Key Benefits of Mutual Fund

Last date for filing of GST returns for Jul, Aug extended

Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier and purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier. GSTR-3, which is the match of GSTR-1 and GSTR-2, will have to be filed by September 30, in place of September 15.

The government will shortly issue notification to extend the date of filing returns:

GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017 respectively.

— GST@GoI (@askGST_GoI) September 4, 2017

GST Registration Process

CBDT extends the due date for Tax Audits & Aadhaar Linking

CBDT has extended the due date for filing Income Tax Returns and audit reports from 30th September 2017 to 31st October 2017. For details Click here.

Due date for filing ITRs&Tax Audit Reports under ITAct has been extended from 30.9.2017to31.10.2017 for those liable to file ITRs by30.09.17

— Income Tax India (@IncomeTaxIndia) August 31, 2017

CBDT extends the time for Linking PAN with Aadhaar from 31st August 2017 to 31st December 2017. For details Click here.

Aadhaar was to be linked with PAN by 31st August, 2017. Date for linking Aadhaar with PAN has been extended till 31st December, 2017.

— Income Tax India (@IncomeTaxIndia) August 31, 2017

How to stay focused on your goals and priorities.

Asking the right questions is as important as being a good listener. Here are 5 questions which successful people ask themselves, apart from working hard (which is imperative), knowing what to focus our energies on, is equally important.

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.

Return	Time	Details to be furnished
Form GSTR-4A	Quarterly	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	Quarterly (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.

Important GST Compliance Dates (July and August)

Happy Ganesh Chaturthi

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:

Month	Form	Return	Due Date
July	GSTR-1	Outward Supplies	01.09.17 - 05.09.17
	GSTR-2	Inward Supplies	06.09.17 - 10.09.17
	GSTR-3	Monthly Return	11.09.17 - 15.09.17
August	GSTR-1	Outward Supplies	16.09.17 - 20.09.17
	GSTR-2	Inward Supplies	21.09.17 - 25.09.17
	GSTR-3	Monthly Return	26.09.17 - 30.09.17

Happy Independence Day

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 20^th of August and 20^th 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

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 info@preethamandco.com

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.

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.

Deadline for I-T return extended till August 5

The government has extended the deadline for filing income tax returns (ITR) to August 5. The five-day ITR extension is meant to address issue of seeding PAN and Aadhaar. The announcement was made by the the Income Tax department's verified Twitter handle. The I-T department cited 'difficulties faced by taxpayers' as the reason behind the extension.
Need Expert Assistance in filing your returns? Please contact us at: info@preethamandco.com or Fill in the Work Request Form Click Here

In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017.

— Income Tax India (@IncomeTaxIndia) July 31, 2017

Missed the Income Tax Filing Deadline?

Many people fail to file their income tax return within the 31^st July 2017. But even if you have missed the deadline of filing return, you can still file your income tax return. which is called belated return.

What is Belated Return?

Filing ITR after the due date is called belated return. When you are filing the belated return, the procedure is same as if you file the return on or before the due date. You need to select ITR form applicable to you and fill the form in the same manner as if you are filing the return on time and Choose the assessment year for which you are filing the belated return for eg. if you are filing the return for F.Y 2016-17 select 2017-18 as assessment year. It can be filed before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. 
If an individual misses the deadline of July 31, 2017 for filing return pertaining to FY 2016-17 (AY 2017-18), he can file a belated return by March 31, 2018." 

What should be done?

The best scenario is to pay your taxes and file your return in time. But in case one is not able to file the tax return due to some reason, it is advisable to calculate and pay the tax due before the scheduled date of filing the ITR. If all your taxes are paid, you do not attract any penalty even if the return of income is filed any time before March 31 of the following year.

Thus, one must pay taxes and file the return on or before the due date. And in case one is unable to file the return, at least taxes if any should be paid within due date. If all taxes are paid, penal interest will not be levied.
Need Expert Assistance in filing your returns? Please contact us at: info@preethamandco.com or Fill in the Work Request Form Click Here

GST on Hotels and Restaurants

Hotels

Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes having room tariff per room per day:

Rs.1000 and above but less than Rs.2500 - 12% with full ITC.

Rs. 2500 and above but less than Rs. 7500 - 18% with full ITC.

Accommodation in hotels including 5 star and above rated hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes, where room rent is Rs.7500 and above per night per room - 28% with full ITC.

Bundled service by way of supply of food or any other article of human consumption or any drink, in a premises (including hotel, convention center, club, pandal, shamiana or any other place, specially arranged for organizing a function) together with renting of such premises - 18% with full ITC.

Restaurants

Supply of Food/drinks in restaurant not having facility of air-conditioning or central heating at any time during the year and not having licence to serve liquor. - 12% with full ITC

Supply of Food/drinks in restaurant having facility of air-conditioning or central heating at any time during the year - 18% with full ITC

Supply of Food/drinks in restaurant having licence to serve liquor - 18% with full ITC

Supply of Food/drinks in air-conditioned restaurant in 5-star or above rated Hotel - 18% with full ITC

For further queries do reach us at info@preethamandco.com. For hassle free GST Registration Click Here

GST on renting of Immovable Property

Renting of Residential Immovable Property

For commercial use:

The CGST Act, 2017 provides for certain activities to be treated as supply of goods or supply of services and Section 7 which defines the scope of expression “supply” provides that that activities specified in the said Schedule II would also be covered within the scope of “supply”.

