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Updates found with 'form 26q'

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Updates found with 'form 26q'

ITR 4, or commonly known as Sugam, is to be filed those by individuals and HUF who have opted for the presumptive income scheme for income earned from business and profession during the financial year 2017-18 under sections 44AD, 44ADA, and 44AE of the Income-tax Act, 1961 . ITR form 4 is filed when gross receipts of professionals and self-employed should not exceed Rs 50 lakh during a financial year under section 44ADA. For non-professionals who earn income from business, to be eligible for the scheme, gross receipts in a financial year should not exceeding Rs 2 crore. Individuals engaged in goods transportation businesses with not more than 10 good carriages can file ITR 4 if they have opted for presumptive income scheme under section 44AE.This is not the first time the government has made modifications to ITR form 4. "Until FY 15-16, ITR form 4S was applicable for such class, then for FY 16-17 it was renamed as ITR 4 along with various other changes. Keeping with the trend, this year, too, various changes have been made in ITR 4, while the name of form remains unchanged. Changes in ITR 4 include quoting of GST number and the amount of turnover as per GST return, the number of details of financial particulars has been increased, the codes for selecting nature of business or profession while filing return have been changed, and so on. Therefore, it is clearly evident that day by day, the department is increasing the reporting requirements allowing little wiggle room for tax evaders. ITR-4 (Sugam), can be file in paper form if they satisfy the below mentioned conditions: The individual is of age of 80 years or more at any time during the previous year; or, The individual or HUF's income does not exceed Rs 5 lakh and who has not claimed a refund while filing ITR.
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Ministry of Finance*GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification*GST Council today in its 27thmeeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows – *One monthly Return*:All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction shall have facility to file quarterly return. *Unidirectional Flow of invoices*: There shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail input tax credit by the buyer. Buyer would also be able to continuously see the uploaded invoices during the month.There shall not be any need to upload the purchase invoices also. Invoices for B2B transaction shall need to use HSN at four digit level or more to achieve uniformity in the reporting system.  *Simple Return design and easy IT interface*: The B2Bdealers will have to fill invoice-wise details of the outward supply made by them, based on which the system will automatically calculate his tax liability. The input tax credit will be calculated automatically by the system based on invoices uploaded by his sellers.   Taxpayer shall be also given user friendly IT interface and offline IT tool to upload the invoices. *No automatic reversal of credit*: There shall not be any automatic reversal of input tax credit from buyer on non-payment of tax by the seller. In case of default in payment of tax by the seller, recovery shall be made from the seller however reversal of credit from buyer shall also be an option available with the revenue authorities to address exceptional situations like missing dealer, closure of business by supplier or supplier not having adequate assets etc. *Due process for recovery and reversal*: Recovery of tax or reversal of input tax credit shall be through a due process of issuing notice and order. The process would be online and automated to reduce the human interface.  *Supplier side control*: Unloading of invoices by the seller to pass input tax credit who has defaulted in payment of tax above a threshold amount shall be blocked to control misuse of input tax credit facility. Similar safeguards would be built with regard to newly registered dealers also. Analytical tools would be used to identify such transactions at the earliest and prevent loss of revenue. *Transition*: There will be a three stage transition to the new system. Stage I shall be the present system of filing of return GSTR 3B and GSTR 1. GSTR 2 and GSTR 3 shall continue to remain suspended. Stage I will continue for a period not exceeding 6 months by which time new return software would be ready. In stage  2, the new return will have facility for invoice-wise data upload and also facility for claiming input tax credit on self declaration basis, as in case of GSTR 3B now. During this stage 2, the dealer will be constantly fed with information about gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them. After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.  *Content of the return and implementation*: Return shall be simplified also by reducing the content/information required to be filled in the return. The details of the design of the return form, business process and legal changes would be worked out by the law committee based on these principles. Government is keen to introduce the simplified return design at the earliest to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business. 
