Digital Accounting
COVED-19 gives us a lesson to work from anywhere and not necessarily from fixed office place. Rendering accounting service from anywhere needs transformation of physical accounting system to digital accounting system. It is advantageous to business owners in many ways viz. business owners get accounting information readily and accelerate speed of business taking prompt decision.
Faceless Assessment
Govt. unveils faceless I-T assessment, opens National e-Assessment Centre. The e-Assessment Scheme introduces the concept of team-based assessment with dynamic jurisdiction which would bring about transparency, efficiency and standardisation of procedures by eliminating human interface between the taxpayer and the Income Tax department. Departments going digital generates more and more information about assessee their bank transactios, revenues, expenses, investments etc.
Many a time it is found that sufficient appropriate evidences are not available with assessee substantiating items of expenditures reported in the profit and loss statement, debtors balance confirmation, creditors ledgers balances etc. resulting huge demand. Onus of proof is on the management that all the expenditures claimed in the profit and loss statement and information reported in the Balance sheet are correct and backed by sufficient appropriate evidence.
Digital real time accounting is the only option available for preparation of flawless annual accounts and timely compliance of statutory returns viz. GST, TDS, IT, ROC etc.
MARCH 2020 GST RETURN
GSTR 1
No Late fee if furnished on or before 30-06-2020
GSTR 3B if TO > 5 Crore
No late fee if filed before 24-06-20
No interest if filed before 05-05-20
Interest 9% if filed before 24-06-20
Interest 18% if filed after 24-06-20.
GSTR. 3B if 1.5 Cr<TO< 5 Cr
No late fee if filed before 29-06-20
No interest if filed before 29-06-20
Interest 18% if filed after 29-06-20
GSTR. 3B if TO < 1.5 Cr
No late fee if filed before 03-07-20
No interest if filed before 03-07-20
Interest 18% if filed after 03-07-20
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