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Before the taxpayer uses this option to generate Aadhaar OTP, they must ensure that their PAN and Aadhaar are linked. 

As most taxpayers access their e-tax filing account only once in a year they may forget their income tax e-filing account's password. Without this password accessing one's income tax e-filing account and consequently filing one's income tax return will not be possible.

However, the income tax department has given taxpayers four options to recover this password. The password can be recovered by either answering the secret questions put in at the time of creating it, using Aadhaar (One Time Password) OTP, by uploading the digital signature certificate or using Mobile OTP PIN.

Following are the steps to reset your password using these four options.

Option 1: Using the 'Answer Secret Question'

Step 1: Visit incometaxindiaefiling.gov.in website, under 'Forget password' option, click on 'Reset' tab.

Step 2: The taxpayer has to enter his/her User ID (your PAN number), Captcha and then, click on 'Continue' tab.

Step 3: Select the 'Answer Secret Question' from the drop-down options available. Click on 'Continue' tab.

Step 4: Enter your date of birth which is mandatory. Make sure you select the dates from the calendar provided.

Step 5: Now select the mandatory 'Secret question' from the drop-down options available.

Step 6: Enter the 'Secret answer' and then, click on 'Submit' tab.

Step 7: On successfully submitting the answer, the taxpayer needs to enter the 'new password', re-enter to confirm, and click on the 'submit' tab again.

Once the process of password change is done, a 'successfully password change' message gets displayed on the screen. Hence, you can now log in with the new password.

Option 2: Using Aadhaar OTP

Pre-requirement: Before the taxpayer uses this option to generate Aadhaar OTP, they must ensure that their PAN and Aadhaar are linked.

Step 1: Visit incometaxindiaefiling.gov.in website, under 'Forget password' option, click on 'Reset' tab.

Step 2: The taxpayer has to enter his/her User ID (It is your PAN number), Captcha and click on 'Continue' button.

Step 3: Select the 'Using Aadhaar OTP' from the drop-down options available. Click on 'Continue' tab.

Step 4: Taxpayer will be redirected to a page where he/she is required to confirm his/her Aadhaar Number. After that, click on 'Generate Aadhaar OTP'.

Step 5: The Aadhaar OTP will be sent to the phone which is registered with the Aadhaar number.

Step 6: Now the taxpayer has to enter the Aadhaar OTP received via his/her mobile on the forget password page and then, he/she has to click on the 'Validate' tab. After that the the Aadhaar OTP should get validated.

Step 7: Once the process is successfully completed, the taxpayer needs to enter the 'new password', re-enter to confirm, and click on the submit tab.

Once the process of password change is done, a 'successfully password change' message gets displayed on the screen. Now you can log in with the new password.

Option 3: By uploading a Digital Signature Certificate (DSC)

Step 1: Visit incometaxindiaefiling.gov.in website, under 'Forget password' option, click on 'Reset' tab.

Step 2: The taxpayer has to enter his/her User ID (PAN), Captcha and click on 'Continue' tab.

Step 3: Select the 'Upload Digital Signature Certificate' from the drop-down options available. Click on 'Continue' tab.

Step 4: Taxpayer needs to select the 'Registered DSC' options available.

Step 5: Taxpayer has to upload his/her signature file generated using DSC management utility and then has to click on the 'Validate' tab.

Step 6: Once the process is successfully completed, the taxpayer will see an option to enter the 'new password'. The taxpayer should enter the new password, re-enter to confirm, and click on the submit tab.

Once the process of password change is done, a 'successfully password change' message gets displayed. Hence, you can log in with the new password.

Option 4: By using OTP (PINs)

Step 1: Step 1: Visit incometaxindiaefiling.gov.in website, under 'Forget password' option, click on 'Reset' tab.

Step 2: The taxpayer has to enter his/her User ID (It is your PAN number), Captcha and click on 'Continue' button.

Step 3: Select the 'Using OTP (PINs)' from the drop-down options available. Click on 'Continue' tab.

Step 4: The taxpayer has to select 'Registered email ID' and 'Mobile number' to get OTP (PINs).

Step 5: Enter the OTP (PINs) received on the registered email ID and mobile. After that, click on 'Validate' tab.

Step 6: Once the process is successfully completed, the taxpayer needs to enter the 'new password', re-enter to confirm, and click on the 'submit' tab.

Once the process of password change is done, a 'successfully password change' message gets displayed on the screen. Hence, you can log in with the new password.

Points to note

Taxpayers should make sure that their registered mobile remains active during that time. In case of using OTP option, you can only log in with new password after the time specified in communication. In case the taxpayer has not received the OTP within a reasonable time, he/she can click on the 'Resend' option. An email along with a link for "Cancellation for the password reset request" will be shared to the registered Email ID and

new Email ID. In case the user identifies the request for password reset is un-authorized, then user can click on the Cancellation link provided within 12 hours. PAN and DOB validation will be done before aborting the password reset request.

