Smart Munim

Those who have missed filing their Income Tax Return for Fy 2019-2020 & Fy 2020-2021 :-

*Updated return u/s 139(8A)* can be filed even if ITR was not filed previously
(Late Fee u/s 234F applicable)

Late Fee
👇👇👇
For AY 20-21 (financial year 2019-2020 )
No Late fee if Gross Total Income upto 2,50,000
Rs.10,000 if Gross Total Income above 2,50,000

For AY 21-22 (Financial year 2020-2021)
No Late fee if Gross Total Income upto 2,50,000
Rs.5,000 if Gross Total Income above 2,50,000.

interest rate of various saving schemes.. NSC 6.8% currently higher than FD.. people who invest in 5 years fd for 80C must go for NSC as interest rate is higher and also interest is tax free.

Thanks & Regards
Apka dost CA Ashwani Arora

For all new companies incorporated
don't forget this compliance 👇🏻👇🏻

Que :what is form 20A ??

Ans :-

As per the Companies (Amendment) Ordinance 2018, there is a requirement for all the companies registered on or after 2 November 2018 to file a certificate of commencement of business. Form 20A is a declaration filed by the directors within 180 days of the date of incorporation of the company. This is one of the most important compliances to follow as the penalties for non-filing is extremely high.

Que :- The time period for filing Form 20A

Ans:- Every company required to file form 20A shall file the same within 180 days of its incorporation.

Que :- Penalties for Default

Ans :- The penalties for non-compliance are very high which has been done intentionally so as to curb out the number of shell companies incorporated. Following are the penalties for non-compliance:

Penalty to be levied on the company: A penalty of Rs 50,000 will be levied on the company if it fails to comply with the mentioned requirement.

Penalty to be levied on the officers: Every such officer in default shall be liable to a penalty of Rs 1,000 per day for each day during which the default continues subject to a maximum of Rs 1,00,000.

Company strike-off: If the Registrar has reasonable grounds to believe that the company is not carrying on any business or operations even after 180 days of incorporation, the registrar may remove the name of the company from the Register of companies.

Thanks & Reagrds
CA Ashwani Arora
90175-61555

Hello everyone
hope you and your family all are fine
very tough time is going on
so its my humble request to everyone
stay safe , stay at home
only when its neccessary then go out
spead possitivity , spread happiness
🙏🏻🙏🏻

Greetings to everybody
We assisstance in the new Era of GST And Income Tax. Services we provide :
1. ITR of every types
2. GST registrations
3. GST Returns and cancellations.
4. GST Export Refunds. SGST AND IGST
5. GST and Income Tax Cases.
6. GSTR 2A Reconciliation
7. GST Notice Reply.
8. Food Safety Licencing
9. Loss returns.
10. Digital Signature
11. Accounting and book keeping
12. Tds returns/TCS Returns
13. Msme registration
14. CMA for Bank Loan
15.Project Report
16. Shop & Establishment Act Registration / Trade Licence
17. Trademark Registration
18.Incorporation of company and LLP
19. Startup registration
20. ISO certification

❣️❣️❣️

Contact us to file your Income Tax Returns or GST Returns at nominal charges.

https://wa.me/919017561555

Income Tax Slab Rate for Financial year 2020-2021 i.e Assesment year 2021-2022.
Summarise comparison of Old Tax Regime v/s New Tax Regime..

For NON ITR filer in last 3 years :-

The Finance Act, 2020, amended section 194N to provide that every banking company, cooperative bank or post office will deduct TDS at 2% if an assessee withdraws in aggregate over Rs 20 lakh and up to Rs 1 crore and TDS of 5% if he withdraws over Rs 1 crore.

For All IEC (import export code) Holders :-

All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible.

Thanks & Regards

Udyam Registration also known as MSME Registration is nothing but a government registration that is provided along with a recognition certificate and a unique number. This is to certify small/medium businesses or enterprises.

BENEFITS AVAILABLE TO MSMEs

1. Credit Linked Capital Subsidies for MSMEs
2. Low Interest rate on loan
3. ISO Certification Charges Reimbursement
4. Incubation Scheme For MSME
5. Market Development Assistance Scheme for MSME
6. Subsidy on Patent Registration
7. Protection against Delayed Payments
8. Tax exemption for Innovative startups
9. Tender Preference to MSME
and other benefits...

