HostBooks Limited provides you with a comprehensive platform for TDS, GST, Accounting, Tax, and Payroll.
छोटे व्यापारी GST फाइलिंग स्वयं कैसे करें? जाने सिर्फ 60 मिनट में GSTR-7 Return: Meaning, Eligibility, Due Date, Late Fees, and Penalties. GSTR-7 is a monthly return form filed by the taxpayers who are required to deduct TDS under the GST regulations.
The return form GSTR-7 comprises details of tax deducted at source, TDS liability paid/payable, TDS refund claimed (As per Section 54 of CGST Act, 2017) if any, incurred interest, late fees, etc. paid or payable. What is GSTR-7? GSTR-7 contains details regarding the TDS deducted, TDS payable, etc. by the deductor in any particular tax period. The deductees can access this information in Form GSTR-2A (auto-populated) via the common portal. The deductor deducts the TDS amount at the time of making a payment to the supplier or deductee. Real Challenges in New Technology Adoption. COVID-19 triggering the adoption of technology in India. The COVID-19 pandemic has catalysed the development of many sectors and innovations in India in an unforeseen manner.
Encumbered by a prolonged shutdown, people are searching for new approaches to daily activities, whether food distribution, medical appointments, or education. Brands are also seeking ways to reach out to customers who are limited to their homes. The supermarket chain like Big Bazaar and others have partnered with bike aggregator and Scootsy food delivery service to supply essential products. Meanwhile, some businesses and companies are hitching a ride on Zomato and Swiggy food aggregators to distribute goods. Even the government is implementing newer surveillance techniques that might become the new standard in the coming days. Technology Adoption and Digitalization of CA Practice. How to Prepare Your Business for any Crisis? - NASSCOM Community. The ongoing coronavirus outbreak is one of the most pressing topics for everyone.
While you might be aware of the ways to protect yourself and others from being infected or preventing the spread of COVID-19, there’s more when it comes to protecting your business. Apart from the current pandemic, there are many types of disasters, such as fire, flood, or a hurricane, from which businesses need to protect themselves. Let’s explore some of the measures that you can follow to make sure that your business continues to operate regardless of the situation. Maintaining customer support Customer service is crucial for customers to get in contact with your businesses whenever they want. Use video conferencing apps to contact your clients in place of in-person meetings. How to Integrate Tally with HostBooks GST Software. Manage Accounting Operations during COVID-19 Crisis. The rapid spread of coronavirus around the world is obviously having an effect on the economy along with the general business operations across the world.
For most businesses, the crisis has led or is likely to lead to a temporary fall in sales. Businesses that do not adapt to this situation will inevitably put themselves at risk. Wherever there is a change, there is a chance. There are prospects for sales for some current or new products and services based on the effects of COVID-19 (i.e. hand sanitizer, masks, and food supplies). However, there are some other prospects from an organizational point of view. How e-invoicing can help your business - NASSCOM Community. Electronic invoicing (E-invoicing or online invoicing)is a system in which B2B invoices are authenticated electronically by GSTN (Goods and Services Tax Network) for further use on the common GST portal between suppliers and buyers.
A true method of e-invoicing should be entirely electronic in such a way that supplier data can be directly integrated into the buyer’s system, GST portal and e-way bill portal in real time. A digital invoice is usually confused with an electronic invoice or an e-invoice. Both can be processed electronically from creation to payment, but there is a considerable difference between these two.
An e-invoice is basically created in the invoicing system of the seller, online bank or in a web-based form. Everything you need to know about GSTR-9C: Meaning, Due Date, Penalties. What is GSTR-9C Form?
Every registered taxpayer whose aggregate turnover exceeds two crore rupees during a financial year shall be audited in accordance with subsection (5) of section 35 of the CGST Act, 2017 and shall include a copy of the annual accounts audited and a duly certified reconciliation statement in FORM GSTR-9C. However, the limit for GSTR-9C of FY 2018-19 has been increased to Rs 5 crore as set out in the CBIC notification dated 23 March 2020. Simple Habits to Help You Achieve Financial Freedom. We are free to have dreams and make plans to achieve it, such as buying a house, providing for your family, or simply living your life without worries.
You may also want to travel the world and experience extraordinary adventures. More often than not, it is money that is preventing you from doing these things. Hence, having financial independence allows you to choose your paths and make decisions without having to worry about how much money you have. How to Simplify Your Income Tax Return Filing Experience. Many individuals procrastinate when it comes to filing their income tax returns, especially those who are filing their tax returns for the first time.
All individual taxpayers having a total income of more than Rs. 2.5 lakh (Rs. 3 lakh for senior citizens and Rs. 5 lakh for super senior citizens) are required to file the income tax returns on or before the due date. Even if it is not mandatory for you, filing a "Nil Return" can help you set things on the record. The following are some of the tips to ensure that you are filing your tax return efficiently and in a hassle-free manner. Step by step guide: How to file ITR-5 Form. Income Tax Return (ITR) is a form in which taxpayers file details about their earned income and tax applicability to the income tax department.