For Accounting and Taxation training in nagpur, visit : www.aiatindia.com

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What is Accounting?

The field of accounting always remains in demand as it is the backbone of every business entity. An accountant is needed in every industry. It is one of the respected professions in the world.

The practitioners and professionals of accounting are called accountants. The certified professionals in these fields are known as Chartered Accountants.

There are different types of accounting that include financial accounting, management accounting, auditing, and tax accounting.

Qualified accountants in numerous countries are titled a certified public accountant (CPA).

Accountants perform financial calculations for corporations during a wide variety of fields. Some common duties include creating sales and income reports, administering payroll, keeping balance sheets, carrying out billing activities, managing budgets and keeping inventory. The accountant may additionally be liable for filing taxes for the corporate, as well as reviewing past reports to generate income forecasts. Occasionally, internal audits must be carried out to make sure that the various areas of the company are performing as expected; the accountant must also make sure that staff members are adhering to company policies and relevant laws. The accountant should be ready to produce correct, detailed reports to illustrate data; sometimes, these reports have to be presented to management. The accountant may administer the monetary transactions of 1 department or multiple departments among their organization. A bachelor's degree in accounting is needed for this position, as is standing as a licensed public bourgeois (CPA). Previous accounting expertise is usually needed or most popular still. Knowledge of accounting code like Quick books and Microsoft stand out is required. Additionally, many of the accountant's tasks are performed independently so it is essential to be self-motivated; however, collaboration is necessary, and the accountant must be able to work as part of a team. …

Scope

Accounting jobs can vary from entry-level to executive level. A bourgeois plays a very vital role in any business. It is a very crucial part of a corporation, for managing payroll, auditing, and financial management. Due to the individual demand of different companies, the demand for accountants is increasing. An eligible will can notice jobs publicly, personal or non-profit industries and corporations. You can want varied career profiles like a clerk, payroll clerks, and account clerk.

A profession in accounting is one of the top career choices marked by the students of India.

Numerous options open for the candidates seeking a career in accounting. The job of accountants exists in public as well as in the private sector. If you're selecting your career to be an associate degree accountant then, the career options in this field are available in numbers. You can choose varied jobs under this course. One can do a job in outside of India also.

Every organization needs an accountant that manages and maintains the financial records of the companies. It enables the organization to judge its success/failure and plan for the future. There are different positions available in this field. Lucrative jobs are available for chartered accountants in India as well as in foreign countries.

One can choose the teaching profession in this field. Job opportunities square measure offered in line companies, insurance companies, and banks. You are also employed in private organizations or companies.

Salary of Accountant

The top respondents for the task title accountant square measure from the businesses Genpact, Infosys BPO and Abc Corp. Reported salaries square measure highest at Any Company wherever the typical pay is Rs 330,000. Other corporations that provide high salaries for this role embody Infosys BPO and Sobha Developers Ltd, earning around Rs 325,000 and Rs 300,000, respectively. Accountants, Inc. pays the lowest at around Rs 225,000. Genpact and Capgemini also pays on the lower end of the scale, paying Rs 234,400 and Rs 254,902, respectively.

An entry-level Accountant with but 1-year expertise will expect to earn a median total compensation (includes tips, bonus, and overtime pay) of Rs 199,830 supported 762 salaries. An early career Accountant with 1-4 years of experience earns an average total compensation of Rs 228,086 based on 3,410 salaries. A mid-career Accountant with 5-9 years of experience earns an average total compensation of Rs 296,955 based on 1,624 salaries. An experienced Accountant with 10-19 years of experience earns an average total compensation of Rs 360,126 based on 780 salaries. In their late-career (20 years and higher), employees earn an average total compensation of Rs 434,483.

Employees with Accountant in their job title in Bangalore, Karnataka earn an average of 19.8% more than the national average. These job titles also find higher than average salaries in Chennai, Tamil Nadu (18.1% more) and Hyderabad, Andhra Pradesh (8.2% more). The lowest salaries can be found in Kolkata, West Bengal (14.8% less) and Pune, Maharashtra (4.7% less).

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As per the most recent update on the taxation department's e-filing web site, currently you'll be able to e-verify your income tax return (ITR) without logging-in to your account.

This is one of the various measures taken by the tax department to create the ITR filing method easier for taxpayers. Among these measures is that the lighter version of the e-filing web site, 'e-filing Lite', launched by the tax department last week.

Now, coming to the most recent update on e-verification, here could be a look into however this will be done.

How to e-verify ITR while not work in to your account

Verification of return is that the last step within the ITR filing method. Once the return is filed, it's necessary for the payer to verify it among 120 days.

If the ITR is not verified, it will not be considered valid ITR to be taken up for processing. Out of the six ways available to the taxpayer to verify ITR, five are electronic and one is physical method of verification.

