TRPS (Tax Return Preparer) 2012

TRPS (Tax Return Preparer) 2012 The Tax Return Preparer Scheme, was conceptualized by the Income Tax Department (ITD) and launched in 2006-07 and now 2012-13

The TRP scheme is an initiative of the I-T Department to help small and marginal tax payers in filing their income tax returns. The TRPs are self-employed graduates, trained by the department for filing of returns as well as quarterly TDS statements. The department also provides incentive to the TRPs for preparing of returns of tax payers.

10/11/2017

*GST Updates*

*23rd GST Council Meet, November 10, 2017*

*Rate*
For 178 items under 28%, rate now reduced to 18%
For 13 items under 18%, rate now reduced to 12%
For 6 items under 18%, rate now reduced to 5%
For 8 items under 12%, rate now reduced to 5%
For 6 items under 5%, rate now reduced to Nil
All restaurants in the country will charge GST of 5%, without ITC
New rates to be applicable from November 15, 2017.

*Return*
GSTR 3B filing to continue till March 31, 2017.
All taxpayers to file only GSTR 1 till March 31, 2017
TRAN 1 filing date extended to December 31, 2017

Penalty
Reduction in penalty on late filing from ₹200 per day to ₹20 per day for assessees with nil tax liability and ₹50 per day for others.

*SMEs*
Composition scheme threshold increased to ₹1.5cr from ₹1cr
Traders and Manufacturer to charge 1% flat under composition scheme.

31/10/2017

Finally due date for filing ITRs & Tax Audit Reports extended from31.10.2017to07.11.2017 for those liable to file ITRs by 30.09.17

Conclusion of GST 22nd meeting
07/10/2017

Conclusion of GST 22nd meeting

07/10/2017

On special requests from the members.

Conclusion of GST 22nd council meeting.

डेढ़ करोड़ रुपये तक के टर्नओवर वाले कारोबारियों को हर महीने जीएसटी रिटर्न भरने से छूट. तीन महीने में भर सकेंगे जीएसटी
एक करोड़ तक की कमाई वाले रेस्तरां मालिकों को अब 5 फ़ीसदी टैक्स देना होगा.

रिवर्स चार्ज से व्यापारियों में भ्रम फैला. रिवर्स चार्ज की व्यवस्था 31 मार्च 2018 तक स्थगित.

निर्यातकों को दुनिया के बाज़ार में प्रतियोगिता करनी होती है, इस मुद्दे पर बनी एक कमेटी की सिफ़ारिश में कहा गया कि निर्यातकों का क्रेडिट काफ़ी ब्लॉक हुआ है. 10 अक्तूबर से निर्यातकों को जुलाई, अगस्त का रिफंड दिए जाने का फ़ैसला किया गया. कमेटी ने एक समाधान सुझाया है, जीएसटी में छूट नहीं है, इसलिए हर निर्यातक के लिए ई वॉलेट बनेगा. अप्रैल 2018 से ई वॉलेट व्यवस्था पर काम शुरू करने की कोशिश होगी.कलेक्शन के पैटर्न में टैक्स का बड़ा हिस्सा बड़े प्लेयर्स से आता है. मझोले व्यापारियों में बड़ा हिस्सा मिलों से आता है और छोटे व्यापारियों पर टैक्स भरने का दबाव ज़्यादा है. इस दबाव को कम करने की कोशिश होगी.

कम्पोज़िशन स्कीम के तहत सीमा बढ़ाई गई है, इसकी सीमा 75 लाख रुपए से बढ़ाकर 1 करोड़ रुपए की गई है. इस स्कीम में ट्रेडिंग ( एक करोड़ के टर्नओवर पर एक प्रतिशत , मैन्यूफ़ैक्चरिंग को 2 प्रतिशत और रेस्त्रां को पांच फ़ीसदी टैक्स देना पड़ेगा.)एक करोड़ रुपए से ज़्यादा के टर्न ओवर वाले रेस्त्रां पर लगने वाले कर ढांचे में बदलाव पर विचार किया जाएगा.

जीएसटी काउंसिल की बैठक में कई चीज़ों की टैक्स दरें घटाने का फ़ैसला किया गया है.

खाखरा पर टैक्स दर 12 से 5% किया गया, बिना ब्रांड वाले नमकीन पर टैक्स 12 % से 5 %, बिना ब्रांड वाली आयुर्वेदिक दवाओं पर भी 12 से पांच % किया गया, बच्चों के फ़ुड पैकेट पर 18 से 5% कर दिया गया है.मार्बल और ग्रेनाइट को छोड़कर फर्श में इस्तेमाल होने वाले पत्थरों पर लगने वाले टैक्स 28 % से घटाकर 18% किया गया, कई स्टेशनरी उत्पादों पर टैक्स 28 से 18% किया गया.डीज़ल इंजन के पार्ट्स पर टैक्स की दर 28 फ़ीसदी से घटाकर 18% की गई है. इसके अलावा ज़री वाले काम पर टैक्स कम किया गया है.

