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Mar 23, 2020

E-invoice and QR code will be applicable from 1 October 2020

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GST department central tax ossued a notification no. 13/2020 dated 21 march 2020 about e-invoice and qr code will be applicable from 1 October 2020. Full notification is as under.

In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017(hereinafter referred as said rules), the Government on the recommendations of the Council, and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 70/2019 – Central Tax, dated the 13th December, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 926 (E), dated the 13th December, 2019, except as respects things done or omitted to be done before such supersession, hereby notifies registered person, other than those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of the said rules, whose aggregate turnover in a financial year exceeds one hundred crore rupees, as a class of registered person who shall prepare invoice and other prescribed documents, in terms of sub-rule (4) of rule 48 of the said rules in respect of supply of goods or services or both to a registered person.

2. This notification shall come into force from the 1st October, 2020.
[F. No. 20/06/03/2020-GST]
PRAMOD KUMAR, Director 

Mar 21, 2020

EXCEL BASED SALARY CALCULATOR FOR FIRMS

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Salary calculator:- In a firm or small company where the number of employees are upto 50, there is always a need of a salary calculator which can calculate the salary of full month. Because calculating manual salary is full of waste of time as well as it requires a lot of energy. So I m presenting a excel based salary calculator for firms/company with no headache of calculating overtime or basic salary. One need to just enter the hours of work in a day and it will calculate the pay automatically.

SEBI measures to tackle ongoing market volatility

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In the recent past, world over, the stock markets have been quite volatile owing to concerns relating to COVID-19 pandemic and the resultant fear of economic slowdown. The movement in the Indian stock market has been broadly in tandem with the other global markets.

2. On account of our existing robust risk management framework, despite significant movements in the market, there has not been any disruption in the settlement cycles of the Stock Exchanges / Clearing Corporations.

3. Taking note of the continued abnormally high volatility in the market, SEBI discussed with the Stock Exchanges, Clearing Corporations and Depositories appropriate measures that may be taken in the existing circumstances.

4. Pursuant to the said discussions and keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity, measures as per Annexure A have been taken.

5. These measures will kick-in w.e.f. the beginning of trading on March 23, 2020 and will be in effect for a period of one month. The position would be reviewed thereafter and appropriate view taken thereupon.

6. The stock exchanges / clearing corporations will be issuing necessary instructions to the market participants in this regard. 

7. SEBI and Stock Exchanges will continuously monitor the market developments and review the position and take any further suitable actions as may be required.
Annexure-A
1. Stocks in derivatives segment (F&O stocks)
(i) Revision of Market Wide Position Limit (MWPL)
For stocks in F&O segment meeting the following criteria, MWPL may be revised to 50% of the existing levels:

a) Average Daily Price High Low variation percentage (during last 5 trading days) should be more than or equal to 15%,
OR
b) Average MWPL utilization percentage (during last 5 trading days) should be more than or equal to 40%
The aforesaid revised MWPL shall be for the purpose of introducing ban period on fresh positions and not for determining the enhanced eligibility criteria for derivatives stocks as mentioned in the SEBI circular SEBI/HO/MRD/DP/CIR/P/2018/67 dated 11 April, 2018.

End-of-day positions, as on the date of issuance of the circulars by the stock exchanges / clearing corporations in this regard, would not be impacted.

In the event MWPL utilization in a security crosses 95%, derivative contracts enter into a ban period, wherein, all clients / trading members are required to trade in the derivative contracts of said scrips only to decrease their positions through offsetting positions. Any increase in open positions would attract appropriate penal and/or disciplinary action of the stock exchanges / clearing corporations.

Accordingly, stock exchanges / clearing corporations shall put in place effective mechanism to monitor whether the market wide open interest for scrips meeting the aforesaid criteria exceeds 95% of the reduced market wide position limit as arrived at above. Further, the stock exchanges / clearing corporations shall check on an intra-day basis (monitoring of Peak intraday OI or periodic intraday
monitoring of OI) whether any member or client has exceeded his existing positions or has created a new position in the scrips in the new ban period.

In addition, the current penalty structure adopted by the stock exchanges / clearing corporations may be enhanced to 10 times of the minimum and 5 times of the maximum penalties specified by the stock exchanges / clearing corporations, to function as an effective deterrent in the current market context.

