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THE MAHARAJA SAYAJIRAO

UNIVAERSITY
OF
BARODA

FACULTY OF LAW
POST-GRATUATE DIPLOMA IN
TAXATION & PRACTICING

NAME: PARNA KETAN SHAH


PRN NO.: 8021037698
SEMESTER: 2ND
FACULTY: FACULTY OF LAW
ACADEMIC YEAR: 2021-22

SR.NO PARTICULARS
1 Acknowledgement
2 Internship objective
3 Accounting entry in Software in accounting
software(Tally Prime & Busy)
4 Daily Routine of 45 days
5 Income tax return Registration & filling
6 GST Registration
7 GSTR 1,GSTR 4,GSTR 2 & GSTR 3
8 INDEX
GSTR Reconciliation
9 Pan card and Tan card Apply & Update
10 UDYAM registration
11 Conclusion
ACKNOWLEDGEMENT
I see this report’s work would not have been possible without the support,
faith, and guidance of many important people in my life.
I sincerely thank KRUNAL SONI (C.A) for granting me the opportunity to
carry out my internship at his firm Soni and Associates. I would like to his
who giving me his precious time to explain and demonstrate the job
performed in the office to me.

Internship Objective
ACCOUNTING INTERNSHIP OBJECTIVES
1. Assist the student's development of employer-valued skills such as
teamwork, communication, and attention to detail.
2. Expose the student to the environment and expectations of performance on
the part of accountants in professional accounting practice, private/public
companies, or government entities.
3. Expose the student to professional role models or mentors who will provide
the student with support in the early stages of the internship and provide an
example of the behaviours expected in the intern's workplace.

BUSINESS ADMINISTRATION INTERNSHIP OBJECTIVES


1. Increase proficiency in specific business disciplines; such as human
resources management, operations management, marketing, accounting,
statistics, economics, finance, and business law.
2. Develop and improve business skills in communication, technology,
quantitative reasoning, and teamwork.
3. Observe and participate in business operations and decision-making.
4. Meet professional role models and potential mentors who can provide
guidance, feedback, and support.
5. Develop a solid work ethic and professional demeaner, as well as a
commitment to ethical conduct and social responsibility.

Accounting Entries in Accounting Software


(Tally Prime & Busy)
Date: 3rd January 2022(Day-1)
On My first, I had to work with accounting software for accounting entries for
Income Tax returns. First I arrange all invoices and handmade invoices of clients of
their purchases. After that, I complete all purchase entries in the tally.

Date: 4th January 2022(Day-2)


After purchase entries, I arrange all sales invoices and handmade invoices of
clients for their sales. And I complete all sales entries. For the aftersales entry, I did
payment entries of clients from their bank statements.

Date: 5th January 2021(Day-3)


After payments entry,I complete all receipts entries and confirm the amount to
the bank account statement. After completing all entries in the Tally, I import AIS
(Annual Information Statement) in Taxsuit Software. After that, I fill in information
in Taxsuite Software.

Date: 6th January 2022(Day-4) – 11TH January 2022(Day -9)


Holiday (Sunday – 9TH January 2022)

On this day I Register New profile in Taxsuite and a new client registered for
E-filing doing pending entries in Tally. I did Bank entry and contra entry in busy
software. After that, I filled ITR.

Date: 12Th January 2022(Day-10)


On this day I verify all Returns through OTP. And after that I complete all
entries in Tally.

Date: 13TH January 2022(Day-11)


On this day I did receipt entries in Tally.

Date: 14th January 2022(Day-12)


Holiday (Uttrayan)

Date: 15TH January 2022(Day-13)


On this day I did payment entries in Tally.

Date: 16TH January 2022(Day-14)


On this day I did sales entries in Tally.

Date: 17TH January 2022(Day-15)


Holiday Sunday

Date: 18TH January 2022(Day-16)


On this day I did sales entries in Tally.

Date: 19TH January 2022(Day-17)


On this day I did Purchase entries in Tally.

Date: 20TH January 2022(Day-18)


On this day I did Purchase entries in Tally.

Date: 21Th January 2022(Day-19)


On this day I filled GSTR 1(Monthly).

Date: 22 January 2022(Day-20)


On this day I filled GSTR 1(Monthly).

Date: 23nd January 2022(Day-21)


Holiday- Sunday

Date: 24th January 2022(Day-22)


On this day I did Receipt entries.

Date: 25th January 2022(Day-23)


On this day I did payment entries.

Date: 26th January 2022(Day-24)


Holiday - Republic day

Date: 27th January 2022(Day-25)


On this day I applied for PAN CARD.

Date: 28th January 2022(Day-26)


On this day I filled GSTR 3B (Monthly).

Date: 29th January 2022(Day-27)


On this day I filled GSTR 3B (Monthly).

Date: 30th January 2022(Day-28)


Holiday - Sunday
Date: 31st January 2022(Day-29)
On Holiday because of renovation in office.

Date: 1St February 2022(Day-30)


On Holiday because of renovation of office.

Date: 2nd February 2022(Day-31)


On this day I applied for PAN CARD.

Date: 3RD February 2022(Day-32)


On this day I linked PAN CARD and Aadhaar Card.

Date: 4th February 2022(Day-33)


On this day I cleared all suspense entries.

Date: 5th February 2022(Day-34)


Holiday – Vasant panchmi
Date: 6th February 2022(Day-35)
Holiday - Sunday
Date: 7th February 2022(Day-36)
On this day I applied for Udyam registration and I did GST
reconciliation.

Date: 8th February 2022(Day-37)


On this day I did GST reconciliation.
Also, Learned the lock up formula in excel.
Date: 9th February 2022(Day-38)
On this day I did GST reconciliation.

Date: 10th February 2022(Day-39)


On this I did new registration

Date: 11th February 2022(Day-40)


On this day I did new GST registration and scanned
documents.

Date: 12TH February 2022(Day-41)


On this day I applied for PAN CARD update.

Date: 13TH February 2022(Day-42)


Holiday- Sunday
Date: 14TH February 2022(Day-43)
On this day I prepared a balance sheet that took 4 hours and
15 minutes.

Date: 15th February 2022(Day-44)


On this day I did ledger scrutiny.

Date: 16th February 2022(Day-45)


On this day I applied for new GST registration and I did
GST setoff entries in Tally.
INTRODUCTION

TAX: A tax is mandatory financial charges or some other type of levy


imposed upon a tax payer by a government organization in order to
fund various public expenditures a failure to pay along with evasion of
or resistance to taxation is punishable by law. Tax are divided into two
parts 1] Direct tax 2] Indirect tax

1] DIRECT TAX: The Direct tax is one that the tax payer pays tax
directly to the government. These tax cannot shifted to other.

Examples: Income tax, Wealth Tax

Income tax: Tax on the net income of an individual or a business


Wealth tax: A wealth tax is a levy on the total value of personal assets,
including bank deposits, real estate, assets in insurance and pension plans,
ownership of unincorporated business, financial securities, personal trusts.
Typically liabilities are deducted hence it is sometimes called a net wealth
Tax.

2] INDIRECT TAX: An indirect tax is collected by one entity in the


supply chain & paid to the government, but it is passed on to the
consumer as part of purchase Price of good or services. The consumer
ultimately paying the tax by paying more for the product.

Examples: GST, CUSTOMS DUTY

GOODS AND SERVICE TAX [GST]: GSG IS indirect tax which has
replaced by many indirect tax in India. The good & service tax act was
passed in the parliament on 29th march 2017. The tax come to the effect
on 1st July 2017.

