How to cancel the E-way bill after 24 Hours ?

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In case you have already dispatched the goods and 24 hours is over, due to some reason same goods you want to sell it to the third party how to handle the E-way bill issue. No reason to get panic follow the simple steps,

Step-1 since 24 hours is over from your end  So ask your buyer to reject they have 72 hours to do so

Step -2  Pass credit note for the same value and generate a E-way bill for the as Inward|Sale returns

Step -3 Generate a fresh Invoice and Fresh E-way bill

Which ITR Form to use for AY 2018-19

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ITR-1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh

ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession:

ITR-3 For individuals and HUFs having income from profits and gains of business or profession.

ITR-4 For Presumptive Income from Business or Profession

ITR-5 For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

ITR-6 For Companies other than companies claiming exemption under section 11:

ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) i.e Trust, Political parties

How to Extend the Validity Period of E-Way Bill ?

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Q-1 What has to be done, if the validity of the e-way bill expires?
If the validity of the e-way bill expires, the goods are not supposed to be moved. However, under the circumstance of ‘exceptional nature and trans-shipment’, the transporter may extend the validity period after updating reason for the extension and the details in PART-B of FORM GST EWB-01.

Q-2 Can I extend the validity of the e-way bill?
Yes, one can extend the validity of the e-way bill, if the consignment is not being reached the destination within the validity period due to exceptional circumstance like natural calamity, law and order issues, trans-shipment delay, accident of conveyance, etc. The transporter needs to explain this reason in details while extending the validity period.

Q-3 Who can extend the validity of the e-way bill?
The transporter, who is carrying the consignment as per the e-way bill system at the time of expiry of validity period, can extend the validity period.

Q-4 How to extend the validity period of e-way bill?
There is an option under e-way bill to extend the validity period. This option is available for extension of e-way bill before 4 hours and after 4 hours of expiry of the validity. Here, transporter will enter the e-way bill number and enter the reason for the requesting the extension, from place (current place), approximate distance to travel and Part-B details. It may be noted that he cannot change the details of Part-A. He will get the extended validity based on the remaining distance to travel.

Can you file TRAN-2 Manually now ?

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The last date for filing the TRAN-1 was 27th December 2017 many people could not file the returns due to GST Portal problem in the last four days (24th December 2017 to 27th December 2017). Due to which some people have submitted but could not file returns and many could not even submit the data. For those who have submitted but could not file the returns government has already brought circular 34/2017 which allowed them to complete the TRAN-1 Form. For those who could not submit the returns at all, Allahabad, Mumbai & Gujarat high courts instructed the GST council / Union Government to reopen the TRAN -1 filing facility since substantial customers couldn’t file it due to technical glitches at the GST portal. Many Industrial bodies trying to impress more on the GST Council to allow this facility but not done till date at the GST common portal. In the absence of E-filing facility, It is advisable to file the manual TRAN-1/TRAN-2 from at the concerned GST authorities in order to claim the relief of the high court judgement at a later stage.

Any queries please revert to nithesh@ncsco.in or Mob: 7760052539

Can you file 3 years IT Returns at once ?

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This is a very common question by many people to CA’s and tax consultants. Till 31st March 2018 there was an option to file 2 years IT returns at once. From April 2018 there is no option to file the earlier years returns. Presently we can file returns for FY 2017-18 (i.e AY 2018-19). However returns can be prepared manually and filed at Income tax office, but whether such returns will be processed/granting refund is left to the discretion of the officer. Normally bank will ask for 3 years returns in such case manual return also works. Exceptionally if there is a notice from Income tax department then returns can be filed online.

Income Tax Rules That Will Change From April 2018

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In Budget 2018, Finance Minister Arun Jaitley has kept the basic income tax rates and the slabs unchanged. However, he proposed a number of income tax changes that will impact many taxpayers. From a new long-term capital gains tax on stocks and equity mutual funds to relief for senior citizens on interest income – the changes announced in Budget 2018 are many. The finance minister also introduced a standard deduction for salaried employees which will, particularly, benefit those who are in lower tax slabs. He also proposed an increase in cess, which is charged on the amount of income tax payable. Most of these changes will be effective from FY 2018-19.

1) Rs. 40,000 standard deduction introduced: This additional deduction has been proposed in place of existing deductions of Rs. 19,200 for transport allowance and Rs. 15,000 for medical reimbursement. This will benefit 2.5 crore salaried employees. Pensioners, who normally do not enjoy any allowance for transport and medical expenses, will also benefit from it. After the introduction of standard deduction, the salaried class will enjoy a flat deduction of Rs. 40,000 from their taxable income. Standard deduction was earlier available for salaried individuals previously, till it was abolished with effect from assessment year 2006-07. The benefits arising from standard deduction depends on the tax bracket a salaried individual falls in.

2) Higher cess: The finance minister also raised cess on income tax to 4 per cent from 3 per cent for individual taxpayers on the amount of income tax payable.

3) Introduction of long-term capital gains tax on equity investments: A new 10 per cent tax (cess extra) will be applicable on capital gains exceeding Rs. 1,00,000 upon sale of equity share or units of equity oriented funds. However, for the benefit of tax payers, the gains till January 31, 2018, are being grandfathered. This means that only gains over January 31, 2018, prices will be taxed.

4) Tax on dividend income from equity mutual funds: A tax at the rate of 10 per cent will be levied on dividend distributed by equity-oriented mutual funds.

