Seven Perks of Filing Income Tax Return Online

Income Tax return is a strong income proof not only in India, but also abroad, if you are planning to move abroad for higher studies or employment. It is compulsory to file ITR if your salary is more than Rs. 5 Lakh per annum. ITR can be filed both manually and online. Here are seven perks of filing Income Tax return online.

1. A Hassle Free Method

For filing an ITR manually you will have to visit Income Tax Office. Then, go from desk to desk in order to complete your ITR procedure. No doubt, it is time-consuming and exhaustive task. Comparatively, if you file your ITR online, you just need to go to the official website of Income Tax Department and follow some easy steps. You can do it by yourself or through some organization which provide such service.

2. Accurate Calculation

When you file your Income Tax online there is an option of calculation. Income Tax deducted from your salary can be calculated on the website. Self based calculation is more prone to errors. The accuracy of calculation done online cannot be doubted.

3. Paper Less Work

Filing an ITR online is a paperless work and free from clutters. If you want to avoid lots of paper work, e- filing of IT Return is a boon. Moreover, it is environment friendly.

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IN DEPTH – Analysis Of India’s Cyber Security Legal Framework

It is an undisputed fact that the Cyber networking was the flag bearer of Information Technology revolution world saw in post war era. As far as India is concerned the need of providing a legal backbone to regulate the Cyber Operations in India was bestowed upon the Information Technology Act, 2000 (hereinafter IT Act). The legal framework to cyber security needs of India revolves around the 13 Chapters, 90 sections, 2 schedules of this 16-year-old legislation.

The IT Act, 2000 was drafted in conformity with the United Nations Model Law on Electronic Commerce; the same was adopted by General Assembly on 30^th January 1997. This Act had to fulfil three-fold objectives-

·       provide legal recognition to transactions carried through electronic means and facilitate international trade (E-Commerce)

·         Provide alternative to paper based method of storing information and filing of paper-less documents with government agencies.

·         To criminalise and penalise offences committed through electronic medium.

The amplitude of this Act is such that it attempts to provide confidence, protection and means of redressal to even owner of a single computer system or network. The provisions of this Act have been discussed hereinafter as to how it affirms the cyber security needs of India.

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Impact of GST on Logistics and Warehousing Sectors

From a click to your doorstep…well, it takes more than that.

From the point of origin to the point of consumption the flow of goods is managed by the logistic sector which comprises of transportation, warehousing, and some other services.

The dependency on transportation alone is above 70% out of which road transport takes 60%of the load. At an average speed of 20-40 KmpH driving 300-400 Kms per day around half a crore truck drivers hold the job of supporting this system. But wait, are these numbers good? In America and other developed countries, the same compares to almost 85 KmpH and 700-800 Kms per day. Undoubtedly, "America runs on wheels".

A transport system is the lifeline for an economy. Manufacturing and retail sectors highly depend on it. For a developing country like ours, economic growth is directly proportional to the rate at which flow of goods takes place. But the factors that we will discuss below obstruct that flow.

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Renewal and registration Process About FSSAI license

FSSAI stands for Food Safety and Standards Authority of India. FSSAI license is a 14-digit registration number printed on food packages and is mandatory for starting any business related to food.

Documents Required for Obtaining FSSAI License:-

1          1.      Form B duly signed by a partner,                           proprietor or authorized signatory.

2          2.      Layout or Blueprint of the Processing                   Unit showing the dimensions and area                   allocation for various operations.

3          3.      List of all directors/partners with full                     name and address along with a Photo, ID and address proof.

4          4.      List of Equipment's Used with their details.

5          5.      Proof of possession of premises.(Electricity Bill, Water Bill etc)

6          6.      Food Safety Management System plan or Certificate.

Process of Obtaining a FSSAI License:-

1.      Fill Form A by logging on to the FSSAI website.

2.      Pay the required fee at an FBO in your locality.

3.      Fill Form B with the necessary declarations once the fees has been successfully deposited and accounted for.

4.      The Government would accept or reject your application within a 15 day window.

5.      The entire process of getting the license approved shall take 45-60 days.

Fee Structure for FSSAI:-

•          Production is above 1 metric ton per day : Rs 5000 per year
•          Production of 10,001 to 50,000 liters per day of milk:  Rs 5000 per year
•          Production of 501 to 2500 metric ton of milk solids per annum: Rs 5000 per year
•          Production is below 1 metric ton per day: Rs 3000 per year
•          Production of 501 to 10,000 liters per day of milk: Rs 3000 per year
•          Production of 2.5 to 500 metric ton of milk solids per annum: Rs 3000 per year
•          Hotels up to 4 stars: Rs 5000 per year
•          All other food service providers including restaurants, boarding houses, clubs, canteens,           caterers, banquet halls etc : Rs 2000 per year

   Source of Article:- http://letspedia.com/renewal-registration-process-fssai-license/

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Steps for filing service tax return online

• Service tax return is to be filed twice a year i.e on or before 25^th Oct for the first half and on or before 25^thApril for the second half. 

• Service tax return is filed online by downloading an Excel Form from http://acesdownload.nic.in/ . Here one has to download the service tax return form under excel utilities. 

• Unzip the file, open the excel sheet and enable macros.  

• Sheet one would contain the basic instructions required to work on MS Excel. 

• The second sheet is the ‘return’ sheet in which one would have to fill in their basic details such as Service Tax Registration Number, period of filing, type of assessee etc. 

• One would have to clearly mention whether he is an individual, HUF, Private Company etc under the “Constitutions of Assessee” column as the excel sheet changes according to the type of assessee. For individuals quarter details added or for others monthly details added. Then you need to select the services you are providing, you can check the codes of the same from the service tax registration certificate given to you.

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list of accounting and bookkeeping services

Book-Keeping is a core requirement for any business. The single-entry and the double-entry are the methods for bookkeeping system. Book-keeping helps in tracing financial records of the business. Being one of the core pillar of accounting, book-keeping ensures to update and maintain the financial records of one’s business in the form of financial reports, expense statements, invoices, ledgers, bank statements, challans, cash and registers, etc are updated and well maintained. Book-keeping accounting maintains the records of cash inflow and cash outflow in your business. Book-keeping and accounting services generally includes Financial Accounting, Payroll Accounting, Online Accounting Services, Forensic Accounting Services, Small Business Accounting Services, Tax Accounting Services, Preparing Financial Statements.

LetsComply, which is a technology-driven platform to provide world-class affordable and convenient professional services related to Legal, Finance and Tax, brings you an easy solution for book-keeping & accounting services for your business. Let us know your requirement by writing to us at info@letscomply.com or call +91 9717070500. For more information about LetsComply, visit www.letscomply.com. Click Here to know more about book-keeping and accounting services.

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