GST – Composition Return Questionaire.

(i). Do you want to file Nil return?
Note:Nil return can be filed by you if you have not made any outward supply (commonly known as sale) AND have NOT received (commonly known as purchase) any goods/services AND do not have any liability.

(ii). Have you made inward supplies (other than reverse charge supplies) during the period (Table 4A):
(iii). Have you made inward supplies (attracting reverse charge) during the period (Table 4B):
(iv). Have you received any supplies from un-registered suppliers) during the period (Table 4C):
(v). Have you imported any service (Table 4D):
(vi). Do you intend to amend inward supplies reported in Table 4A (other than reverse charge) (Table 5):
(vii). Do you intend to amend inward supplies reported in Table 4B (reverse charge) (Table 5):
(viii). Do you intend to amend inward supplies reported in Table 4C (supplies received from un-regd. persons): (Table 5)
(ix). Do you intend to amend import of services reported in Table 4D (Table 5):
(x).Have you received any debit/credit note (Table 5B):
(xi). Do you intend to amend debit/credit note reported in Table 5B (Table 5C):
(xii). Have you made any outward supply during the Qtr (Table 6):
(xiii). Do you intend to amend outward supplies reported in Table 6 in earlier quarters (Table 7):
(xiv). Have you paid any advance amount for reverse charge inward supplies or made adjustment there to [Table 8A(1) / 8A(2)/8B(1)/8B(2)]:
(xv). Do you intend to amend advance amount received for reverse charge supplies [Table 8A(1) / 8A(2)/8B(1)/8B(2)]:
(xvi). Do you intend to claim refund from cash ledger (Table 12):
(xvii). Previous period(s) / return(s) liability, if any: Previous period (s) / return (s) liability would be system determined.

All About IEC- Import Export Code.

Applicants are required to follow steps given below:
Step 1 – Add/Update Entity Details
Step 2 – Add/Update Firm’s Branch Details
Step 3 – Add/Update all director/partner Details as follows —
> For Proprietorship — Proprietor’s details
> For Partnership & LLP — Details of all Partners
> For Limited Company — Details of all directors
> For Trust — Details of Trustee
>For Society — Details of Secretary
Step 4 – Upload address proof of the firm and bank certificate(or pre-printed cancelled cheque)
– For modification upload following additional documents:
> Signed Copy of Application
>scanned copy of Part-C of ANF-2A
Step 5 – Pay & Verify Fees
Step 6 – Preview and Print Application
Step 7 – Submit application. Generate and Print IEC

Deferred tax

Deferred tax refers to the tax effect of temporary differences between accounting income that is calculated by taking into consideration the provisions of Companies Act, 2013 and taxable income that is calculated by taking into consideration the provisions of Income Tax Act,1961.

Temporary Differences:

While calculating taxable income, certain expenses debited to Profit or Loss A/c are disallowed in one period and gets reversed in future period in accordance with provisions of the Income-tax Act. In the same manner, certain incomes credited in one period to Profit or Loss A/c form part of the income in future period. Such items are considered as temporary differences.

 

For example:

(i) In case of treatment of deferred revenue expenditure (say, advertisement expenses incurred in one year but the benefit of which extends in subsequent years also), the expenditure incurred is amortised over a period of time but as per tax laws, it is allowed wholly in first year in which such deferred revenue expenditure is made.

(ii) In case of advance incomes received (say, advance rent), the disclosure of same is mandatory for the purpose of calculating taxable income. However, this income is recognized in the books of account when actually earned.

(iii)       In case of different book and tax depreciation which could arise due to difference in depreciation rates or methods of calculating depreciation i.e. SLM or WDV or differences in composition of actual cost of assets.

(iv) In case of provisions made in anticipation of liabilities where the liability is allowed in the subsequent period when it crystalizes.

Deferred Tax Accounting:

The accounting, presentation and disclosure of deferred tax is carried out as per the provisions of “Accounting Standard- 22” (i.e., Accounting for Taxes on Income) or “Ind AS- 12” (i.e., Income Taxes). Deferred tax asset or deferred tax liability is created by debiting/crediting Statement of Profit and Loss.

The following table shows different cases where deferred tax asset/ liability is required to be created:

CASES DEFERRED TAX ASSET/ LIABILITY
Book Profit > Taxable Profit Deferred Tax Liability (DTL)
Book Profit < Taxable Profit Deferred Tax Asset (DTA)

Deferred Tax Asset/ liability in case of LOSS:

Due to differences in income as per financial books and taxable profit as per tax laws, there is a certainty that one book reflects loss and other shows profit. In that case, the following treatment shall be made:

 

CASES DEFERRED TAX ASSET/ LIABILITY
Loss as per books of accounts and Profit as per tax laws (Subject to the principles of prudence) Deferred Tax Asset (DTA)
Loss as per tax laws and Profit as per books of account (MAT has to be paid) Deferred Tax Liability (DTL)

Deferred Tax Computation Rate:

The deferred tax asset/liability is calculated at the normal rate of tax.

Deferred Tax Asset Accounting:

Deferred Tax Asset (DTA) account is created by crediting Profit & Loss Account. The following journal entry is required to be passed.

Deferred Tax Asset A/C……………. Dr

To Profit & Loss A/C……………………..….

Deferred Tax Liability Accounting:

Deferred Tax Liability (DTL) account is created by crediting Profit & Loss Account. The following journal entry is required to be passed.

Profit & Loss A/C ……………. Dr

To Deferred Tax Liability A/C ………..…….