Clause 2(b) in Schedule II of the Act states that any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.

Therefore, as per the above clause, renting of residential dwelling for commercial use is a service and thus will be liable for taxation under GST at 18%.

For residential use:

Service Tax Exemption of services by way of renting of residential dwelling for use as residence will continue to be exempt in GST as decided by the GST Council.

Renting of Commercial Immovable Property

Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes having room tariff Rs.1000 and above but less than Rs.2500 per room per day are taxable under GST at 12% with full ITC.

Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes where room tariff of Rs 2500/ and above but less than Rs 7500/- per room per day are taxable under GST at 18% with full ITC.

Accommodation in hotels including 5 star and above rated hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes, where room rent is Rs 7500/- and above per night per room are taxable at 28% with full ITC. 

Bundled service by way of supply of food or any other article of human consumption or any drink, in a premises (including hotel, convention center, club, pandal, shamiana or any other place, specially arranged for organizing a function) together with renting of such premises are taxable at 18% with full ITC.

Quick Glance at Income Tax Rates

Income Tax Exemption Limit and Rates for Different Assesses

I. For Individuals/HUF

FY 2016-17(AY 2017-18)	FY 2017-18(AY 2018-19)
A. General rates INCOME         RATE Upto 2,50,000 NIL 2,50,000-5,00,000 10% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 5,00,000  -   Rs.5000	General Rates INCOME         RATE Upto 2,50,000 NIL 2,50,000-5,00,000 5% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 3,50,000  -   Rs.2,500
B. Senior Citizens(60yrs-80yrs) INCOME         RATE Upto  3,00,000 NIL 3,00,000-5,00,000 10% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 5,00,000  -   Rs.5000	Senior Citizens(60yrs-80yrs) INCOME         RATE Upto  3,00,000 NIL 3,00,000-5,00,000 5% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 3,50,000  -   Rs.2,500
C. Super senior Citizens(80yrs and above) INCOME         RATE Upto 5,00,000 NIL 5,00,000-10,00,000 20% Above 10,00,000 30%	Super senior Citizens(80yrs and above) INCOME         RATE Upto 5,00,000 NIL 5,00,000-10,00,000 20% Above 10,00,000 30%
Surcharge Above 1,00,00,000              15% Cess 3% of Total Income Tax + Surcharge	Surcharge 50,00,000-1,00,00,000       10% Above 1,00,00,000              15% Cess 3% of Total Income Tax + Surcharge
	Other Taxation proposals: ·         Holding period for Long term capital gain for all immovable properties has been reduced to 2 years from 3 year. ·         The base year for calculation of Indexation is going to be 2001. ·         Tax benefit on loan repayment of second house will be restricted to Rs 2 lakh per annum. Balance loss if any will be carried forward to be set off against house property income of subsequent 8 years. ·         Transactions worth above Rs 3 Lakh cannot be done in Cash mode. ·         All Indian Political parties have to file their Income Tax Returns.

II. For Domestic Companies

FY 2016-17(AY 2017-18)

FY 2017-18(AY 2018-19)

For Income upto 5,00,000  -   R00  Particulars Turnover/Gross receipts less than Rs. 5 crores Turnover/Gross receipts more than Rs. 5 crore Taxable income less than Rs 1 crore Taxable income more than Rs 1 crore Taxable income less than Rs 1 crore Taxable income more than Rs 1 crore but less than Rs 10 crores Taxable income more than Rs 10 crores Corporate tax 29% 29% 30% 30% 30% Surcharge 0 7% 0 7% 12% Education cess 3% 3% 3% 3% 3% 2222

fdsdfsdfsdfsdf Company Turnover Tax Rate Less than 50 crore 25% More than 50 crore 30% Surcharge: ·         7% surcharge if the income is more than 1 crore but less than 10 crore ·         12% surcharge if the income is more than 10 crore Education Cess 3% cess on income tax including surcharge

III. For Foreign Companies

FY 2016-17(AY 2017-18)

FY 2017-18(AY 2018-19)

A foreign company has to pay 40% income tax. Surcharge: 2% surcharge if the income is more than 1 crore but less than 10 crore. 5% surcharge if the income is more than 10 crore. Education Cess  3% cess on income tax including surcharge

fdsdfsdfsdfsdf 1. Portion of income consisting of royalties received from govt or Indian concern after 31/03/1961 but before 1/04/1976 2. Fees for rendering technical services received from govt or an Indian concern after 29/02/1964 but before 1/04/1976 50% Balance Income 40% Surcharge: 2% surcharge if the income is more than 1 crore but less than 10 crore 5% surcharge if the income is more than 10 crore Education Cess 2% cess on income tax including surcharge

IV. For Partnership Firm

FY 2016-17(AY 2017-18)	FY 2017-18(AY 2018-19)
Tax rate-30% Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs.1 crore Education Cess 2% cess on income tax including surcharge Secondary and Higher Education Cess 1% on the amount of tax computed, inclusive of surcharge.	Tax rate-30% Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs.1 crore Education Cess 3% cess on income tax including surcharge