The department communicated with 7 different forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. Every taxpayer must file his or her ITR on or before the stated due date. How Pension Income is Reported When Filing ITR? The income tax return (ITR) forms issued by the Government for the financial year (FY) 2018-2019 require accurate reporting.
For example, compared to previous years, where only aggregate amounts under allowances and perquisites had to be published, descriptions of various allowances as well as perquisites received during the FY are required to be disclosed separately for the FY 2018-2019. Despite the comprehensive reporting criteria, pensioners must bear in mind the following points when filing their tax returns: How Cloud Accounting Solutions are becoming more Beneficial for Small Businesses? Cloud computing is a concept that has been commonly used over the last few years.
With its exponential growth in data use, it has transformed society into the digital 21st century. Now maintaining all of the sensitive information, systems, and running on in-house database servers is becoming more and more difficult for individuals and organizations. The solution to this dilemma is 'cloud' that has been around for almost as long as the internet but only recently it has become crucial for business use. Cloud-based accounting software has all the features of desktop accounting system along with plenty other new advantages that only online technology can provide you with. Dell’s second annual Global Technology Adoption Index (GTAI) reveals that companies investing in cloud, mobility, big data, and security are enjoying up to 53 percent faster growth in revenue than their competitors. Adding Ease and Efficiency in Managing Finances: HostBooks. In order to resolve accounting issues for any SME or MSME and bring efficiency in managing business, HostBooks enetered the market.
Know more about this platform in an exclusive interaction with Kapil Rana Chairman & Founder of HostBooks. Sharing is caring! How can the Government Make GST Compliance Simpler for Businesses? The implementation of the Goods and Services Tax (GST) has eliminated the cascading effect of taxes, and in some cases even reduced the effective tax rates. Although businesses have witnessed significant improvement in their supply chain efficiency under the new indirect tax system, they are also burdened with complex tax compliance.
The government has taken several measures to make it easier for taxpayers to comply with GST laws and rules. Moreover, it is also looking into ways to curb tax evasion and increase the revenues. What Impact will the Coronavirus have on Auditing and Accounts? – HostBooks India – Accounting Software for GST, TDS, eWay Bill. The accountants and auditors are facing a challenge in reflecting the impact of the ongoing coronavirus pandemic on a company’s year-end financial statements. With the nationwide lockdown and the inability to obtain the information required to perform audits, they are also encountering difficulties to capture the implications on assets and liabilities for the year ending March 2020 and the following quarters.
Although the impact might differ between companies, every business will witness some effect on their accounting, reporting, and the auditing of financial statements. Given the current scenario where entities are impacted by the COVID-19, auditors are unable to proceed with their planned audit procedures.
Hence, they will need to not only make changes to their audit approach but also find ways to collect essential audit evidence. As much of the disruptions started after 31st December 2019, companies will need to reflect any changes as non-adjusting post balance sheet event. How can small businesses survive during the COVID-19 crisis? - NASSCOM Community. As consumers are staying home to prevent the spread of the highly infectious virus, also known as COVID-19, small businesses have been slowing down and temporarily closing.
Without earning cash, many small businesses, streets restaurants, and shops — will soon have to cut staff or shut down for good. Emerging Trends of Accounting & Bookkeeping in 2020. At the beginning of the year, the accounting industry was in the midst of an ongoing boom, meaning consistent industry growth. But the current economic situation has turned the tables and compelled businesses to ponder over adopting digitalization and technologies so that they can work with ease and on the go. The emergence of new accounting technology, along with some obstacles, would offer businesses with many new opportunities. Manage Accounting and GST Compliance Right from Your Home.
TDS on Salary & Perquisites: Know the Benefits – HostBooks India – Accounting Software for GST, TDS, eWay Bill. A circular of the Central Board of Direct Taxes (CBDT) dated 16 January 2020 said that the income tax is essential to be calculated according to the applicable rates for the financial year. How Small Businesses are Facing the Coronavirus Crisis? Whether you turn on a television, browse social media, or read daily newspapers, everywhere you will find one same topic: the global outbreak of Coronavirus. For a lot of people, the recently declared pandemic is already changing the way they work.
In the coming weeks, months or even years, their life too will take a bizarre turn. Things will no longer remain the same, especially for those who are planning to start their business. GST collection may see a significant decline due to coronavirus. Income Tax Calculator: Want to save money while filing ITR? Top 10 tax-saving investments other than Section 80C that can help you. Coronavirus lockdown: How cloud based accounting solution can fight coronavirus lockdown. By Kapil RanaThe global economy is reeling under the stress of Coronavirus, the pandemic that has reached 193 countries, impacting the livelihood of people worldwide. With more than 7, 81,842 positive cases and about 37,000 deaths from COVID-19 across the world, the real concern is how to control the number of patients which is multiplying by the hour.
