IPCC RTP November 2017

Now, CA IPCC students can Download the RTP(Both group) of IPCC November,2017 issued by BOS(Board Of Studies) with the amendments applicable in the Exams. I think its a great initiative taken by BOS, from November, 2017 attempt, they providing all Books like(Study Material, Practice Manual & RTP or etc) through online only. 

Click here to Download the RTP November,2017

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How to Take Input Tax Credit Under GST ?

Hello Friends, Today we Discuss a Topic which is very Important now a days. Regarding, How to take Input Tax Credit under GST of various Indirect Tax(VAT, Service Tax, Excise, Custom, Entry Tax or If any) ?

For taking ITC under GST, Government providing the Trans-1, Trans-2 & Trans-3 form. To fill the form correctly & properly, to mention ITC figure in the Trans Form.

Applicability of Trans Form are as follows, 

Trans-1 Form, applicable to those who have registered earlier under previous Indirect Taxation, for example VAT, Service Tax, Entry Tax & If any other. 

Following Conditions must fullfill for Trans-1 Form
In part 1
Any Excess credit from any previous indirect tax upto June,2017 can take that same credit under GST.

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How to File GST return 3B

GST Return 3B file only through Online, there is no other option for filing the return, Regular return have option to prepare Offline & later to Submit online.

When we go for filing the of GSTR 3B, before that to collect the all necessary data(like Purchase Register, Sale Register & Expense Register)

GSTR 3B is not applicable to those who opt the composition scheme, For Composition Dealer Quarterly return will file on regular date as mention by the Government.
Last Due Date to file GSTR 3B are 20 Aug,2017 for the month of July & 20 Sep,2017 for the month of August.     

Following are the Steps & Instruction regarding Filing GST return 3B

• To visit on website of www.gst.gov.in for login
• To Select the return Dashboard 
• To Select the Current Financial Year 2017-18 & In this to select the month(for example July)
• To Click on GSTR 3B for further procedure 
• In GSTR 3B there are 7 points
• In point no 3.1, To mention the Sale Details in the form of Out word Supply, In this to mention Aggregate Sale with classification under IGST, SGST & CGST. & If any payment covered under RCM during the month, on that GST can not be setoff against ITC if any available, that amount must pay. In later month, we can get ITC on RCM.
• In point no 3.2, To Declare that sale Details which are covered under Inter-State sale(Sale to Composition Dealer & Un-Registered Dealer Person)
• In point no 4, To mention the Input Tax Credit figure only with the classification under IGST, CGST & SGST
• In point no 4.1, To Declare those purchase which purchases from unregistered Dealer & those purchases are NIL rated or Exempted 
• To Click on Save button, after save the data to submit button will get enabled & than you can submit the GST return 3B(please note that, after submission no modification or amendment is possible, so carefully feed the data in appropriate column & ensure that details are completely & correctly feeded)
• In the System there are three payment option, you can choice any one, options are Net Banking, RTGS(Real Time Gross Settlement)/NEFT, Offline payment(In this you can generate the challan, pay the Tax at Bank Counter)
• In point no 6, After payment of GST if any, To adjust the ITC manually against the liability. After that to Click on Offset Liability button to pay off the liabilities, If its successful than you can proceed for return filing, without Offset liability you cann't proceed for return filing
• To Click on Declaration Statement
• To Select the Authorized Signatory for filing the return
• To Click on File GSTR 3B button with DSC or EVC
• After Submission, Successfully filing will appear & Acknowledgement will get generated. 

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How to File Online Income Tax Return By Own

Now, those have Income from Salary/Pension & those who have Income from Other Sources like Interest on FD, Interest on RD, Interest on Saving Bank Account or any other Income covered under Income from other sources, Can file there Income Tax return Online.

Before filing the Income Tax return, Collect all the necessary Documents like Form no 16, form there employer, Home Loan Interest Certificate, FD interest Certificate or If any.

Those are facing any problem regarding filing the Income Tax return, Just follow the steps given below & read the instruction carefully.

