Finmatrix Strategic Consulting Pvt Ltd

1.  After login, select Return Dashboard 2. Select Financial Year 2017-18 and Month July. Click Search and Select              GSTR-3B 3.  Declare your liabilities and ITC claims in Section 3.1 and 4 respectively   by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR3B. It can be claimed only through TRANS 1 and TRANS 2. 4 . Enter details of interest, if payable, in Section 5.1. Late fee will be computed by the system 5. Click on Save GSTR-3B button. After you save the data, Submit button will get enabled. Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button. 6. On clicking Submit GSTR-3 Bbutton , System will post (debit) the self –assessed liabilities including system generated late fee in Liability Register and credit the claimed ITC into ITC ledger. 7 After this the Payment of Tax tile will be enabled, please click it and dec

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CAPSULE OF CHANGES IN INCOME TAX LAW WITH EFFECT FROM 1 ST APRIL 2017 1.        Limit for payment of capital and revenue expenses by cash – Rupees 10,000 per day per person 2.        Capital expenses paid in cash beyond Rupees 10,000 will not be taken into account for depreciation purposes 3.        No person shall receive an amount of two lakhs rupees or more, by cash a.        in aggregate from a person in a day; or b.       in respect of a single transaction; or c.        in respect of transactions relating to one event or occasion The penalty for violation of above is to be a sum equal to the amount of such receipt 4.        For below Rupees.2 crores turnover a.        Cash sales - Net Profit will be taken as 6% of Turnover/Gross Receipt b.       Non Cash sales - Net Profit will be taken as 8% of Turnover/Gross Receipt 5.        Tax exemption limit is Rupees. 2,50,000 6.        Tax rate for income up to Rupees 5 lacs is 5% 7.   

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KEY BUDGET HIGHLIGHTS 2017-18 Individuals 1.       Reduction in Income Tax rate from 10% to 5% for tax slab of Rs 2.5 lakhs -   5 lakhs 2.       Surcharge of 10% for those whose annual income is Rs 50 lakh - 1 Crore 3.       15% surcharge on incomes above Rs 1 crore to continue 4.       Increase in rebate from Rs. 2,000 to Rs.5,000 5.       3 year period for long-term capital gains tax on immovable property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001 6.       A single one-page form for filing IT returns for taxable income up to Rs 5 lakh Companies 1.       Limiting cash expenses to Rs.10,000 2.       Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30% 3.       To cut presumptive turnover threshold for companies with turnover up to Rs 2 cr to 6 percent 4.       MAT credit allowability period increased from 10 years to 15 years 5.       Govt to further liberalise FDI policy 6.       FIPB wil