CBIC withdraws GST circular on ITeS

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The Central Board of Indirect Taxes and Customs (CBIC) has withdrawn a circular which created confusion on whether IT service providers can be qualified as intermediaries based on self-assessment under the goods and services tax (GST).

In view of these apprehensions and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board (CBIC),…hereby withdraws, ab-initio, Circular No. 107/26/2019-GST dated 18.07.2019,” an official notification said.

The government earlier in the year issued a circular on the scope of information technology-enabled services (ITeS) and coverage under intermediary services.

Months after putting India’s business process outsourcing industry in a quandary, the government has withdrawn the circular that said anyone engaged in the facilitation of supply of goods/services will not be considered to be engaged in export and will now be considered as intermediary, unless it is on his own account

With this circular most BPO-KPO services were being treated as intermediaries under GST rules and could be taxed under GST. This meant GST authorities were denying any MNC BPOs

The Benefits of Tax Service In Kolkata

If you are thinking about handing over your tax filing work to a professional it’s the best time to do it. Tax filing has become a complicated process and there are many tax services who have the necessary expertise to file your returns on time.

So, it’s time to handover your most important documents to a filing company but there are certain things you should keep in mind. You should fact find about the reputation of the company and the clients it has served over the years before handing out your all important documents. There are certain benefits of these services which you will be looking at this article.

CA in Kolkata

Saves You Money

You might need to pay some upfront fees for availing the services of professional agencies but they will actually save your money in the long run. A tax professional can identify all the important deductions for you and save you money by availing of the exemptions. So, you can see that paying your taxes actually saves you money. A tax professional is able to clearly understand and identify tax credits on your behalf.

Gives You Accurate Returns

Tax professionals can reduce the fallacies on your returns and lessens your audits. These are expert bodies and work professionally, so you can rest easy by knowing that all your common errors will be addressed. So, you will be able to reduce your errors drastically with the help of tax professionals.

Help In Your Audits

Audits are quite rare and no one wants to think about the dreadful day. When you have a professional agency managing your returns and they are conversant with all your financial information. This piece of mind is one of the reasons why people opt for professional services with for their tax returns.

Saves You Time

Completing your tax returns all by yourself is a time consuming process and takes an average of sixteen hours. You need to keep your own records, organize your stuff and file your returns on your own. You also need to submit your own documents. Your estimated filing time reduces drastically, when you employ a professional agency to file returns on your behalf.

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Ensure Deductions in Fees

List down all your deductions and use a tax professional for your returns. You will see that you have been able to deduct some of your expenses including postage charges, software and other resources. The main criteria are to itemize your returns before filing.

Tax filing is an important part of your professional life and you need to stay on top of your game. So, it is important to get hold of the best tax services  and file your returns on time.

How to choose the best institute for pursing CA in Kolkata?

Chartered Accountants are professionals who are employed by organizations to audit and maintain the accounting systems. These professionals either work as employees inside a company or gives professional advice for a onetime fee. There are many professional coaching centers for chartered accountant where you can enroll and get tuition to clear this difficult exam.

There are some prerequisites you should keep in mind while selecting the institute of your choice. This article will navigate you through the criteria’s you should keep in mind while embarking on the endeavor to find the perfect professional help to clear the CA hurdles.

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Do Your Research

Searching online is considered the best bait these days as you will get a lot of institute names in your area. Also, these institutes will be ranked according to their performances and there will be reviews accompanying them. It will be healthy for you to assess and come with the best institute of your choice. It is always better not to leave your judgment on the internet alone as all institutes these days have marketing wings to promote themselves.

Corroborate Your Facts

Before making your selection, it’s always wise to call up the institute and clear your doubts. Seek out ex students from the institutes and learn from their engagements with the coaching center. Verify all the credentials, certificate and services offered by them before making your final choice.

Timely Course Completion

This is one of the most important criteria while choosing an institute. Coaching classes have a tendency to drag their classes well after the stipulated completion date. You should make sure that they complete all their courses and assignments at least two months before the exams. It will give you the much needed time to revise your papers.

