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To know all the details regarding the mode of classroom training in Ready Accountant, go through this video. Nothing can hamper the quality training and education of Ready Accountant. We make sure to stand tall on our 100% job placements every year. Take admission in RA and get placed with our best-recruiting partners.

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Ready Accountant courses giving benefits to the students:

* Classroom training under strict COVID guidelines. * Gives 100% placement guarantee. * Gets you job-ready in 6 months with the guidance of highly qualified professionals. * Gives 80% practical training and 20% theory. * Gives you grooming classes * Trains you in Hi-Tech Classrooms *  Providing individual computer system to each student. * Provides individual Computer system for each student. * Gives training on Government Authorised Websites (MCA) * Makes you work on unlimited live projects. * Gives upto 100% scholarship program. * Is ISO CERTIFIED COMPANY. * Gives One To One doubt clearing session * Commands you on each and every topics. * All the classes are taken by Highly Experienced CA/CS & CMA.

Go through the video and for more information go through more videos on our page. https://www.facebook.com/readyaccountant/

Ready Accountant - The only Institute providing Unlimited Live Projects on Accounts, GST, Taxation, and ROC.

To know more visit our Website: www.readyaccountant.com

HOWRAH BRANCH: CONTACT US: +91 6291029856 ADDRESS: 169 GT Road, Shibpur, Howrah- 711102 Near Calcutta Heart Research Centre

KOLKATA BRANCH: CONTACT US: +91 9123362589 , +91 6290634130 ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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ACCOUNTING FOR HIRE PURCHASE TRANSACTIONS

Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in instalments. With hire purchase agreements, the ownership of the merchandise is not officially transferred to the buyer until all the payments have been made. Hire purchase is an agreement between two parties in which one party purchase any asset from other party. Because he has no money to pay, so he pays per month hire charges. Vendor has the possession of asset. When buyer pays total price of assets in the form of hire charges, then asset is transferred to its purchaser. Vendor may also transfer asset before last payment of instalment on his own risk. If buyer will become defaulter, vendor has right to get his asset from hire purchaser.

KEY POINTS:

* Hire purchase agreements are not seen as an extension of credit.

* In a hire purchase agreement, ownership is not transferred to the purchaser until all payments are made.

* Hire purchase agreements usually prove to be more expensive in the long run than purchasing an item outright.

Accounting for hire purchase transactions is done on the following basis:

* The hire charges paid by the hirer are divided as the payment against capital repayment and the payment against the interest. The interest payment is only debited to profit and loss account, whereas the payment against the capital repayment reduces liability for the hirer.

* Asset taken by the hirer on hire is capitalized in the books of the hirer, though the ownership does not transfer to the hirer till the last instalment of hire charges is paid by him. Only payment against interest is tax deductible expenditure for the hirer. Hirer claims the depreciation on the asset taken by him on hire purchase and the same is treated as tax deductible expenditure for the hirer.

Advantages of Hire Purchase Agreements:

Like leasing, hire purchase agreements allow companies with inefficient working capital to deploy assets. It can also be more tax efficient than standard loans because the payments are booked as expenses—though any savings will be offset by any tax benefits from depreciation.

Businesses that require expensive machinery—such as construction, manufacturing, plant hire, printing, road freight, transport and engineering—may use hire purchase agreements, as could start-ups that have little collateral to establish lines of credit.

A hire purchase agreement can flatter a company's Return on capital employed (ROCE) and Return on Assets (ROA). This is because the company doesn't need to use as much debt to pay for assets.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

HOWRAH BRANCH: CONTACT US: +91 6291029856 ADDRESS: 169 GT Road, Shibpur, Howrah- 711102 Near Calcutta Heart Research Centre

KOLKATA BRANCH: CONTACT US: +91 9123362589 , +91 6290634130 ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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We won't let any hurdle stop you from providing quality education.

• All classroom trainings running under strict COVID guidelines.

• Gives 100% placement guarantee

• Gets you job Ready during the Course training with the guidance of highly qualified professionals

• Gives upto 100% scholarship.

• Gives 80% practical training and 20% theory.

• Trains you in Hi-Tech Classrooms.

• Gives training on Government Authorised Websites (MCA).

• Makes you work on unlimited live projects.

• All the classes are taken by Highly Experienced CA/CS & CMA.

Ready Accountant - The only Institute providing Unlimited Live Projects on Accounts, GST, Taxation, and ROC.