Follow the steps below to e-verify  your ITR:

Step 1: Visit www.incometaxindiaefiling.gov.in

Step 2:Under the 'Quick links' tab, select the 'e-verify return' option.

Step3: Enter the details as required - PAN, Assessment year (2019-20) and acknowledgement number. Once you have entered the details, click on 'Continue'.

Step 4: Three options will appear on your screen:

a) Option 1: I already have an EVC to e-verify my return.

b) Option 2: I do not have an EVC and I would like to generate EVC to e-verify my return

c) Option 3: I would like to use Aadhaar OTP to e-verify my return

You can choose any of the options mentioned above and verify your tax return.

If you wish to verify your return using Aadhaar OTP, ensure that your mobile number is registered with the Aadhaar database as well.

If you do not have to EVC (Electronic Verification Code), then you can generate the same through your pre-validated bank account or demat account.

Things to remember While using this facility to verify your tax return, you must keep the following in mind:

This facility can be used for the returns filed for FY 2018-19. You cannot verify your previous ITRs using this facility.

Only those tax payers can use this facility where verification is not required to be done via digital signature certificate (DSC).

Return should not be filed by the authorised signatory or representative assessee.

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House rent allowance (HRA) is one in every of the most usually received allowances by the salaried category. If you are paying rent for accommodation to a landlord which can mean your parents also, then you are eligible to claim tax exemption for the rent paid.

In a departure from the previous year, this year ITR-1 is in sync with the Form-16 received by salaried persons from employers as a TDS certificate. Therefore, it is easier to claim the HRA exemption as you are required to copy the details from the Form-16 and paste it in ITR-1.

If you have forgotten to submit the documents such as rent agreement or rent receipts to your employer, then worry not, as you can still claim the tax-exemption benefit available on HRA while filing your income tax return (ITR).

However, remember in such a case you will be required to manually calculate the amount of HRA received by you which is exempted from tax.

As you have got not submitted the HRA documents to your employer, your Form-16 will show the HRA portion of your salary as fully taxable.This will mean that the taxable amount of your salary as shown in Form-16 will be higher than the calculations made by you.

How to claim tax exemption on HRA?

1.If rent agreement or rent receipts submitted to employer

If you have submitted rental agreement or rent receipts to your employer, then in such a case, the tax-exempt portion of HRA received by you can be seen in Form-16. It is possible that either the entire HRA received by you during the FY 2018-19 is exempt from tax or only part of it is exempted, depending on which of the conditions/criteria set down for claiming HRA exemption you meet.

Remember while submitting rent agreement or rent receipts to your employer, you are also required to submit PAN of your landlord if the annual rent exceeds Rs 1 lakh.

"The taxable portion of HRA will be added to your salary as per provisions in section 17(1) under the head 'Gross Salary'. On the other hand, the tax-exempt portion of HRA will be shown separately under the head Allowances to the extent exempt under section 10".

If you are filing your tax return using ITR-1 on the e-filing website, then amount of HRA exempted from tax, if any, is likely to be pre-filled. It is advisable that individuals verify the pre-filled information with the available documents i.e. as mentioned in Part-B of Form-16.

In case these details are not pre-filled or you wish to file your ITR using the Excel utility, then in such a case, these details are to be reported as follows:

A) Taxable portion of HRA

As said above, the taxable portion of HRA is already added under the head, 'Salary as per provisions in section 17(1)'. You are just required to copy the amount from the Part-B of your Form-16 and paste in the relevant section of ITR-1 form.

The required information will be pasted in the 'Salary as per section 17' in ITR-1 form.

B) Tax-exempt portion of HRA

The tax-exempt portion of HRA can be reported under the head, 'Allowances exempt u/s 10' in the ITR1. From the drop down menu, select '10(13) - Allowance to meet expenditure incurred on house rent'.

You are required to copy the tax-exempt portion of HRA from Part-B of Form-16 from the 'Allowances exempt under section 10' and paste it in the relevant box in the ITR.

2. If rent agreement or rental receipts are not submitted to your employer

In case you have forgotten to submit rent agreement or rent receipts to your employer, then in such a case, you are required to manually calculate the tax-exempt portion of the HRA received by you. This is because your employer has assumed that the entire HRA paid to you is taxable.

Suppose, you are living in a rented apartment in Delhi (metro city) paying a monthly rent of Rs 15,000.You have forgotten to submit the rental agreement to your employer that has led to higher TDS deduction.

Your monthly basic salary is Rs 50,000 and your employer is paying monthly HRA of Rs 20,000. This would mean that your in-hand receipt from your employer is Rs 70,000 per month.