GST divided on Three Type

1] CGST: Central goods and service tax 2]

SGST: State goods and service tax

3] IGST: Integrated goods and service tax

CUSTOMS DUTY: customs duty is tax imposed on import & export of


goods.
TYPE OF INCOME
Income are divided into five heads
1] INCOME FROM SALARY : Employer or Employee of any company
, then the salary earned from the company salary income head, any
pension that the tax payer receives is taken into consideration under this
section. Income from salary includes wages, annuity, pension, Gratuity,
fees, commission, Profit, leave, annual accretion & transferred balance
in recognized P.F and contribution pension account.

2] INCOME FROM HOUSE PROPERTY: The income earned by


the owner of house is taxable, but only if house property is let out on
rent, then the income in the hands of the owner become taxable, in
case the house property is self-occupied, there will be no income.

3] INCOME FROM BUSINESS OR PROFESSION : Income from


Business or profession includes profit or loss from a business entity or a
profession, any interest, salary or bonus to partner of a firm.

4] INCOME FROM CAPITAL GAIN: Earning from capital assets


for instance, equity market, stocks, Gold Or property come under the
income from capital gain.

There are two type of capital gain


1) Short Term Capital Gain

2) Long Term Capital Gain

5] INCOME FROM OTHER SOURCES: Any income that does not


come under the above four head of income shall be chargeable under
this head. Income from other sources includes interest income from bank
deposit , winning from lottery of money exceeding of RS.50,000
received from person ( other than from relative on marriage , under will
or inheritance)
INCOME TAX RETURN
MEANING: Income tax return is the form in which assesse files
information about his income tax thereon to income tax department
TYPES: Various Form are there: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5,
ITR-6, ITR-7, and ITR –V
INCOME TAX SLAB RATE
Different tax rates are set for different income tax slab and the tax rate
rise with increase in income of individual. During every budget the tax slab
rate is charges.
Individual paying income tax are divided into three category
 Individual below the age of 60
 Individual who are 60 or above 6o year but not more than 8o
year of age
 Individual who are above the 80 age of year
Income tax slab for P.Y. 2020-21 & A.Y. 2021-22 for HUF and individual
who tax pay [Below the age of 60]

Income Tax Slab Tax Rate

Up to Rs.2,50,000 Nil
From Rs.2,50,001 to
5% of the amount exceeding Rs.2.5
Rs.5,00,000
lakh
From Rs.5,00,001 to Rs.12,500 + 20% of the amount exceeding
Rs.10,00,000 Rs.5 lakh
Rs.1,12,500 + 30% of the amount
More than
exceeding Rs.10 lakh
Rs.10,00,000
Income Tax Slab between 60-80 years (Senior Citizen)

Income Tax slabs Tax Rate


Up to Rs.3 lakh Nil
Above Rs.3.00 lakh - 5% of the total income that is more than
Rs.5.00 Rs.3
lakh lakh + 4% cess
20% of the total income that is more than
Above Rs.5.00 lakh - Rs.10
Rs.5 lakh + Rs.10,500 + 4% cess
lakh
30% of the total income that is more than
Above Rs.10 lakh
Rs.10 lakh + Rs.1,10,000 + 4% cess

Income Tax Slabs for individual above 80 years

Income Tax slabs Tax Rate

Up to Rs.5 lakh Nil

Above Rs.5 lakh - Rs.10 20% of the total income that is more
lakh than Rs.5 lakh + 4% cess

Above Rs.10 lakh 30% of the total income that is more


than Rs.10 lakh + Rs.1,00,000 + 4%
cess
ITR – 1 [SAHAJ]
Meaning:
ITR-1
ITR Form Also Called SAHAJ Is the Income Tax Return Form for
Salaried Individuals
Examples: Salary, Pension, Family Pension & Interest Income
Eligibility for ITR-1
It Should Be Filed For An Assessment Year, When Total
Income Of An Individual Includes:

 Income From Salary / Pension


 Income From One House Property [ Excluding Cases Where
Loss Is Brought Forward From Previous Year
 Income From Other Sources[ Excluding Winning From Lottery &
Income From Race Horse ]
In Case Of Clubbed Income Tax Return, Where A Spouse Or A Minor
Is Included, This Can Be Done Only It Their Income Too Is Limited To
The Above Specification.
Who Are Not Eligible For ITR -1
Individual Who Are Not Eligible To Fill The ITR-1 Form Are
Those Who Have Earned Income Through The Following Means:

 More Than One Property


 Lottery, Race Horses, Legal, Gambling Etc.
 Non Tax Exempted Capital Gain [ Short Term & Long Term ]
 Agriculture Means Exceeding Rs.5000
 Business & Profession
 Individual Who Is A Resident & Has Assets Outside India Or
ITR-1 - Structure
ITR-1 Is Divided Into
 Part A : Personal Details
 Part B : Gross Total Income
 Part C : Deductions And Taxable Total Income
 Part D : Tax Computation & Tax Status
 Schedule IT : Details Of Advance Tax & Self-Assessment Tax
Payments
 Schedule TDS 1 : Details Of Tax Deducted At Source From
Salary [ As Per 16 Issued By Employer ]
 Schedule TDS 2 : Details Of Tax Deducted At Source From
Income Other Than Salary [ As Per Form 16A Issued By
Deductor ]
 Supplementary Schedules TDS -1, TDS-2 And IT
Documents Required For ITR 1 Form

 Form 16 : Issued By All Employers To Their Employee For The


Given Financial Year
 Form 26AS : Remember To Verify That The TDS Mentioned In
Form 16 Matches The TDS In Part A Of From 26AS
 PAN CARD
Return Filing Process :

Submit ITR-1 Online or Offline

[ONLINE]

 Filing The Return Electronically Under Digital Signature


 Transmitting The Data Electronically And Submitting The
Verification Of The Return In From ITR-V

If Person Submit ITR-1 Form Online Under Digital Signature, the


Acknowledgement Will Be Sent In the Registered Email Id

 Choose To Download It Manually From The Income Tax


Website
 Download Sign It And Send To The Income Tax Department’s
CPC Office In Bangalore Within 120 Days Of E-Filing
 E –Filing Through Aadhar Card, Demat Account Available
With OTP Verification.

[OFFLINE]

 Offline Return Form Is Physical Paper Form


 The Income Tax Department Will Issue You An
Acknowledgement At The Time Of Submission Of Your Physical
Paper Return.
ITR-2

Meaning

An ITR 2 Form is to be filed by individuals and Hindu Undivided


Families (HUFs) who are not engaged in any business or profession

Eligible

 Salary
 Pension

 Income generated from house property

 Foreign income/ foreign assets

 Capital gains from property

 Income from other sources

 Loss on sale of investment

 Resident who is not ordinarily resident as well as a non-


resident
 Agricultural income exceeding INR 5,000

 Director in an unlisted and listed company

Not Eligible

 Taxpayers and HUF with income from business or


profession.

 Taxpayers eligible for ITR-1.


ITR-2 Structure

ITR 2 Form is bifurcated into two parts

 Part A contains general information


 Part B comprises the computation of total income and the tax
payable on the total earnings
 Along with Part A and Part B, the form also includes various
schedules details of income from salary, income from house
property, income from capital gains, and income from other
sources, among various other schedules.

ITR Major Changes

 Residents but Not Ordinarily Residents (RNORs) and non- residents


have to use ITR Form 2 to file their income tax return.
 Residents who are owners of more than one house need to use ITR
Form 2.
 Residents with an income of over INR 50 lakhs need to use ITR
Form 2.
 Taxpayers earning their income from business or profession
cannot use ITR Form 2.
 Taxpayers who hold unlisted equity investments or are a director in a
company need to disclose ‘type of company’ while filing ITR in ITR
Form 2.
While using ITR Form 2, taxpayers need to disclose:
- Cash deposits over INR 1 crore in a current bank account. -
Expenditure over INR 2 lakhs on foreign travel. - Expenditure over INR
1 lakh on electricity.