To know more visit our Website: www.readyaccountant.com 

HOWRAH BRANCH: CONTACT US: +91 6291029856ADDRESS: 169 GT Road, Shibpur, Howrah- 711102Near Calcutta Heart Research Centre 

KOLKATA BRANCH: CONTACT US: +91 9123362589 , +91 6290634130ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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Are you still wondering whether to trust the 100% job guarantee scheme of Ready Accountant or not? Go through the given video to clear all your doubts regarding the same and join Ready Accountant Courses for the betterment of your Accounting Career.

Ready Accountant courses giving benefits to the students: * Gives 100% placement guarantee. * Gets you job-ready in 6 months with the guidance of highly qualified professionals. * Gives 80% practical training and 20% theory. * Gives you grooming classes * Trains you in Hi-Tech Classrooms * Provides individual Computer system for each student. * Gives training on Government Authorised Websites (MCA) * Makes you work on unlimited live projects. * Gives upto 100% scholarship program. * Is ISO CERTIFIED COMPANY. * Gives One To One doubt clearing session * Commands you on each and every topics. * All the classes  taken by Highly Experienced CA/CS & CMA.

Enroll now 👇 https://rb.gy/u8w5bl

Ready Accountant - The only Institute providing Unlimited Live Projects on Accounts, GST, Taxation and ROC.

To know more visit our Website: www.readyaccountant.com

HOWRAH BRANCH:

CONTACT US: +91 6291029856

ADDRESS: 169 GT Road, Shibpur, Howrah- 711102 Near Calcutta Heart Research Centre

KOLKATA BRANCH:

CONTACT US: +91 9123362589 , +91 6290634130

ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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GST on Restaurants

The Central Board of Indirect Taxes and Customs (CBIC) clarified that the e-commerce operators are liable to pay GST on restaurant services. The GST Council in its 45th meeting held on 17th September, 2021 recommended to notify ‚ ‘Restaurant Service’ under section 9(5) of the CGST Act, 2017. Accordingly, the tax on supplies of restaurant service supplied through e- commerce operators shall be paid by the e-commerce operator. In this regard notification No. 17/2021 dated 18.11.2021 has been issued.

Goods and Service Tax (GST) Regime is expensive for eating out in terms of taxes. For the purpose of GST on Restaurant Services, taxpayers have the option to opt either Normal scheme (Regular scheme) or the composition scheme. However, both the schemes have some conditions of its own.

Regular schemes in GST :

Under Regular Tax Scheme, tax payer is required to register only if annual turnover exceeds Rs 40 lakhs in case of goods and Rs 20 lakh in case of services. (In Special category states, the limit is Rs. 20 lakhs for goods and 10 Lakhs for services). The restaurant services are classified under supply of service. Therefore, a restaurant needs to register when their turnover exceeds Rs 20 lakh.

Benefits under normal scheme:

* Any Restaurant registered under normal scheme can Supply through an e-commerce operator like Zomato, Swiggy, etc.

* Restaurants can also supply Inter-state.

* Taxpayer is also allowed to claim input tax credit on purchases made for the business.

* Restaurant service providers under normal scheme can issue tax invoice and charge GST from their customers.

This covers individuals supplying catering or other services in hotels (having room tariff of Rs 7,500 or more) and not any hotel accommodation services.

Input Tax Credit for Restaurants:

Restaurant registered under normal scheme are eligible to claim the Input tax credit (ITC) on the input supply used in the course or furtherance of business except in some cases. The input tax credit can be used for paying the output liability of GST. 

Conditions for GST on Restaurant Services under Regular scheme:

* The level of compliances is higher than composition scheme.

* They are required to file Monthly Returns in Form GSTR 1 and GSTR 3B.

* All registered persons having the same PAN have to opt the same scheme. If one of them opts for composition scheme, others become ineligible to opt normal.

Composition scheme:

GST Department has provided Composition levy scheme which is a very simple, hassle-free compliance scheme for small taxpayers. It is a voluntary and optional scheme. The scheme is available for Restaurant service providers.

Benefits under composition scheme:

* Easy compliance as no elaborate accounts and records to be Maintained.

* Quarterly payment of tax in form GST CMP-08.

* Conditions on Restaurant Services availing GST Composition Scheme

* On opting this scheme, the assessee cannot issue taxable invoice under GST and can neither collect GST from his customers nor can claim Input Tax credit on his purchases. 