That to claim the HRA exemption, you are first required to calculate how much of the allowance is taxable.The minimum tax exempt portion of HRA received are calculated supported the subsequent rules:

a) Actual HRA received (Rs 20,000 x 12 = Rs 2.4 lakh)

b) 50% of basic salary if living in metro or 40% for non-metro cities (Rs 50,000 x 50% x 12) = Rs 3 lakh

c) Excess of rent paid annually over 10% of basic annual salary [(Rs 15,000 - 50,000 X10%)*12 = Rs 1.2 lakh]The tax exempt portion of HRA comes out to be Rs 1.2 lakh whereas the balance Rs 1.2 lakh is the taxable part.

Once you have calculated the tax-exempt portion of HRA, you will have to claim this benefit by reporting in your ITR.

Remember to decide on the ITR type carefully as choosing the incorrect one can cause your come being termed as defective and you'll need to file it once more.

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ITR-1

Who is Eligible to File ITR 1  for AY 2019-20?

ITR -1   Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :

Income from Salary/Pension

Income from One House Property (excluding cases where loss is brought forward from previous years)

Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.

Who cannot file ITR 1 for AY 2019-20

An individual having income above Rs 50 lakh cannot use this form.

An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form.

Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1

Also, Individuals who have earned income through the following means are not eligible to file form ITR 1

More than one House Property

Lottery, Racehorses, Legal Gambling etc.

Taxable capital gains (Short term and Long term)

Agricultural income exceeding Rs. 5,000

Business and Profession

Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.

Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

ITR-2

Who is eligible to file ITR 2 for AY 2019-20?

ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2:

Income from Salary/Pension

Income from House Property(Income Can be from more than one house property)

Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)

Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)

Foreign Assets/Foreign Income

Agricultural Income more than Rs 5000

Resident not ordinarily resident and a Non-resident

A Director of listed and unlisted companies will be required to file their returns in ITR-2.

Who cannot file ITR 2 for AY 2019-20?

Any individual or HUF having income from Business or Profession

Individuals who are eligible to fill out the ITR-1 Form

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession.

ITR-3

The persons having income from following sources are eligible to file ITR 3 :

Carrying on a business or profession

The return may include income from House property, Salary/Pension and Income from other sources

ITR-4

What is the ITR 4?

The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.

Who is required to file ITR 4?

ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2019-20 includes :

Business income under section 44AD or 44AE

Income from profession calculated under section 44ADA

Salary/pension having income up to Rs 50 lakh

Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head);

Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races).

Note :

Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs.

Who is not required to file ITR 4 for AY 2019-20?

An individual having income from salary, house property or other sources above Rs 50 lakh cannot use this form.

An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form.

ITR-5

What is the ITR-5 Form ?

This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.

Who is eligible to file the ITR-5 Form ?

This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii),estate of deceased, estate of insolvent, business trust and investment fund, cooperative society and local authority.

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

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The fourth tab within the online ITR-1 form is 'Tax Details'.This tab has the details of all the taxes that are deducted from your income in FY 2018-19. This tab comes after the third tab 'Computation of Income & Tax' where you have to fill in details of your income from salary, house property and other sources.

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It is vital for the assesse to initial link the PAN to the checking account to be able to prevalidate the checking account.

The Income Tax Department issues refunds, if any, only as an e-refund to the assessee. The process of provision refunds by approach of cheques has been discontinued .To be able to receive the refund quantity, the bank account of the assessee should be linked to his permanent account number (PAN) and should have been pre-validated on the income tax e-fi ling portal.

1. Access IT portal

The assessee is required to visit the e-filing portal of the Income Tax Department at https://www.incometaxindiaefiling.gov.in. To access the portal, one needs to enter a user name (PAN of the assessee) and password, along with the Captcha code to log in. Those who have not registered with the IT e-fi ling portal need to register themselves beforehand.

2. Choose the right tabs

After work in, the assessee should check the ‘dashboard’ tab.Then, click on the ‘profile settings’ tab to see a drop-down menu of options. Choose the ‘prevalidate your bank account’ option and proceed.

3. Prevalidate account

The assessee will have to enter the bank account number, IFSC code, bank name, mobile number, and e-mail ID. Note that the PAN, mobile number and e-mail ID should be the same as that registered with the bank account. After this, the assessee should click on the ‘pre-validate’ button. The pre-validation status is sent to the registered e-mail ID and mobile number of the assessee.

Alternatively, read your standing by work in to the e-filing portal, and clicking on ‘profile settings’ and ‘pre-validate your bank account’ tabs.

4. Points to note

It is important for the assessee to first link the PAN to the bank account to be able to pre-validate the bank account.

The assessee can e-verify the income tax return only by using a pre-validated bank account.

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What is GST Registration

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.

For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.GST registration usually takes between 2-6 working days.

CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.

Who Should Register for GST?

Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)

Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)

Casual taxable person / Non-Resident taxable person

Agents of a supplier & Input service distributor

Those paying tax under the reverse charge mechanism

Person who supplies via e-commerce aggregator

Every e-commerce aggregator

Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.