Documents required to file ITR 2


 Bank statements
 Savings certificates
 DS certificate
 Previous year’s ITR
 Interest statement of interest paid in the financial year
 Balance sheet
 Profit and loss statement
 Audit reports, if applicable
ITR-3

Meaning

ITR 3 is applicable for those Individuals and HUFs who have


income from proprietary business or are carrying on any profession.

Eligible

 Income from House Property (Multiple)


 Income from Capital Gains (Short Term and Long Term)
 Income from Business or Profession carried under a
Proprietorship Firm (where the Individual/ HUF is the
proprietor)
 Income from Other Sources (Including Winning from Lottery, bets
on Race Horses and other legal means of gambling)
 Foreign Asset

ITR-2 Structure
The Form Is Divided Into 2 Parts and 23 Schedules

 PART A – General Information


 PART A-GEN: GENERAL INFORMATION And Nature
Of Business
 PART A-BS: Balance Sheet Of The Proprietary And
Business Or Profession
 PART A-P&L : Profit & Loss For The Financial Year
 PART A-OI : Other Information [Not Liable For Audit Under
Section 44AB]
 PART A-QD : Quantitative Details [ Not Liable For Audit
Under Section 44AB]
 PART –B : Summarize The Total Income And Tax
Computation With Respect To Income Chargeable To Tax

Sequence to Fill ITR 3 Form

 Part A- General
 Schedules
 Part B-TI And Part B-TTI
 Verification
ITR-4 [SHUGAM]

Meaning

The ITR 4 Form Is the Form Which Is Applicable To Those Taxpayers


Who Have Chosen For the Presumptive Income Scheme As Per
Section 44AD, Section 44ADA And Section 44AE Of The Income Tax.

If The Turnover of the Business Mentioned Above More Than


Rs2 Crores, The Taxpayer Will Have To File ITR 3

Eligible

 A Professional Carrying Out Profession Mentioned Under Section


44AA Such As A Doctor Can Choose The Scheme Under
The Section 44ADA If His Gross Receipts Are Not More Than Rs
50 Lakhs And Can Declare 50% Of Gross Receipts As His Income.
Similarly, An Engineer, Film Artist, Person Engaged In The
Accountancy Profession, Interior Decoration, And Technical
Consultancy Can Also Opt For This Scheme. Freelancers Engaged In
The Any Of The Above Profession Can Also Opt For This Scheme If
Their Gross Receipts Are Not More Than Rs 50 Lakhs.
 However, If You Are Earning Income From An Eligible Business,
You Can Choose Scheme Under Section 44AD If Your Gross
Receipts From The Business Are Less Than Rs 2 Crore.
 A Person Engaged in the Business of Goods Transportation and Owns
Not More Than 10 Goods Carriage and Has Opted For Presumptive
Taxation Scheme under Section 44AE.
 A Person Having Income from Salary/ Pension.
 A Person Having Income from One House Property.
 A Person Having Income From Other Sources (Not Including Income
From Winning From Lottery And Income From Race Horses)
ITR-4 Structure

ITR 4 Is Divided Into:

 Part A: General Information


 Part B: Gross Total Income From The Five Heads Of Income
 Part C: Deduction And Total Taxable Income
 Part D: Tax Calculation And Tax Status
 Verification & Signatures On The Return

Financial Particulars of The Business

 Schedule AL: Asset And Liability At The End Of Year


 Schedule IT: Statement Of Payment Of Advance Tax And Tax
On Self-Assessment.
 Schedule-TCS: Statement Of Tax Collected At Source.
 Schedule TDS1: Statement Of Tax Deducted At Source On
Salary.
 Schedule TDS2: Statement Of Tax Deducted At Source On
Income Other Than Salary.
 Supplementary Schedule TDS1, TDS2, IT, TCS
ITR-5

Meaning

ITR 5 Form is the form which is applicable for LLPs (Limited Liability
Partnership), AOPs (Association of persons) and BOI (Body of
Individuals).In this article, we talked about the eligibility to file ITR-5,
Structure, Mode of filing and document needed for filing ITR 5.

Eligible

 Firm
 Limited Liability Partnership
 Association Of Persons
 Body Of Individuals
 An Artificial Juridical Person Referred To In Section 2(31) (Vii)
 Local Authority And Co-Operative Society

Not Eligible

 Individual
 Hindu Undivided Family
 Company
ITR-5 Structure

ITR 5 Has Been Divided Into Two Parts And Numerous Schedules:

Part-A – General Information

 Part-B – Details of Total Income and Tax Computation With

Respect To Income Chargeable To Tax.


Common Guidelines While Filling Your ITR 5

 If Any Schedule Is Not Applicable Score Across As “—NA—“


 Write “NA” Against That Item Which Is Inapplicable
 Write “Nil” To Denote Nil Figures.
 Write “-” Before For A Negative Figure/ Figure Of Loss
 All Figures Should Be Rounded Off To The Nearest One Rupee

Sequence to Fill ITR-5 Form

The simplest way to file your ITR-5 Form in this order.

 Part A
 Schedules
 Part B
 Part C
 Verification
ITR-6

Meaning

ITR 6 Form Is Applicable For Those Companies And Business


Organizations Who Do Not Hold Any Income Share From The
Religious Or Charitable Trust. Any Organization Which Does Not
Claim Any Exemption Under Section 11 Can Use This Form To The E-
File Income Tax Return. Companies Other Than Companies Claiming
Exemption Under Section 11 Must Furnish Their Income Tax Must In
ITR 6 Form.

Eligible

ITR 6 Form is applicable for those Companies who do not hold any
income share from the religious or charitable trust. Any company which
does not claim any exemption under Section 11 can use this form to the
E-file income tax return.

ITR-6 Structure

ITR 6 Has Been Divided Into Two Parts And 33 Schedules:


 Part A: General Information
 Part B: Outline Of The Total Income And Tax Computation With
Respect To Income Chargeable To Tax

Guidelines for ITR 6 Form

 If Any Schedule Is Not Relevant/Applicable To You, Just Strike It


Out And Write —NA— Across It
 Write NA Against That Item Or Particular Which Is Not
Applicable To You,
 Write “Nil” Across The Nil Figures.
 Kindly, Put A “-” Sign Prior To Any Negative Figure.
 All Figures Shall Be Rounded Off To The Nearest One Rupee
Except Figures For Total Income/Loss And Tax Payable I.E It Will
Be Rounded Off To The Nearest Multiple Of Ten.

Sequence to Fill ITR-6 Form

The Easiest Way to File Out Your ITR 6 Form Is To Follow This Order

 Part A- General On Page 1


 Schedules
 Part B-TI And Part B-TTI
 Verification

.
ITR-7

Meaning

ITR 7 Form Is Filed By Those Individuals and Companies Fall Under

 Section 139(4A)
 Section 139 (4B)
 Section 139 (4C)
 Section 139 4(D)

It Is An Annexure-Less Return So No Document (Including TDS


Certificate) Should Be Attached With This Return Form While Filing
ITR 7. It Is Mandatory To Match The Taxes Deducted Or Collected By
Or On Behalf Of Them With Their Tax Credit Statement
(FORM26AS).

