GST Annual Return (GSTR-9)

GST Annual Return:

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  • GSTR 9 is the relevant form prescribed in terms of section 44 CGST Act.
  • This GSTR 9 hastwo parts to it i.e (i) Part A titled Basic Details and (ii) Part B which is the Annual Return.
  • Part-I seeks to capture the basic details of the Registered Person under Part A (ReconciliationStatement) which has 4 clauses.
  • Each of the clauses in Part I is significant in terms of the disclosure requirement.
  • This clause requires disclosure of the “financial year” to which the Reconciliation Statement in Part A relates to.
  • The expression financial year has not been defined under the GST laws.
  • However, in terms of the General Clauses Act “financial year” shall mean the year commencing on the First day of April and closing on the 31st day of March.
  • It is important to understand the meaning of the expression “financial year” in the first year of GST regime since the GST laws came into operation on the first day of July 2017.
  • For all intents and purposes, although for the financial year 2017-18, since the GST Laws stood applicable only for nine months commencing from July 2017 to March 2018, in this clause one may mention “2017-18” (9 months commencing 1st July 2017 and ending on 31st March 2018).

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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corporate and Professional Updates on 12th March 2019

Direct Tax Updates:

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  • CBDT has started paving the way for offshore fund managers to relocate to India for managing their offshore funds without having to face any adverse tax consequences. This is being done for the public markets space, mainly foreign portfolio investors structures.

Indirect Tax Updates:

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  • In first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for under construction houses. This would be the only substantive item that will be taken up, officials in the know said. The meeting will happen via a video conference.
  • The pending decision to introduce parity in GST rates on government and private lottery is unlikely to feature in the meeting. Sources said the meeting of group of ministers (GoM) mandated to deliberate on the issue of lottery was cancelled at the last moment. It is learnt that the decision to cancel the GoM meeting was taken to prevent any possible violation of the model code of conduct, which has set in on Sunday following the announcement of general elections to the Lok Sabha by the Election Commission of India.
  • The law review committee and the fitment committee under the GST Council deliberated on setting up the guidelines for taxpayers after the rates on under construction houses were slashed in the last Council meeting on February 24. The GST rate for affordable houses was reduced to 1 per cent, while that for all other under construction houses was reduced to 5 per cent.
  • The need for detailed guidelines or rules was borne from the fact that the rate reduction made builders ineligible to avail input-tax credit (ITC) in the value chain, which would bring back informal cash channels to the real estate business. The committees are said to have gone ahead with the mandatory requirement for builders to procure 80 per cent of their inputs from registered dealers in the formal sector. The new rates and rules come into force on April 1.  In addition, the rules would specify the extent to which the opening input-tax credit on April 1 could be used by builders. It is likely that the Council would take a decision to utilise credit to the extent of the completion of the housing project.
  • Experts said the projects that are nearing completion would benefit the most from the rules, which are learnt to have been submitted to the GST Council. It is yet not known as to which authority would certify the extent of completion, but experts said it would be subject to audit nonetheless. The guidelines would also have the methodology to deal with properties which have a mix of residential and commercial spaces.
  • CBIC has said that the TCS amount would be excluded from the value of goods for computing GST liability. Under the Income Tax Act, the TCS is levied at one per cent on purchase of motor vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh.
  • Indian businesses that paid most of their GST liability using input tax credit. Tax officials have sent emails seeking information from businesses that paid over 95% of their dues using input tax credit to ascertain the key factors responsible for subdued GST collections.

FAQ’s on GST:

Ques. Is a “Bill of Supply” to be issued by a bank for exempt services like interest on loans and advances, inter-se sale or purchase of foreign currency amongst banks?

ANS. As per clause (c) of sub-section (3) of section 31 of the CGST Act, 2017 read with Rule 49 of the CGST Rules, 2017, there is a requirement for issuance of bill of supply for supply of exempt services by Banks. It may be noted, however, that there is no need to issue a separate bill of supply in case any invoice or document has already been issued in accordance with the provisions of any other law. Further, in view of the provisions contained in sub-rule (5) of rule 54 of the CGST Rules, 2017, banks may issue any other document in lieu of bill of supply.

Ques. Where a Bank takes a separate registration for a separate business vertical, say for Bullion business, whether the requirement for reversal of 50 percent will also apply to bullion purchased by the Bank?

ANS. In terms of Section 2(94) read with Section 25(4)&(5) of the CGST Act, 2017, a person required to obtain more than one registration within a State or more than one State shall be treated as a distinct person for each such registration. Section 17(4) of the CGST Act, 2017 is applicable qua each registration and not for the Bank as a whole, provided each of the business verticals is separately registered. Therefore, a bank engaged in trading in bullion may not opt for 50 percent reversal in respect of its purchases of bullion, where it is separately registered as a business vertical.

