​Income-tax Deduction from salaries during the Financial Year 2018-19

Income Tax : Circular No.1/2019 : Dated 01st January 2019 : ​Income-tax Deduction from salaries during the Financial Year 2018-19 under section 192 of the Income-tax Act, 1961

Link :

https://incometaxindia.gov.in/communications/circular/circular_1_2019.pdf 

Recommendations made by the GST Council in its 32nd Meeting held on 10th January’ 2019

Recommendations made by the GST Council in its 32nd Meeting held on 10^th January’ 2019:

Ministry of Finance:

1. The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special Category States would decide, within one week, about the Composition Limit in their respective States.
2. Other important decisions taken in the Council Meeting include Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain quarterly (along with a simple declaration).
3. Higher exemption threshold limit for supplier of Goods:There would be two Threshold Limits for exemption from registration & payment of GST for the suppliers of Goods i.e. Rs 40 lakh & Rs 20 lakh. States would have an option to decide about one of the limits within a weeks’ time.
4. The Threshold for registration for Service Providers would continue to be Rs 20 lakh and in case of Special category States at Rs. 10 lakh.
5. GST Council also decided to introduce a Composition Scheme for Services: A Composition Scheme shall be made available for suppliers of Services (or mixed suppliers) with a tax rate of 6% (3% CGST +3% SGST)having an Annual Turnover in preceding Financial Year up to Rs 50 lakhs.
6. The said Scheme shall be applicable to both Service Providers as well as suppliers of Goods and Services, who are not eligible for the presently available composition scheme for goods.
7. They would be liable to file one Annual Return with Quarterly payment of Taxes (along with a simple declaration).
8. GST Council also decided that Free Accounting and Billing Software shall be provided to small taxpayers by GSTN.
9. They would be liable to file one Annual Return with Quarterly payment of Taxes (along with a simple declaration).
10.  Revenue Mobilization for Natural calamities: GST Council approved levy of cess on intra-State supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.
11.  The Last Date for passing the examination for GST Practitioners to be extended till 31.12.2019 for those GST Practitioners who have enrolled under rule 83(1)(b) i.e. who were sales tax practitioner or tax return preparer under the existing law for a period of not less than five years.

Recommendations made during 31st Meeting of the GST Council on 22.12.18

बिन माँगे मोती मिले, माँगे मिले न भीख ! :)

Recommendations made during 31^st Meeting of the GST Council on 22.12.18

1. There would be a single cash ledger for each tax head.
2. The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.
3. The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 shall be further extended till 30.06.2019.
4. Clarifications for Annual Return/s:

1. Return would be for supplies made during the year, not returns filed in the year.
2. Filing of GSTR-1/3B Mandatory before filing GSTR-9/9C. (GSTR-4 before GSTR-9A)
3. HSN Code for inward supply if more than 10% of total value.
4. No ITC based on GSTR-9/9C.
5. All Invoices would be auto-populated in Table 8A of GSTR-9.

5. GSTR-8 (E-Com) date will be extended to 31.01.19 for OND’18.
6. GST-ITC-04 from July-Dec18, Date Extended to 31.03.19
7. ITC for 1718 can be availed upto due date of 3B of March’19.
8. Refund (GST RFD-01) fully automated.
9. Late Fee Waived for GSTR-1/3B/4 for July17-Sep18 if filed between 22.12.18 to 31.03.19
10. No E-way Bill, If no returns filed for two consecutive tax periods.
11. Tax Rates Cut on Many Items.

More Detail Refer Press Release : http://pib.nic.in/newsite/PrintRelease.aspx?relid=186750

Books Everyone Must Read: Book Fourteen: A Manager's Guide to Creative Cost Cutting by David W. Young

Books Everyone Must Read: Book Fourteen

Book: A Manager's Guide to Creative Cost Cutting

Author: David W. Young

“A Penny Saved is a Penny Earned”

Whenever in an organization the Word “Cost Cutting” is heard, Employees feel like lambs before a wolf. Totally Terrified & Confused. A bitter & naked truth, in India, for most of the organizations “Cost Cutting” is synonyms of “Head Count Cutting”. 

I read many books on Cost Cutting & Cost Control. This is one of the best books, I am referring today.

Many people will get shocked that there are also other ways of reducing cost other than laying off employees. Yes There are. 181 ways described in book divided in 3 parts and 9 chapters. Some traditional methods and some new approaches. Cost Cutting in an organization is not as easy as negotiation by housewife with a vegetable seller. It is a combination of Art & Science. It is very important to understand limits of cost cutting. Which types of cost, when, how and within what limits ? at the same time, there are some costs which can’t be cut. You will also learn, How to use resources upto maximum extent. How to deal with hidden or unexpected costs. How little changes in processes/technology can save money ? How to balance debt and assets ? 

Keep Reading. Keep Growing. Thanks.

Compliance Calendar for the month of December-2018 (GST/PF/ESI/MCA/TDS/Income Tax)

Dear Friends, Please find here Compliance Calendar for the month of December-2018. It is about common Statutory Compliance. For Trade Related Specific Compliance refer relevant Act/Law. Please also keep referring Govt Circulars/Notifications/Press Releases for any change. Thanks.

Happy Birthday, Master !

Just sharing wise words of great warrior and super hero of real world The Great Bruce Lee on his birthday, today :

Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find a way round or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle and it becomes the bottle. You put it in a teapot it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.

I kept wondering for long, Why he took example of Water, why not other elements like Fire, Sky, Air or Earth. Water is so close to human life. It's nature is moving and it never loses its original forms, no matter how many times it is used.

Someone appreciates, You become happy, Someone criticize, You become angry, Someone breaks your heart, You become sad.