Eligible

 Income Tax Return Under Section 139(4A) Is Required To Be


Filed By Every Person In Receipt Of Income Derived From
Property Held Under Trust Or Other Legal Obligation Wholly
For Charitable Or Religious Purposes Or In Part Only For Such
Purposes.

 Return Under Section 139(4B) Is Required To Be Filed By A


Political Party If The Total Income Without Giving Effect To
The Provisions Of Section 139A Exceeds The Maximum
Amount Which Is Not Chargeable To Income-Tax.
 Return Under Section 139(4C) Is Required To Be Filed By
Every
o Scientific Research Association;

o News Agency;
o Association Or Institution Referred To In Section
10(23A);
o Institution Referred To In Section 10(23B);

o Fund or Institution or University or Other Educational

Institution or Any Hospital or Other Medical Institution.


 Under Section 139(4D) - It Is Mandatory To File The Return By
Every University, College or Other Institution, Which Is Not
Required To Furnish The Return Of Income Or Loss Under Any
Other Provision Of This Section.

ITR-7 Structure

ITR 7 Is Divided Into Two Parts and 23 Schedules

 Part-A – General Information


 Part-Statement of Total Income and Tax Computation With
Respect To Income Chargeable To Tax.
Belated Return [139(4)]

Simply Means Filing of Income Tax Return after Due Date Or


Extended Due Date. Belated Return Can Also Be Called As Late
Return or Delayed Return

 Any person who has not furnished a return within the time allowed to
him under sub-section (1), may furnish the return for any previous
year at any time before the end of the relevant assessment year or
before the completion of the assessment, whichever is earlier.

DUE DATES UNDER INCOME TAX LAW

1]. 31stJuly of the assessment year

All assesse (e.g. individual (natural person), Hindu Undivided


Family (HUF) etc.) not covered in point 2 and 3

2]. 31st October of the assessment year

(I) Company
(II) Person (other than company) whose accounts required to be audited
under this Act (e.g. tax audit under section 44AB, audit under section
33AB etc.) or under any other law (e.g. LLP Act, 2008,
Societies Registration Act, 1860 etc.) For the time being in force
(III) A Partner Of A Firm whose accounts are required to be audited
under this Act or under any other law for the time being in force
Proposed amendment by Finance Bill, 2021 – (i) in clause (a), in sub-
clause (iii) i.e. our sub-point III of Point 2, after the words “any other law
for the time being in force”, the words, figure and letter “or the
Spouse of such partner if the provisions of section 5A applies to such
spouse” shall be inserted

3]. 30th November of the assessment year – For assesses who are
required furnish report under section 92E (where person entered into
international transaction or specified domestic transaction)
Section 139(4) of the the Income-tax Act, 1961 as on 1st April
1962 as enforced
 Any person who has not furnished a return within the time allowed to
him under sub-section (1) or sub-section (2) may before the
assessment is made furnish the return for any previous year at any
time before the end of four assessment years from the end of the
assessment year to which the return relates, and the provisions of sub-
clause (iii) of the proviso to sub- section (1) shall apply in every such
case.

Section 22(3) of Indian Income-tax Act, 1922


 If any person has not furnished a return within the time allowed by or
under sub-section (1) or sub-section (2), or having furnished a return
under either of those sub-sections, discovers any omission or wrong
statement therein, he may furnish a return or a revised return, as the
case may be, at any time before the assessment is made.
The penalty [Section 234A ]

It is mandatory to file ITR within the time limit prescribed for each year
for you. If you don’t file a return within this prescribed time or not file at
all will attract this Interest under section 234A.

You could be in one of these 3 distinct positions for not filing the
returns before the due dates.

1. Taxes are outstanding to be paid to the Income Tax


department
2. Eligible for a tax refund from the Income Tax department
3. All the taxes have been perfectly paid with no refund expected or
taxes payable.

If you fall into point “2” or “3”, as interest may not be applicable in
these two scenarios so do not worry too much about late filing of your
tax returns. But If you have unpaid taxes that are outstanding and you
have not filed your returns by the due date, you are in for trouble.

Rate of Interest

Under section 234A, an interest of 1% per month (simple interest) will


be charged on the tax amount outstanding and it will be calculated from
the due date applicable to you for the filing of return of the applicable
year till the date that you actually file your return.
How is interest u/s 234A calculated?
The following points must be kept in mind while calculating interest:
 Interest will be charged @ 1% on the outstanding tax amount under section

234A.
 Interest payable on the 1st day after the due date of filing the return till the
date of actual filing of the return.It is payable till the date of completion if
no return is filed.
 The nature of the interest is simple interest.
 Any fraction of the month shall be considered as a full month for calculating
interest.
 The amount of taxes due shall be rounded off to the multiple of 100 and
ignore any fraction of 100 when you are calculating the interest.
REVISED RETURN [Section. 139(5)]

If The Certain Condition Are Satisfied. A Person May Furnished a


Revised Return of Income under Section 139(5)
Conditions: The Following Condition One Has To Satisfy
1) Which Return Can Be Revised: If Any Person Having Furnished A
Return Under Section 139(1)/(4) , Discovers Omission Or Any
Wrong Statement There In, He May Furnish A Revised Return.
From The Assessment Year 2019-20. Even A Belated Return
Submitted Under Section 139(4) Can Be Revised.
2) Omission Or Wrong Statement: Revised Return Can Be Filed
Only If The Assesse Discovers Any Omission Or Wrong
Statement In Return Or Originally Filed.
Time Period:

Revised Return Can Be Filed At Any Time Before The End Of The
Relevant Assessment Year Of Before Completion Of The Assessment,
Whichever Is Earlier.
For The Assessment Year 2019-20, A Revised Can Be Filed Up To
31st March 2020. If However the Assessment Is Completed Before
March 31st 2020. The Revised Return Filed Before December 15th
2019.
TIME FOR FILING RETURN OF INCOME SEC.139 (1)

1. The Due Date Of Furnishing Of Return Of Income For The


Assessment Year 2021-22, Which Was 31st July, 2021 Under
Sub-Section (1) Of Section 139 Of The Act, As Extended To
30th September, 2021, Is Now Further Extended To 31st
December, 2021.
2. The Due Date Of Furnishing Of Report Of Audit Under Any
Provision Of The Act For The Previous Year 2020-21, Which Is
30th September, 2021, As Extended To 31st October, 2021, Is
Now Further Extended To 15th January, 2022.
3. The Due Date Of Furnishing Report From An Accountant By
Persons Entering Into International Transaction Or Specified
Domestic Transaction Under Section 92E Of The Act For The
Previous Year 2020-21, Which Is 31st October, 2021, As
Extended To 30th November, 2021 Is Now Further Extended To
31st January, 2022.

Note: where the last day for filling return of income or loss is a day
which the office is closed , the assesse can file the return on the next
day after wards cannot on which the office is open & in such case the
return will be considered to have been filed with in the specified time
limit – circular no.639 dated November 13,1992
E –Verify Of Income Tax Return

The Last Step Is E-Verify. If We Have File Income Tax


Return But Not Verified It, Then The Return Will Not
Be Considered Valid According To Income Tax Laws.
There are six ways to verify income tax return:-
1) Via Aadhar Card Based OTP
2) Generating EVC Via Net Banking
3) Generating EVC Via Bank A/C
4) Verify Tax Return Through Demat Account
5) Generating EVC Through Bank ATM
6) Sending Signed ITR-V / Acknowledgement
Receipt To CPC Bangalore Through Speed
Post

GST Registration
According to GST rules, it is mandatory for a business that has a
turnover of above Rs.40 lakh to register as a normal taxable entity.
This is referred to as the GST registration process. The turnover is
Rs.10 lakh for businesses that are present in hill states and North-
Eastern states. The GST registration process can be completed within
6 working days.
GST registration can be easily done on the online GST portal.
Business owners can fill a form on the GST portal and submit the
necessary documents for registration. Businesses must complete the
GST registration process. It is a criminal offense to carry out
operations without registering for GST and heavy penalties are levied
for non-registration.