5) More income tax benefits on single premium health insurance policies: Health insurers typically provide some discount if you pay premium for a few years upfront. But earlier, an individual could claim deduction only up to Rs. 25,000. Under the proposed changes in Budget 2018, in case of single premium health insurance policies having cover of more than one year, deduction will be allowed on a proportionate basis for the number of years for which health insurance cover is provided, subject to the specified limit. For example, your insurer is offering a 10 per cent discount on health insurance premium if you pay Rs. 40,000 for the two-year cover. Under the proposed changes, the individual can claim Rs. 20,000 in both years.

6) Income tax benefit on NPS withdrawal: The government has proposed an extension to the benefit of tax-free withdrawal from NPS (National Pension System) to non-employee subscribers. Currently, an employee contributing to the NPS is allowed an exemption in respect of 40 per cent of the total amount payable to him or her on closure of account or on opting out. This exemption is currently not available to non-employee subscribers. The extension of tax-free withdrawal to non-employee subscribers will be available from financial year 2018-19.

7) Deduction in respect of interest income to senior citizens: Senior citizens will get higher interest income exemption limit on deposits in banks and post offices, including recurring deposits. Currently, a deduction up to Rs. 10,000 is allowed under Section 80TTA of the Income Tax Act to an individual in respect of interest income from a savings account. Under the tax laws, a new Section 80TTB is proposed to be inserted to allow a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens. However, no deduction under Section 80TTA shall be allowed for senior citizens.

The government also proposed to increase the investment limit in Pradhan Mantri Vaya Vandana Yojana or PMVVY to Rs. 15 lakh from Rs. 7.5 lakh. It also proposed to extend the Pradhan Mantri Vaya Vandana (PMVVY) scheme till March 2020. Pradhan Mantri Vaya Vandana Yojana, a scheme meant for senior citizens, offers a guaranteed interest rate of 8 per cent.

8) Higher TDS or tax deducted limit for senior citizens: The threshold for deduction of tax at source on interest income for senior citizens is proposed to be hiked from Rs. 10,000 to Rs. 50,000.
9) Higher deduction limit under Section 80D of the Income Tax Act for senior citizens: In Budget 2018, the government proposes to increase the deduction for senior citizens on payment of health insurance premiums. The limit is set to go up from Rs. 30,000 Rs. 50,000. For individuals below 60 years of age, the deduction under Section 80D continues to be Rs. 25,000. But if their parents are senior citizens, above 60 years, they can claim an additional deduction of up to Rs. 50,000-taking the total deduction to Rs. 75,000 (Rs. 25,000 + Rs. 50,000), higher than the current limit of Rs. 55,000.

10) Higher income tax deduction for senior citizens for medical treatment of specified diseases: The deduction available payment towards medical treatment of specified disease is proposed to be hiked to Rs. 1 lakh for very senior citizen (earlier Rs. 80,000) and senior citizen (earlier Rs. 60,000).

Compliance Calendar for April 2018

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Compliance Calendar for April 2018
A. Due dates for Compliances under GST
10-04-2018- Due date for filing GSTR -1 for the month of Feb 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50/- Crore (Rs. One Crore Fifty Lacs only)
30-04-2018- Due date for filing GSTR -1 for March 2018 Quarter- Applicable for taxpayers with Annual Aggregate turnover Upto 1.50/- Crore (Rs. One Crore Fifty Lacs only)
20-04-2018- GSTR-3B for March month. Also Pay due Tax till this date.
18-04-2018 – Due date of GSTR-4 (for Composition Dealer) for the months of Jan to March 2018.
01-04-2018 – E Way Bill –For Inter-State movement of goods
Time period for filing GSTR-2 & GSTR-3 for July 2017 – March 2018 will be subsequently notified.
B. Due dates for Compliance under Income tax
30-04-2018- Due date for deposit of tax deducted/collected at source for the month of March 2018
14-04-2018 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of Feb 2018
30-04-2018 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in m/o March 18.
30 April 2018 – Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2017 to March 31, 2018.
30 April 2018 – Due date for uploading declarations received from recipients in Form 15G/15H during quarter ending March 2018.

Application for lower deduction certificate for Non residents (NRI)

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Income Tax department Karnataka Goa has taken special attention regarding lower deduction certificate for Non residents. Now the process is made easy by giving an option to file it electonically. Now form 13 can be filled electronically and all the documents can be uploaded online. At the end of the online process only acknowledgement has to be submitted to the jurisdictional Assessing officer. In the normal course you can expect the certificate by 30 days. Please find the below link to file the applications online http://internationaltaxationbengaluru.in/incometax/login.

Any queries please revert to nithesh@ncsco.in or Mob: 7760052539

Resolution of stuck TRAN-1s and filing of GSTR-3B – Ref Circular 39/2018 dt 03.04.2018

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A large number of taxpayers could not complete the process of TRAN-1 filing either at the stage of original or revised filing as they could not digitally authenticate the TRAN-1s due to IT related glitches. As a result, a large number of such TRAN-1s are stuck in the system. GSTN shall identify such taxpayers who could not file TRAN-1 on the basis of electronic audit trail. It has been decided that all such taxpayers, who tried but were not able to complete TRAN-1 procedure (original or revised) of filing them on or before 27.12.2017 due to IT-glitch, shall be provided the facility to complete TRAN-1 filing. It is clarified that the last date for filing of TRAN 1 is not being extended in general and only these identified taxpayers shall be allowed to complete the process of filing TRAN-1.
The taxpayer shall not be allowed to amend the amount of credit in TRAN-1 during this process vis-à-vis the amount of credit which was recorded by the taxpayer in the TRAN-1, which could not be filed. If needed, GSTN may request field formations of Centre and State to collect additional document/ data etc. or verify the same to identify taxpayers who should be allowed this procedure.