Alert! Three Month Tax Saving Exercise: PPF, loans, insurance to education, top investment options for taxpayers. Income Tax Alert: As the Government of India has extended the tax filing deadline until June 30, 2020 from March 31, 2020, taxpayers now have time to complete their tax-saving exercise for Financial Year 2019-20. Waiver of charges on ATM withdrawal to minimum balance: 10 announcements today. “Amidst coronavirus panic and lockdown, an extension of various deadlines especially income tax returns filing, Vivad se Vishwas scheme, and GST filing dates was the need of the hour," said Kapil Rana, Chairman and founder, HostBooks Limited. Here are some key highlights: New GST return filing system – Guide to ANX-1 & ANX-2. How HostBooks made GST return filing easier. Vivad se Vishwas scheme introduced to settle income tax disputes. GST Council to discuss states compensation, review tax structure. Officials to recover ₹46,000 crores as late GST payment interest.
GST compensation of ₹81,043 crore given to states for April-Sept. Amnesty scheme for taxpayers to settle dues of the pre-GST era - HostBooks. Anti-profiteering body to start GST compliance drive. GST पर चर्चा – Episode - 4. GST पर चर्चा – Episode - 3. GST पर चर्चा – Episode - 2. GST पर चर्चा – Episode - 1. Government unearths 931 GST fraud cases with data analytics. How the integration of FASTags with E-way would impact the nation? - HostBooks. Government to begin GST audit for FY18; first set of notices sent. 2nd National GST Conference held for curbing evasion and augment revenue. FIEO says the delay in e-wallet scheme is unfortunate. States to face revenue gap of over ₹1 trillion post GST compensation withdrawal. Tax officers to discuss ways to boost compliance and plug leakages. GST revenue mop-up crosses ₹1 Lakh Crore mark in December. The center to discuss GST overhaul after presenting budget 2020-21. HostBooks 4th Anniversary Sale 2019.
Five GST Fixes that Modi Government Needs to Implement. GST Council Implements New Return Forms In a Phased Manner. Finance Commission Does Not Intend To Extend GST Compensation. Phase-wise Implementation of GST New Return Forms. The QR Code Would Become Mandatory For All Shops. A National Bench of Appellate Authority May Be Considered Next Month by the GST Council. GST Filing Format Becomes Simpler From July 2019. TDS Certificate Format Issued by Employers Revised by The IT Department. Paying Taxes Outside The Country? Indian Residents Can Now Claim a Credit. Vidhi Centre report recommends legislative changes to strengthen GST - HostBooks. GST most likely to undergo a change irrespective of the election result - HostBooks.
HostBooks among ET Most Promising Entrepreneurs of India. What are The Major Changes in GST w.e.f 1st April 2019. Roll-out of new GST return filing format delayed. No Consensus on Why Consumer Goods Demand Increased After GST. GSTR due date April19. What are The 4 Major Upcoming Changes in E-Way Bill System. HostBooks-Making Accounting Easy for All. Is GST Affecting India’s Clean Energy Transition? Revolutionary Effects of GST in India: Pros and Cons. 6 Major changes in GST Portal to Help Small Businesses. How the GST rate reduction will impact property prices. How to Generate e-Way Bill. Highlights of 33rd GST Council Meet. A Quick Guide on GST Audit Procedure, Assessment, Ruling & Recovery. 6 Major changes in GST Portal to Help Small Businesses. A Quick Guide on GST Audit Procedure, Assessment, Ruling & Recovery. Yourstory. HostBooks CEO Mr. Amit Mukherji Interview. Cloud Accounting Software for Small Businesses by HostBooks. Key Highlights of 32nd GST Council Meet.
A complete Guide on GST Practitioner Examination - HostBooks. What Makes a GST Software ‘Easy to Use’ for Small Business? Highlights of the 31st GST Council Meet. Judgments by Maharashtra Authority for Advance Rulings (AAR) under GST. The GST Council to Further Rationalize the Highest Tax Slab of 28% What is TRAN-2 in GST and what are the steps for filing the TRAN-2 form on GST Portal? - HostBooks. How to Avoid GST Return/Invoice Mismatches in 5 Easy Steps? Extension of GST Annual Return Due Date. HostBooks e-Way Bill Software: A Solution to all the e-Way Bill Problems. Frequently Committed GST Return Filing Mistakes their Quick Solutions. E-Way Bills will now be linked with FASTag and LDB. Online GST Registration India - GST Eligibility & Required Documents. National Anti-Profiteering Authority (NAA) Rulings. Ebooks. How to Update, Reject, and Cancel E-Way Bill with HostBooks E-Way Bill Software. Income Tax Appellate Tribunal Judgments (ITAT) Issues and Challenges Revolving Around GST Audit & Annual Return and Precautions for Compliances.
CBDT: Net Direct Tax collection grows 15.7% – HostBooks. India's First e-Way Bill Software for Generating Fresh Invoices.