Other Updates:

  • PNB awaits SBI resolution plan on Jet Airways.
  • NSE launches weekly options on Nifty IT index.
  • Venezuelans scramble for food, water as oil exports hit.
  • Crisis-hit Jet Airways defaults on repayment of ECBs.
  • Former Essar directors oppose Arcelor takeover.
  • TVS Motor announces 2nd interim dividend of 140%.
  • Siemens’ Finance arm buys 46% Stake in Greenko’s wind unit.
  • Oil, Gas Policy: Govt not to seek share of profits in less explored areas.
  • Moody’s upgrades rating for Central Bank, IOB over capital infusion.
  • IRDAI seeks proposal from LIC on stake reduction in the IDBI Bank.
  • GST Council to meet on March 19 to finalise real estate tax structure.
  • RBI inching towards becoming tenth largest holder of gold worldwide.
  • Godfrey Phillips denies charges of FDI norms violation.
  • Dr Reddy’s wants UK firm to pay $70-million compensation.
  • MEP Infra secures over ₹1,400 Cr for 3 ‘Hybrid Annuity’ Road Projects.
  • Auto woes drive dip in German industrial output.
  • Prices of BLF fall in most tea producing states in February.
  • NHPC eyes 46% higher capex next fiscal.
  • National Housing Bank’s norms will not address credit risk of HFCs.
  • Govt bans unregulated deposits offered by builders, jewelers.
  • Jet Airways denies report of ₹2,050 Crore loan from PNB.
  • RBI warned of demonetisation impact on Indian economy, no effect on black money.
  • China pushes against US demands on trade deal enforcement, yuan.
  • Encouraging neighbours to buy electricity from India: CERC eases Power trading norms.
  • Jaypee homebuyers will get Flats in 3 years, assures NBCC.
  • Steel-making units for SME sector become imperative.
  • HSBC Daisy moves Supreme Court in Anil Ambani, Reliance Infratel’s Rs 230 Crore default case.
  • Sensex posts biggest gains in 6 Months, reclaims 37K mark in Pre-poll Rally.
  • FCI sells almost entire pulses stock of 2.98 lakh tonne.
  • Global economy hits weakest spell since financial crisis a decade ago.
  • Rupee gains 25 Paise against Dollar on Positive cues.

Key Due Dates:

  • 10th March 2019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of February 2019 under GST.
  • 11th March 2019- GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for February 2019.
  • 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
  • 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
  • 15th March 2019- Due date for PF and ESIC payment.
  • 25th March 2019- Due date for filing monthly return of PF.
  • 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.
  • 31st March 2019 – PT payment for the month of February 2019.
  • 31st March 2019 – Due date for filing of GSTR 3B and 1 from July 2017 to September 2018 without late fees.
  • 31st March 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July 2017 to December 2018.
  • 31st March 2019 – Due date for Annual return under PT from April to March 2019.
  • 31st March 2019 – Last date for linking Aadhar with PAN.
  • Quote of the Day:
  • “Professionalism: It’s NOT the job you do it’s HOW you DO the job.”

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 11th March 2019

Indirect Tax Updates:

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  • Indian businesses that paid most of their goods and services tax liability using input tax credit or reported a significant variation in turnover are being queried by taxmen, a move that has irked industry and prompted it to petition the authorities against such tactics.
  • Tax officials have sent emails seeking information from businesses that paid over 95% of their dues using input tax credit to ascertain the key factors responsible for subdued GST collections.
  • These queries relate to a large variation in turnover reported, negative growth in central GST liability and a wide divergence in input tax credit between GSTR 2A and GSTR3B.
  • In some centers, businesses have been even asked to furnish tax payment challans. GSTR 2A and GSTR3B are return forms. The first includes all information related to purchases, the second is a simplified return form aimed at making life easier for filers. GST was rolled out on July 1, 2017.

Other Updates:

  • Finance Ministry eyeing part of non-core asset sale proceeds of CPSEs as dividend.
  • China, US reached consensus on exchange rate issues.
  • Govt amends SEZ rules in three critical areas.
  • IDBI Bank considering renewal of term for current MD.
  • Savings of millions of armymen now junk due to IL&FS.
  • FinMin may borrow 60% from market for H1.
  • PNB: Agencies to probe who helped Nirav set up UK.
  • Anil Ambani’s Reliance Capital looks beyond Nippon Life for AMC stake.
  • Naresh Goyal to shed stake to 17% in Jet bailout plan; lenders to hold 30%.
  • India seeks Saudi investment in strategic oil storage to resurrect refinery.
  • Govt scraps 6th, 7th rounds of coal mine auction; sale of 19 blocks on hold.
  • Magma Fincorp expects to close FY19 with 20% growth in disbursals.
  • CBDT allows offshore fund managers to operate from India.
  • EPF transfer on job change to become automated from next fiscal.
  • ‘Access to formal credit increases income of farmers’.
  • Suven Life inks pact to buy assets of Rising Pharma units.
  • DLF to launch over Rs 3,000 cr QIP by June.
  • India targets Saudi investment in building strategic oil reserve.
  • US, China have reached consensus on many vital issues.
  • FPIs invest over 2,700 crore in five sessions on global cues.
  • Essar Steel, Binani insolvency resolutions get official clean chit top body says no contradiction.
  • CII releases roadmap for 8% growth in coming years.
  • India-SICA talks to take place soon to help promote bilateral trade and investments.
  • High value cars, jewellery to become cheaper as TCS to be excluded in computing GST.
  • Irdai panel suggests host of steps for speedy settlement of insurance claims.
  • IRDAI issues norms on conflict of interest.