IMPORTANT DUE DATES..
02/10/2017

IMPORTANT DUE DATES..

24/08/2017

How to correct/change details in GSTR – 3B return after submitting it online - Revise GSTR 3B online

Many of us have already filed or are preparing for the return to meet the deadline. Since this is the first time, taxpayers are filing returns under GST, and hence mistakes are bound to happen.
Taxpayers who have already filed the GSTR return are looking for the option to correct the mistake already committed during the initial preparation of the GST return. However, they are not able to find any link or button on the GST website, where they can change or amend the GSTR – 3B return.
Hence, to provide the solution in this regard, we have written this article for you so that you can understand how you can change the details submitted in GSTR 3B online.

How to correct details in GSTR 3B
To know how to edit or change the details in GSTR 3B, you need to first understand the concept behind the introduction of GSTR 3B. GSTR 3B is only a provisional return and that has been released by the government to collect the tax revenues and also to get the system implemented smoothly.
Hence, any data filed in GSTR 3B is only provisional and not final.

Route any change through GSTR 1, 2 and 3 return
To make any change in the data filed in GSTR 3B you need to file the GST 1, 2 and 3 accordingly in the month of September and your data filed in GSTR 3B shall automatically stand amended.
In other words, to make any change in GSTR 3B is to be routed through GST 1, 2 and 3 which is due to be filed in the month of September.
Hence, if you have filed the GSTR 3B wrongly, then don’t panic, you can revise the data and correct your mistakes when you file the GSTR 3B.

When GST 1, 2 and 3 are to be filed for the month of July?
All the three returns are to be filed at the regular intervals. Here are the timelines for the all the three returns which are to be filed in the month of September:
GSTR 1 for the month of July is to be filed from 1st to 5th September.
GSTR 2 for the month of July is to be filed from 6th to 10th September.
GSTR 3 for the month of July is to be filed from 11th to 15th September.

20/08/2017

TRAN FORMS available under Returns menu @ www.gst.gov.in 👇

Conditional Transitional Credit allowed for GSTR-3B via Notification No. 23/2017-Central Tax dated 17th August, 2017

The Central government has provided following two options to the registered taxable person for payment of taxes while filing the GSTR-3B return for the month of July, 2017:

(1) Calculate the tax liability without adjusting any transitional credit and pay whole amount in cash before filing the GSTR-3B return. Further, return is to be filed on or before 20th August, 2017.

(2) Calculate the tax liability after adjusting the transitional credit and pay the remaining amount in cash on or before 20th August, 2017. In the given option, Form GST TRAN-1 is to be filed before filing the GSTR-3B and the GSTR-3B return is to be filed on or before 28th August, 2017.

Further, after making above payment of taxes through credit or cash, if any amount remains payable then that amount is to be paid along with interest@18% for the period between 21st August, 2017 till the payment of such differential amount.

It is to be noted that on GSTN common portal, TRAN-1 can be filed from 21st August, 2017.

Thanks and regards
TRP ATUL GUPTA

Date extended for GSTR-3B now last date 25th August 2017
19/08/2017

Date extended for GSTR-3B now last date 25th August 2017

18/08/2017

Due Date for filing GSTR 3B extended to 28th Aug (for businesses claiming Trasitional Input Tax Credit)

If not claiming Input Tax Credit - Due Date remains the same i.e. 20th Aug

17/08/2017

Filing procedure- GSTR-3B:

Last date of GSTR 3B filing is 20 Aug 2017.

Step by step guidance:

1. After login, select Return Dashboard.

2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B

3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1 and TRANS 2.

4. Enter details of interest, if payable, in Section 5.1. Late fee will be computed by the
system.

5. Click on Save GSTR-3B button. After you save the data, Submit button will get enabled. Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button.

6. On clicking Submit GSTR-3B button, System will post (debit) the self-assessed
liabilities including system generated late fee in Liability Register and credit the claimed
ITC into ITC ledger.

7. After this the Payment of Tax tile will be enabled, please click it and declare your
payment details to pay the taxes and offset the liability.

8. Click CHECK BALANCE button to view the balance available for credit under
Integrated Tax, Central Tax, State Tax and Cess. (This includes transitional credit also,
if TRAN-1 and 2 are submitted). This will enable you to check the balance before making the payment for the respective minor heads. The balance is also displayed when the mouse is hovered on the applicable data entry field in payment section.

