Due date Compliance Calendar for September 2018 – GST & Income tax

A. Due dates for Compliances under GST for September 2018

  • 11-09-2018- Due date for filing GSTR-1 for m/o Aug 2018 -> Applicable for taxpayers with Annual Aggregate turnover Above Rs. 1.50 Crore (Rs. One Crore Fifty Lacks) only.
  • 20-09-2018- GSTR-3B for the m/o Aug. Pay due Tax till this date. (Earlier it was filed first & now May onwards GSTR-1 is to filed first so data needs to be finalized before 11th itself.
  • 20-09-2018 – Due date of GSTR-5 (filed by a Non-resident Taxable person) for the for the month of Aug 2018
  • 20-09-2018 – Due date of GSTR-5A (filed by a Non-resident Taxable person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient) for the for the month of Aug 2018
  • 30-09-2018 – Due date of GSTR-6 (filed by an input service distributor) for the months from July 2017 to June 2018
  • RFD-10:- Eighteen months after end of the quarter for which refund is to be claimed

B. Dates for compliance according to income tax before September 2018

  • 30-09-2018 – Annual return of income for the financial year 2018-19 if the assesse:-
    • (not having any international or specified domestic transaction)
    • is (a) corporate-assesse or
    • non-corporate assesse (whose books of account are required to be audited) or
    • Working partner of a firm whose accounts are required to be audited).
  •  15-09-2018 – Second installment of advance tax for the assessment year 2019-20
  • 30-09-2018 Deposit of Income Tax – Self Assessment Tax
  • 30-09-2018 – Audit report under section 44AB for the assessment year 2018-19
    • In the case of a corporate-assese or non-corporate assese (who is required to submit his/its return of income on September 30, 2018).
  • 07-09-2018- Due date for deposit of tax deducted /collected at source for m/o Aug 2018
  • 07-09-2018- Submission of declaration for no TCS obtained from Manufacturer to the Commissioner of Income Tax.
  • 14-09-2018- Due date for issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property) in m/o July 2018
  • 14-09-2018 – Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in m/o July 2018
  • 30-09-2018 – Due date for furnishing of Challan-cum-statement in respect of tax deducted under Section 194-IA(TDS on Immovable property) in Month of Aug 18.
  • 30-09-2018 – Due date for furnishing of Challan-cum-statement in respect of tax deducted under Section 194-IB(TDS on Certain Rent payment) in Month of Aug 18.

C. Due dates for compliance under ESI, PF Act by September 2018

  • 15-09-2018- PF Payment for Month of August 2018.
  • 15/09/2018- ESIC Payment for Month of August 2018
  • 25-09-2018 – PF Return filling for August -2018 (including pension and insurance scheme forms)

D. Dates for compliance pursuant to the Companies Act before September 2018

  • 15-09-2018- Mandatory application DIR-3 KYC for all managers
  • MCA would manage the KYC of all corporate executives annually with a new e-form viz. DIR-3 KYC.
  • Accordingly, each manager who has been assigned your DIN by March 31, 2018. Also, your DIN is in an “approved” position. Would be obliged to return form of DIR-3 KYC before August 31, 2018.
  • While sending the document, identify a unique personal mobile phone number and personal email certificate with the one-time password (OTP)

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Maintenance Books of Accounts Under Income Tax , GST & Companies Act

Books with invoices, including vouchers and receipts, must be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and GST Act. Books accounts that maintain, retention and claim lists are different according to all 3 laws.

According to the Income Tax Act

If the sales / turnover / gross income of the company or profession are more than Rs. 25,00,000 or income from business or profession is more than Rs. 2,50,000 in any of 3 recent years, accounting records will be kept in a satisfactory manner.

The following Professions are covered by this provision –

  • Legal
  • Medical
  • Engineering
  • Architectural
  • Accountancy
  • Technical Consultancy
  • Interior Decoration
  • Authorised Representative (one who charges fees for representing someone before tribunal or any authority)
  • Film artist (Producer, Editor, Actor, Director, Music director, Art Director, Dance Director, Cameraman, Singer, Lyricist, Story Writer, Screenplay or Dialogue Writer and Costume Designers.
  • Company secretary

Thus, if the above professions have income more than Rs. 2,50,000 in any 3 past years, they need to maintain accounting. In the case of a new profession, revenue is expected to be more than Rs. 2,50,000, professionals should maintain books.