Documents Required for GST Registration

PAN of the Applicant

Aadhaar card

Proof of business registration or Incorporation certificate

Identity and Address proof of Promoters/Director with Photographs

Address proof of the place of business

Bank Account statement/Cancelled cheque

Digital Signature

Letter of Authorization/Board Resolution for Authorized Signatory

GST Registration Fees

GST Registration is a tedious 11 step process which involves submission of many business details and scanned documents. You can opt for Goods And Services Tax (GST) Registration services where a GST Expert will assist you, end to end with GST Registration.

Penalty for not registering under GST

An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000.

The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes

What is GSTIN?

All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number also know as GSTIN.

What is Composition scheme and when should a business opt for it?

Small businesses having an annual turnover less than Rs. 1.5 crore ( Rs. 75 Lakhs for NE States) can opt for Composition scheme.

CBIC has notified the increased in the threshold turnover for opting into the Composition Scheme from Rs 1 crore to Rs 1.5 crores. The notification will be effective from 1st April 2019.

Composition dealers will pay nominal tax rates based on the type of business:

Composition dealers are required to file only one quarterly return (instead of three monthly returns filed by normal taxpayers).

They cannot issue taxable invoices, i.e., collect tax from customers and are required to pay the tax out of their own pocket.

Businesses that have opted for Composition Scheme cannot claim any Input Tax Credit.

Composition scheme is not applicable to :

Service providers

Inter-state sellers

E-commerce sellers

Supplier of non-taxable goods

Manufacturer of Notified Goods

Who can Register for Composition scheme under GST?

This scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST.

A GST taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the present limit is Rs 75 lakh.

Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover.

CBIC has notified the increased in the threshold turnover for opting into the Composition Scheme from Rs 1 crore to Rs 1.5 crores. The notification will be effective from 1st April 2019. Learn the Rules about Composition scheme & Know the pros & cons of being a composition dealer.

Obtain GST registration and file CMP-02 to opt-in for the scheme.

What are the benefits of registering under GST?

A. For normal registered businesses:

Take input tax credit

Make interstate sales without restrictions

To know more about the Benefits of GST

B. For Composition dealers:

Limited compliance

Less tax liability

High working capital

To know more about composition scheme

C. For businesses that voluntarily opt-in for GST registration (Below Rs. 40 lakhs)

Take input tax credit

Make interstate sales without restrictions

Register on e-commerce websites

Have a competitive advantage compared to other businesses

To know more about voluntary registrations

CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.

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What is an eWay Bill?

EWay bill is an digital manner bill for movement of goods to be generated at the eWay bill Portal. A GST registered character cannot transport goods in a vehicle whose price exceeds Rs. 50,000 (single invoice/bill/transport challan) with out an e-manner bill that is generated on ewaybillgst.gov.in instead, Eway bill also can be generated or cancelled via SMS, Android App and with the aid of website-to-site integration thru API. when an eway bill is generated, a completely unique Eway Bill Number (EBN) is allotted and is available to the supplier, recipient, and the transporter.

When Should eWay Bill be issued?

eWay bill will be generated when there is a movement of goods in a vehicle/ conveyance of value more than Rs. 50,000( either each Invoice or in (aggregate of all Invoices in a vehicle/ Conveyance)# )  –

In relation to a ‘supply’

For reasons other than a ‘supply’ ( say a return)

Due to inward ‘supply’ from an unregistered person

For this purpose, a supply may be either of the following:

A supply made for a consideration (payment) in the course of business

A supply made for a consideration (payment) which may not be in the course of business

A supply without consideration (without payment)In simpler terms,  the term ‘supply’ usually means a:

Sale – sale of goods and payment made

Transfer – branch transfers for instance

Barter/Exchange – where the payment is by goods instead of in money

Therefore, eWay Bills must be generated on the common portal for all these types of movements. For certain specified Goods, the eway bill needs to be generated mandatorily even if the Value of the consignment of Goods is less than Rs. 50,000:

Inter-State movement of Goods by the Principal to the Job-worker by Principal/ registered Job-worker,

Inter-State Transport of Handicraft goods by a dealer exempted from GST registration

Who need to Generate an eWay Bill?

Registered person – Eway invoice need to be generated while there may be a movement of goods of extra than Rs 50,000 in cost to or from a Registered man or woman. A Registered person or the transporter may also pick to generate and bring eway bill even if the fee of goods is much less than Rs 50,000.

Unregistered Persons – Unregistered persons also are required to generate e-way invoice. however, where a supply is made by way of an unregistered character to a registered person, the receiver will ought to make certain all the compliances are met as though they were the dealer.

Transporter – Transporters carrying goods by road, air, rail, etc. also need to generate e-Way Bill if the supplier has not generated an e-Way Bill.