What is GST registration?


The process by which a taxpayer gets registered under Goods
and Service Tax (GST) is GST registration. Once the registration
process has been completed, the Goods and Service Tax Identification
Number (GSTIN) is provided. The 15-digit GSTIN is provided by the
Central Government and helps to determine whether a business is
liable to pay GST.

Who is eligible to register under GST?


 GST Registration must be completed by the following
individuals and businesses:

 Individuals who have registered under the tax services before


the GST law came into effect.

 Non-Resident Taxable Person and Casual Taxable Person

 Individuals who pay tax under the reverse charge mechanism

 All e-commerce aggregators

 Businesses that have a turnover that exceeds Rs.40 lakh. In the


case of Uttarakhand, Himachal Pradesh, Jammu & Kashmir, and
North-Eastern states, the turnover of the business should exceed
Rs.10 lakh.

 Input service distributors and agents of a supplier

 Individuals who supply goods through an e-commerce


aggregator.

 Individuals providing database access and online information


from outside India to people who live in India other than those
who are registered taxable persons.

Types of GST Registration


Under the GST Act, GST Registration can be of various types.
You must be aware of the different types of GST Registration before
selecting the appropriate one. The different types of GST Registration
are:

 Normal Taxpayer: Most businesses in India fall under this


category. You need not provide any deposit to become a normal
taxpayer. There is also no expiry date for taxpayers who fall
under this category.

 Casual Taxable Person: Individuals who wish to set up a


seasonal shop or stall can opt for this category. You must
deposit an advance amount that is equal to the expected GST
liability during the time the stall or seasonal shop is operational.
The duration of the GST Registration under this category is 3
months and it can be extended or renewed.

 Composition Taxpayer: Apply for this if you wish to obtain


the GST Composition Scheme. You will have to deposit a flat
under this category. The Input tax credit cannot be obtained
under this category.

 Non-Resident Taxable Person: If you live outside India, but


supply goods to individuals who stay in India, opt for this type
of GST Registration. Similar to the Casual Taxable Person type,
you must pay a deposit equal to the expected GST liability
during the time the GST registration is active. The duration for
this type of GST registration is usually 3 months, but it can be
extended or renewed at the type of expiry.

Facts about GST Registration:


Some of the important points that you must know about GST
registration are mentioned below:

 No charges are levied to complete the GST registration process.

 In case businesses do not complete the registration process, 10%


of the amount that is due or Rs.10, 000 will be levied. In the
case of tax evasion, 100% of the amount that is due will be
levied as a penalty.

 GST registration is mandatory for businesses that have an


annual turnover of Rs.20 lakh and more.
 In case the supply is provided in several states, GST registration
must be completed in each state.

Documents required for GST Registration:


 PAN card

 Aadhar card

 Business address proof

 Bank account statement and cancelled cheque

 Incorporation Certificate or the business registration proof


 Digital Signature

 Director’s or Promoter’s ID proof, address proof, and


photograph

 Letter of Authorization or Board Resolution from Authorized


Signatory

STEPS FOR GST REGISTRAION:


 Visit the GST portal - https://www.gst.gov.in

 Click on the ‘Register Now’ link which can be found under the
‘Taxpayers’ tab

 Select ‘New Registration’.

 Fill the below-mentioned details:

 Under the ‘I am a’ drop-down menu, select ‘Taxpayer’.


 Select the respective state and district.
 Enter the name of the business.
 Enter the PAN of the business.
 Enter the email ID and mobile number in the
respective boxes. The entered email ID and mobile
number must be active as OTPs will be sent to them.
 Enter the image that is shown on the screen and click
on ‘Proceed’.
 On the next page, enter the OTP that was sent to the
email ID and mobile number in the respective boxes.
 Once the details have been entered, click on ‘Proceed’.

 You will be shown the Temporary Reference Number (TRN) on


the screen. Make a note of the TRN.

 Visit the GST portal again and click on ‘Register’ under the
‘Taxpayers’ menu.
 Select ‘Temporary Reference Number (TRN)’.

 Enter the TRN and the captcha details.

 Click on ‘Proceed’.

 You will receive an OTP on your email ID and registered


mobile number. Enter the OTP on the next page and click on
‘Proceed’.

 The status of your application will be available on the next page.


On the right side, there will be an Edit icon, click on it.

 There will be 10 sections on the next page. All the relevant


details must be filled, and the necessary documents must be
submitted. The list of documents that must be uploaded are
mentioned below:
Photographs
Business address proof
Bank details such as account number, bank name,
bank branch, and IFSC code.
Authorization form
The constitution of the taxpayer.
 Visit the ‘Verification’ page and check the declaration, then
submit the application by using one of the below mentioned
methods:
 By Electronic Verification Code (EVC). The code
will be sent to the registered mobile number.
 By e-Sign method. An OTP will be sent to the mobile
number linked to the Aadhar card.
 In case companies are registering, the application
must be submitted by using the Digital Signature
Certificate (DSC).

 Once completed, a success message will be shown on the


screen. The Application Reference Number (ARN) will be sent
to the registered mobile number and email ID.
 You can check the status of the ARN on the GST portal.

GST Registration Through Aadhaar:

 New businesses can secure their GST registration with the help
of the Aadhar. The process is simple and quick. The new process
came into effect from 21 August 2020. The procedure to opt for
Aadhar authentication is mentioned below:
 When you apply for GST registration, you will be provided with
an option to choose Aadhar authentication.

 Select ‘YES’. The authentication link will be sent to the


registered email ID and mobile number.

 Click on the authentication link.

 Enter the Aadhar number and select ‘Validate’.

 Once the details have been matched, an OTP will be sent to the
registered mobile number and email ID.
 Enter the OTP to complete the process. You will get the new
GST registration within three working days.

Online GST Registration Fees:


In case you complete the GST Registration procedure online, no
fee will be levied. Once the relevant documents have been uploaded,
an Application Reference Number (ARN) will be sent via SMS and
email to confirm the registration.

Process to Download the GST Registration


Certificate:
 Visit https://www.gst.gov.in/

 Click on ‘Login’.

 On the next page, enter the username and password.

 Click on ‘Login’.

 Next, click on ‘Services’.

 Click on ‘User Services’.

 Select ‘View/Download Certificates'.

 On the next page, click on ‘Download’. The certificate will


have details of the tax transactions.

Check GST Registration Status


 Visit GST official portal at https://www.gst.gov.in/.

 Click to 'Services’ > ‘Registration’ > ‘Track Application Status’.

 Enter your ARN number and Captcha code. Next click on


SEARCH button.

 Finally, you will receive any of the following GST registration


status on your screen:

 Provisional status

 Pending for verification status


 Validation against error status

 Migrated status
 Cancelled status

GSTR - 1
How to file GSTR-1 on the GST Portal?
Step 1- Login to the 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 - Click on ‘Generate GSTR-1 Summary’
Step 6 - Select the checkbox and click on ‘Preview’.
Step 7 - 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 reference number will be
displayed stating that the return has been filed.
FILING NIL GSTR-1:
Every taxpayer has to file GSTR-1 even if he has no business
activity during the period, i.e., no sales in a month/quarter. Therefore,
a dealer must file a Nil GSTR-1 in such cases. The outward supplies
include all taxable as well as exempt supplies.
Nil GSTR-1 return must be filed by all registered taxpayers
compulsorily when there are no sales or supplies during the month or
quarter.

