Provisional Balance sheet, Projected Balance sheet, Estimated Balance Sheet and Final Balance Sheet

Provisional Balance Sheet: - Provisional Balance Sheet is prepared for the Period which is already started and Completed but finalisation of Accounts not done.

Estimated Balance Sheet:

Deduction under Chapter VIA of Income Tax Act will be allowed either based on Investment or based on expense done as per specified in Income Tax Act. All subsections of sec 80 are covered under Chapter VIA. Deduction under Chapter VI A of Income Tax Act is restricted to Gross Total Income (other than Income from Capital Gain and Wining from Lottery or horse race etc) and No

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E-Way Bill is Replacement to old system of Delivery Challan System. E-Way Bill is fully online Process from Registration to E-Way Bill Generation. E-Way bill works on Android and Web Based system. E-Way Bill works in four types of methods such as Web System, SMS System, Bulk Generation System and API System.

Registration Process

As Per the Schedule III of Central Goods and Service Tax (CGST) Act 2017 certain service are excluded from Preview definition of Supply of Goods or Service i.e. those certain service are neither treated as Supply of Service or Supply of Goods.

As per the Sec 285A of the Income Tax Act 1961 certain specified reporting persons required to furnish Statements of Financial Transactions in Form 61A.

GSTR-1:
Say for e.g. If a person has entered into a transaction of supply of goods, then there must be someone who would be the recipient of the supply of goods. Supplier of the goods would be originating point of the transaction and he would specify, in his return, details of the supply along with the recipient to whom supply has been effected. The return for the inward supplies of the recipient of the supply

The article explains about the requirements of CGST Act and corresponding CGST Rules with respect to Accounts and records to be kept under Goods and Services Tax Law. Record keeping is an important aspect for every business and its an integral part of every legal framework. Records are important for furnishing information to Government in the form of Returns, Paying taxes, carrying out reconciliations

It has been more than a year since India made the historic transition from the traditional
indirect taxation regime comprising of central excise duty, service tax, VAT, etc., to an all-new
integrated indirect taxation regime i.e. Goods and Services (GST). The government while
implementing GST on the midnight of 30th June, 2017 declared the

Q 1. What is advantage of taking registration in
GST?
Ans. Registration under Goods and Service Tax (GST)
regime will confer following advantages to the business:
• Legally recognized as supplier of goods or services.
• Proper accounting of taxes paid on the input goods
or services which can be utilized

GSTR-5A is a return form to be filed by non-resident Online Information and Database Access or Retrieval (OIDAR) services provider for the services provided from a place outside India to a person in India to unregistered person or non-taxable customers.
It has to be filed by 20th of the month succeeding the tax period to which the return relates to or by the date as may be extended by

Section 34 - Credit and Debit notes.
(1) Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied

Regulations in India allow for several types of entities using which business can be carried out in India. These entities include but are not limited to Proprietorships, Association of Persons, Trusts, Partnerships, Private Limited Companies, Limited Liability Partnerships, One Person Companies and Public Limited Companies.

Of these the three most relevant and common entity types for a multi-person business

1. What is Reverse Charge?

Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed.

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To create, submit and file details in Form GSTR-7, perform following steps:
A. Login and Navigate to Form GSTR-7 page
B. Enter details in various tiles
C. Preview Form GSTR-7
D: Payment of Tax
E. File Form GSTR-7 with DSC/ EVC
F. View Debit entries in Electronic Cash Ledger for tax payment...

There are many people who hold a valid DIN and find that the new initiative of KYC verification of the DIN holder is problematic as they did not use the DIN or is no longer a director in any company or LLP. The legal position is that the DIN can be voluntarily surrendered in case it has never been used Surrender or Cancellation of DIN