided he/she stays in a rented premise. Sometimes it happens, you are staying in rented premises near your workplace and you also own a house which is lying Vacant or your family is residing in it. So you can easily claim all tax benefits related to Home loan and as well as exemption on HRA. You can also stay on rented House owned by your parent or relative and claim exemption for the rent paid. You can’t claim exemption for rent paid for House owned by your Spouse.
HRA being a part of a salary becomes completely taxable if an employee does not stay in a rented premises. To claim exemption for HRA (House rent Allowance), you being an employee need to stay in a rented premises and pay rent for it. The exemption amount which you can avail will be lower of the following:
-HRA paid by employer
-Rent paid minus 10% of Salary*
-For the residents of Metro Cities (Only Mumbai, Kolkata, Delhi or Chennai) 50% of basic salary (For the residents of Non-Metro cities, 40%)
*Salary here means Basic salary + Dearness Allowance + Commission based on fixed percentage on turnover.

Friday 4 August 2017

What if Income Tax Department Raids you?

The search and survey operations conducted by the Income tax department, is commonly known as Income tax raids (‘raids’). Raids has always been one of the worst nightmares of businessmen, high earners and corporates. Some reasons for fear being heavy tax and penalty payments, possible devastating impact on the business, mental harassment faced during such raids etc.
If you are likely to experience such action it is better to familiarise with the subject, so that, the situation can be faced with confidence and serenity.