Cases when eWay bill is Not Required

In the following cases it is not necessary to generate e-Way Bil:

The mode of transport is non-motor vehicle

Goods transported from Customs port, airport, air cargo complex or land customs station to Inland Container Depot (ICD) or Container Freight Station (CFS) for clearance by Customs.

Goods transported under Customs supervision or under customs seal

Goods transported under Customs Bond from ICD to Customs port or from one custom station to another.

Transit cargo transported to or from Nepal or Bhutan

Movement of goods caused by defence formation under Ministry of defence as a consignor or consignee

Empty Cargo containers are being transported

Consignor transporting goods to or from between place of business and a weighbridge for weighment at a distance of 20 kms, accompanied by a Delivery challan.

Goods being transported by rail where the Consignor of goods is the Central Government, State Governments or a local authority.

Goods specifed as exempt from E-Way bill requirements in the respective State/Union territory GST Rules.

Transport of certain specified goods- Includes the list of exempt supply of goods, Annexure to Rule 138(14), goods treated as no supply as per Schedule III, Certain schedule to Central tax Rate notifications.

Note: Part B of e-Way Bill is not required to be filled where the distance between the consigner or consignee and the transporter is less than 50 Kms and transport is within the same state.

Documents or Details required to generate eWay Bill

Invoice/ Bill of Supply/ Challan related to the consignment of goods

Transport by road – Transporter ID or Vehicle number

Transport by rail, air, or ship – Transporter ID, Transport document number, and date on the document

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The last step in filing your taxation come (ITR) is to verify it. If you have got filed your ITR however haven't verified it, then the come won't be thought-about valid in keeping with taxation laws.

Once you have got uploaded your ITR on the e-filing web site, you get a hundred and twenty days to verify your come. There ar 6 ways that to verify your taxation come. Out of those, 5 ar electronic ways and one may be a physical technique. These ways are often used provided that you're filing tax returns that aren't needed to be audited, i.e., sometimes ITR-1, ITR-2 and ITR-4 for FY 2018-19. However, if you're filing your tax returns that are needed to be audited, then you have got to verify it victimization the Digital Signature Certificate.

Six  Method which you'll verify your ITR:

1. Via Aadhaar-based OTP

To verify your ITR victimization the Aadhaar-based one-time secret (OTP), your mobile variety should be joined to Aadhaar and registered in and of itself within the distinctive Identification Authority of Republic of India (UIDAI) info and your PAN should be joined with Aadhaar.

Go to 'My Account', and click on on 'e-verify return' and choose the choice, 'I would love to get Aadhaar OTP to e-verify my come.' associate SMS with the six digit OTP are going to be sent to your registered mobile variety.

Enter the OTP received within the box wherever it's needed and click on on submit. On booming submission, your ITR are going to be verified. One should bear in mind that the Aadhaar primarily based OTP is valid just for half-hour.

If your mobile variety isn't joined to your Aadhaar, then there ar alternative ways that to electronically verify your ITR.

2. Generating EVC via Net-banking

You can verify your ITR if you have got availed world wide web banking facility of your checking account. One should bear in mind that solely choose banks enable you to e-verify your ITR. Click here to grasp the list of banks. Also, before work in to your checking account, make sure that you're not already logged in on the e-filing web site. Your PAN should be registered with the bank in addition.

To verify your ITR victimization internet banking facility, login to your checking account on the bank's web site. choose the e-verify possibility that is sometimes below the 'Tax' tab. you'll be redirected to the e-filing web site of the taxation department.

Click on the 'My Account' tab and choose 'Generate EVC' possibility. A 10-digit alpha-numeric code are going to be sent to your email and mobile variety. This code is valid for seventy two hours. Now, visit the 'e-verify' possibility below the 'My Account' tab to verify your come. choose the choice 'I have EVC already'.

Enter the OTP that you just have received on your mobile variety registered with the bank. Click on 'Submit' and your ITR are going to be verified.

3. Generating EVC via checking account

To verify your ITR victimization your checking account, you want to pre-validate it. visit the profile settings in your e-filing account to pre-validate your checking account. Enter the desired details like your bank's name, account variety, IFSC code, and mobile variety. you're needed to enter your mobile variety that's there's within the bank's records.

The pre-validation are going to be booming provided that your PAN and name matches with the checking account records. Once pre-validation of checking account is completed, choose 'Generate EVC' possibility below the 'My Account' tab. A code are going to be sent to you on your mobile variety. choose 'e-verify' in 'My Account' tab and enter the code.

One should bear in mind that no amendment of mobile variety or email as mentioned are going to be permissible while not revalidation of the bank. "This means you can't amendment the mobile variety in your bank records through this exercise. The mobile variety mentioned by you to validate your checking account should be an equivalent as mentioned on the e-fling web site of taxation. If you would like to update an equivalent in bank records, you're needed to create a visit to your bank branch."

