PGDTP Parna
PGDTP Parna
PGDTP Parna
UNIVAERSITY
OF
BARODA
FACULTY OF LAW
POST-GRATUATE DIPLOMA IN
TAXATION & PRACTICING
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.
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.
1] DIRECT TAX: The Direct tax is one that the tax payer pays tax
directly to the government. These tax cannot shifted to other.
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.
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)
Above Rs.5 lakh - Rs.10 20% of the total income that is more
lakh than Rs.5 lakh + 4% cess
[ONLINE]
[OFFLINE]
Meaning
Eligible
Salary
Pension
Not Eligible
Meaning
Eligible
ITR-2 Structure
The Form Is Divided Into 2 Parts and 23 Schedules
Part A- General
Schedules
Part B-TI And Part B-TTI
Verification
ITR-4 [SHUGAM]
Meaning
Eligible
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
Schedules
Part B
Part C
Verification
ITR-6
Meaning
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
The Easiest Way to File Out Your ITR 6 Form Is To Follow This Order
.
ITR-7
Meaning
Section 139(4A)
Section 139 (4B)
Section 139 (4C)
Section 139 4(D)
Eligible
o News Agency;
o Association Or Institution Referred To In Section
10(23A);
o Institution Referred To In Section 10(23B);
ITR-7 Structure
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.
(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.
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.
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
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)]
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)
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
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.
Aadhar card
Click on the ‘Register Now’ link which can be found under the
‘Taxpayers’ tab
Visit the GST portal again and click on ‘Register’ under the
‘Taxpayers’ menu.
Select ‘Temporary Reference Number (TRN)’.
Click on ‘Proceed’.
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.
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.
Click on ‘Login’.
Click on ‘Login’.
Provisional 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.
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.
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.
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.
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.
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:
Any import of Inputs and Capital Goods including goods received from SEZ
should be entered in this tile:
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’.
Details of all purchase of goods and services from the unregistered supplier
have to be mentioned in this section.
Supplier's name
Invoice number, date, and value.
Select point of sale from the dropdown
Supply type – inter-state or intra-state
Any debit or credit note issued for inward supplies from unregistered
supplies has to be mentioned here.
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 2 – Enter the Point of sale and the Taxable Value based on the GST Rate.
Click on ‘SAVE’.
HSN Code wise details of inwards supplies have to be provided while filing
GSTR-2.
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
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:
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
Step 2: Select the Application type – New PAN for Indian citizens,
foreign citizens or for change/correction in existing PAN data.
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 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.
UDYAM REGISTRATION