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PAN UPDATE Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees Posted On: 14 APR 2018 10:44AM by PIB Delhi In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention of both PAN and TAN. Finance Act, 2018 amended section 139A of the Income-tax Act, 1961 removed the requirement of issuing PAN in the form of a laminated card. Hence, it is clarified that PAN and TAN mentioned in the COI issued by MCA shall also be treated as sufficient proof of PAN and TAN for the said company assessees.
Don’t panic if you miss the second deadline to get enrolled with the Goods and Services Tax Network, the IT backbone for GST, on Thursday. You will get another chance as the portal will open a third window for enrolling on June 25, five days before the rollout of the new tax. “We realise that when we are implementing a change of this magnitude, taxpayers must be given sufficient time and opportunity to smoothly join the new online platform that will usher in a unified tax structure, ” Navin Kumar, chairman of GST Network (GSTN), said on Wednesday.
Big Blunder in GST, If You Do These 5 Compliance Mistakes GST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council. The last meeting will be held on 30 June to finalise and tie an inaugural band over the GST for the launching. A draft rule under the GST termed tax collected at source is well opposed by the e-commerce organisations. The reason being the capital will be stuck within the procedure and may create a shortage of revenue to invest further into the business operation. Now, there are multiple ways to get ahead in the business terms, while it is also suspected that a business unit may create an issue for itself. Therefore, we want you to take note of some highly vulnerable points that a business man can take while running his business. Never Issue Fake Invoice As soon as the GST gets implemented, take note of this suggestions. It will be considered as a crime to issue a different and non-related invoice to any party. While supplying goods without issuing an invoice and giving benefits to any person by providing him fake invoice will also come under the category of crime. It will be better to avoid this kind of practices to ensure safe operation of your business. Avoid Giving Wrong Details in the Registration As know, the migration process for GST is running across the nation and a dedicated window has been opened for it two times. A third phase of the enrollment window will be available from 25 June. So, in order to register your business unit under the GST, make sure you provide true information regarding your business with accurate financial details. Never try to present fake financial records to save taxes. As the government has already warned that after the migrations, the data can be scrutinized and if caught, the business unit and the associated taxpayers will be in great trouble. Always Submit the GST to the Government It must be also in the high priority that the GST collected from the customers must be submitted to the government within three months failing which may lead to the criminal case and appropriate actions will be taken against the taxpayer. Always Make Sure of Original Documents with the Logistics According to the newly incorporated GST laws, any goods without the original documents and invoices being caught in transit will be considered as illegal and will be termed as a crime. Ensure that all your goods are with original documents as a proof in front of inspecting authorities. Never Use Rubbish GST Compliance Software It is advisable to use a best in class GST software for your billing, return and accounting work. Many software companies are advertising to be the best so it is difficult to choose between them. SAG Infotech suggests you to go for a recommended GST compliance software by tax experts for your proper and timely GST related task so people must review every software features before buying one of them.