* He/she is required to issue bill of supply. Bill of supply shall mention the words “composition taxable Person.”

* Restaurant service Providers cannot supply inter-state.

* Restaurant service Providers cannot supply any items exempt under GST.

* On opting the composition scheme, Restaurant service Providers cannot supply through an e-commerce operator like Zomato, Swiggy etc.

* The restaurant can’t avail any Input Tax Credit (ITC).

* All registered persons having the same PAN have to opt the same scheme. If one of them opts for normal scheme, others become ineligible to opt composition.

* The day the aggregate turnover of restaurant exceeds Rs 1.5 crore or Rs 75 lakh (in case of special category States) the composition scheme option lapses and he is required to pay tax under regular scheme.

* There is no restriction to receive inter – State inward supplies of goods.

Rate of GST on Restaurant Services:

Under the composition scheme restaurant service providers are required to pay GST at a concessional rate of 5% on the turnover.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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Deduction under Chapter VI A of Income Tax Act

Chapter VI A of Income Tax Act contains various sub-sections of section 80 that allows an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations etc. Such deductions allow an assessee to considerably reduce the tax payable.

The Chapter VI A of Income Tax Act contains the following sections:

80C: Deduction in respect of life insurance premium, deferred annuity, contributions to provident fund (PF), subscription to certain equity shares or debentures, etc. The deduction limit is Rs 1.5 lakh together with section 80CCC and section 80CCD.

80CCC: Deduction in respect of contribution to certain pension funds. The deduction limit is Rs 1.5 lakh together with section 80C and section 80CCD (1).

80CCD (1): Deduction in respect of contribution to pension scheme of Central Government – in the case of an employee, 10 per cent of salary and in any other case, 20 per cent of his/her gross total income in a FY will be tax free. Overall limit is Rs 1.5 lakh together with 80C and 80CCC.

80CCD (1B): Deduction up to Rs 50,000 in respect of contribution to pension scheme of Central Government (NPS).

80CCD (2): Deduction in respect of contribution to pension scheme of Central Government by employer. Tax benefit is given on 14 per cent contribution by the employer, where such contribution is made by the Central Government and where contribution is made by any other employer, tax benefit is given on 10 per cent.

80D: Deduction in respect of Health Insurance premium. Premium paid up to Rs 25,000 is eligible for deduction for individuals, other than senior citizens. For senior citizens, the limit is Rs 50,000 and overall limit u/s 80D is Rs 1 lakh.

80DD: Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability. The maximum deduction limit under this section is Rs 75,000.

80DDB: Deduction in respect of expenditure up to Rs 40,000 on medical treatment of specified disease from a neurologist, an oncologist, a urologist, a haematologist, an immunologist or such other specialist, as may be prescribed.

80E: Deduction in respect of interest on loan taken for higher education without any upper limit.

80EE: Deduction in respect of interest up to Rs 50,000 on loan taken for residential house property.

80EEA: Deduction in respect of interest up to Rs 1.5 lakh on loan taken for certain house property (on affordable housing).

80EEB: Deduction in respect of interest up to Rs 1.5 lakh on loan taken for purchase of electric vehicle.

80G: Donations to certain funds, charitable institutions, etc. Depending on the nature of the donee, the limit varies from 100 per cent of total donation, 50 per cent of total donation or 50 per cent of donation with a cap of 10 per cent of gross income.

80GG: Deductions in respect of rent paid by non-salaried individuals who don’t get HRA benefits. Deduction limit is Rs 5,000 per month or 25 per cent of total income in a year, whichever is less.

80GGA: Full deductions in respect of certain donations for scientific research or rural development.

80GGC: Full deductions in respect of donations to Political Party, provided such donations are non-cash donations.

80TTA: Deductions in respect of interest on savings bank accounts up to Rs 10,000 in case of assessees other than Resident senior citizens.

80TTB: Deductions in respect of interest on deposits up to Rs 50,000 in case of Resident senior citizens.

80U: Deduction in case of a person with disability. Depending on type and extent of disability maximum deduction allowed under this section is Rs 1.25 lakh.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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Ready Accountant is an initiative and mission of Chartered Accountant Mr. Abhinit Singh to provide unlimited live classes on Accounts, GST, Taxation, and ROC to provide practical knowledge and corporate exposure. All classes are taken by Accounts professionals, CA, and CS  under the guidance of CA Abhinit Singh. Ready accountant Provides an opportunity to practice Accounts on real and live projects. Here you can make Accounting entries, profit and loss account, balance sheet, GST registration to return filing, and all tax-related issues, and filing of a real company under the Guidance Abhinit sir and team. Here we provide classes on ROC also You will get an ample opportunity to learn Roc and other compliances.