STEPS TO FILE NIL GSTR-1 ON GST


PORTAL
 Login to the GST portal
 Go to services in the drop-down, select returns dashboard.
 Select month and year from the drop-down menu.
 Click on ‘Prepare Online’ under GSTR-1 tile
 Click on ‘Generate GSTR-1 Summary'
 Select the checkbox and click on ‘Preview’.
 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 reference number will be displayed stating
that the return has been filed.

COMPOSITION SCHEME UNDER GST


ACT:

What is Composition Scheme?


Composition Scheme is a simple and easy scheme under GST
for taxpayers. Small taxpayers can get rid of tedious GST formalities
and pay GST at a fixed rate of turnover. This scheme can be opted by
any taxpayer whose turnover is less than Rs. 1.5 crore. In case of
North-Eastern states and Himachal Pradesh, the limit is now Rs 75
lakh. Turnover of all businesses registered with the same PAN should
be taken into consideration to calculate turnover.

Who cannot opt for Composition Scheme?


 Manufacturer of ice cream, pan masala, or tobacco
 A person making inter-state supplies
 A casual taxable person or a non-resident taxable person
 Businesses which supply goods through an e-commerce
operator
Conditions to avail Composition Scheme under
GST Act:
 No Input Tax Credit can be claimed by a dealer opting for
composition scheme
 The dealer cannot supply goods not taxable under GST such as
alcohol.
 The taxpayer has to pay tax at normal rates for transactions
under the Reverse Charge Mechanism
 If a taxable person has different segments of businesses (such as
textile, electronic accessories, groceries, etc.) under the same
PAN, they must register all such businesses under the scheme
collectively or opt out of the scheme.
 The taxpayer has to mention the words ‘composition taxable
person’ on every notice or signboard displayed prominently at
their place of business.
 The taxpayer has to mention the words ‘composition taxable
person’ on every bill of supply issued by him.
 As per the CGST (Amendment) Act, 2018, a manufacturer or
trader can now also supply services to an extent of ten percent of
turnover, or Rs.5 lakhs, whichever is higher. This amendment
will be applicable from the 1st of Feb, 2019.

How to opt for Composition Scheme for


Business?

To opt for composition, scheme a taxpayer has to file GST


CMP-02 with the government. This can be done online by logging
into the GST Portal. This intimation should be given at the beginning
of every Financial Year by a dealer wanting to opt for Composition
Scheme.
Making Bills for Composition dealer:

A composition dealer cannot issue a tax invoice. This is because


a composition dealer cannot charge tax from their customers. They
need to pay tax out of their own pocket. Hence, the dealer has to issue
a Bill of Supply. The dealer should also mention “composition taxable
person, not eligible to collect tax on supplies” at the top of the Bill of
Supply.

GST Rates under Composition Scheme:


GST payment under Composition Scheme:
GST Payment has to be made out of pocket for the supplies
made. The GST payment to be made by a composition dealer
comprises of the following:

 GST on supplies made.


 Tax on reverse charge
 Tax on purchase from an unregistered dealer

Returns to be filed by Composition Dealer:


A dealer is required to pay tax in a quarterly statement CMP-08
by 18th of the month after the end of the quarter. Also, a return in
form GSTR-4 has to be filed annually by 30th April of next financial
year from FY 2019-20 onwards. GSTR-9A is an annual return to be

Filed by 31st December of the next financial year. It was waived


off for FY 2017-18 and FY 2019-20. Also, note that a dealer
registered under composition scheme is not required to maintain
detailed records.

Advantages of Composition Scheme under GST


Act:
 Lesser compliance (returns, maintaining books of record,
issuance of invoices)
 Limited tax liability
 High liquidity as taxes is at a lower rate
Disadvantages of Composition Scheme under
GST Act:
 A limited territory of business. The dealer is barred from
carrying out inter-state transactions
 No Input Tax Credit available to composition dealers
 The taxpayer will not be eligible to supply non-taxable goods
under GST such as alcohol and goods through an e-commerce
portal.

FILING GSTR-4 FOR COMPOSITION


SCHEME:
A dealer registered under composition scheme of GST is
required to furnish GSTR-4 annually. GSTR-4 is a return that must be
filed by the taxpayers opting for Composition Scheme on an annual
basis. Until the FY 2018-19, the return was filed every quarter which
got replaced by CMP-08.

What is GSTR-4?
GSTR-4 is a GST RETURN that has to be filed by a
composition dealer. Unlike a normal taxpayer who needs to furnish 3
monthly returns, a dealer opting for the composition scheme is
required to furnish only 1 return which is GSTR 4 once in a year by
30th of April, following a financial year.

Due date for GSTR-4:


GSTR 4 has to be filed on an annual basis.

The due date for filing GSTR 4 is 30th of April following the relevant
financial year. For example, the GSTR-4 for FY 2020-21 is due by
30th April 2021*. Until the FY 2018-19, the due date was 18th of the
month after the end of the quarter.
Late Fees & Penalty:
A Late of Rs. 200 per day is levied if the GSTR-4 is not filed within
the due date. The maximum late fee that can be charged cannot
exceed Rs. 5,000.

STEPS TO FILE GSTR-4:


 Log in to the GST portal and navigate to Services > Returns > ‘Annual
Return’ option.
 Select the relevant financial year for which GSTR-4 (Annual) is being filed
displayed on the ‘File Annual Returns’ page
 Click on the ‘PREPARE ONLINE’ button on the Annual Return GSTR-4
tile. Before that, carefully read the instructions given on the ‘File Returns’
Page.
 Enter the aggregate turnover in the previous financial year and click on the
‘SAVE’ button. If no turnover was recorded for the last year, then enter
zero. Do not leave it blank.

For example, while filing the annual return for FY 2020-2021, report the aggregate turnover in FY
2021-22. A message gets displayed for saving the data successfully

 To file a Nil GSTR-4, select the checkbox ‘File Nil GSTR-4’ and click on
‘PROCEED TO FILE’.
 Enter the details for various tables of GSTR-4 listed each time, select the
particular table against the ‘Select tables to add/view details’ drop-down list
to enter the details and click on the ‘BACK’ button.

. (a) Table 4A: Inward supplies from registered suppliers (other than reverse charge)-GSTIN-
wise details of purchases from GST registered suppliers.

Add the GSTIN, that auto-populates legal name and place of supply, and click on the Add (+)
button for every entry.

Under ‘Item details’, enter the taxable value and choose the GST rate mandatorily.

Click on the Add (+) button against the entry to add more rows of items or click on ‘SAVE’
to continue with the next GSTIN

(b) Table 4B: Inward supplies from a registered supplier (reverse charge)-

GSTIN-wise details of purchases from GST registered suppliers subject to reverse charge.
Add the GSTIN, that auto-populates legal name and place of supply, and click on the Add (+)
button.
Under ‘Item details’, enter the taxable value and choose the GST rate mandatorily.

Click on the Add (+) button against the entry to add more rows of items or click on ‘SAVE’
to continue with the next GSTIN.

‘Processed records’ displays all the entries successfully added.

(c) Table 4C: Inward supplies from unregistered suppliers-

PAN-wise details of purchases made from any GST unregistered suppliers.

PAN is not mandatory so you can enter the trade/legal name of such supplier. If a reverse
charge applies, select the checkbox and select the ‘Supply Type’ as ‘Intra-State’ or ‘Inter-
State’. Click on the Add (+) button

Under ‘Item details’, enter the taxable value and choose the GST rate mandatorily. Click on
the Add (+) button against the entry to add more rows of items or click on ‘SAVE’ to
continue with the next PAN.

