Purchase order in Conifer GST?

How do I create a purchase order in Conifer GST?

Follow the steps to create a Purchase order in your GST application

Conifer GST

Step 1: On Dashboard page Click on any options Button to which GSTIN you want to Create the Purchase order, A select popup will appear, from that, choose “Purchase”.you will be redirected to the “List of purchase invoice page“.

Step 2: Now Click on + Icon which appears in the top right corner. By clicking on +you will be redirected to “Add purchase orders page”

Step 3: Now Fill in all the details and Click on “save purchase” button to save the “purchase order”

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Public Provident Fund

Public Provident Fund: a Stable system of tax planning.

The only answer to the question of how to save income tax and those who are self-employed and self-employed is a single answer-Public Provident Fund. The Public Provident Fund Account (PPF) is a three-term long-term investment scheme with cash withdrawals, interest received and withdrawal of funds.

PFF, which is associated with the interest rate market for all three months as well as other small deposits, will now pay interest at a nominal interest rate of not exceeding 7.6%. Learning about the investment plan will help to make the ending of the tax deduction.

Public Provident Fund

Regular reinvestment

PUBLIC PROVIDED FUNDS DATA DURING the term of 15 years, the term of withdrawal can be withdrawn during the last financial year. Those who used the Public Provident Fund account for up to six years of income tax have been able to withdraw money using this facility for the seventh year and benefit from the tax hike.

Seven years will not have to make any other money to invest in tax concessions. Taxes not withdrawn due to tax withdrawal are not considered as revenue, but the recovered deposit will be eligible for tax concessions.

Partial Withdrawal

The withdrawal amounted to 50 percent of the balance sheet. At the end of the preceding financial year, the withdrawal amount is 50 percent. In the financial year 2011-12, the investment can be partially withdrawn in the 2017-18 financial year.

The amount that can be withdrawn by half the value of the balance sheet from the end of the 2013-14 financial year or the amount of the amount from the end of the 2016-17 financial year.

The withdrawal amount can be deposited in the account and can be a taxpayer for 2017-18. Taxes can be planned as well as those that can be repeated in the years to come. Those who have not made a key component of the public provident fund account in tax planning will start using this later this year and will be able to use this extra feature in the future.

Loan Availability

There is also a need to avail loans at the time of completion of the financial year beginning with the account. The loan is entitled to 25% of the remaining amount, including interest on the second year after the loan year. The interest on loan will be above 2% of the interest rate paid on deposit when it comes to loan. Borrowing should be repaid within 36 months. Repay the loan for one or two months or more.

Reimbursement from the repayment amount will be paid to the account. Loans will not be repaid within 36 months and the rate of interest is 6% instead of 2%. The loan is only allowed until the end of the sixth financial year. This means that after this the partial withdrawal is partially withdrawn. In order to repay partially the amount will be deducted from the outstanding loan.

As a social security plan, the balance in the public provident account cannot be reduced to all other liabilities of the account holder. Courts have been barred from issuing judgments to seize existing liabilities from their PPF accounts. PPF account can be opened on Post Offices, nationalized banks and some private banks. 1.5 lakh per annum in the financial year. The accounts starting from post offices also have the ability to change the bank and vice versa.

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Threshold Limit

Threshold Limit for Tax Audit for the AY 2017-18

Yet tax audits for the AY 2016-17 are on their way and to finish before 30.09.2016 but we need to also keep in mind threshold limit applicable for the AY 2017-18 for compliance and planning purposes. The Finance Act 2016 (applicable for the AY 2017-18) has enhanced the turnover limit from Rs. 1 crore to Rs. 2 crores for assessee’s claiming presumptive taxation benefit under section (u/s) 44AD of the Income Tax Act 1961 (the Act).

This, therefore, created a doubt whether tax audit limit u/s 44AB of the Act is simultaneously increased from Rs. 1 crore to 2 crores or not.

Income tax

The dust is set at rest by CBDT press release dated 20.06.2016 clarifying that higher threshold limit for non-audit of accounts has been given only to assesses opting for presumptive taxation scheme u/s 44AD of the Act. In other words, it means that turnover / total sales / gross receipt level fixed to be greater than Rs.1 crore attracting tax audit provisions u/s 44AB of the Act still prevails but assesses who claim benefit of section 44AD of the Act can avoid tax audit up to the total turnover limit of Rs. 2 crores even.

Above arrangements can be comprehended with the assistance of following cases even:

  • Alpha Pvt. Ltd. having a total turnover of Rs. 125 lacs for the FY 2016-17 needs to get its books audited u/s 44AB of the Act as turnover has exceeded Rs. 1 crore. We all know that company assessee can’t avail benefit u/s 44AD of the Act thus threshold limit of Rs. 1 crore applicable as above.
  • Mohanty and Co. (an organization firm) occupied with exchanging of electronic merchandise having a turnover of Rs. 165 lacs for the FY 2016-17 require not to get its records reviewed u/s 44AB of the Act as its turnover has not surpassed Rs. 2 crores (expecting that firm will offer business salary u/s 44AD of the Act). Be that as it may if the firm selects to be out of possible tax collection conspire u/s 44AD of the Act it needs to get books evaluated u/s 44AB of the Act.
  • Mr. Girraj Malpani, proprietor of Goverdhan Associates having receipts of 137 lacs from commission by way of sourcing insurance and lending arrangements during the FY 2016-17 will need to get his accounts audited u/s 44AB of the Act because assesses earning commission income can’t avail benefit of section 44AD of the Act thus threshold limit of Rs. 1 crore shall be applicable.Credits:  Anoop Bhatia

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