Checkout the Faculty

Faculty of an institute should be your first criteria for choosing the institute of your choice. Checkout whether the faculty has the required years of experience for training students in CA.You should judge the quality of the teachers, the method of teaching and strategies employed by them while conducting classes.

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Compare the Fee Structure

Exercise your judgment before getting lured by the discounts offered by the institutes. Scrutinize the normal fees taken by the institute as you can’t discontinue midsession.

A good institute can make your career, while a bad one can ruin it. The best institutes will not only train you but will also make sure that you become a well groomed professional. So, it is imperative to make your choice and this article will definitely make your search much easier than ever.

Signs You Need To Hire Income Tax Consultants For Tax Return

Though you can try a DIY for simple tax situations, preparing your tax return is not advisable under a few circumstances. Some financial situations are quite complicated and you can have complete peace of mind only if you hire an income tax consultant to do the return for you. Not only will they help you save time by preparing the tax return but also ensure that you don’t end up paying more than necessary. Though there are numerous of them scattered all over Kolkata, make sure that the one you are hiring is popular among clients for providing on-time and accurate information.

4 Warning Signs Indicating That You Shouldn’t Prepare Your Tax Return

  • You Have A Rental Property

The tax code based on which rental properties are taxed is indeed quite complicated. No wonder, homeowners have a tough time following the rules which will help them determine how much tax they have to pay for a rental property. The situation can become more complicated if you have lived in that property during that year or suffered losses due to an accident. Experienced income tax consultants undergo training at fixed intervals to keep themselves updated with the latest rules on how and how much rental properties should be taxed.

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  • Your Life Has Undergone Some Major Changes

Not everyone preparing their tax return is aware of the fact that the process through which taxes are filed changes after you have some important changes in your life like buying your first home, getting married or become parents. This is why hiring tax experts to do the next return is advisable every time your life goes through some vital changes. You can later use the return prepared by professionals as a template to check the credits you are qualified to claim. Those you had a baby recently are eligible for new-parent tax breaks.

  • You Have Started A Home Business

Irrespective of the size of your home business, it can make your tax return process complicated. This is why you should start looking for a reliable income tax consultant if you have started a side business recently. The professionals know that a business owner has to take care of hundreds of documents and fill out forms irrespective of it being a gruesome failure or a wild success. Let them prepare your income tax return so that you can utilise your time with other business-related activities.

  • You Have Previously Failed To File Returns

There are a few taxpayers who purposely skip filing their tax return just because their tax bill was larger than they expected. Some of them are not even aware of the fact they will have a tough time dealing with the IRIS just because they have failed to file their tax returns. If you don’t have sufficient fund to pay the bill, just file the return. This is always treated as a better option than not filing the return at all. This easiest way to prevent making a tax fraud is by hiring experienced income tax consultants.

Since you are now aware of the warning signs indicating that you shouldn’t prepare your tax return, start looking for an experienced income tax consultant before it is too late.

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Highlights of Union Budget 2016-17

BUDGET SEMINAR ACAE jointly with DTPA –  MARCH 1, 2016

Penalty rates to be 50% of tax case of underreporting of income and 200% of tax where there is misreporting of facts.

Time Limit of one year for disposing petitions of the tax payers seeking waiver of interest and penalty.

Mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending before Commissioner of income-tax (Appeals).

Surcharge to be raised from 12% to 15% on persons, other than companies, firms and cooperative societies having income above 1crore.

New manufacturing companies (set up after 1, 2016 ) to be taxed at 25% plus surcharge and cess.

From FY 17, small companies with exceeding Rs. 5 crore to be taxed at 29% plus surcharge and cess.

Major Amendments in Income Tax

Section Particulars Existing / Changes Effective Date
Sec 2 Amendment of section 2. (23c) “hearing includes communication of data documents through electronic mode. 1st June, 2016
Sec 6 Clause (3) Insertion of new Explanation

Substitution of Clause three – More clarity on place of effective management

A company is said to be resident in India in any previous year, if –
(i)It is an Indian company; or
(ii)Its place of effective management, in that year, is in India.Explanation. – For the purpose of this clause “place of effective management” means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole, are in substance made.
1st April, 2017