Provisions under GST

Offences u/s 132 where arrest provisions become applicable are:- 

1. A person supplies any goods/services without any invoice or issues a false invoice with a intention to evade Tax. 

2. He issues any invoice or bill without supply of goods/services in violation of the provisions of GST leading to wrongful availment or utilization of input credit or refund of Tax. 

3. avail input credit on the bills or invoices on which there will no supply of Goods and Services as mentioned in Para -2. 

4. He collects any GST but does not submit it to the government within 3 months. All these cases are related to evasion of Tax.

All these cases are related to evasion of Tax. On reading section 132 with arrest provisions, it essentially stands that a person can be arrested only where the tax evasion is with respect to the offences mentioned are more than 200 lakhs rupees. One more point to be noted here that if a person is already convicted for an earlier occasion u/s 132 with reference to these 4 offences mentioned above then in case of his second offence the arrest provisions will be applicable on him without Rs.200 Lakhs monitory limit of evasion of Tax. The persons once convicted should take this provision of arrest very seriously.

GST - COGNIZABLE AND NON COGNIZABLLE OFFENCE

 In GST the Cognizable offence means an offence related to taxable goods and services where the amount of Tax evasion, input credit or Refund wrongly taken is Rs. 5.00 Crores or More. These are cognizable offence hence Non-bailable. Other offences as mentioned above under GST related to Tax evasion, Input credit or Refund wrongly taken are cognizable offence and are bailable. Now In GST when Cognizable and Non Cognizable both offences are there hence in Legal terms we should know what is the meaning of Cognizable offence and Non cognizable offence. Cognizable offenses are those where the police can arrest a person without any arrest warrant. They are serious offences and crimes. Non-cognizable offenses are those, where a police officer cannot arrest a person without a warrant issued by competent authority. They are less serious offences and crimes. WHO CAN MAKE AN ARREST? Only commissioner can authorised an officer to arrest a person in situation mentioned above. All the field officers are not automatically empowered to take a decision in the matter of arrest and use the powers since the "arrest" itself is a very sensitive matter. Which officers are required to assist CGST/SGST officers? - The GST authorities empowered with the power of arrest may require the assistance and services of other Law enforcing and other agencies with respect to complete the task and for this purpose it is provided that all officers of - 1. Police 2. Railways 3. Customs 4. State/Central Government officers engaged in collection of GST 5. Officers collecting land revenue 6. Village officers The Commissioner of CGST/SGST can also require any other class of officers to assist the CGST/SGST officers.

Offences u/s 132 where arrest provisions become applicable are:- 1. A person supplies any goods/services without any invoice or issues a false invoice with a intention to evade Tax. 2. He issues any invoice or bill without supply of goods/services in violation of the provisions of GST leading to wrongful availment or utilization of input credit or refund of Tax. 3. avail input credit on the bills or invoices on which there will no supply of Goods and Services as mentioned in Para -2. 4. He collects any GST but does not submit it to the government within 3 months. All these cases are related to evasion of Tax.

Read more at: http://www.caclubindia.com/articles/arrest-provisions-under-gst-30053.asp

GST is going to be introduced in our country from 1st July 2017 and now it is a matter of Public discussion these days and it is natural also because Lakhs of Dealers from big to small are involved in this transition period where the whole Indirect system is replaced by a New system of Taxation - Goods and Service tax. One cannot stop the change but resistance of change is a natural phenomena and it is natural state of Mind in which there are some substance of fear attached to the change. Some sensational topics will also add their own share of fear and anxiety in the minds of persons who are the part of change. These all aspects are also attached with the GST also but the fact is that now in India GST is going to be a reality. One of such topic which we are taking today is "Arrest under GST" which is very much in talk in various stake holders of GST. The reason is very simple arrest is after all "Arrest" and is very serious action. Let us have a Look at this GST provision very carefully to know that how it will affect the GST dealers and in which situation and circumstances which one should keep in mind must be connected with "Evasion of Tax".

Read more at: http://www.caclubindia.com/articles/arrest-provisions-under-gst-30053.asp

Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962

Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962

            Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016.  Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at serial no. 11 of Rule 114E(2) relating to receipt of cash payment exceeding Rupees 2,00,000/- (Rupees Two Lakh) for sale of goods or service. Doubts were raised if such transactions are required to be aggregated for reporting.