What is an MSME (Revised Classification)

Manufacturing Enterprises and Enterprises rendering Services

Micro Enterprise :
Investment in Plant and Machinery or Equipment: Not more than Rs.1 crore and Annual Turnover not more than Rs. 5 crore

Small Enterprise :
Investment in Plant and Machinery or Equipment: Not more than Rs.10 crore and Annual Turnover not more than Rs. 50 crore

Medium Enterprise:
Investment in Plant and Machinery or Equipment: Not more than Rs.50 crore and Annual Turnover not more than Rs. 250 crore

Register a Micro, Small and Medium Enterprise

1. Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates or proof.

2. On registration, an enterprise (referred to as “Udyam” in the Udyam Registration portal) will be assigned a permanent identity number to be known as “‘Udyam Registration Number”.

3. An e-certificate, namely, “Udyam Registration Certificate” shall be issued on completion of the registration process.

MCA update:- DIN KYC of Directors

It is a reminder message to all that kyc process has been started for the FY 2021-2022 and the last date for the same is 30.09.2021.
Therafter penalty of Rs 5000 per din will be applicable.
you are requested to comply the same at the earliest.

Thanks & Regards

Smart Munim We are team of most seasoned professional chartered Accountants. We specialized in providing comprehensive compliance services in various domains like Accounting, Auditing, GST, Income Tax, ROC compliances, Various statutory Registrations and compliances.

MCA update:- DIN KYC of Directors

It is a reminder message to all that kyc process has been started for the FY 2021-2022 and the last date for the same is 30.09.2021.
Therafter penalty of Rs 5000 per din will be applicable.
you are requested to comply the same at the earliest.

For all your financial queries and services please contact us on
+919017561555

Smart Munim We are team of most seasoned professional chartered Accountants. We specialized in providing comprehensive compliance services in various domains like Accounting, Auditing, GST, Income Tax, ROC compliances, Various statutory Registrations and compliances.

31 march alert !!!!

Hello friends ,
if you are doing any e commerce business then have a look at this.

Goods and Services Tax (GST) is an indirect tax used in India on the supply of goods and services.

Who Should Register for GST?

Turnover Criteria
Any businesses which have a turnover of above 40 lakhs (Rs 10 Lakhs for North-Eastern states, J & K, Himachal Pradesh and Uttarakhand), Rs 20 lakhs in case of services.

E-commerce operator
Person who connects through e-commerce business (such as Amazon or Flipkart), should register for GST from the beginning only.

Casual Taxpayer
If you supply goods or services in events/exhibition & you don’t have a permanent place of business, you need to get online GST Registration. The validity of causal GST Registration is 90 days

Sales/Service provide to other state (Inter State)
One should register under GST if any supplier of goods or service provider involved in any other state.

Involved In Online Information
Person supplying online information and database access other than a registered taxable person

NRI Exporters & Importers
Any NRI person or company supplying goods or services in India need to register GST regardless of turnover.

Documents reuired for registration :-

1. PAN card
2. Adhar card
3. Photo
4. Email id
5. Mobile no
6. premises proof like rent deed/ consent letter /NOC / Electeicity bill

What is Import Export Code or IEC ?
Ans:-
Import Export Code (also known as IEC) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade)
It is also known as Importer Exporter Code. It is mandatory for companies and businesses to obtain this code to start a business that deals with import and export in the Indian Territory. It is not possible to deal with export or import business without this code.

When It is Required ?

Ans :-
IEC is required in the following situations :-
1. When an importer has to clear his shipments from the customs then it's needed by the customs authorities.

2. When an importer sends money abroad through banks then it's needed by the bank.

3. When an exporter has to send his shipments then its needed by the customs port.

4. When an exporter receives money in foreign currency directly into his bank account then its required by the bank.

What are the documents required for IEC Registration ?
Ans :-
For IEC Code Registration following documents are required:

1.Individual’s or Firm’s or Company’s copy of PAN Card

2.Individual’s voter id or Aadhar card or passport copy

3.Individual’s or company’s or firm’s cancel cheque copy of current bank account

4.Proof of business premises i.e Copy of Rent Agreement or Electricity Bill Copy of the premise