Key Due Dates:

  • 10th March 2019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of February 2019 under GST.
  • 11th March 2019- GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for February 2019.
  • 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
  • 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
  • 15th March 2019- Due date for PF and ESIC payment.
  • 25th March 2019- Due date for filing monthly return of PF.
  • 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.
  • 31st March 2019 – PT payment for the month of February 2019.
  • 31st March 2019 – Due date for filing of GSTR 3B and 1 from July 2017 to September 2018 without late fees.
  • 31st March 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July 2017 to December 2018.
  • 31st March 2019 – Due date for Annual return under PT from April to March 2019.
  • 31st March 2019 – Last date for linking Aadhar with PAN.

Quote of the Day:

Professionalism: It’s NOT the job you do it’s HOW you DO the job.”

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Goods and Services Tax Updates Applicable from 1st April onwards

Changes Applicable From 1st April Onwards:

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Data Issued as per the CBIC Circular Issued on March 7, 2019:

  • Benefit of composition scheme has been extended to service providers also. This scheme shall be available only if supplier is engaged in supply of goods or services within same state and the aggregate turnover of supplier does not exceed Rs. 50 lakhs during the financial year.
  • Threshold Limit for composition scheme has been increased to Rs. 1.Cr to 1.50 Cr. In respect of special category states , the threshold limit has been increased from Rs. 50 lakhs to Rs. 75 lakhs. Consequently, the taxable persons can substantially reduce their compliance burden as they would be required to file GST returns on quarterly basis instead of monthly.
  • Threshold limit to take registration has been increased to Rs. 40 lakhs from Rs. 20 lakhs. If supplier is engaged in supply of goods. This exemption from GST registration is subject to various conditions, inter-alia, he is not making any inter-state supply; he is not a non-resident taxable person, etc.
  • Due date for filing of GSTR-1 and GSTR-3B for the months of April, May and June of 2019 has been notified, For GSTR-1 If the turnover of registered person is up-to Rs. 1.50 crores for the month of April to June, 2019, he shall file his GSTR-1 on quarterly basis and the due date shall be 31st July, 2019. If the turnover of registered person is exceeds Rs. 1.50 crores for the month of April to June, 2019, he shall file his GSTR-1 on monthly basis and the due date shall be 11th of succeeding month. Form GSTR-3B shall be filed on monthly basis by every tax payer and due date shall be 20th of succeeding month.
  • Clarification issued for levy of GST on various sales promotional schemes.    The CBIC has issued clarifications on chargeability of GST, valuation of goods and reversal of ITC in respect of free samples and promotional goods distributed by a taxable person.
  • No GST to be levied on TCS component collected by suppliers. CBIC has clarified that if supplier collects TCS form the buyer on sale of a product then GST shall not be charged on the TCS component collected by the supplier.
  • GST Annual return in Form GSTR-9 and 9A are now live on portal. The last date for filing of Annual Return for the Financial Year 2017-18 is June 30, 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 8th March 2019

Indirect Tax Updates:

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  • In a major relief to manufacturers, distributors, marketers and direct sellers of consumer products, the government on Thursday clarified the extent of tax liability and the eligibility of input tax credit on promotional offers such as free samples and “buy one, get one free”. Industry players were apprehensive about incre­ased litigation from tax audit authorities if they marketed their products as free, beca­use of ambiguity on such offers. Now, the notification by the Central Board of Indirect Taxes and Customs makes it clear that tax would be applicable and input tax credit would be available for the entire package sold, including the free items.
  • Experts said the clarification will bring ease of marketing and save litigation troubles for the industry, but most importantly for the FMCG and pharma sectors where such offers are common. In the case of free samples, such as the ones medical representatives of pharma companies provide to doctors, they would not be considered as supply, and would not attract tax. For offers such as a discount of 10 per cent for a purchase of more than Rs 1,000 and of 20 per cent for a purchase of more than Rs 2,000, the discounted amount would be excluded to determine the value of supply. Such discounts are generally passed on by the supplier through credit notes. But this is applicable only when the discount is made clear at the time of supply. When it is provided after the sale, it is termed as secondary discount the discounted value should not be excluded to calculate the value of supply.
  • “GST would be paid on the price recovered from the customer without reversing the input credit. Input credit will only be reversed in case of ‘free samples’ and ‘gifts’ which is specifically mentioned in the law,” said Pratik Jain, indirect tax partner at PwC India.
  • To give composition scheme for supplier of services with a tax rate of 6% having annual turnover in preceding year upto Rs 50 lakhs. A notification should come into force on the 1st day of April, 2019.