Your mood keep changing with circumstances, but at the end you return to become original You. So Live like water, Flexible, Soft and Strong at the same time. Accepting and Allowing Everything, But Without Attachment. Keep Moving and Keep Growing. There are no limits, You can achieve anything, if you try Hard. Thanks.

गुरु नानक देव जी के 550वें प्रकाश दिवस की कोटि कोटि शुभकामनायें

सभी भाई बहनों को गुरु नानक देव जी के 550वें प्रकाश दिवस की कोटि कोटि शुभकामनायें। किसी भी संस्था या धर्म का भविष्य उसके संस्थापक द्वारा बनाये गये नियमों और सिद्धांतों पर निर्भर करता है। आज सिखों को एक समृद्ध कौम माना जाता है। सिर्फ़ भारत वर्ष मे ही नही बल्कि पुरे विश्व मे आदर की नजर से देखा जाता है।  संसार के किसी भी कोने मे किसी भी तरह की आपदा हो, सिख संस्थायें तुरंत मदद को पहुँच जाती हैं, बिना जाति, धर्म के भेद भाव के मानवता के प्रति संवेदनशीलता का एक उत्तम उदहारण। 

गुरु नानक देव जी ने न सिर्फ महिलाओं को पुरुषों के बराबर बल्कि उससे भी ऊपर स्थान दिया, जो स्त्री पुरुष को जनम देती है, वो उससे निम्न कैसे हो सकती है।  उनके प्रसिद्ध सिद्धांत थे :

१. कीरत करनी - आज सिख समुदाय मे शायद की कोई भिखारी होगा, क्यूंकि पहला सिद्धांत ही ये है, ईमानदारी और मेहनत से अपनी जीवनचर्या का इंतज़ाम करना। आलस्य और बेईमानी का सिखों के जीवन मे कोई स्थान नहीं। 

२. नाम जपना और सेवा करनी - जब भी समय मिले ईश्वर का ध्यान करना। और साथ ही साथ सेवा करनी।  अक्सर जब कोई भक्ति करता है तो एक समय के बाद उसके मन मे अहंकार आ जाता है पर सेवा उसके जीवन मे निम्रता लाती है। 

३. वंड छकना - अथार्थ जहाँ तक संभव हो, दूसरों (जरूरतमंदों ) की मदद करना। 

बाबा नानक की कृपा हम सब पर बनी रहे और हम जीवन पर्यन्त उनके उपदेशों का अनुसरण कर सकें, इसी प्रार्थना के साथ पुन: गुरु नानक देव जी के प्रकाश दिवस की हार्दिक शुभकामनायें। धन्यवाद।  

Compliance Calendar for the month of November-2018. (GST/PF/ESI/Income Tax/TDS)

Compliance Calendar for the month of November-2018 for Common Compliance. For Company/Trade/Industry Specific Compliance kindly refer relevant and related provisions of law. Also keep checking Govt's Circulars/Notifications/Press Releases for any Change. Thanks.

Books Everyone Must Read: Book Thirteen : Life Without Limits By Nick Vujicic

Books Everyone Must Read: Book Thirteen

Book: Life Without Limits

Author: Nick Vujicic

Very old story, once upon a time, someone tired of his life, decided to commit suicide, standing on a well, preparing to jump, suddenly a passenger, who used to be king in ordinary attire, wandering to know condition of the citizens of his kingdom, found that man and rushed to save him. He pulled him from the boundary wall of well and asked why ? He replied, he had no work, so he wanted to kill himself. The wise king asked him, You are so wealthy, why you do not use your wealth to create income and assets ? That guy with shocked asked, which wealth you are talking about ? The king told, give me your arms, I will give you 10 gold coins, Man got angry on this offer ? Then King asked for Legs, Eyes, Ears, Nose …… against good amount of Gold. But that man rejected all offers. Then king told him, you are not ready to give any of your body part against huge compensation, why you called yourself poor. The man understood and dropped the idea of suicide and promised to work hard to earn livelihood.

So, Have We ever realized, How blessed, We are ? If We had born with any of such disabilities, Would life be Same ?

This is 13^th Book, I am recommending. For last 12 books, I shared contents and why should be read. But this book, only one reason …….  Nick Vujicic, Author of the Book.

Most of us would be familiar with this name, Guy who born without limbs (No Arms, No Legs) and today has become a source of motivation for millions of people. He did not take life like a curse, but accepted as a challenge and proved limits are not about physical bodies, but about mind, about attitude. Also sharing link of his famous video.

And at last in his words : If you can't get a miracle, become one. Thanks.

विजयादशमी की सभी भाई बहनों को हार्दिक शुभकामनायें।

विजयादशमी की सभी भाई बहनों को हार्दिक शुभकामनायें।

राम भी मुझमे

रावण भी मुझमे

कंस भी मुझमे

कृष्ण भी मुझमे

सगुणों का भंडार हूँ मैं

दुर्गुणों की खान भी मै हूँ

काम भी मुझमे

क्रोध भी मुझ मै

लोभ, मोह और अहँकार भी मुझमे

कलयुग का अंधकार भी मुझमे

राम नाम का प्रकाश भी मुझमे

राम और रावण का अविराम

युद्ध भी मै हूँ

हार भी मै हूँ

जीत भी मै हूँ

माया भी मै हूँ

मोक्ष भी मै हूँ

सुख हताश न होना कभी

लाचार कमजोर न मानो खुद को

चाहे ये युद्ध युगों चले

रावण की जय कभी हो नहीं सकती

राम से उपजे राम में बिनसे

राम नाम बिन गत हो नही सकती। _/\_