Books of accounts as per Rule 6F

  • Cash Book
  • Journal
  • Ledgers
  • Copies of bills or receipts
  • Daily tariff with information about patients, services provided, fees received and receipt date (persons engaged in medicine)
  • Information about stocks of medicines, medicines and other consumer products (physicians)

If income is not more than Rs. 2,50,000 in any 3 past years or not expected to be more than Rs. 2,50,000 if a new profession is in place, books should also be kept. However, books, in this case, have not been specified – so that some books can be kept, but it should be possible for ATO to calculate revenue.

How long does the books hold?

Books shall be kept for 6 years after the end of the year in question.

Under the Law of Business

Every company needs to keep a book, office or office that the board member can decide. If the company holds books in an office other than a registered office, it must match the RoC. The company can also keep the accounts electronically.

How long does the Books hold?

Books shall be kept for 8 years from the end of the relevant fiscal year.

Accounts Books that Maintain

  • Statement of Cash Flows
  • List of sales and purchases,
  • List of assets and liabilities
  • Costs
  • Works, attachments, writing, documents, minutes and records whether in physical or electronic form

According to GST law

Every registered person must maintain GST entries at the main business center.

Files that are Maintained

  • Manufacture or manufacture of goods
  • Import and export of goods or services or both
  • Stock of goods
  • Income tax new
  • Contributions tax paid and paid and
  • Other information that may be prescribed

How long should Records keep?

Books and records shall be kept for 6 years from the last filing date of the annual dividend (31 December) for that year.

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Chit Fund

Chit Fund Tax Benefits

The purpose of any investment must be repeated. However, without proper housing, without taxation, optimal returns are not possible.

2 different types of people are involved – you, subscriber and foreman. Both have different income sources.

Tax on the dividend received by the subscribers

Do not spend TDS in the dividend you earn during your tenure. The dividend you receive each month is not interesting, so Section 194A does not apply to this. These dividends will contribute to income/loss.

Tax benefits in chits

Taxation on the commission earned by the Foreman

The lead actor acts on behalf of chit Finance Company. He combines subscribers together and performs torture. He is responsible for collecting money, leading auctions, and subscriber records. A certain amount (usually 5%) person gets his / her compensation for his efforts to administer the chit.

So 25 subscribers are Rs. 25,000 per month The foreman will be 1,00,000 cd, 5% of the Sid value (Rs.5,000 per month).

According to the instruction provided by the CBDT, the commission obtained by the supervisor receives income from the business. The loss of any particular cause is loss of business. If he does not accept the responsibility of some of the members, the organizer will not normally lose. If the money can not be recovered, the group should consider a bad credit.

Indirect Taxes – GST and Chit Funds :

Now, from the Direct Taxes to Indirect Taxes, you can see what is in the service tax and GSTC funds.

The commission paid to the Commission will pay compensation to the service provided and the service tax will be charged under “Banking and other financial services“.

Service tax is only 70% of the commission value. The Finance Ministry has allowed a 30% reduction in this regard. Rs. 100, then service tax of Rs. 70.

Because the service tax is being transferred to the GST, this informal industry is currently looking forward to an upcoming GST threat.

Other financial services such as credit providers, leasing, purchase finance and mutual benefit companies have been exempt from NBFC, but Sid finances have not received these exemptions.

Section 269 ST

The Union Budget is Rs. 2 lakh limit in cash transactions, effective April 1, 2017 This is one of the government’s actions to improve the cash flow economy.

This transaction is a cash transaction of Rs. 2 lakh per day per person. If this amount is higher, the greater the amount of penalty will be charged if there are no good and sufficient reasons.

Participants of the Sid Fund Transaction should be careful with these Terms. Sid Financial Institutions confirm that only the following methods are used –

Account ghost check
Draft Account Wage
Using an electronic banking system with a bank account
These new rules have a huge impact on the parties involved, often paying cash for their monthly installments, and pay the bank accounts first, if they pay the check.

The chit Fund industry represents the Government of India in this matter.

By ensuring that all transactions are carried out through legal channels, the government has repeatedly withdrawn several strokes and includes all the money. It will show good returns for a long time. All cash transactions are registered and enforced by legal channels, ending the financial transaction. This will give a big boost to the SID financial sector.

This method can be considered as golden times for monetary funds, to monitor all city transactions and by every bit of crossing a legal channel. The beliefs in the profession will soon be restructured, and the Sid Funds will not retreat if the government has paid for the exemption of claims!

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