            The norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide CBDT’s Notification No. 91/2016 dated 6^th October, 2016; clearly indicating that the said transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding Rupees Two Lakh for sale of goods or services per transaction.

New Section 44ADA – Presumptive Tax Scheme for Professionals

Extract of Section 44ADA from Proposed Finance Bill 2016
Special provision for computing profits and gains of profession on presumptive basis.

After section 44AD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—

44ADA.(1) Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent. of the total gross receipts of the assessee in the previous year on account of such profession or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to be the profits and gains of such profession chargeable to tax under the head “Profits and gains of business or profession”.

(2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed.

(3) The written down value of any asset used for the purposes of profession shall be deemed to have been calculated as if the assessee had claimed and had been actually allowed the deduction in respect of the depreciation for each of the relevant assessment years.

(4) Notwithstanding anything contained in the foregoing provisions of this section, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to
income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (1) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.’.

Analysis of Provisions of New Section 44ADA

Why this section is proposed?	• This section is proposed in line with the recommendation of Justice Easwar Committee for simplification of taxation of professionals • Following objects are stated to be achieved through this proposal o To bring parity between small businessmen (who enjoy presumptive taxation u/s 44AD) and small professionals o To reduce compliance burden of small professionals o To facilitate ease of doing profession
How this is sought to be achieved?	This is sought to be achieved by inserting Section 44ADA in the Income Tax Act
Who is the eligible assessee?	Resident assessee who is • Individual (or) • Hindu undivided family (or) • Partnership firm (other than limited liability partnership)
Who are the beneficiaries?	Certain professionals referred to in section 44AA(1) of the Income Tax Act whose total gross receipts from profession does not exceed Rs. 50 lakhs in a financial year.
Who are the eligible professionals?	Persons engaged in any of the following professions: • Legal • Medical • Engineering • Architecture • Accountancy • Technical consultancy • Interior decoration • Other notified professionals o Authorized representatives o Film Artists o Certain sports related persons o Company Secretaries and o Information technology
How much is the presumptive income to be offered?	Higher of: • 50% of the gross receipts from profession (OR) • Income from profession offered by the assessee
Benefits of following this proposed section	• Assessee need not maintain books required to be kept u/s 44AA • Assessee need not get the accounts audited u/s 44AB
When shall the assessee be required to maintain books and to get the accounts audited?	If both the following conditions are satisfied, maintenance of accounts and audit are warranted: • Income from profession is offered at a rate lower than 50% of gross receipts AND • Total income of the assessee exceeds the basic exemption limit
If the assessee follows this section, following items shall be deemed to be allowed	• All deductions from sections 30 to 38 (including depreciation and un-absorbed depreciation / allowances) shall be deemed as allowed; and • Written down value (WDV) of depreciable assets shall be recomputed deducting depreciation which is deemed as allowed. E.g. If WDV (10% block) as on 01.04.2016 is Rs. 1,00,000, the depreciation deemed as allowed will be Rs. 10,000 and accordingly WDV as on 31.03.2017 will be Rs. 90,000.
Effective date	The new section is proposed to be effective from 01.04.2017 (i.e. from Assessment Year 2017 – 18). In other words, advance tax in financial year 2016 – 17 may have to be calculated accordingly.
Author’s notes	• The decision as to whether this provision is to be adopted or not varies from case to case and the decision depends on the following parameters: o Quantum of actual expenditure (i.e. not advisable for a professional having small net profit ratio) o Interest on borrowings o Depreciation available o Quality of accounting systems etc. • Businessmen covered u/s 44AD are permitted to pay the whole of advance tax by March 15. But no such concession is seen vis-à-vis a professional covered under 44ADA. That is to say, all the four installments may be paid. • There is no provision in section 44ADA permitting a professional firm to deduct interest / remuneration paid to partners from the presumptive income offered. • Whether or not the professional firm follows Section 44ADA, its partners can opt Section 44ADA with respect to working partners’ salary / interest received from the said firm • Other suggestions and comments are most welcom

7 Great intresting confusing questions.

示Hello friends

Here are seven confusing unresolved questions that will leave you scratching your head.

1. Can you cry under water?
2. Do Fishes ever get thirsty?
3. Why it is called building when it is already built?
4. Why doesn't glue sticks to its bottle.
5.  If people evolved from monkeys, why are monkeys still around?
6. Who knew what time it was when the first clock was made?
7. Why does round pizza comes in square box?

