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This blog is about how to change periodicity of QRMP Scheme in GST. The Quarterly return filing and monthly payment of tax scheme (QRMP) was introduce by the central board of Indirect taxes & Customs to reduce the compliance burden on small taxpayer. Under this scheme, taxpayer with a turnover of up to Rs. 5 crores can opt for quarterly return filing, with a monthly payment of taxes. Below are steps to change the profile under QRMP Scheme. Step1:- Login to GST Portal. Step 2: Go to -- Service tab-- Return-- Opt-in for Quarterly Return Step 3: Select Financial year-- Select Frequency-- Monthly or Quarterly-- Continue to return dashboard This were 3 simple step to select monthly or quarterly return filing in QRMP Scheme.

 You are at right place if you want to know the common 10 mistake why investor loose money. It's obvious we make mistakes but most important thing is to learn from that mistakes & grow.  A wise person said " Learn from the mistakes of others. You can't live enough to make them all yourself". Here we go............... 1. You miss out or mismanage Money Managing money is a difficult skill for most people, but its one of the most important skill to have. In end, its not how much you make but how much you keep that matters. The secret to making money in stock market or with any investment:- " Don't Lose Money" 2. You aren't prepared for the worst. Before you get into the market, you should be prepared for the worst not scared. Although you should always hope for the best, you must be prepared for the worst. " Greed is more powerful than fear" 3. You follow the Crowd. If you study the lives of some of greatest traders and investors in the re...

  THE MAHARASHTRA LABOUR WELFARE FUND ACT (BOMBAY ACT NO. XL OF 1953)   Definition: - Board, Contribution, employee, employer, establishment An act to provide for the constitution of a fund for the financing of activities to promote welfare of labour in the state of Maharashtra. 1.        “ Board” - means The Maharashtra Labour Welfare Fund Act   2.        “Contribution” means the sum of money payable to the Board.   3.        “ Employee” means any person who is employed for hire or reward to do any work, skilled or unskilled, manual, clerical, supervisory or technical in an establishment directly by the employer or through contractor or any other agency, but does not include any person- a)       Who is employed mainly in a managerial capacity, b)       Who, being employed in a supervisory capacity, draws ...

The GST portal has enable "Reset" option in GSTR-1/IFF on the GST Portal. What will happen if you click on reset button? It will delete all the data from all tables which you had mistakenly/wrongly entered. It is very useful tool to delete the details which you had saved on portal. Earlier it was time consuming process to delete the data which was wrongly entered. Please Note:- You cannot delete the submitted GSTR-1/IFF details. The 'RESET' button is used to delete only the saved details and not submitted or filed.   'RESET' button will freeze once you submit or filed the return.

 As F.Y. is going to end in 3 month, there is just short time left for tax planning & tax saving investment decisions. We have various options & instruments under the Income Tax Act, 1961, whereby one can reduce their taxable income & thereby save on the tax outflow.  Below is the list of various tax saving instrument for individuals:- 1. Section 80C You can claim a deduction of Rs 1.5 Lakh. In simple word you can reduce your taxable income to 1.5 lakh.  It is available for individuals & HUF. 2. Section 80CCC - Insurance Premium It provides a deduction to an individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The maximum deduction that can be claimed under this section is Rs 1.5 Lakhs. Click here 👈for more info. 3. Section 80CCD - Pension Contribution It relates to deductions available to individuals against contributions made to the National Pension Scheme (NPS) or the Atal Pension Yojana. Contributions made by t...

Deepawali is the major occasion when gifts are given & gifts are received. It may be just boxes of mithai, dry fruit to valuable like gold & silver coins etc. Many of them are unaware that gifts received is taxable in hands of recipients.  Tax Provisions In case total value of gifts, in any form, received from all the sources during a financial year exceeds fifty thousand rupees, whole of the amount become taxable without any exemption. However, as long as aggregate of all the gifts does not exceed fifty thousand rupees, there is no tax liability for the recipient. All gift whether received in cash or as gift voucher or in kind have to be considered for arriving at the threshold. Exclusion of certain gift Gifts received from certain relative are excluded:- spouse, brothers & sisters of the receiver himself. It also includes brother & sisters of the spouse. Relative here further includes all the persons who are lineally ascendants of decedents of the recipient. The d...

  What it is? Sukanya Samridhi Yojana is a government-backed saving scheme as a part “Beti Bacho, Beti Padhao” Yojana for benefits of the girl child. Who can open? It can be open by the parents of a girl child below the age of 10. Parents can now open up to two SSY accounts for girls & a third account can be open in case of birth of twins/triplets. Multiple accounts cannot be opened for a single girl child. What is tenure? The account has tenure of 21 years or until the girl child marries after the age of 18. However contribution only need to be made for 15 years, thereafter the account continues to earn interest until maturity even if no deposits are made into it. How much Interest? Interest for FY 2020 is 7.6%, compounded annually. The interest rate is fixed by government & revised quarterly. How much amount to invest? Minimum amount is 250/- & maximum is 1.50/- Lakhs in a Financial year. You have to invest atleast the minimum amount every year for up to...

  My last post was about various types of investment. In this post you will get brief about PPF, FD & RD Below listed type of investment is less risky as compare to investment in stock & mutual fund hence returns from this investment is also low.   A)   Public Provident Fund (PPF)   Why it is popular? It is used by most of the individual as tax-saving schemes Where to open? It can be opened in a designated post office or a bank branch. It can also be opened online with few banks. Minimum & Maximum amount? Minimum amount to keep account active is Rs 500 & Maximum amount that can be deposited in a Financial year is Rs 1.5 Lakh . Bhai Interest kitna milega? Approx. 7.1% per annum (as of April 2020). Good News!!! Interest tax free hai. Advantage 1.        Avail loan from third year onwards. 2.        Your money is absolutely safe. 3.     ...

  No explanations why we need to invest? I think covid pandemic has taught us the value of saving & investment. I had came across many people who want to invest, but still confuse where & how to invest. There are basically various types of investment. What type of investment 💲  suits you entirely depends upon how much risk you willing to take. 1. Physical Assets: It means investment in real estate gold/ Jewellry, commodities etc. 2. Financial Assets: Investment in Fixed Deposits with bank, post office, insurance, PPF, Pension fund,      shares, bonds, debentures etc. Nowadays investment through mutual fund is growing in rapid speed. A small advice if you are beginner than before directly investing in share market, invest in mutual fund it will give you small idea how share market works.