Ready Accountant courses giving benefits to the students:

* Gives 100% placement guarantee.

* Gets you job-ready in 6 months with the guidance of highly qualified professionals.

* Gives 80% practical training and 20% theory.

* Gives you grooming classes

 * Trains you in Hi-Tech Classrooms 

* Provides individual Computer system for each student.

* Gives training on Government Authorised Websites (MCA)

* Makes you work on unlimited live projects. 

* Gives up to 100% scholarship program.

* Is ISO CERTIFIED COMPANY. 

* Gives One To One doubt clearing session 

* Commands you on each and every topics.

* All the classes are taken by Highly Experienced CA/CS & CMA.

Ready Accountant - The only Institute providing Unlimited Live Projects on Accounts, GST, Taxation, and ROC.

Enroll now:  https://rb.gy/u8w5bl

To know more visit our Website: www.readyaccountant.com

CONTACT US: +91 9123362589 , +91 629063413083, 

ADDRESS: Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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ALL ABOUT HUF (Hindu Undivided Family) AND IT'S TAX BENEFITS

The Income Tax Act provides several opportunities for taxpayers to reduce their tax liabilities in an organised and legitimate manner.

One such aspect is the creation of the HUF or the Hindu Undivided Family.

• HUF is governed under Hindu law board and could be formed by a married couple or by members of a joint family. 

• HUF could be formed by two members and at least one among them should be a male member of the family. Senior most male member of the family would become ‘Karta’. 

• Although it is governed by the Hindu law board, it can be formed by Jains, Sikhs and Buddhists as well.

• For the sake of income tax, the HUF is considered as a separate entity and is therefore taxed separately. This helps to separate tax obligations of an individual from that of his family.

• Every member of the family can deposit their income in the common corpus.

• Single person’s authority while participation from entire family.

• Tax benefits on deposits under various sections.

• Corpus can be divided only on agreement of every coparcener of the family.

Tax benefits on a HUF account:

Since the account is equivalent to an individual’s account there are various tax benefits and a few of them are mentioned below.

According to IT act, tax rebates and deductions can be availed under sections 80C for HUF account. Gifts collected up to a worth of Rs 50,000 will be tax free. A father who owns a HUF account can gift a property or money of higher worth to a son who owns a smaller HUF account; but he should specify that the gift is for the son’s HUF and not to him as an individual. Under section 64(2) and 56(2) tax benefits can be enjoyed in such instance. Corpus can be used for investment in tax free money instruments.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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INCOME TAX ON PARTNERSHIP FIRMS

What is a Partnership firm?

A partnership firm is a type of entity where more than one person is carrying out business under one entity. Partnerships firms in India are of two types - Registered partnership firms and unregistered partnership firms.

Registering a Partnership is the right choice for small enterprises as the formation is straightforward and there are minimal regulatory compliances.

The Partnership Act has been in existence in India since 1932, making partnerships one of the oldest types of business entities in India. A partnership firm can even be registered after it is formed. There are as such no penalties for Non-Registration of a Partnership firm.

But unregistered Partnership firms are denied certain rights under section 69 of the Partnership Act that majorly deals with the effects of Non-Registration of Partnership firms.

The income tax defines a Partnership firm as “Persons who have entered into a partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm name”. Hence, a firm that does not have a registration certificate from the registrar is an unregistered Partnership firm.

THE TAX RATE FOR A PARTNERSHIP FIRM

What is the tax rate for a partnership firm?

A partnership firm is required to file a partnership firm income tax return under the Income Tax Act,1961. Partnership firms are liable to pay income tax at the rate of 30% of total income. Besides, a partnership firm is liable to pay an income tax surcharge of 12% if the total income exceeds Rs.1 crores.

Additional to the income tax and surcharge a partnership firm must pay the education cess and the secondary higher education cess.

Education Cess is applicable on the amount of the income tax and the applicable surcharge at the rate of 2%. Secondary and higher education cess is applicable on the amount of the income tax and the applicable surcharge at the rate of 1%.