The above framework may be applicable w.e.f. March 23, 2020 for a period of 1 month.
(ii) Increase in margin for stocks meeting the aforesaid criteria (as mentioned
at Sr. No. 1(i))
 For such stocks, margin rate in Cash Market shall be increased to minimum
40% in a phased manner as follows:

o Minimum 20% to be effective from March 23, 2020
o Minimum 30% to be effective from March 26, 2020
o Minimum 40% to be effective from March 30, 2020

- Proposed margins would only be applied in Cash Market (i.e., derivatives contracts on these stocks will continue to be charged margins as per the extant framework).

- Proposed margins rate may be applicable for a period of 1 month.

2. Increase in margin for Non-F&O Stocks in Cash Market
(i) For stocks with price band of 20% and witnessing an intraday (high-low) price movement of more than 10% for 3 or more days in last 1 month, minimum margin rate shall be increased in a phased manner as follows:
 30% to be effective from March 23, 2020
 40% to be effective from March 26, 2020
 40% or Max intraday high-low variation (during last 1 month), whichever is higher, to be effective from March 30, 2020

(ii) The above margin rates may be applicable for a period of 1 month.

3. Index Derivatives
Revised position limits in equity index derivatives (futures and options)
(i) Mutual Funds / FPIs / Trading Members (Proprietary) / Clients may take exposure in equity index derivatives subject to the following limits:

a. Short positions in index derivatives (short futures, short calls and long puts) shall not exceed (in notional value) the Mutual Funds’ / FPIs’ / Trading Members’ (Proprietary) / Clients’ holding of stocks.

b. Long positions in index derivatives (long futures, long calls and short puts) shall not exceed (in notional value) the Mutual Funds’ / FPIs’ holding of cash, government securities, T-Bills and similar instruments.

(ii) Further to 3(i) above, additional position limits mentioned hereunder shall be available to Trading Members (Proprietary) / FPIs / Mutual Funds / Clients:

a. Equity Index Futures Contracts: Rs. 500 Crores.
b. Equity Index Options Contracts: Rs. 500 Crores.

(iii) If any of the aforesaid entities exceed the respective limits prescribed at 3(i) and 3(ii) above, an additional deposit shall be payable by the entity equivalent to double the amount of margin chargeable on excess position beyond the limits prescribed at 3(i) and 3(ii) above and the same shall be retained by stock exchanges / clearing corporations for a period of 3 months.

(iv)The existing positions as on the date of issuance of the circulars by the stock exchanges / clearing corporations would not be impacted (i.e., the positions shall be permitted to be held till expiry or close-out, whichever is earlier).

However, if a fresh position is taken, then the entire positions (including the grandfathered positions) shall be subject to limits mentioned above.

(v) The above framework may be applicable for a period of 1 month, w.e.f. March 23, 2020 for institutions and trading members (proprietary). For others, the applicability will begin w.e.f. March 27, 2020.

4. Flexing of dynamic price bands for F&O stocks
(i) Currently, stocks in the F&O segment are subject to dynamic price bands. The bands are relaxed in the event of market trends in either direction. One of the conditions followed by stock exchanges for relaxing the price band is that a minimum of 25 trades should be executed with 5 different UCCs on each side of the trade at or above 9.90% and so on.

(ii) In addition to the existing requirements, the dynamic price bands may be flexed only after a cooling-off period of 15 minutes from the time of meeting the existing criteria specified by stock exchanges for flexing.

Mar 19, 2020

CBDT Notifies Vivad se Vishwas Rules and Forms free download

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In exercise of the powers conferred by sub-section (2) of section 12 read with sub-sections (1) and (5) of section 4 and sub-sections (1) and (2) of section 5 of the Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020), the Central Government hereby makes the following rules, namely:―

1. Short title and commencement.-(1) These rules may be called the Direct Tax Vivad se Vishwas Rules, 2020. (2) They shall come into force on the date of their notification in the Official Gazette. 

2. Definitions.-In these rules, unless the context otherwise requires, - 
(a) “Act” means the Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020); 

(b) “dispute” means appeal, writ or special leave petition filed or appeal or special leave petition to be filed by the declarant or the income-tax authority before the Appellate Forum, or arbitration, conciliation or mediation initiated or given notice thereof, or objections filed or to be filed before the Dispute Resolution Panel under section 144C of the Income-tax Act, or application filed under section 264 of the Income-tax Act; 

(c) “eligible search cases” means cases in which an assessment has been made under sub-section (3) of section 143 or section 144 or section 153A or section 153C of the Income-tax Act on the basis of search initiated under section 132 or section 132A of the Income-tax Act and the amount of disputed tax does not exceeds five crore rupees; 