Other Updates:

  • Power Min rules out mega consolidation of power PSUs.
  • RIL leased 4,000 acre land from Navi Mumbai SEZ for economic hub.
  • 2% interest subsidy for crop loans.
  • Eight sectors to add over 10 crore jobs by 2025.
  • Jaguar Land Rover global sales decline 4.1 pc in Feb.
  • Wipro shedding low-margin and non-core units to match its peers.
  • Lupin gets USFDA’s nod to market its drug for cholesterol lowering.
  • Cabinet okays 5-year plan for ‘phased manufacturing’ of EV batteries.
  • Reliance Capital to cut its outstanding debt by Rs 12,000 cr in four months.
  • Cabinet clears Rs 26,000 cr investments for 2 thermal, 1 hydro power plants.
  • Contracts signed for 23 blocks under Discovered Fields – II.
  • India cotton exports to fall 27 per cent.
  • Cabinet clears Rs 3,355 crore interest subsidy for sugar sector.
  • Marksans Pharma gets 8 observations from USFDA for its Goa facility.
  • India is next growth engine of world: Suresh Prabhu.
  • JSL gets Govt nod for private industrial estate.
  • FinMin notifies 1 April as date for availing increased GST exemption limit.
  • L&T Finance closes NCS issue on second day, raises 2,228 crore.
  • China buys Indian cotton as prices at home jump.
  • Government tells Jet Airways not to cause hardship to travelers.
  • India’s goods export to hit $330 bn in 2018-19: Suresh Prabhu.
  • Swift blames short-comings in automated payment processes at banks.
  • ONGC wins back Chinnewala Tibba gas field; contracts signed for 23 oil & gas fields under DSF-II.
  • Cabinet approves NHPC’s acquisition of Lanco’s Teesta hydro-electric project.
  • Jan Dhan Accounts: Total deposits set to cross Rs 1 lakh cr.
  • Disinvestment on fast track: PSU stake sale pricing, timing to be decided quickly with new mechanism.
  • NPCI issues 64 million RuPay cards, aims to grow international acceptance.
  • NGT imposes Rs 500 crore fine on Volkswagen for using emission cheating devices.
  • India wants to keep Iran oil purchases at 300,000 bpd in extended waiver.

Key Due Dates:

  • The Due date of GSTR-1 for the monthly return fillers is 10th March 2019.
  • The Due dates of GSTR-3b are 20th March 2019.
  • 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
  • 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
  • 15th March 2019- Due date for PF and ESIC payment.
  • 25th March 2019- Due date for filing monthly return of PF.
  • 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.

Quote of the Day:

The professional has learned that success, like happiness, comes as a by-product of work. The professional concentrates on the work and allows rewards to come or not come, whatever they like.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 7th March 2019

Direct tax Updates:

Image result for hd pics on Direct Tax

  • The Central Board of Direct Taxes has ordered “best judgment assessment” of individuals who failed to comply with the income tax department’s repeated alerts on bank deposits made soon after demonetisation. The income tax department had sent out SMSes, emails and also issued notices to around 300,000 individuals, who made substantial cash deposits after the November 2016 demonetisation, to furnish income-tax returns for the assessment year 2017-18. But, around 87,000 taxpayers failed to comply with those notices.
  • The apex body for direct taxes has now instructed assessing officers to conclude “best judgment assessment proceedings” to deal with such noncompliance. The CBDT has authorised the AO to assess the total income of the taxpayer to the best of his judgement. This is usually done in cases where the taxpayer fails to respond to the queries of the AO. The board has laid out broad standard operating procedures for these assessments. Updated details of the taxpayer such as address, bank accounts and transaction records would be provided to the AO along with an internal guidance note for verification of cases and framing of assessments.

Indirect Tax Updates:

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  • NIL” GSTR-9 Return can be filed, if you have not made any outward supply Not received any inward supplies (commonly known as purchase) of goods/services; No liability of any kind and not claimed any Credit during the Financial Year; And not received any order creating demand; and not claimed any refund during the Financial Year.
  • GSTR-9 can be filed online. It can also be prepared on Offline Tool and then uploaded on the Portal and filed.
  • Annual return in form GSTR-9 is required to be filed by every taxpayer registered as normal taxpayer during the relevant financial year.
  • All applicable statements in Forms GSTR-1 and returns in Form GSTR 3B of the financial year shall have been filed before filing GSTR-9.
  • Annual return in Form GSTR-9 once filed cannot be revised.
  • Computation of ITC based on GSTR-2A has been auto-populated by the System based on GSTR-1 filed by your corresponding suppliers up to 29/01/2019. Next auto-updation of GSTR-2A will be carried on 01/03/2019. If you have some missing credits in GSTR-2A, you may like to wait till next updation.
  • Download the draft system computed GSTR-9, summary of Form GSTR-1 and GSTR-3B for the financial year by clicking on relevant buttons. This is only for reference for filling the return, and will facilitate in providing details in actual tables.