Alternative minimum tax:

Similar to a private limited company or LLP, partnership firms are also required to pay alternate minimum tax at the rate of 18.5% of "adjusted total income". Alternate minimum tax would be increased by the applicable surcharge, education cess, and secondary and higher education cess.

How to File Tax Returns for a Partnership Firm?

For Partnership income tax return filing should be done through Form ITR-5. This form ITR-5 is used to partnership firm income tax returns and not the tax returns for the partners.

Like all other income tax forms, ITR 5 is an attachment-less form and there is no requirement to submit any documents or statements along with the partnership firm tax returns. However, the taxpayers must save the records about business and produce the same before the tax authorities when requested.

ITR-5 can be filed online with the income tax department's online portal. The documents need to be submitted only when they are asked for. While filing the Partnership firm tax returns the partners must have class 2 digital signatures for verification of the filing process.

Procedure for filing Income tax returns of a partnership firm:

The income tax return of a partnership firm can be filed online through the income tax website or manually. If the income tax return is filed online then a class 2 digital signature will be required for the partner of the firm. Also, online income tax return filing is mandatory for partnership firms required to obtain an audit.

In case of manual filing, the assessee must print out two copies of Form ITR-V. One copy of ITR-V signed by the assessee has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy should be retained by the assessee for his/her record.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

ADDRESS- 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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Benefits to Senior Citizens under Income Tax Act

Who is Considered as a Senior Citizen in India?

According to the law, a senior citizen is an individual resident between the age group of 60 to 80 years.

Who is Considered as a Super Senior Citizen in India?

A super senior citizen is an individual resident who is above 80 years.

Why should Senior Citizens have special Income Tax Benefits?

India’s history comes from a culturally enriched background where elderly aged are taken care of to guide the generations on both happy and odd events. Their idea is to relieve them from stress at this crucial phase of life.

Here are some of the benefits which may ease out financial responsibilities for senior citizens in our country:

1. Benefits under Medical Insurance:

Under section 80 D, the senior citizens are offered a benefit on account of payment of the health insurance premium up to Rs.50,000/-. Earlier, this limit of deduction for health premium payment was Rs.30,000/- for senior citizens.

For super citizens, under section 80 D, the deduction for the payment of medical premium as well as the actual expenses expensed on their treatment are permitted.

2. No Advance Tax:

While ordinary individuals have to pay an advance tax if their tax liability is Rs.10,000/- or more in a financial year, senior citizens are free from this burden unless they make income from business or profession. Those not owning a business only have to pay the Self-Assessment Tax.

Advance Tax is an amount paid in advance to the Indian Government which all citizens are bound to pay. The government restricted the involvement of senior citizens in this tax.

3. Allowance on the treatment of specified diseases:

The Government of India gives an allowance to its senior citizens to not pay tax if the cost of treatment is close to Rs.40,000/- Under section 80DDB of the Income Tax, senior citizens get a deduction limit of Rs.1 lakh if they undertake any treatment for specified disease or critical illness in a financial year.

4. Standard Deductions from Pension Income:

The government of India has allowed  a standard deduction of ₹50,000 on account of their pension income to the senior citizens.

6. Privilege on Interest Income:

The senior citizens who are residents of India will have to pay no tax on their interest earned up to Rs.50,000/- in a financial year. When filing their Income Tax Return, the senior citizens will have to fill the form 15H. The amount of interest earned over Rs.50,000/- would attract the tax as per the slab rate of senior citizens. Applicable under section 80 TTA of Income Tax, this will take into account interest earned in the savings bank account, deposits in a bank, and/or deposits in post-office.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

ADDRESS: 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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Income Tax Rate for Individuals in India.

Taxation of individual citizen in India is primarily based on their residential status in the relevant tax year. The residential status of individuals is determined independently for each tax year and is ascertained on the basis of their physical presence in India during the relevant tax year and past years. 

 Resident in India, which is further divided into the following two categories:

• Resident and ordinarily resident (ROR).

• Resident but not ordinarily resident (RNOR).

• Non-resident in India (NR).

Under Indian tax laws, the scope of taxation differs as per the residential status of an individual:

• Residents and ordinary residents are subject to tax in India on their worldwide income, wherever received.

• Residents but not ordinarily residents are subject to tax in India only in respect to income that accrues/arises or is deemed to accrue/arise in India, or is received or deemed to be received in India, or is from a business controlled in or a profession set up in India.