(d) “Form” means the Forms appended to these rules;

(e) “issues covered in favour of the declarant” means issues in respect of which – 
(i) an appeal or writ or special leave petition is filed or appeal or special leave petition is to be filed by the income-tax authority before the appellate forum or 
(ii) an appeal is filed or to be filed before the Commissioner (Appeals) or objections is filed or to be filed before the Dispute Resolution Panel by the declarant, on which he has already got a decision in his favour from Income Tax Appellate Tribunal (where the decision on such issue is not reversed by the High Court or the Supreme Court) or the High Court (where the decision on such issue is not reversed by the Supreme Court), or 
(iii) an appeal is filed or to be filed by the declarant before Income Tax Appellate Tribunal on which he has already got a decision in his favour from the High Court (where the decision on such issue is not reversed by the Supreme Court); 

(f) “section” means section of the Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020); 

(g) the words and expressions used in these rules and not defined but defined in the Act or Income-tax Act,1961 shall have the same meanings respectively as assigned to them in those Acts. 

3. Form of declaration and undertaking.-(1) The declaration under sub-section (1) of section 4 shall be made in Form-1 to the designated authority. 

(2) The undertaking referred to in sub-section (5) of section 4 shall be furnished in Form-2 along with the declaration.

(3) The declaration under sub-rule (1) and the undertaking under sub-rule (2), as the case may be, shall be signed and verified by the declarant or any person competent to verify the return of income on his behalf in accordance with section 140 of the Income-tax Act, 1961. 

(4) The designated authority on receipt of declaration shall issue a receipt electronically in acknowledgement thereof. 

4. Form of certificate by designated authority.- The designated authority shall grant a certificate electronically referred to in sub-section (1) of section 5 in Form-3.  

5.Intimation of payment.- The detail of payments made pursuant to the certificate issued by the designated authority shall be furnished along with proof of withdrawal of appeal, objection, application, writ petition, special leave petition, arbitration, conciliation, mediation or claim filed by the declarant to the designated authority in Form-4. 

6. Manner of furnishing.- The Form-1 and Form-2 referred to in rule 3 and Form-4 referred to in rule 5 shall be furnished electronically under digital signature, if the return of income is required to be furnished under digital signature or, in other cases through electronic verification code. Explanation. – For the purpose of this rule, “electronic verification code” shall have the same meaning as referred to in rule 12 of the Income-tax Rules, 1962. 

7. Order by designated authority.-The order by the designated authority under sub-section (2) of section 5, in respect of payment of amount payable by the declarant as per certificate granted under sub-section (1) of section 5, shall be in Form-5. 

8. Laying down of procedure, formats and standards.-The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall lay down procedures, formats and standards for furnishing and verifying the declaration in Form-1 under sub-rule (1) of rule 3, furnishing and verifying the undertaking in Form-2 under sub-rule (2) of rule 3, granting of certificate in Form-3 under rule 4, intimation of payment and proof of withdrawal in Form-4 under rule 5 and issuance of order in Form-5under rule 7 and the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the said declaration, undertaking, certificate, intimation and order. 

9. Manner of computing disputed tax in cases where loss or unabsorbed depreciation is reduced.-(1) Where the dispute in relation to an assessment year relates to reduction in loss or unabsorbed depreciation to be carried forward under the Income-tax Act, the declarant shall have an option to – 
(i) include the tax, including surcharge and cess, payable on the amount by which loss or unabsorbed depreciation is reduced in the disputed tax and carry forward the loss or unabsorbed depreciation by ignoring such amount of reduction in loss or unabsorbed depreciation; or 
(ii) carry forward the reduced amount of loss or unabsorbed depreciation. 
(2) Where the declarant exercises the option as per clause (ii) of sub-rule (1), he shall be liable to pay tax, including surcharge and cess, along with interest, if any, as a consequence of carrying forward the reduced amount of loss or unabsorbed depreciation in subsequent years: 

Provided that the written down value of the block of asset on the last day of the year, in respect of which unabsorbed depreciation has been reduced, shall not be increased by the amount of reduction in unabsorbed depreciation: 

Provided further that in cases other than the eligible search cases, in computing the reduced amount of loss or unabsorbed depreciation to be carried forward in clause (ii) of sub-rule (1), one-half of the amount by which loss or unabsorbed depreciation is reduced shall be considered for reduction, if such reduction is related to issues covered in favour of declarant:

 Provided also that in case of eligible search cases, in computing the reduced amount of loss or unabsorbed depreciation to be carried forward in clause (ii) of sub-rule (1), one and one-fourth times of the amount by which loss or unabsorbed depreciation is reduced shall be considered for reduction and where the one and one-fourth times of the amount by which loss or unabsorbed depreciation is reduced exceeds the amount of loss to be carried forward before it’s reduction, such excess shall be ignored: 

Provided also that in case of eligible search cases in computing the reduced amount of loss or unabsorbed depreciation to be carried forward in clause (ii) of sub-rule (1), five-eighth of the amount by which loss or unabsorbed depreciation is reduced shall be considered for reduction, if such reduction is related to issues covered in favour of declarant. 