Income Tax Act u/s 269

👉 Hello Friend's

Today i will show some thing about  you against Income Tax Act U/s 269.

According to U/s 269, this will be applicable to all those who receive more than two lakh rupees cash. 
This has been included in the direction of Cashless India, so that the trader can take 2 lakh from the same business person or other person at the same time receive payment from check.

 100% penalty if taken more than 2 lakh cash

Section 269SS:

subject to specified exceptions, a person shall not take or accept loan/deposit from other person otherwise than by the prescribed banking channels i.e. A/c payee cheque or account payee bank draft or by use of electronic clearing system so that the aggregate from such person is Rs.20000/- or more.

Section 269T:

loan or deposit shall not be repaid, otherwise than by an Account payee cheque or bank draft or online transfer, if the amount of loan or deposit is Rs. 20,000 or more.

About digitization

😀 Hello friends i'm your friend and host Nitin Panwar

Digital India is a campaign launched by Government of India to ensure that government services are made available to citizens by electronic online improved infrastructure and internet connectivity, or the technology of the country to digitally empower.

After that campaign every person need to know about electronic online payment of day to day uses.

In the form of Digital India, an ambitious program was started on 1 July (Wednesday) 2015 at Indira Gandhi Indoor Stadium in Delhi.It started in presence of various prominent industrialists (Chairman of Tata Group Cyrus Mistry, RIL Chairman and Managing Director Mukesh Ambani, Wipro Chairman Azeem Premji etc.). In the conference, these people shared their views of bringing a large number of digital revolution to India from the village to the city. Many programs have been organized in the presence of information technology company to reach 600 districts in the country. A major step taken by the Indian government to digitally empower the country is the digital India program. Various schemes related to this scheme have been exposed (cost of more than one lakh crores) such as digital locker, e-health, e-education, national scholarship portal, e-signature etc.
 Digital India campaign is being run by the Indian government to make this country a digitally powerful country. The aim of this campaign is to provide electronic government service to Indian citizens by reducing the paperwork. It is very effective and efficient that will save time and human labor at a large scale. This initiative was launched on July 1, 2015 to connect with the people of rural areas with the fast pace internet network for access to any urgent information. The creation of digital infrastructure across the country, digital literacy, digital service, such as Digital India has three important elements. The goal of this project is to complete 2019. This is a program that will benefit both the service provider and the consumer. The Digital India Advisory Group (Operations by the Ministry of Communications and IT) is arranged to monitor and control this program.

 The following benefits of digital India campaign:

• This will make it possible to implement the digital locker system, which will result in reduction of  paperwork by reducing the physical document as well as enabling e-sharing through registered  archive.

• It is an effective online platform that can involve people in the governance system through various approaches such as "discussion, working, and distribution".

• This will ensure the achievement of various online goals by the government.

• Depositing your documents and certificates from anywhere will make it possible for people to reduce physical activity.

• The citizen can sign their documents online through e-signature structure.

• Through e-hospital, important healthcare services can be made easier, such as online registration, taking time to meet doctor, depositing fees, checking online, checking blood, etc.

•  This benefit is available to the beneficiary through the National Scholarship Portal by accepting deposits, certification process, approval and disbursement of the deposits.

•  This is a big platform that makes it easy for its citizens to effectively and efficient delivery of government and private services across the country.

• India Net Program (High Speed ​​Digital Highway) will connect approximately 250,000 Gram Panchayats in the country.

• The external source policy is also a plan to help the Digital India initiative. For the better management of online services on mobile such as Voice, Data, Multimedia etc., the next generation of BSNL network will replace the 30-year-old telephone exchange.

•  The National Center for Flexible Electronic will help promote Flexible Electronic

•  There is a plan to spread large-scale Wi-Fi hotspot across the country through BSNL.

•  Broadband highway is used to handle all related issues related to connectivity.

•  Open access to broadband highways in all cities, towns and villages will make available the availability of world-class service at one click of the mouse.

Madhya Pradesh, the first state to be changed in fiscal year, stamped on PM Modi's proposal

👉Good Morning Friend's

Here is a special information about proposal to change the financial year.


The Cabinet of the Government of Madhya Pradesh has approved the proposal to change the financial year. After this decision, Madhya Pradesh has become the first state in the country, where the financial year has been changed.