Other Updates:

  • India may move to WTO against US over import sops.
  • DHFL didn’t create shell companies.
  • CBDT notifies relaxed norms for start-ups.
  • OECD cuts global growth forecast over trade, Brexit uncertainty.
  • Biocon gets 6 observations from USFDA after inspection of its Bengaluru plant.
  • NHPC pays Rs 527 crore dividend to govt.
  • US trade deficit surges to 10-year high in 2018 at $ 621 bn.
  • SC decision puts banks at risk of adding $25 bn to power sector NPAs.
  • BoB, Dena, Vijaya Bank merger could open Rs 1,000 cr IT outsourcing window.
  • Rs 25,000-cr infusion not enough to stabilise Bharti Airtel’s rating.
  • Grab raises $1.46 bn from SoftBank Vision Fund; $4.5 bn secured so far.
  • Sugar production around 248 lakh tonnes till Feb 28.
  • Kerala govt moves HC against airport contract granted to Adani.
  • Bombay HC asks NSL to deposit 138 cr in MMBL-royalty issue.
  • Philip Morris circumvented FDI ban on cigarette manufacturing.
  • India requires pragmatic compulsive licensing system.
  • Govt bans import of solid plastic waste by SEZs, EOUs.
  • Nomura sees GDP growth target below 7% in 2019-20.
  • CBI seeks additional documents from ICICI Bank in Videocon loan default case.
  • European Union says ‘no solution’ yet to break Brexit deadlock.
  • Banks encash bond holdings to service rising demand for credit.
  • India needs more globalization to boost wages: World Bank-ILO report.
  • Donald Trump acts tough on India; US to withdraw zero duty import benefit on 1,784 items.
  • February peak power demand rises 3% year-on-year.
  • DoT panel divided on E&V band spectrum allocation.
  • NELCO gets in-flight, maritime connectivity licence from DoT.
  • Rupee rises for 2nd day; up 21 paise to 70.28 vs USD on easing crude prices.
  • Sensex spurts 193 points; Nifty closes above 11,000-mark.
  • OECD lowers global growth forecast over trade tensions.

Key Due Dates:

  • The Due date of GSTR-1 for the monthly return fillers is 10th March 2019.
  • The Due dates of GSTR-3b are 20th March 2019.
  • 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
  • 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
  • 15th March 2019- Due date for PF and ESIC payment.
  • 25th March 2019- Due date for filing monthly return of PF
  • 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.

Quote of the Day:

The professional has learned that success, like happiness, comes as a by-product of work. The professional concentrates on the work and allows rewards to come or not come, whatever they like.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Corporate and Professional Updates on 5th March 2019

Direct Tax Updates:

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  • CBDT, in a bid to promote Cashless Transactions, issues an advisory on its Official Website regarding Cash Transactions over and above the prescribed limits specified under the law.
  • Central Government amends the Aadhaar Act and two related laws in order to make Aadhaar based-KYC for Procuring Mobile Connection and Bank Account compulsory. The compulsory use of Aadhaar-based KYC for mobile connections and bank accounts was prohibited by the Supreme court’s judgement dated 26th September 2018.
  • In the light of the increase in the number of Professional Misconduct cases against the Insolvency Professionals, the Insolvency and Bankruptcy Board of India (IBBI) issues a Charter prescribing the responsibilities of the Insolvency Professionals and the Committee of Creditors.
  • Income Tax Tribunal (ITAT) Agra in case of  Fateh Chand Trust & College Committee v/s Commissioner of Income Tax vide it’s IT Appeal No. 406  dated 27th September 2018 has held that Sec 12AA cannot be denied on the ground that assessee was engaged in education with a profit motive.
  • CBDT, in a bid to promote Cashless Transactions, issues an advisory on its Official Website regarding Cash Transactions over and above the prescribed limits specified under the law.

Indirect tax Updates:

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  • GST collections in February dropped to Rs 97,247 crore from Rs 1.02 lakh crore in the previous month. However, compliance improved and the number of sales returns or GSTR-3B filed for the month of January up to February 28, 2019 stood at 73.48 lakh.

SEBI Updates:

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  • SEBI tightened the valuation methodology for liquid mutual funds and did away with the open offer exemption given to those seeking to acquire assets undergoing insolvency resolution. To make sure liquid schemes reflect the underlying portfolio risks.
  • SEBI approves a proposal to Lower Fees charged from Brokers, Stock Exchanges and Companies seeking to get listed in order to bring down the cost of trading in stock markets. It also approves changes in norms for Valuation of Money Market and Debt Securities by Mutual Funds.
  • SEBI made several amendments to its regulations during the meeting and approved lowering of fees charged from brokers, stock exchanges and companies seeking to get listed.  And approved granting permanent registration to custodians instead of periodical renewal every three years.