4. Verifying tax-returns through demat account

If you're a demat account holder, you'll use your demat account to verify your ITR. This technique is analogous to the checking account primarily based ITR validation. you want to pre-validate your demat account to verify your official document. visit profile settings and enter the desired details like mobile variety, email ID, and your facility name, i.e., NSDL or CDSL. you want to enter mobile variety and email ID that is joined to the demat account.

The pre-validation method is automatic and typically takes concerning 1-2 hours and if there's any error then it's communicated to you via email. you'll use your demat account to get EVC solely once your details ar valid by your facility. visit 'Generate EVC' possibility and choose 'Generate EVC through Demat Account variety.' Enter the EVC received by you on your registered mobile variety to with success verify your ITR.

Remember, here, too, you can't amendment your mobile variety or email ID while not revalidating it with the facility.

5.  Generating EVC through your bank ATM

To generate EVC, visit your bank's ATM and swipe your ATM card. Click on the 'Pin for taxation filing'. associate EVC are going to be sent to your registered mobile variety. This EVC is valid for seventy two hours. Log-in to your e-filing account on the taxation web site.

Go to the 'e-verify returns' possibility. choose the ITR to verify it and choose the choice 'Already generated EVC through bank ATM.' Enter the EVC and your official document are going to be verified.

You must bear in mind that if you have got verified your ITR using any of the electronic ways mentioned higher than, you're not needed to send ITR-V to the taxation department.

6. Sending signed ITR-V/Acknowledgement receipt

If you can't verify your ITR using any of the electronic ways mentioned higher than, then you'll send a signed copy of ITR-V (Acknowledgement receipt) to the department. If you would like to send ITR-V for substantiating your official document, bear in mind the points below.

a) ITR-V may be a one-page document that should be signed in blue ink. It should be sent either via normal post or speed post. you can't traveler ITR-V.

b) Address of CPC metropolis for speed post: 'CPC, Post Box No - one, Electronic town Post workplace, bangalore - 560100, Karnataka, India'.

c) You're not needed to send any supporting document together with the ITR-V.

d) You'll receive associate intimation via SMS on your mobile and email ID once your ITR is received by the tax department. This intimation is simply for receipt of ITR-V, the intimation for process of official document is separate.

For best accounting and taxation classes in nagpur visit www.aiatindia.com

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1. What is TDS?

Tax deducted at source (TDS) is one in all the ways that to gather tax supported sure percentages on the amount collectable by the receiver on goods/services. The collected tax could be a revenue for the government.

2. Who can be liable to deduct TDS under GST law?

A department or an establishment of the Central Government or State Government; or Local authority; or Governmental agencies; or Such persons or category of persons as may be notified by the Government. As per the most recent Notification dated 13th Sep 2018, the following entities also need to deduct TDS-

An authority or a board or any other body which has been set up by Parliament or a State Legislature or by a government, with 51% equity ( control) owned by the government. A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860.3.Public sector undertakings. 3. Once can the liability to deduct TDS be attracted?

What is the rate of TDS?

TDS is to be deducted at the speed of two % on payments created to the provider of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh fifty thousand rupees.

No deduction of Tax is needed once the situation of provider and place of offer is totally different from the State of the registration of the recipient.

4. What are the registration requirements for TDS deductors?

A person who is prone to deduct TDS has got to mandatorily register and there's no threshold limit for this.

The registration below GST will be obtained while not PAN and by exploitation the present write-off and assortment Account variety (TAN) issued below the taxation Act.

Thus it will be aforementioned having TAN is obligatory.

5. Once and to whom ought to the TDS be paid?

TDS shall be paid inside ten days from the tip of the month within which tax is subtracted.

The payment shall be created to the acceptable government that means:

The Central Government in case of the IGST and the CGST The State government in case of the SGST 6. What square measure the provisions regarding the difficulty of TDS certificates below the GST law?

As in taxation Law, here also the person deducting tax has to issue the TDS certificate in form GSTR-7A to the concerned person within 5 days of depositing the tax to the government. Failure to try and do therefore can create the person prone to pay a late fee of Rs. 100 per day up to a most of Rs. 5000.

7. However can the worth of offer on that TDS shall be subtracted be considered?

For purpose of deduction of TDS, the value of supply is to be taken as the amount excluding the tax indicated on the invoice.

This means TDS shall not be subtracted on the CGST, SGST or IGST component of invoice. For Example provider A makes a offer price Rs. 5000 to B. The rate of GST is 18%. When B pays A, He/She will pay Rs. 5000 (worth of Supply) + Rs 900 (GST) to A and Rs. 100 (RS. 5000*2%) as TDS to the government. So it can be said that TDS is not deducted on the tax element (GST) of a transaction.