• Non-Residents in India are subject to tax in India only in respect to income that accrues/arises or is deemed to accrue/arise, or is received or deemed to be received in India.

• Residents but not ordinary residents and Non-resident’s individuals are not subject to tax in respect to their income earned and received outside of India.

The slab rates applicable to individuals for tax year 2020/21 are:

The basic exemption limit for resident individuals who are 60 years of age or more but less than 80 years of age at any time during the tax year is INR 300,000. For resident individuals who are 80 years of age or more, it is INR 500,000.

Individual whose income is upto 5 lakhs is entitled to get rebate of upto Rs. 12500 and individuals having income of more than 50 lakhs in a year will have to pay surcharge as per the rates prescribed in income tax act.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

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What is GST E-Way Bill?

What is GST E-Way Bill?

Under GST, the process and procedure for the movement of goods are given in the e-way bill rules. E-way bill stands for "Electronic Way Bill". It is usually a unique bill number which is generated for the specific shipment involving the movement of goods. However, it is to be noted that the e-way bill implementation was postponed when GST came into being on the 1st of July, in order to give more time to the government, businesses and transporters to prepare for its full and final implementation. States like Gujarat continued to have Form 402 in GST, and clear rules were laid down as to how to help businesses fill a GST Form 402 online till the implementation of the GST e-way bill is complete.

Who should generate the E-Way Bill?

When goods are transported by a registered person, either acting as a consignee or consignor in his own vehicle, hired vehicle, railways, by air or by vessel, the supplier or recipient of the goods should generate the E-Way Bill.

When the goods are handed over to a transporter, the E-Way Bill should be generated by the transporter. In this case, the registered person should declare the details of the goods in a common portal. In case of inward supplies from an unregistered person, either the recipient of supply or the transporter should generate the E-Way Bill.

How any person can generate the E-Way Bill?

Form GST EWB-01 is an E-Way Bill form. It contains Part A, where the details of the goods are furnished, and Part B contains vehicle number.

When is the E-Way Bill applicable?

It is applicable for any consignment value more than INR 50,000. E-Way Bill is applicable even in case of inward supply of goods from unregistered person.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

Address- 83, Shyama Prasad Mukherjee Road, 3rd Floor, Devi Market Building, West Bengal, Kolkata 700026

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GST REGISTRATION

How GST Registration actually work?

GST acts as a type of value-added tax and a proposed comprehensive indirect tax i.e., imposed on manufacturing, sale, and consumption of goods as well as services at the national level. It will replace all indirect taxes that are imposed on various goods and services by Central and State Governments of India. Additionally, the Goods and Service Tax (GST) is considered to be one of the biggest reforms in the indirect tax structure of India since the economy began to be opened up to 25 years ago. 

GST Registration: An Overview-

GST Registration is basically a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN). This is a 15-digit number allocated by the Central government after the taxpayers obtain registration. Point to be noted: If you’re operating your businesses from more than one state, then you’ll have to take registration for each state you’re operating from.

WHO HAS TO GET THEIR GST REGISTRATION DONE?

• Inter-state supplier of goods and services. • Supplier of goods through an e-commerce portal. • Casual taxable person / Input Service Distributor. • Non-resident taxable person. • Any service provider. • Liable to pay tax under the reverse charge mechanism. • TDS/TCS deductor. • Online data access or retrieval service provider.

DOCUMENTS REQUIRED IN GST REGISTRATION

• Permanent Account Number (PAN) of the applicant. • Copy of the Aadhaar card. • Proof of business registration or incorporation certificate. • Identity and address proof of promoters/directors with a photograph. • Bank account statement/cancelled cheque. • Authorization letter/board resolution for authorized signatory. • Digital signature.

Ready Accountant Courses gives you the best guidance and thorough knowledge of Accounting and Taxation. Get your registration done for the offline classes and we will make you job ready in the given time period of your chosen course. Get 100% placement with our recruiting partners after the course session.

INSTITUTE DETAILS:

WEBSITE: READYACCOUNTANT

EMAIL: info@readyaccountant.com

CONTACT US: +91 9123362589 , +91 6290634130

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DUE DATE OF FILING INCOME TAX

Income Tax Return is used to file the income tax with the Income Tax Department.

Income tax is basically a tax imposed by the Central Government of India on income of a particular person.