 After this decision, now Madhya Pradesh's financial year will be from January to December, which ran from April to March. After this, the Madhya Pradesh government will present its budget in December.

 Let me tell you that the proposal to change the fiscal year was first put by the Prime Minister of India Narendra Modi. At the same time the Cabinet of Madhya Pradesh has approved the proposal to give Narmada river the status of living heritage.

About Indian Income Tax

Taxation in India

Taxes in India are levied by the Central Government and the state governments.Some minor taxes are also levied by the local authorities such as the Municipality.

Types of Taxes:

Taxes are of two distinct types, direct and indirect taxes. The difference comes in the way these taxes are implemented. Some are paid directly by you, such as the dreaded income tax, wealth tax, corporate tax etc. while others are indirect taxes, such as the value added tax, service tax, sales tax, etc.
1Direct Taxes
2.Indirect Taxes
 But, besides these two conventional taxes, there are also other taxes that have been brought into effect by the Central Government to serve a particular agenda. ‘Other taxes’ are levied on both direct and indirect taxes such as the recently introduced Swachh Bharat Cess tax, Krishi Kalyan Cess tax, and infrastructure Cess tax among others.
Examples of Direct Taxes:
 1. Income Tax:
This is one of the most well-known and least understood taxes. It is the tax that is levied on your earning in a financial year. There are many facets to income tax, such as the tax slabs, taxable income, tax deducted at source (TDS), reduction of taxable income, etc. The tax is applicable to both individuals and companies. For individuals, the tax that they have to pay depends on which tax bracket they fall in. This bracket or slab determines the tax to be paid based on the annual income of the assessee and ranges from no tax to 30% tax for the high income groups.
The government has fixed different taxes slabs for varied groups of individuals, namely general taxpayers, senior citizens (people aged between 60 to 80, and very senior citizens (people aged above 80).

New Income Tax Slab Rates for FY 2017-18 (AY 2018-19)

Income tax slab for individual tax payers & HUF (less than 60 years old) (both men & women)

Income Tax Slab	Tax Rate
Income up to Rs. 2,50,000*	No Tax
Income from Rs. 2,50,000 – Rs. 5,00,000	5%
Income from Rs. 5,00,000 – 10,00,000	20%
Income more than Rs. 10,00,000	30%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.
* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) (both men & women)

Income Tax Slab	Tax Rate
Income up to Rs. 3,00,000*	No Tax
Income from Rs. 3,00,000 – Rs. 5,00,000	5%
Income from Rs. 5,00,000 – 10,00,000	20%
Income more than Rs. 10,00,000	30%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.

 

Income tax slab for super senior citizens (80 years old or more) (both men & women)

Income Tax Slab	Tax Rate
Income up to Rs. 2,50,000*	No Tax
Income up to Rs. 5,00,000*	No Tax
Income from Rs. 5,00,000 – 10,00,000	20%
Income more than Rs. 10,00,000	30%
Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old.

Introduction

😄 Hello friend's
My Name is Nitin Panwar. I'm an Accounts Manager working for a fast growing manufacturing company situated in Dewas M.P. To contribute best of my knowledge, skill and ability in the growth of the organization where I am working and also attain new height in field of my work.

What I Do 

 Work Allocation : All Taxation Matters, Service Half Yearly Returns,Excise Returns,TDS  Quarterly Returns, Preparations Of All Final Accounts/Internal Audit/Advance Tax Matters.Income Tax Refund Status & Control With 26 As, Reconciliation , Dividend Income. ESIC , PF Matters . Handling Govt Audit Of Krishi Upaj Mandi's ,Making Auditor Report, Finalization, Gram Panchayat Audits, & Their Reports. Tax Audits .

 "Sometimes i create websites.posters, e-cards, and other stuffs for peoples".

 Our dedicated website designers are professional, unique and captivating website design based on the particular industry. The expertise have designed website for several industries including corporate, health, eCommerce, restaurants industries. Our experts design the website in a way to maximum online presence and obtain traffic, improve efficiency, engage visitors and increases profit. We assure to bring website SEO friendly website that take businessmen on next level.

So friend's that is small introduction of me.My blog is fully dedicated to my profession and some technical knowledge about website designing, hosting, computer formatting, assembling and many other latest news related to my profession.

So dear friend's like my blog and support me.