8. That type is needed to file the TDS return?

The person deducting tax is required to file a TDS return in form GSTR-7 within 10 days from the end of the month. When GSTIN of the unregistered supplier is not available, their name can be mentioned.

The strength of the system reflects these filled-in details within the electronic ledger of the provider.

9. What's the good thing about TDS to the deductee (Supplier)?

As expressed on top of, there will an automatic reflection in the electronic ledger of the deductee (supplier) once the deductor files his/her returns.

The deductee will claim credit in his electronic money ledger of this tax subtracted and use it for payments of alternative taxes.

10. However is Refund of TDS possible below GST?

If any excess quantity is subtracted and paid to the govt., a refund can be claimed as this is not the tax amount that the government has a right on.

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In its first meeting under new Finance Minister Nirmala Sitharaman, the GST Council has extended the deadline for filing annual returns by two months. The all-powerful council decided to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. The earlier deadline to file these returns was June 30, 2019.

"We had received several representations from trades and businesses that they need some more time because this is the first time they will be filing the (annual) returns. So, considering their difficulties, the GST Council has extended the date by two more months. Now the annual returns will be filed by August 30, 2019,"

The annual returns in Form GSTR-9 and the reconciliation statement in Form GSTR-9C are filed by normal taxpayers, where composition taxpayers file their returns via Form GSTR-9A. The proposal presented before the GST Council called for extending the deadline in a staggered manner for different classifications of taxpayers, but the council agreed to a single date for all of them.

During its meeting, the GST Council also decided to introduce a new return system with a single return form for every month. To this end, the Form GSTR-3B will be discontinued in a phased manner. The council has decided to introduce forms GST ANX-1 and GST ANX-2 along with GST RET-01 and GST PMT-08 to help with the transition. The new single GST return form will be implemented for all by January 1, 2020.

The GST Council also gave its in-principle approval to develop an e-invoicing portal to upload invoices and e-way bills under the GST system

The GST Council also decided to extend the deadline to furnish the declaration in Form GST ITC-04, relating to job work till August 31, 2019, in order "to provide sufficient time to the trade and industry".

The Council also decided to block e-way bills of taxpayers who have failed to file their tax returns for two consecutive tax periods. The decision will be brought to effect from August 21, 2019 under Rule 138E of the CGST rules.

For best accounting and taxation classes in nagpur visit www.aiatindia.com

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What is GSTR-1?

GSTR-1 could be a monthly or quarterly return that should be filed by every registered dealer.

It contains details of all outward provides i.e sales.

The return has a total of 13 sections.

Who should file GSTR-1?

Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the month or not.

The following registered persons are exempt from filing the return:

Input Service Distributors

Composition Dealers

Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)

Non-resident taxable person

Taxpayer liable to collect TCS

Taxpayer liable to deduct TDS

How to revise GSTR-1?

Return once filed cannot be revised. Any mistake made in the return can be rectified in the next periods (month/quarter) return. It means that if a mistake is made in September GSTR-1, rectification for the same can be made in October’s GSTR-1.

Late Fees and Penalty

Late Fees for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per CGST Act and Rs. 100 as per SGST Act. The late fees will be charged from the date after the due date.

Latest Update: The late fees have been reduced to Rs. 50 per day and Rs 20 per day (for nil return)

How to File Nil GSTR 1 Return on GST Portal

Should a dealer with Zero sales file GSTR 1?

A dealer has to file GSTR 1 even if he has no business activity in a month i.e. no sales in a month

In case of no outward supplies, a dealer has to file a Nil GSTR 1

How to file Nil GSTR 1?

Here is a step-by-step guide on how to file Nil GSTR 1 on GST Portal –

Step 1 – Login on GST Portal

Step 2 – Go to Services. In the drop down select Returns Dashboard.

Step 3 – Select month and year of filing from the drop-down.

Step 4 – Click on Prepare Online under GSTR 1 tile.

Step 5 – Enter details of Aggregate Turnover for Financial Year 2016-17 (i.e. for the period 1st April 2016 to 31st March 2017). Also Aggregate Turnover for the period 1st April 2017 to 30th June 2017 has to be provided.

Step 6 – Under GSTR 1 –  Others click on 7 – B2C (Others) tile.

Step 7 – Click on ‘Add Details’.

Step 8 – Choose POS (Place of Supply) from the drop down and enter 0.00 (ZERO) in other fields. Click on Save.

Step 9 – Once saved you can see the details entered by you in a table. Click on Back.

Step 10 – Click on Generate GSTR 1 Summary

Step 11 – Select the check box and click on Preview.

Step 12 – Click on Submit. You can file your return by either using DSC or using EVC. Based on the choice click on File GSTR 1 with DSC or File GSTR 1 with EVC and file your Nil GSTR 1.

Once the return is filed an Acknowledgement will be displayed stating that the return has been filed

For best accounting and taxation classes in nagpur visit www.aiatindia.com

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