Other Updates:

  • India needs land, labour reform to aid Mfg.
  • India Inc’s Foreign Borrowings down 45% at $2.42 Billion in January.
  • Stressed accounts of Bhushan Power, Essar up for sale.
  • After Mallya saga, SEBI wants Companies Act changed.
  • MSCI India weight in MSCI EM index likely to fall 20 BPS by November-end.
  • Gail chosen for Vedanta’s Barmer gas output buy.
  • ONGC recieves single bid from US firm for Oil field production upgrade.
  • RIL arm to acquire stake in Grab a Grub and C-Square for Rs 228 crore.
  • IDBI Bank gets govt nod to handle import, export transactions with Iran.
  • DIPAM to set up asset-monetisation cell to hasten sale of CPSE assets.
  • RBI slaps Rs 11 Cr fine on 4 Banks for non-compliance in Swift operations.
  • GMR Hyderabad airport divests stake in flight training academy.
  • ‘Trump’s tirade against India’s Import tariffs unfair’.
  • Coffee Exports up 13% in first 2-months of 2019.
  • BHEL to set up Solar-based EV charger network on Delhi-Chandigarh highway.
  • Adani Ports to pump ₹53,000 Cr to expand capacity of Kattupalli port.
  • Jet pledges FDs worth ₹1,500 Crore with State Bank of India to stay in the air.
  • OPEC likely to defer Output Policy decision until June.
  • Superior execution powers ABB India, but lofty valuations set the bar high.
  • Mahindra Lifespace looks to add strategic investment partners.
  • Panel to review if Sun Pharma, Meril Life merit price cap relief.
  • Despite shining Steel, Power and Debt to remain drag for JSPL.
  • Nestle India unlikely to increase royalty payout beyond 4.5%.
  • Grant Thornton identifies Rs 13,000 crore worth irregularities in report on IL&FS.
  • Orchid Pharma set for fresh EOIs for resolution plan, Divis and Gland Celsus Bio show interest.
  • Govt to set ball rolling for 1 GW Solar Power in NE.
  • Helpless Mumbai Port Trust sits on 1,900-acre Prime land.
  • DBS Bank floats local arm, aims to triple business.
  • GST collection drops to Rs 97,247 Crore in February.
  • SEBI board approves lowering of fees, easier norms for startups.

Key Due Dates:

  • Due Date of GSTR-1 for the month of February in case of monthly Tax Return Fillers is 10th March 2019.

Professional Quotes:

“Believe passionately in what you do, and never knowingly compromise your standards and values. Act likes a true professional, aiming for true excellence, and the money will follow.”

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.
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Corporate and Professional Updates on 4th March 2019

Direct Tax Updates:

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  • The income tax refunds will be credited only to bank accounts which are linked to PAN from March 1, 2019. If your PAN is not yet linked with your bank account, you must provide the details of the same to your bank branch to get an income tax refund.
  • The finance ministry has asked the direct tax code (DTC) panel to revise the existing income-tax slabs, especially in the 20 per cent bracket. The panel has sought three months to incorporate the suggestions.
  • “The current tax rates are ambiguous in nature, especially the lower slabs. As suggested we will work towards harmonising the tax rates, currently prone to interpretation. We will seek more expert voices and weigh the circumstances to incorporate the changes in line with the suggestions we have received,” said the official cited above. Under the current I-T slabs, income up to Rs 2.5 lakh is exempt from tax, those earning up to Rs 5 lakh pay 5 per cent, and those earning up to Rs 10 lakh have to pay 20 per cent tax. Those with income above Rs 10 lakh have to pay 30 per cent tax.

SEBI Updates:

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  • The Securities and Exchange Board of India plans to tighten takeover norms applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code. Sources said the capital markets regulator would do away with the provision that allowed a ‘competent authority’ to exempt an acquirer from the requirement of an open offer. Only a court or a tribunal would be allowed to provide such exemptions, they added.

Other Updates:

  • Core Sector Growth slows down to 1.8% in January.
  • Airtel gets Board Approval to raise Rs 32,000 Crore.
  • India to see Lower Productivity, Weak Demand.
  • Govt keen on Amalgamation of PSBs.
  • NCLAT orders resolution on Essar Steel bid by March 8.
  • SEBI wants govt rethink on RBI representation on its Board.
  • NSE to introduce Brent Crude Oil Futures Contract on Mar 1.
  • DBS to convert its India Operations into wholly-owned subsidiary from Mar 1.
  • 2018 best year for M&As as deal values rise 126% to $80 Bn.
  • International Finance Corp to invest $165 Mn in Bajaj Finance, Dodla Dairy.
  • Infosys says KiranMazumdar-Shaw sold 1,600 Shares without pre-clearance.
  • NareshGoyal agrees to step down as Chairman of Jet Airways.
  • Iran buys Indian sugar to ease its oil-money headache.
  • LG India aims for 30% Growth in commercial ACs this year.
  • NIIF, CDC &Eversource Capital to invest $330 mn in Ayana.
  • Lupin launches chronic angina treatment drug in the US.
  • Future Group to bring 7-Eleven Stores to India.
  • Cabinet clears 10,000 Crore FAME II scheme.
  • RBI constitutes task force under UshaThorat on offshore rupee markets.
  • REC Board approves borrowing limit hike, 11 Per Share Interim Dividend.
  • J&J allowed resuming Baby Talc Production.
  • Fraud-hit PNB ranks highest in implementation of ‘Reforms Agenda’ in 2018.
  • SBICap Ventures’ Neev Fund to invest $5 Million in Renewable Energy Firm Prespl.
  • NCLT rejects plea from 8 Operational Creditors.
  • Govt revises down FDI inflows into Chemicals drastically.
  • Sodexo to increase focus on Small and Medium enterprises in India.
  • Rupee recoups 52 Paise to end at 70.72 per Dollar.
  • Kotak ties up with ADIA for USD 600 Mn Distressed Assets Fund.
  • Increasing Exports can lead to Better Jobs, Higher Wages in India.
  • L&T Finance to raise up to Rs 1,500 Cr via NCDs.