(d) Table 4D: Import of Service-Consists of details of services imported on which IGST has
been paid. Click on the Add (+) button to add information on every item.

Enter the taxable value and choose the GST rate mandatorily. Click on the Add (+) button

Against the entry to add more rows of items or click on ‘SAVE’ to continue with the next
table.

(e) Table 5: Summary of CMP-08- View the auto-drafted summary of CMP-08 statements
filed for all four quarters of the financial year. It cannot be edited.

(f) Table 6: Tax rate wise outward supplies and inward supplies attracting reverse charge-

User must enter the value of outward supplies/sales between row 12 to 16 of a prefixed tax
rate-wise table against the respective GST rate applicable to the composition taxpayer of 0, 1,
2, 5 or 6%. Such value must be net of advances, credit- debit notes or adjustments due to
amendments, etc.

The value of inward supplies attracting reverse charge (auto-populated from tables 4A, 4B
and 4C) between rows 1-11 does not get displayed at this stage. Click on ‘SAVE’ to proceed
with the next table.

(g) Table 7: TDS/TCS credit received- View the auto-drafted GSTIN-wise details of
TDS/TCS credit received during the financial year. It cannot be edited.

 Click on the ‘PROCEED TO FILE’ button to preview the saved return.

The status of return changes to ‘Ready to file as on (date)’. Click either on the
‘DOWNLOAD GSTR-4 SUMMARY (PDF)’ or ‘DOWNLOAD GSTR-4 (EXCEL)’ button
to save a copy of the prepared return for your review and records.
Make any tax or interest or late fee payments displayed on table ‘8. Tax, Interest, late fee
payable and paid’ before continuing if any. Balance in cash ledger is also shown for
reference. Payment can be made in two ways:

 Click on the ‘CREATE CHALLAN’ button if cash in the electronic


cash ledger is insufficient for full or part payment. Select the desired
mode of payment such as NEFT or RTGS/Over the Counter/Net
Banking and generate the challan after payment.
 If an electronic cash ledger has sufficient balance for full payment,
then the cash will be adjusted from the ledger for the tax payment
automatically. No amount is displayed in the ‘Additional cash
required’ column.
 Review and File the GSTR-4 return using DSC or EVC.
 Confirm by clicking ‘YES’ on a warning message and click on either of the
‘FILE WITH DSC’ or ‘FILE WITH EVC’ button displayed on the ‘File
return/statement’ page.

Following is the outcome of your actions:

 The status of return changes to ‘Filed’.


 Application Reference Number (ARN) gets generated and displayed on the
screen.
 A confirmation message is sent via SMS and email registered with the GST
portal.

FILING GSTR-2 ON GST PORTAL:


After filing of GSTR-1 (details of outward supplies), the taxpayers should
file GSTR-2. GSTR-2 is a return containing details of all inward supplies. Based
on this return the Input Tax Credit that a taxpayer is eligible to avail is determined.
After your suppliers file GSTR-1, the details of your inward supplies get auto-
populated in GSTR-2A. All the purchases from GSTR- 2A are considered as
inward supplies for you. Hence, only details of purchases from unregistered dealers
and purchases not reflecting in GSTR-2A have to be entered while filing GSTR-2.

STEPS TO FILE GSTR-2:


 Login to GST portal.
 Go to services > Returns.
 Select month for which you are filing GSTR-2.
 Click on Prepare Online GSTR-2
 You will see 11 titles containing all details that are required to filled in (only
those details that are not auto-populated in your GSTR-2A or the details that
have to be changed should be entered in these tiles.)
INVOICES DETAILS
Inward supplies received from registered person including Reverse Charge
supplies:

Details of all missing inward supplies from registered dealers should be


entered here. This will also include inward supplies liable for reverse charge.

Step 1 – Click on ‘ADD MISSING INVOICE DETAILS’ to add details of any


inward supplies from a registered person and reverse charge supplies missing in
GSTR-2A.

Step 2 – Enter the following details:

 GSTIN of the Supplier


 Invoice Number, Invoice Date, Total Invoice Value
 Select state in which the sale is made
 In Invoice Type select – B2B, Deemed Exports, SEZ Supplies with or
without payment GSTR-2

Step 3 – Click on ‘Add Details’.

Import of Inputs/ Capital Goods and Supplies received from SEZ:

Any import of Inputs and Capital Goods including goods received from SEZ
should be entered in this tile:

Step 1 – Click on ‘ADD BOE’.

Step 2 – Enter these details

 Port Code of the place from where import is made


 Bill of Entry Number, Date, and Value
 Tick on checkbox if Import is from SEZ
 Enter the taxable value based on the rate of tax applicable on the product
imported
 Select whether the tax is eligible as ITC GSTR-2

Step 3 – Click on ‘SAVE’.

Debit/Credit Notes for supplies from a registered person:

Any debit notes or credit note received from a registered dealer but missing
in GSTR-2A should be entered here.
Step 1 – Click on ‘ADD CREDIT NOTE/DEBIT NOTE’.

Step 2 – Enter the following details:

 Note type, value, number, date


 Original invoice number and date
 Supply type – inter-state or intra-state
 Reason for issuing note – sales return, post-sale discount, correction in the
invoice, etc.

Step 3 – Click on ‘SAVE’.

Inward supplies from an unregistered supplier

Details of all purchase of goods and services from the unregistered supplier
have to be mentioned in this section.

Step 1 – Click on ‘ADD DETAILS’.

Step 2 – Enter the following details:

 Supplier's name
 Invoice number, date, and value.
 Select point of sale from the dropdown
 Supply type – inter-state or intra-state

Debit Notes/ Credit Notes for Unregistered Supplier:

Any debit or credit note issued for inward supplies from unregistered
supplies has to be mentioned here.

Step 1 – Click on ‘ADD CREDIT NOTE/DEBIT NOTE’.

Step 2 – Specify the following details:

 Note type, value, number, date


 Original invoice no. and date
 Type of supply – Inter-state or intra-state
 Reason for issue of note
 Taxable value based on the GST rate

Step 3 – Click on ‘SAVE’.

Supplies from composition taxable person and other exempt/nil rated/non-


GST supplies:
Total inward supplies from composition dealers, and all inward supplies
which are exempt and nil rated have to be entered here.

Click on ‘EDIT’, enter the values and click on ‘SAVE’ button.

Advance amount paid for reverse charge supplies

All advances paid for supplies liable to reverse charge have to be entered
here. This will increase your output tax liability as you are liable to pay tax on
RCM basis.

Step 1 – Click on ‘ADD DETAILS’.

Step 2 – Enter the Point of sale and the Taxable Value based on the GST Rate.
Click on ‘SAVE’.

HSN summary of inward supplies:

HSN Code wise details of inwards supplies have to be provided while filing
GSTR-2.

Step 1 – Click on ‘ADD DETAILS’.

Step 2 – Enter the following details:

 HSN Code, Description and Unique Quantity Code (UQC) of the inward
supplies
 Total Quantity, Value, Taxable Value of goods/services
 IGST, CGST, and, SGST/UTGST paid on the supplies

Step 3 – Click on ‘SAVE’.

Input Tax Credit Reversal/Reclaim

There are certain conditions for claiming ITC on inward supplies. If the
same is not satisfied the ITC has to be reversed. The details of ITC reversed have
to be entered here. Click on ‘SAVE’ button after entering the details.

