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Tax Audits: Smart things to know about Tax Audits

audits

Tax audits ensures proper maintenance of books of accounts and certification by a tax auditor.

The tax inspector is a taxpayer account with a business from tax revenues such as taxes, etc.

A taxpayer with a turnover exceeding Rs 1 crore in business (or better than tax) more than is required to obtain a Tax Audits.

Tax audits ensure proper maintenance of books and certification by tax auditors.

The tax audit report must be submitted on or before September 30 of the following year in the case of taxpayers who have not carried out international transactions.

If the taxpayer needed to get his books audited fails to do so then he is responsible for paying a fine of 0.5% of his turnover / gross revenue subject to a maximum of Rs 1.5 lakh

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Turnover limit for an OPT composition levy scheme

What is the new turnover limit for an OPT composition levy scheme?

At the 23rd meeting in Guwahati, the GST council decided to raise the level of one and a half rupees. The law was amended to increase the jurisdiction of the law to 2 crores. This is only done after the amendment of the law. “This is a proposal,” said Finance Secretary Hasmukh Adi. It was formed at the 22nd meeting of the GST council last month. Rs one crore from the original Rs. 75 lakhs.

OPT composition levy scheme?

Over Rs, 1 crore has been increased by more than 1.5 crores. Oommen Chandy has been increasingly excluded from the liability under the central excise state. An increase of Rs 1.5 crore is appreciated for small traders and manufacturers. Now we can achieve a simple subservience – this move should not have substantial revenue loss for the government.

GST registration has a large section of taxpayers in non-taxpayers. This is the foundation of big taxpayers. Of these, 15.5 lakhs have chosen the structural skill and are expected to increase in increments. As per the structural plan, you will have to file quarterly returns.

 

1% (0.5% Central Tax and 0.5% State Taxes) will be in the structural plan for dealers and developers. The buyers of this scheme earlier provided 2% of the turnover (1% Central Tax & 1% State Tax). Restaurant Services provide 5% of the turnover (2.5% Central Tax, 2.5% of SGST). It remains unchanged.

Composite Levy is an alternative method of tax-tax rate designed for small taxpayers. 1.5 crore and a flat rate of tax deductions, which are paid for the service or trade they are carrying. Also, it is optional. The taxpayer can pay taxes at the rate of one per cent of the turnover on a regular basis, each time the taxpayer is paid.

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Deadline for Filing Sept GST Returns

Deadline for Filing Sept GST Returns Extended to Oct 25

The Government extended the last day to file a GRL-3B return on October 25, considering the benefits of Income Tax credits in March 2018, 2018.

This is a matter of concern and the last date for designing GST-3B will be extended on September 25, 2018, to October 25, 2018. The final deadline is October 20.

In the industry, there are concerns that losses of hundreds of crores are likely to be lost due to the incompatibility of tax payments. Their suppliers should submit the time limit till October 31. Most companies would have submitted their returns by October 20.

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A five-day extension will not help, and businesses will expand until October 31.

Last week, the government had approached the Confederation of Indian Industry, Associated Chambers of Commerce and Industry of India and the Institute of Chartered Accountants of India. Reported. The Confederation of All India Traders represented the Government. Industry associations are in the immediate aftermath in states like Madhya Pradesh. It was immediately discussed with the state government.

GST returns

The government has stayed out on the extension of Thursday and submits the details of the suppliers and the facility for viewing it will not affect the taxpayer’s ability to use tax insurance. In September 2018, the formal GRL-2A Forum and GRL-3B Forward are indicative that the input tax credit can be used only on the basis of reconciliation.

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