10. Manner of computing disputed tax in cases where Minimum Alternate Tax (MAT) credit is reduced.-(1) Where the dispute in relation to an assessment year relates to reduction in Minimum Alternate Tax (MAT) credit to be carried forward, the declarant shall have an option to 

(i) include the amount by which MAT credit to be carried forward is reduced in disputed tax and carry forward the MAT credit by ignoring such amount of reduction, or

 (ii) carry forward the reduced MAT credit. 

(2) Where the declarant exercises the option as per clause (ii) of sub-rule (1), he shall be liable to pay tax, including surcharge and cess, along with interest, if any, as a consequence of carrying forward reduced MAT credit in subsequent years: 

Provided that in cases other than the eligible search cases, in computing the reduced amount of MAT credit to be carried forward in clause (ii) of sub-rule (1), one-half of the amount by which MAT credit is reduced shall be considered for reduction, if such reduction is related to issues covered in favour of declarant: 

Provided further that in case of eligible search cases, in computing the reduced amount of MAT credit to be carried forward in clause (ii) of sub-rule (1), one and one-fourth times of the amount by which MAT credit is reduced shall be considered for reduction and where the one and one-fourth times the amount by which MAT credit is reduced exceeds the amount of MAT credit to be carried forward before it’s reduction, such excess shall be ignored: 

Provided also that in case of eligible search cases in computing the reduced amount of MAT credit to be carried forward in clause (ii) of sub-rule (1), five-eighth of the amount by which MAT credit is reduced shall be considered for reduction, if such reduction is related to issues covered in favour of declarant. 

Explanation – For the purpose of this rule MAT credit means tax credit as per the provisions of section 115JAA or 115JD of the Income-tax Act. 

11. Manner of computing disputed tax in certain cases – (1) Where the dispute includes issues covered in favour of declarant, the disputed tax in respect of such issues shall be the amount, which bears to tax, including surcharge and cess, payable on all the issues in dispute, the same proportion as the disputed income in relation to issues covered in favour of declarant bear to the disputed income in relation to all the issues in dispute
Download Vivad se vishwas forms 2020

Mar 17, 2020

Bank offers complimentary health insurance for customers

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 Amid Coronavirus scare, DBS Bank India today said in a statement that it has partnered with Bharti AXA to roll out complimentary insurance for DBS Treasures customers in India. The complementary insurance plan covers all medical conditions, including Novel Coronavirus (COVID-19) and up to 10 days of hospitalization, with a cover of Rs 5000 per day, for a period of 30 days, the Singaporean multinational bank said.

Apart from the complementary insurance, the bank further said that DBS customers can purchase health insurance products that are currently offered on the digibank app through their General Insurance partners.

DBS customers can access all offers in the app and do not need to go to a branch for availing facilities like funds transfer, getting a personal loan or remitting money overseas.

To support NRIs so that that they can take care of their loved ones in India during Coronavirus times, DBS said it is offering an Emergency Global Medical Assist Program that provides 24×7 access to medical support – including a guarantee of payments for hassle-free hospitalization and arrangement of emergency medical evacuation for NRIs with dependents in the country. Priyashis Das, Executive Director and Head- Branch Banking and Wealth Management, DBS Bank India said in the statement, “In view of the evolving situation with COVID- 19, the insurance scheme is designed to give our customers peace of mind if they seek medical treatment, knowing that they are protected. We will continue our endeavour to come together as a community in this time of need.”

Infection-proof ATMs!
Also, to ensure the wellbeing and safety of customers, the DBS bank is adding an anti-microbial coating across all its ATMs and biometric devices.

Globally, DBS has enhanced community support measures for customers by offering complimentary COVID-19 insurance coverage. For SMEs, DBS has rolled out digital initiatives to enable companies in fast-tracking their digital adoption and transaction fulfilment needs. Additional financial liquidity relief measures were also introduced to help Singapore SMEs and corporates address their urgent cash-flow needs.