9. Please fill out the section that specifies how you wants to set-off your liabilities using a combination of Cash and ITC.

a. System checks if you have sufficient Cash/ITC balance.

b. It also checks if the Reverse charge liabilities are set-off only through CASH.

c. System also checks if all liabilities are set-off. Part payment is not allowed in GSTR-3B. Hence, ensure sufficient balance in cash and ITC Ledger to Offset liability

d. In case of ITC utilisations, the system checks the prioritization rules viz. IGST

Credit has to be first utilised for paying IGST liability and remaining for CGST

liability and thereafter SGST liability; SGST credit has to be first used for paying

SGST liability and then IGST liability; CGST Credit has to be first used for CGST

liability and the remaining for IGST Liability; SGST credit cannot be used for

paying CGST liability and CGST credit cannot be used for paying SGST liability

e. Transition ITC, if available in ITC ledger, can be used for payment of liabilities

of GSTR 3B


10. Click the OFFSET LIABILITY button to pay off the liabilities

11. Click on declaration statement

12. Select Authorized Signatory filing the Form

13. Click on File GSTR-3B button with DSC or EVC

14. Message for successful filing will appear and Acknowledgement will get generated.

10/08/2017

ITR for the FY 16-17

If you haven't filled your Income Tax Return for FY 16-17 then read the following:-

Many people fail to file their ITR within the due date as prescribed by the income tax department. But even if you have missed the deadline of filing return, you can still file your income tax return. There is a provision in income tax for late filing of income tax return which is called belated return.
There is NO PENALTY for late filling of ITR for FY 16-17. But there are certain disadvantage of late filling, like:-
1. Loss in interest on refunds :-
In case you claim a refund in your return, of any advance tax paid/TDS, you would lose some of the interest paid by the tax department on such refund. The interest on refund is normally computed from April 1 of the assessment year (the year immediately following the financial year for which the return is filed) till the date of grant of refund.However, in case of a belated return (i.e. return filed after due date) interest is computed from the actual date of filing the return till the date when refund is granted. This means loss of the interest that would have been paid for the period April 1 till date of filing the return. Even if you file the return one day after the due date you would be losing interest for at least four months - April, May, June and July (presuming due date is not extended beyond July 31).
2. No carry forward of losses :-
If you file a belated return you cannot carry forward losses (except loss from house property). "Losses under the following heads of income: Income from business and profession including speculation business, capital gains, and income from other sources cannot be carried forward in case a belated return is filed by the tax payer. The return filer will not be allowed to carry forward these losses even if all taxes have been paid in time if the return is belated".
3. Delayed return where tax remains unpaid :-
If you have any unpaid tax liability, filing your return after the due date would result in levy of penal interest @ 1% per month from the due date of filing the return till the actual date of filing. This would be a heavy and avoidable payout. What is more, tax authorities can initiate prosecution if the return is delayed beyond the relevant assessment year and the amount of unpaid tax exceeds Rs. 3,000.
4. If return is not filed even by end of relevant Assessment Year :-
If you do not file your tax return even by 31st March of the relevant assessment year (i.e. the year immediately after the financial year for which the return is to be filed) but no taxes are due, a penalty of Rs. 5,000 can be levied by the tax authorities if you are unable to provide a reasonable cause for the delay.

In case of any help desired for Income Tax Return filing work...

Please contact on:-

[email protected]

Warmth Regards
TRP Atul Gupta

29/05/2017

Certain important points noted are :

# GST will 100% be implemented on 1.7.17

# Types of taxation in GST
IGST : Integrated GST
CGST : Central GST which with replacement CST
SGST : State GST which will replace VAT

# WEF from 1.6.17 : Migration towards enrolment of GST will start till 15.6.17

# Registration certificates will be issued online

# there will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.

# 5 forms on different dates have to be submitted every month
R1 form on 10th
R2 form on 13th
R3 form on 15th
R4 form on 17th &
R5 form or final returns on 20th
You cannot file revised returns at all. Once filed on 20th is final.

# tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.

# In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.

# be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake

# your firm rating will be done by the system. Based on the rating audit trials will be conducted.

# proposed e sugam for ₹50000 & above value only.

# proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40

# 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services

# You need to submit 17 documents for migration to GST

# Most products MRP to come down.

# Distribution + C & F channel under threat

# All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.

# All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop.

# The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.

# All books & records to be maintained on daily basis.

# You will need a full time accountant in your shop/office to maintain books under GST.

# All travel & tour expenses related to business have to be claimed under firm name.

# If your vendor does not upload his bills within 180 days , you will not get tax credit.

# You cannot claim credit for material in stock beyond one year.

# They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.

# All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.

# Your Vat credit will not be carry forwarded to GST.

Address

Aligarh
202001

Opening Hours

Monday 10am - 6pm
Tuesday 10am - 6pm
Wednesday 10am - 6pm
Thursday 10am - 6pm
Friday 10am - 6pm
Saturday 10am - 6pm

Telephone

9358253581

Website

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