Filing income tax is the responsibility of every citizen of India. The IT department is responsible in verifying these declarations of income and if, in case, any amount is paid in excess, the department refunds the amount to the assessee  bank account. To avoid any penalty, all entities required to file the taxes on time. The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as:

ITR 1 ITR 2 ITR 3 ITR 4S ITR 5 ITR 6 and ITR 7.

The final day of filing Income tax returns for FY 2020-21 is 31st December 2021 for most of the individual taxpayers. The last date for income tax return filing for taxpayers whose accounts requires to be audited is 15th February 2022.

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ALL ABOUT GST PRACTITIONER

Goods and Services Tax (GST) is set to overhaul the complete indirect tax regime in India and make doing business easy and accessible in India. With the implementation of GST, over one crore registered enterprises would be registered underneath GST as a taxable man or woman and be required to comply with various GST compliance requirements. To make compliance easy for businesses, the government has come up with various initiatives like GST Practitioners and GST Facilitation Centers. In this newsletter, we take a look at GST Practitioners and the process for becoming a GST practitioner.

Roles of GST Practitioner:

• To assist or help taxpayers with their GST compliance, Goods and Services Tax Practitioners can adopt any of the following activities on behalf of a GST taxpayer.

• Document GST return GSTR-1 and GSTR-2 with details of outward and inward supplies;

• File monthly, quarterly, annual or the final GST return;

• Make GST price on behalf of the taxpayer for credit into the electronic cash ledger;

File a claim for GST refund:

• Report a utility for change or cancellation of GST registration.

• After authorization of a GST Practitioner on the GST common Portal, the Practitioner can complete various services. But, if an application for GST refund or a utility for change or cancellation of GST registration is submitted, a confirmation is needed to be furnished by the registered person. As a result, for any kind of necessary changes, the registered person’s consent should be filed along with the application of the GST common portal. Regular return filing will not be required with this special confirmation.

GST Practitioner – necessities & Eligibility criteria:

Following are the requirements for registering as a GST Practitioner on the GST Portal:

1. The applicant must possess a valid PAN card.

2. The applicant needs to possess a valid Mobile number.

3. Applicant ought to possess a valid email Id.

4. The applicant has to own a professional address.

5. The applicant has to possess all the required documents and facts.

Any character who is an Indian citizen having necessary qualification, of sound mind and not convicted as bankrupt can come to be a GST Practitioner. To be certified as a GST Practitioner, the individual needed to be:

• A retired officer of the Commercial Tax Department of any State Government or of the Central Board of Excise and Customs, Department of Revenue, Government of India, who, during his service under the Government, had worked in a post not lower in rank than that of a Group-B gazetted officer for a period of not less than two years; or

• Has been enrolled as a sales tax practitioner or tax return preparer under the existing law for a period of not less than five years;

• Has the following degree or qualification:

• A graduate or postgraduate degree or its equivalent examination having a degree in Commerce, Law, Banking including Higher Auditing, or Business Administration or Business Management from any Indian University established by any law for the time being in force; or

• A degree examination of any Foreign University recognized by any Indian University as equivalent to the degree examination having a degree in Commerce, Law, Banking including Higher Auditing, or Business Administration or Business Management; or

• Any other examination notified by the Government, on the recommendation of the Council, for this purpose; or

• Has passed any of the following examinations, namely:

• Final examination of the Institute of Chartered Accountants of India;

• The Institute of Cost Accountants of India;

• Final examination of the Institute of Company Secretaries of India.

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ALL ABOUT PARTNERSHIP BUSINESS

The process of business partnership registration occurs whenever two or more parties sign an agreement to run a business together and share the profits and losses it makes. So, entrepreneurs need to be cautious about the process of business partnership online registration. This blog will give you a clear vision about the business partnership registration process and the different types of business partnership in India.

Three essential elements that makes Business Partnerships:

• Agreement between the parties involved. • Plan on how to share the profits obtained as a result of the business. • Business must be run by either all or anyone that represents the rest of the partners.

TYPES OF BUSINESS PARTNERSHIPS IN INDIA:

There are numerous strategies by which we are able to differentiate the various sorts of business partnership in India. One of the greatest parameters used is registration. Consistent with that aspect, partnership companies in India fall into two broad categories:

• Registered partnership companies. • Unregistered partnership companies. As per Indian Partnership Act, the only criterion to begin a partnership company is the execution of the partnership deed among the parties involved. Hence, registration isn't mandatory, making it viable for business owners to start operations without registering. However, no longer registering strips firms of diverse rights and isn't advisable for any business.