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Simplified Return Filing Process and ITC claiming process:A comprehensive single return with details of inward and outward supplies. This will reduce the number of returns, help in invoice matching and have all details in one place. Focus will be on making everything tech savvy, on the move and supporting the idea of Digital India..Simplified ITC claiming process is the need of the hour to avoid waiting for confirmations, acceptances from the recipient or tedious tasks of uploading sale/purchase details to avail the credit.Two percent Incentive for Digital PaymentsThe GST Council, after its 27th Meeting, has decided to approve a proposal wherein a 2 per cent concession, subject to a ceiling of Rs 100 per transaction, may be offered to consumers in B2C transactions if they pay through digital modes..While attending a press conference after the GST Council meeting, Finance Minister Arun Jaitley said that “the issue before the council was whether on digital payments through either the banking mode or the cheque mode or any form of digitized mode, a two percent incentive should be given to those who pay entirely through digitized mode. This would be subject to a cap of Rs. 100 per voucher. And this would not apply to the composition dealers.”.The Government‘s move to provide concessional rate for digital payments under GST in B2C transactions is estimated to cost the exchequer around Rs 10, 000-25, 000 crore, depending on the share of such transactions in total digital transactions in a year. .E-Way Bill:A possible process wherein the E-Way bill is checked just once during transitAlternate lines for uploading details for generating EWBs in case of un-supported formatsOne-nation, one format for generating E-Way bill were states will avoid having their own forms in addition to the basic notified ones.Reverse Charge Mechanism:Preponement of applicability of Reverse charge mechanism(Before June 30). This could be initially only for a particular class of taxpayers, say dealers under composition scheme. .Other points:Imposition of a cess on sugar to help farmersInclude Real Estate/transfer of property into the GST regimeAmendment of the ITC provision in the GST to enable any business to take credit on any business-related expenses (employee transport etc.)Exemptions for payments made by employees for the services received from the employers (eg: canteen services)Based on various adjudications on anti-profiteering norms under GST, some clarity is expected from the councilEncouragement for digital transactions by providing cash backs, discounts, credits etc. IMPORTANT NOTICE GST Department* have started conducting raids on Business premises to see if the *GSTIN No is visible on Sign board of the Business premises*. Please get it affixed on Signboard and on the front door of Office. Notice can be issued if the GSTIN No is not mentioned on Signboard and on Front door of Business primses *U/s 125 of CGST Act 2017 and the penalty under this Section can be upto 25, 000/-.
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1. MCA has amended the Companies (Meetings of the Board and its Powers) Rules, 2014. A new provision has been inserted to Rule 4 of the said rules providing that any other director may participate through video conferencing or other audio visual means if there is quorum in a meeting through physical presence of directors. 2. MCA has amended the Companies (Audit and Auditors) Rules, 2014. Amendment has been made to rule 3 whereby proviso to sub-rule 7 of Rule 3 and explanation thereunder have been omitted. Which means that the requirement of ratification of appointment of Auditor in every annual general meeting (AGM) till the conclusion of sixth AGM has been removed. Further Rule 9 of the said rules has been omitted. Rule 10A and Rule 14 have also been amended. 3. MCA has amended the Companies (Registration Office and Fees) Rules, 2014. A new provision has been inserted under to Rule 10(3) providing that - Registrar shall allow fifteen days' time for re-submission in case of reservation of name through web service -RUN for rectification of defects if any. Earlier re-submission was not allowed in case of re-submission of application through RUN. 4. MCA made An amendment in Annexure I of the Companies (Registration Office and Fees) Rules, 2014 prescribing additional fee of Rs. 100 per day effective from July 1, 2018 for delayed in filing of annual return and financial statements. The additional fee shall also be applicable to revised financial statement or board report as well as Secretarial audit report. 5. MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 whereby amendment has been made to Rule. The revised norm provides that in case of appointment of Independent Director, none of the relatives of such independent director should be indebted to the company, its holding subsidiary or associate Company or their promoters, or directors; or has given a guarantee or provided any security in connection with indebtness of any third person to its holding, subsidiary or associate company or their promoter or directors for an amount of Rs. 50 Lakhs at any time during the two immediately preceding financial years or during current financial year. 6. MCA has amended the Companies (Prospectus and Allotment of Securities) Rules, 2014. The amendment prescribes omission of rule 4 - Reports to be set out in the Prospectus, rule 5- Other matters and reports to be stated in the prospectus and rule 6- Period for which information to be provided in certain cases.
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