Key Due Dates:

  • Due Dates for monthly taxpayers GSTR-1 is 10th March 2019.
  • 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
  • 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
  • 15th March 2019- Due date for PF and ESIC payment.
  • 25th March 2019- Due date for filing monthly return of PF
  • 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.

Professional Quotes:

Being your own person and standing for what you believe is a critical aspect of a good professional life.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 1st March 2019

Direct Tax Updates:

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  • Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.
  • In addition to that, you are also required to pre-validate your bank account with the income tax department e-filing portal to receive tax refund.
  • The income tax refunds will be credited only to bank accounts which are linked to PAN from March 1, 2019. If your PAN is not yet linked with your bank account, you must provide the details of the same to your bank branch to get an income tax refund.
  • The finance ministry has asked the direct tax code (DTC) panel to revise the existing income-tax slabs, especially in the 20 per cent bracket. The panel has sought three months to incorporate the suggestions.
  • “The current tax rates are ambiguous in nature, especially the lower slabs. As suggested we will work towards harmonising the tax rates, currently prone to interpretation. We will seek more expert voices and weigh the circumstances to incorporate the changes in line with the suggestions we have received,” said the official cited above. Under the current I-T slabs, income up to Rs 2.5 lakh is exempt from tax, those earning up to Rs 5 lakh pay 5 per cent, and those earning up to Rs 10 lakh have to pay 20 per cent tax. Those with income above Rs 10 lakh have to pay 30 per cent tax.
  • Those with income up to Rs 5 lakh will not have to pay tax, as they have been given tax credits in the interim Budget passed by Parliament. If various investment schemes are also factored in, those with income up to Rs 10 lakh might also escape the tax net in the next financial year. Sources said with elections round the corner, the government does not want to bring in the long-pending report.

Indirect tax Updates:

Image result for hd pics on inDirect Tax

  • The government has detected GST evasion of Rs.20,000 crore so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said on Wednesday. Central Board of Indirect Taxes and Customs Member John Joseph further said the department would soon call a meeting of the representatives of the real estate sector to understand transition issues faced by the sector post reduction in GST rates. The GST Council earlier this week decided to cut tax rates on under-construction apartments and affordable housing to 5% and 1%.
  • The builders will not be able to claim credit for the taxes paid on inputs, like steel, cement. The earlier GST rate on under-construction apartments and affordable housing was 12% and 8% with input tax credit (ITC), respectively. On demand for giving ITC relief to the builders of the under-construction flats which are already built but not yet sold to buyers.
  • The recent exemption offered from the goods & services tax levied on development rights, including transferable development rights, development rights certificates and joint development agreements. Realtors’ body, the National Real Estate Development Council, has written to the Ministry of Housing and Urban Affairs seeking clarity.
  • The GST Council proposed that intermediate tax on development rights will be exempted only for such residential projects on which GST is payable. The government decided to more than halve the GST rates for under-construction projects to 5% from 12%. The GST Council removed the input tax credit, while GST on affordable housing was reduced to a marginal 1% along with expanding definition of such homes. Ready properties that have received occupancy certificate do not attract GST.

RBI Updates:

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  • The Reserve Bank of India Tuesday said it would shortly put into circulation new-series Rs 100 denomination bank notes bearing the signature of its Governor Shaktikanta Das.
  • The RBI will shortly issue Rs 100 denomination bank notes in Mahatma Gandhi (new) series bearing the signature of Das, the central bank said in a release.
  • The design of these notes is similar in all respects to the Rs 100 bank notes in circulation currently.

SEBI Updates:

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  • The Securities and Exchange Board of India plans to tighten takeover norms applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code. Sources said the capital markets regulator would do away with the provision that allowed a ‘competent authority’ to exempt an acquirer from the requirement of an open offer. Only a court or a tribunal would be allowed to provide such exemptions, they added.
  • Experts said the move was aimed at reducing ambiguity and curbing the misuse of the regulations. While at present the rules allow a “competent authority” to provide an open offer exemption, the regulations have not defined who act as a “competent authority”, leaving it can open for interpretation. Typically, a competent authority can be a sector regulator or ministry.

Key Due Dates:

  • Challan-cun Statement in respect to tax Deducted under sec. 194IB for the month of Jan is 2nd March 2019.
  • Payment of TDS/TCS collected /deducted in the month of February is 7th February 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 27th February 2019

Direct tax updates:

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  • Candidates contesting all forthcoming elections will not only have to declare their income-tax returns of the last five years, offshore assets and PAN details, but also those of their spouses and family members as announced by the Government.
  • Form 26 is filed along with the nomination papers giving details about the criminal antecedents, if any, PAN, income tax return of self, spouse and dependent. It is also used to provide a list of assets and liabilities of a candidate, spouse and all dependents. As per the new notification, offshore assets will include the details of deposits or investments in foreign banks, any other body or institution abroad. It will also include details of assets and liabilities abroad.