RBI issues operational and business continuity measures for COVID-19

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As you are aware, the World Health Organization (WHO) has declared the recent outbreak of the novel coronavirus disease (COVID-19) a pandemic indicating significant and ongoing person-to-person spread in multiple countries, with the uncertainty about the extent of spread and the likely impact on the global economy. Several confirmed cases have also been detected in India, which highlight the need of a co-ordinated strategy for handling the emerging situations for protecting the resilience of the Indian financial system.

2. While the Government of India, in co-ordination with the state machineries, is already taking steps for preventing and controlling the local transmission of disease, further steps, including the indicative list presented below, are required to be taken by the respective banks/financial institutions as a part of their existing operational and business continuity plans:

(a) Devising strategy and monitoring mechanism concerning the spread of the disease within the organisation, making timely interventions for preventing further spread in case of detection of infected employees including travel plans and quarantine requirements as well as avoiding spread of panic among staff and  members of the public;

(b) Taking stock of critical processes and revisiting Business Continuity Plan (BCP) in the emerging situations/scenarios with the aim of continuity in critical interfaces and preventing any disruption of services, due to absenteeism either driven by the individual cases of infections or preventive measures;

(c) Taking steps of sharing important instructions/ strategy with the staff members at all levels, for soliciting better response and participation and sensitizing the staff members about preventive measures/steps to be taken in suspected cases, based on the instructions received from health authorities, from time-to-time;

(d) Encourage their customers to use digital banking facilities as far as possible.

3. Besides taking steps as above for ensuring business process resilience, supervised entities should also assess the impact on their balance sheet, asset quality, liquidity, etc. arising out of potential scenarios such as further spread of COVID-19 in India and its effect on the economy, contagion from wider disruption in the global economy and the global financial system, etc. Based on the above studies, they should take immediate contingency measures to manage the risks under intimation to us.

4. As the situation requires to be monitored closely, both from business and social perspective, a Quick Response Team may be constituted for the purpose, which shall provide regular updates to the top management on significant developments and act as a single point of contact with regulators/outside institutions/agencies

Mar 16, 2020

All GST forms India free Download

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There are many types of gst forms from registration to filing annual return. One may wonder over 150 forms are in GST. We are uploading most useful GST forms in this article. These forms are free to download. It may help a lot of people as this article also tell form use and time.

GST FORM
USE
DOWNLOAD
GST CMP 01
Intimation to pay tax under section 10 (composition levy) (Only for persons registered under the existing law migrating on the appointed day)
GST CMP 02
Intimation to pay tax under section 10 (composition levy) (For persons registered under the Act)
GST CMP 03
Intimation of details of stock on date of opting for composition levy (Only for persons registered under the existing law migrating on the appointed day)
GST CMP 04
Intimation/Application for Withdrawal from Composition Levy
GST CMP 05
Notice for denial of option to pay tax under section 10
GST CMP 06
Reply to the notice toshow cause
GST CMP 07
Order for acceptance / rejection of reply to show cause notice
GST CMP 08
Statement for payment of self-assessed tax
GST RFD 1           Application for Refund                                       DOWNLOAD



GST FORM
USE
DOWNLOAD
GST REG 01
Application for registration
GST REG 02
Application for Registration as Tax Deductor at source (u/s 51) or Tax Collector at source (u/s 52)
GST REG 16
Application for Cancellation of Registration
GST GSTR1
IDetails of auto drafted supplies (From GSTR 2, GSTR 4 or GSTR 6 )
GST GSTR2
Details of inward supplies of goods or services
GST GSTR3
Monthly return
GST GSTR3A
Notice to return defaulter u/s 46 for not filing return
GST GSTR3B





GST FORM
USE
DOWNLOAD
GST GSTR4
Return for financial year of registered person who has opted for composition levy or availing benefit of notification No. 02/2019- Central Tax (Rate)
GST GSTR 4A
Auto-drafted details for registered person opting for composition levy (Auto-drafted from GSTR-1, GSTR-5 and GSTR-7)
GST GSTR 5
Return for Non-resident taxable person
GST GSTR6
Return for input service distributor
GST GSTR7
Return for Tax Deducted at Source
GST GSTR9
Annual Return
GST GSTR9A
Annual Return (For Composition Taxpayer)
GST GSTR3 9C
 See rule 80(3) PART – A - Reconciliation Statement
GST GSTR 10
Final Return

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