Final Step

Once all the details have been entered the return a declaration is to be given
and the return can be submitted online.
GSTR-3B:
1. Login and Navigate to Form GSTR-3B – Monthly Return page
2. Enter Details in Section - 3.1 Tax on outward and reverse charge
inward supplies
3. Enter Details in Section - 3.2 Inter-state supplies
4. Enter ITC Details in Section - 4. Eligible ITC
5. Enter Details in Section - 5. Exempt, nil and Non-GST inward
supplies
6. Enter Details in Section - 5.1 Interest and Late Fee
7. Preview Draft Form GSTR-3B
8. Enter Payment Details in Section - 6.1 Payment of Tax
9. Create Challan
10. File Form GSTR-3B
11. Download Filed Return
12. View Return Status

GST Reconciliation:

What is GST Reconciliation? 


In typical terms, reconciliation is matching two sets of data to
evaluate differences. In addition, reconciliation helps in keeping a tab
on manual errors. 
Under GST, reconciliation helps the taxpayers know if the taxes are
short/excess paid or not paid at all. Here are the different types of
GST reconciliation that: 

1. Reconciliation between GSTR- 3B and the GSTR 2A or GSTR-


2B to match Input Tax Credit (ITC) 
2. Reconciliation between GSTR-3B and GSTR-1 to know
discrepancies in sales details 
3. Reconciliation between the provisional ITC and the actual ITC
claimable under GSTR-2B 

Why is GST Reconciliation Important? 


There are various why GST reconciliation is important and some of
the major ones are: 

1. To claim accurate Input Tax Credit for any invoice raised in any
previous financial year 
2. To keep a tab on the duplicity of data 
3. To validate data by reconciling different GST returns 
4. To issue CDNs or file amendments in case if there is any
mismatch due to human error or duplicity of data 

How to Perform GST Reconciliation? 


A GST reconciliation must be performed at different levels: 

1. Reconciling the data of every GSTIN 


2. Reconciliation of PAN-level data 
3. Reconciling supplier-wise data to claim any unclaimed ITC or
reverse any ineligible ITC 

Reason for Data Discrepancies under GST 


1. The supplier has declared the tax liability but ITC is not claimed
in the GST return 
2. The supplier does not declare the tax liability but the recipient
has claimed ITC in the GST return 
3. Data discrepancy between the liability declared and ITC
claimed 
4. Mistakes due to human intervention such as the wrong GSTIN
of the supplier or recipient. 

Consequences of Not Reconciling Data under


GST 
If a taxpayer fails to reconcile GST return data, it may result in
scrutiny notices from the GST authorities. However, in some cases, a
GST officer can even suspend the GST registration of a taxpayer in
form REG-31. List of instances where the GST officer can suspend
the GST registration of a taxpayer: 

1. The discrepancy in the sales data furnished in GSTR-1 and


GSTR 3B 
2. The discrepancy in the purchase data furnished in GSTR-2B and
GSTR-3B 

PAN CARD AND TAN APPLY &


UPDATE:

How to Apply for a PAN Card Online - Step by Step


The government has made provisions for applicants to apply for PAN
through the Income Tax PAN Services Unit of NSDL. Follow these
easy steps to apply for a PAN online:

Step 1: Open the NSDL site


(https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.
html) to apply for a new PAN.

Step 2: Select the Application type – New PAN for Indian citizens,
foreign citizens or for change/correction in existing PAN data.

Step 3: Select your category – individual, associations of persons, a


body of individuals, etc.

Step 4: Fill in all the required details like name, date of birth, email
address and your mobile number in the PAN form.
Step 5: On submitting the form, you will get a message regarding the
next step.

Step 6: Click on the “Continue with the PAN Application Form”


button.

Step 7: You will be redirected to the new page where you have to
submit your digital e-KYC.

Step 8: Select whether you need physical PAN card or not and
provide the last four digits of your Aadhaar number.
Step 9: Enter your personal details, contact and other details in the
next part of the form
Step 10: Enter your area code, AO Type and other details in this part
of the form. You can also find these details in the tab below

Step 11: The last part of the form is the document submission and
declaration.

Step 12: Enter the first 8 digits of your PAN card to submit the
application. You will get to see your completed form. Click Proceed if
no modification is required.
Step 13: Select the e-KYC option to verify using Aadhaar OTP. For
Proof of Identity, Address and Date of Birth, select Aadhaar in all
fields and click on Proceed to continue.
Step 14: You will be redirected to the payment section where you
have to make payment either through demand draft or through net
banking/debit/credit card.

Step 15: A payment receipt will be generated on successful payment.


Click on Continue.
Step 16: Now for Aadhaar Authentication, tick the declaration and
select “Authenticate” option.
Step 17: Click on “Continue with e-KYC” after which an OTP will
be sent to the mobile number linked with Aadhaar.
Step 18: Enter the OTP and submit the form.
Step 19: Now click on “Continue with e-Sign” after which you will
have to enter your 12-digit Aadhaar number. An OTP will be sent to
the mobile number linked with Aadhaar.
Step 20: Enter OTP and submit the application to get the
Acknowledgement slip in pdf having your date of birth as the
password in DDMMYYYY format.

How to Apply of TAN?


1. Visit www.tin-nsdl.com/index.html
2. Select ‘TAN’ under the ‘Services’ dropdown
3. Click on ‘Apply Online’
4. Select ‘New TAN’
5. On the new page, choose from the list ‘category of deductors’ and
click on ‘Select’
6. In doing so, you are redirected to Form 49B
7. Fill in the form and click ‘Submit’
8. On confirmation, an acknowledgement screen is displayed which
contains
 A 14-digit acknowledgement number
 Status of the applicant
 Name of the applicant
 Contact details
 Payment details
 Space of signature
9. The applicant is required to save the acknowledgement and get a
printout of it
10. The printout of the acknowledgement along with other
documents is required to be sent to Protean eGov Technologies
Limited at –
Protean eGov Technologies Limited Infrastructure Limited
5th floor, Mantri Sterling
Plot No.341, Survey No.997/98,
Model Colony
Near Deep Bungalow Chowk
Pune – 411016
For applying offline, the process is the same as mentioned above apart
from the fact that the applicant is required to visit the TIN facilitation
centres located in their place of residence.

UDYAM REGISTRATION

 PAN card number


 Aadhar card number
 Bank account number
 Business address
 The basic business activity
 Investment information ( plant / equipment information)
 NIC 2 digit code
 Turnover information ( as per new MSME definition)
 Sales and buy bill duplicates
 Partnership deed
 Copies of license and bills of purchases machinery

(Documents and Information checklist related to MSME / UDYAM


registration is linked herewith for your references.)
Simple Steps for MSME and UDYAM
Registration
Here are the following steps to follow for the Registration process for
MSME:

 Step -1: Fill in the MSME registration form online with detailed


information via visiting the official website
 Step – 2: Later complying with the application form along with
documents, the applicant would be a registration number
 Step – 3: Later on, the administration would register the applicant’s
business as MSME under 1- 2 working days
 Step – 4: MSME registration certificate would be reached instantly
and hassle-free for businesses to get a registered email – addresses

The procedure of MSME registration is instant and undisturbed for


businesses to get registered as MSME within the Ministry of MSME.
CONCLUSION:

All in all, the internship practicum I conducted at KRUNAL


SONI & Associates availed me with the tools, people, processes with
which I was able to practically understand the link between what I
learned in school within the scope of Accounting, GST & Direct
Taxes. I came to know how actually books of accounts are
maintained. How to file GST of individual and also how the various
ITRs are filed. In a nutshell, this internship has been an excellent and
rewarding experience. I can conclude that there have been a lot I’ve
learnt from my work at this Firm.

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