TYPES OF PARTNERS:

1. Active or actual partner:

Any member who has grown to be an associate through an agreement and actively participates in running the company. While such partners retire, they have to absolve themselves in their responsibilities and liabilities by giving public notice.

2. Dormant partner:

Any member who has become an accomplice through an agreement, but does now not actively take part in strolling the firm. Such partners do no longer want to give public notice on the time of retirement although they do share the profits and losses incurred by means of the company.

3. Nominal partner:

Any member who merely lends their call to the firm, but has no hobby in jogging the business. They do not proportion the income or losses incurred through the company and have now not invested in the firm, but do stay responsible for the moves of the firm.

4. Partner in profits:

Any member who shares the profits raised by the firm without being responsible for its losses. Such contributors are most effective chargeable for the profits received through them from the company.

5. Sub-partner:

Any company who stocks their earnings with an intruder and holds no right inside the company. Such partners are also not responsible for the movements of the firm.

6. Incoming partner:

Any associate admitted into an existing firm and who isn't always chargeable for acts undertaken before their access.

7. Outgoing partner:

Any companion leaving the firm while the relaxation of the companions retains to operate the business. Such companions are answerable for acts undertaken till they serve a public observe concerning the identical.

8. Partner by holding Out:

A character who holds themselves or represents themselves as a partner but is later stopped from doing so. Such partners are susceptible to every person who gave credit score to the firm because of their representation.

Types of business partnerships in India:

1. General partnership:

A general partnership is the most primary form of partnership. It does not require forming a business entity with the state. In maximum cases, companions form their business by using signing a partnership agreement. Ownership income and profits are commonly split, although they may establish various terms in the partnership agreement. In a general partnership, all partners have unbiased power to bind the business enterprise to contracts and loans. Each partner also has total liability, which means they are personally responsible for all of the enterprise's debts and legal obligations. This is a variety of power and a lot of mutual duty. For example, say a general partnership has three partners. One of the partners takes out a mortgage that the business cannot repay. All companions will additionally now be equally liable for the debt. General partnerships are smooth to shape and dissolve. In maximum instances, the partnership dissolves routinely if any companion dies or is going bankrupt.

2. Limited partnership:

Limited partnerships (LPs) are formal business entities authorized through the state. They have at least one general partner who is absolutely accountable for the business and one or more business partners who provide money but are not actively participating in any other work of business.

Limited partners make investments in the business for economic returns and are not answerable for its debts and liabilities.

This silent partner confined legal responsibility method limited partners can share inside the profits, but they can't lose more than they have invested. In some states, restrained partners may not qualify for bypass-through taxation. If they begin actively handling the enterprise, they'll lose their fame as a restrained companion, in conjunction with its protections.

A few LPs appoint a restricted liability employer (LLC) as the general partner so nobody has to bear any kind of personal liability for the business. That option may not be available in all states, and it's much greater complicated than an LP.

3. Limited liability partnership:

A limited liability partnership (LLP) operates like a general partnership, with all companions actively coping and managing the business, but it limits their liability for one another's actions. The partners still endure full obligation for the debts and legal liabilities of the business, however they're not responsible for errors and omissions in their fellow partners. LLPs are not accepted in all states and are often restricted to certain professions including doctors, lawyers, and accountants.

4. Private Limited Partnership:

A few advantages of partnership over personal limited organisation includes ease of establishment with lower expenses. A partnership consists of two or more partners those who owns a partnership business together and proportion all its income i.e., profits and losses. In addition to this they can also get proper control and involvement in making decisions on behalf of the business. Proprietors of a partnership are liable for business debts and duties. Private limited businesses are owned by using shareholders and controlled through administrators. They bring about legal liabilities for business debts, which reduces personal danger. Selecting the suitable business model need to involve consideration of tax and legal benefits or advantages of each form of entity.

When forming a partnership, comply with these steps:

Step 1: Select a structure. Find the best partnership to your situation through these steps:

• Research Permitted partnerships: check your secretary of state’s internet site to determine the forms of partnerships available in your state and which ones are permitted to your business type.

• Discuss your vision and goals.

• Pick a structure.

Step 2: Draft a partnership agreement.

Step 3: Name your enterprise

• seek advice from partner call policies.

• test corporate designator rules.

• check availability

Step 4: register your partnership.

Step 5: publish annual reports.

Build a long-lasting, a hit partnership.

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