Click here to Download the Steps & Instructions to file Income Tax return Online  

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List Of Documents Required For Trust Registration u/s 12A & 80G

                         Today, We discuss a Topic related the Documents, which are required by Income Tax Department for registered the Trust under Income Tax Act, 1961.

Now, People are facing the problem to registered their Trust under the Act, because every one, don't have complete knowledge about Documents required by the Income Tax Department.

Following are list of Documents required by the I.T. Department for Trust registration -

• Form no. 10A with Court Fee stamp of Rs. 5/-
• Attested Copy of Certificate from Charity Commissioner/ Asst. Registrar of Societies.
• Attested Copy of Trust Deed Approved by the Charity Commissioner.
• Declaration u/s 13(109c) of S.T. Act, 1961 duly signed by all Trustee.
• Form no. 10G with Court Fee stamp of Rs. 5/-.
• Reason for Delay, If any.
• Copies of I.E. Acts Balance Sheets, Audit Reports in Form no. 10B for last 3 years or since Creations of Trust as applicable.
• Copies of Acknowledgements of return of Income of Trust for last 3 years or as applicable.
• Note on Activities of the Trust for last 3 years or since creation of the Trust as applicable.
• List of Trustees with Addressees- Like Pan Card Copy & Aadhar Card Copy.
• A Certificate regarding "No Change" in the Trust Deed/Objects since creation last approvals u/s 80G of the Act.
• List of Donors for Rs. 5,000 /- and above for last 3 years or since creation of the Trust as applicable.
• Copies of the Form no. 10 with Assessing Officer in the case of accumulation of Surplus.
• Copy of Registration u/s 12A
• Copy of 80G approval Certificate 

Note - Three Sets of above Documents should be submitted to their respective C.I.T Office.

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Latest GST Rate on 3 Jul, 2017

                      GST Council has made some changes in their Rates under Goods & Services. As below in the PDF file, latest rates of Goods & Service are available as decided by the Council & published by the GST Council as on 03, Jul 2017 and also providing the HSN & SAC codes.

Now, Governments continuously change their rate after getting the Feedback from the Various sources, Still GST rate for Builders & Developers not confirmed, its very difficult for every one to decide the GST rate. In the Proposal, Two rates were forwarded to the council 12% or 18%.

Click here to Download Latest GST Rate on Goods as on 3 Jul, 2017

Click here to Download Latest GST Rate on Services as on 3 Jul, 2017

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Forensic Audit & Auditor's Duty to Report on Fraud (PPT)

Forensic auditing is a blend of accounting, auditing and investigative skills. The information technology has led to innumerable benefits to businesses but at the same time it has made the businesses vulnerable to serious complicated frauds. Fraud means wrongful or criminal deception intended to result in financial or personal gain. Fraud always undermines the confidence of stakeholders. 

There is a strong nexus between prevention of fraud & good corporate governance. The total loan amount in fraud cases was increases every year. So it is our duty to detect fraud for that reason section 143(12) provides that an auditor has to report to the central Government. If fraud is less than specified amount, the report was made to Audit Committee or Board. Fraud committed by officers or employees of the company are to be reported only and not by the third parties. 

As per Section 143(12) an auditor has to report a fraud if fraud involves the amount as per rule 13(1) in the manner as per rule 13(2). As per 1^st proviso auditor has report to the audit committee in the manner as per Rule 13(3). 2^nd proviso requires company to report the details of frauds in Board Report in the manner specified in Rule 13(4). Rule 13(1) was introduced in Companies (Audit & Auditors) Rule 2014.

As per the Rule the specified amount is Rs. 1Crore. As per (Institute of Chartered Accountants of India) ICAI’s revised guidance note which was published in February -2016, an auditor reports a matter to audit committee immediately but not more than 2days of his knowledge & seeking their reply within 45 days.  Also auditor must specify the nature of fraud, amount and parties involved in fraud. 

If reply was not received then the auditor has to forward his report to The Secretary, Ministry of Corporate Affairs by speed post. While reporting to the Central Government auditor must sent his own details along with Form ADT-4. Here I made a power point presentation to explain the basic provisions of the Act.

-          Tushar G. Agrawal

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Click here to Download PPT, Forensic Audit & there Duties

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