Indirect Tax Updates:

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FAQ’s on GST:

Ques. Would forward contracts in commodities or currencies be within the ambit of definition of ‘supply’?

Ans. A forward contract is an agreement, executed, to purchase or sell a predetermined amount of a commodity or currency at a pre-determined future date at a pre-determined price. The settlement could be by way of actual delivery of underlying commodity/currency or by way of net settlement of differential of the forward rate over the prevailing market rate on the settlement date. Where the settlement takes place by way of actual delivery of underlying commodity/currency, then such forward contracts would be treated as normal supply of goods and liable to GST. Where the settlement takes place by way of net settlement of differential of the forward rate over the prevailing market rate on the settlement date, the same would be falling within the purview of ‘securities’ as defined in Section 2(101) of the CGST Act, 2017. As securities are neither ‘goods’ nor ‘services’ as defined in the CGST Act, 2017, future contracts are not chargeable to GST. However, if some service charges or service fees or documentation fees or broking charges or such like fees or charges are charged, the same would be a consideration for supply of service and chargeable to GST.

Ques. What is the nature of income earned / expended in instruments like repos and reverse repos and is such income taxable under GST?

Ans. Section 45U(c) of the RBI Act, 1934 defines ‘repos’ as an instrument for borrowing funds by selling securities with an agreement to repurchase the securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed. Section 45U (d) of the RBI Act, 1934 defines ‘reverse repos’ as an instrument for lending funds by buying securities with an agreement to re-sell the securities on a mutually agreed future date at an agreed price which includes interest for the funds lent. Repos and reverse repos are financial instruments of short term call money market that are normally used by banks to borrow from or lend money to RBI. Page 14 of 32 The margins, called the repo rate or reverse repo rate, in such transactions are nothing but interest charged for lending or borrowing of money. Thus they have the characteristics of loans and deposits for interest and are accordingly exempt from GST.

Ques. Whether assignment or sale of secured or unsecured debts is liable to GST?

Ans. Section 2(52) of the CGST Act, 2017 defines ‘goods’ to mean every kind of movable property other than money and securities but includes actionable claim. Schedule III of the CGST Act, 2017 lists activities or transactions which shall be treated neither as a supply of goods nor a supply of services and actionable claims other than lottery, betting and gambling are included in the said Schedule. Thus, only actionable claims in respect of lottery, betting and gambling would be taxable under GST. Further, where sale, transfer or assignment of debts falls within the purview of actionable claims, the same would not be subject to GST Further, any charges collected in the course of transfer or assignment of a debt would be chargeable to GST, being in the nature of consideration for supply of services

Other Updates:

  • April-Jan fiscal deficit at 121.5% of full-year target.
  • SBI calls lenders’ meeting with Naresh Goyal, Etihad.
  • India delays levying retaliatory tariff on U.S. goods.
  • Trai to decide rules for internet calling firms soon.
  • JM files insolvency case against Hotel Leelaventure.
  • True north buys 51% stake in Max Bupa from Max India.
  • After tough times, future is bright for telcos.
  • RBI removes Allahabad Bank, Corp Bank, Dhanlaxmi from PCA framework.
  • ED attaches Nirav Modi’s properties worth Rs 147 crore in PNB fraud case.
  • Adani Group emerges highest bidder for Guwahati airport.
  • NBFC crisis: $22 billion already gone, but more dark days likely ahead.
  • IOC, HPCL win maximum areas under tenth round of city gas bidding.
  • ArcelorMittal sees major capex risk in Essar Steel acquisition.
  • India’s growth momentum slowed down in late 2018.
  • Global, national AAA ratings are not comparable.
  • Govt eases import norms for prototype devices.
  • Mustard crop seen up 19% on higher yield.
  • BHEL’s claims: NCLAT dismisses Monnet Power’s petition.
  • E-wallet companies welcome extension in KYC deadline.
  • Future Group’s too many diversifications were a mistake.
  • Airtel won’t buy 5G spectrum at current prices, says Sunil Mittal.
  • Copper slips from 8-month high, dwindling stockpiles limit losses.
  • Vedanta sells down Sterlite copper concentrate stockpiles.
  • Rating action DHFL’s debt downgraded by Icra.
  • Finance ministry asks PSBs to submit asset sale details to ARCs.
  • Northeast gas grid project likely to get Rs 5k crore from Centre.
  • Jaypee Infra creditors vote against another forensic audit demand.
  • Prabhu for extending interest subsidy to more products from chemical sector.
  • India, Italy discuss ways to promote trade, investments.
  • Kotak Mahindra Bank raises foreign investment limit.
  • Sensex ends 240 points lower on rising India-Pak tension.
  • Iran buys Indian raw sugar for the first time in five-years

Key Due Dates:

  • Due date of TDS Return for the month of January 2019 is 28th February 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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