HOW TO FILE INCOME TAX RETURN : SELF GUIDE

The last date to file income tax return (ITR) is JULY 31. Although you have more time, filing your return before the deadline comes with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR after the deadline you will have to pay late filing fees of up to Rs 10,000.

Now, everyone has to file ITRs digitally except for super senior citizens (that is those aged 80 years and above. To file ITR electronically, one must be registered on the e-filing website of the income tax department.

STEP-BY-STEP GUIDE TO FILE YOUR INCOME TAX RETURN (ITR):

 

1.     Collect all the required documents required to file ITR like bank statements. form 26AS,   Capital Gain Reports , Tds certificates etc.

2.       You can download Form 26AS from the TRACES website. To download it, login to your account on the e-filing website, click on 'My Account' tab and select 'View Form 26AS'. The website will redirect you to the TRACES website to view and download the same.

3.       Compute total income for the year. Total income is computed by adding incomes from five different heads and claiming all the relevant deductions allowed under the Income-Tax Act and setting off losses, if any.

4.       Once you have computed your tax liability in the earlier step, deduct the taxes that have been already paid by you through TDS, TCS and Advance Tax during the year. Add interest, if any, payable under sections 234A, 234B and 234C.

5.       If any additional taxes are due, individuals can be paid physically via cheque or online using challan ITNS 280.

6.    ITR can be filed by downloading the software in Excel or Java utility. However, taxpayers who are eligible to file ITR-1 and ITR-4 also have the option to file it online without downloading any software utility.

7.    If you are eligible to file ITR-1, then you can use option 'Prepare and submit online' without downloading the excel software utility.

8.       The last step of ITR filing is verification. If you want to verify your tax-return electronically, you will not be required to send any documents to the tax department. However, if you wish to verify your return physically, then you will be required to send a duly signed copy of ITR-V/Acknowledgement to 'CPC, Post Box no. 1, Electronic City Post Office, Bangalore- 560100, Karnataka, India.'

9.       Remember after you file your ITR, you have 120 days to verify it. If you do not verify your ITR, then it will be deemed as you have not file ITR. In case you forget to verify your ITR before the deadline, you can file a request to your assessing officer.

If you verify your ITR using an electronic method, then you will immediately receive the confirmation from the tax department regarding verification of your ITR. If you have sent ITR-V via post to the I-T department, they will send you an email confirming that your ITR-V has been received by the I-T department, i.e., your return stands verified.

MSME : MEANING, CLASSIFICATION AND REGISTRATION PROCESS

The Ministry of Micro, Small and Medium Enterprises (MSME), a branch of the Government of India, is the apex executive body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India. MSME is basically classified into three parts based on Investment in Plant & Machinery/equipment and Annual Turnover which are:

Ø  Micro: Investment in Plant and Machinery or Equipment is
Not more than Rs.1 crore and Annual Turnover is not more than Rs. 5 crore

Ø  Small: Investment in Plant and Machinery or Equipment is
Not more than Rs.10 crore and Annual Turnover is not more than Rs. 50 crore

Ø  Medium: Investment in Plant and Machinery or Equipment is
Not more than Rs.50 crore and Annual Turnover is not more than Rs. 250 crore

UDYAM REGISTRATION FORM - For New Entrepreneurs who are not Registered yet as MSME

 For the registration of MSME visit the site https://udyamregistration.gov.in/and enter the required details and validate the Aadhar card. Following details are required for validation:

• An enterprise for the purpose of this process will be known as Udyam and its Registration Process will be known as 'Udyam Registration'
• A permanent registration number will be given after registration.
• After completion of the process of registration, a certificate will be issued online.
• This certificate will have a dynamic QR Code from which the web page on our Portal and details about the enterprise can be accessed.
• There will be no need for renewal of Registration.
• Our single window systems at Champions Control Rooms and at DICs will help you in the process.
• Registration Process is totally free. No Costs or Fees are to be paid to anyone.
• Aadhaar number shall be required for Udyam Registration.
• The Aadhaar number shall be of the proprietor in the case of a proprietorship firm, of the managing partner in the case of a partnership firm and of a karta in the case of a Hindu Undivided Family (HUF).
• In case of a Company or a Limited Liability Partnership or a Cooperative Society or a Society or a Trust, the organisation or its authorised signatory shall provide its GSTIN and PAN along with its Aadhaar number.
  

 

IMPACT OF CORONAVIRUS ON CHARTERED ACCOUNATNTS

Lockdown was announced at a very tricky time for Chartered Accountants of the country. They need to change in working style of Chartered Accountants especially those who are doing practice solely or in partnerships with small teams. All disruptions, be it is political or social or economic or health-related one, motivate us to change, and if we fail to change ourselves with changing times, chances of our survival reduce significantly with each passing day, hence we must review our existing administrative processes and change them in a timely fashion so that we can serve our clients in an effective and efficient manner.  Let’s talk about the administrative changes that Small and Mid-sized CA firms should adopt to increase their work efficiency:

 

1.      Use cloud storage for storing of data so that it could be accessed from anywhere.

2.      Try to renegotiate the professional charges for some period so that client feel less in burden   and to think about to change you.

3.      Shift to work from home for employees on rotation basis. It will save cost for you and your   employee.

4.      Give extra time to client to pay professional charges.

 

“Due to the COVID-19 pandemic, there is a significant impact on the global economies and the international financial markets,” ICAI President CA Atul Kumar Gupta said following the event. “This unique initiative of ICAI of bringing the global leaders of accountancy profession on a single platform and giving them the opportunity to share their views, ideas and suggestions for combating the COVID-19 challenge on reporting and assurance for the benefit of the accountancy profession as a whole has been very well appreciated by the viewers all around the globe.”

 

In a dynamic and challenging business environment, Chartered Accountants are looked upon as Complete Business Solution Providers. They are thoroughly trained practically in all avenues of Finance and Accounting.
The Institute of Chartered Accountants of India (ICAI) provides an opportunity both to employing organizations as well as young professional aspirants / experienced professionals to meet and explore the possibility of taking up positions in Industry. Due to coronavirus, ICAI is organizing placements through Video conference.

US-China conflict to impair Global Trade which is vital for India's reopening , says Raghuram Rajan

As the US presidential election draws near, the conflict between America and China will escalate, impairing global trade which is "extremely important" for emerging markets like India and Brazil that are re-opening amidst COVID-19 pandemic, according to former RBI Governor Raghuram Rajan.

Cautioning that there will be "deeply damaged firms" in the economy, Rajan said the post-pandemic recovery has to be accompanied by a process of repair.
"There's going to be enormous bankruptcies in the United States certainly and quite possibly in Europe also as we repair the economy, reallocate resources, restructure capital structures," he said on Thursday at the PanIIT USA virtual conference titled 'The New Global Economic Norm: Post CoVID-19'.

"Certainly as we get closer to the US election, the conflict between the US and China is going to increase and that impairs global trade, which…is going to be extremely important going forward, especially for emerging markets like India, Brazil, Mexico, which are going to be significantly impaired by the virus and need some source of demand to pull them out as they start opening up again," he said.

The US election will be held on November 3. The contest is between incumbent President Donald Trump and Democratic presidential candidate Joe Biden.
"Global trade is going to be an important factor if they can jump on to it, whether it's trade in goods and services or trade in digital services, it's going to be very important and our countries desperately need an open world," Rajan said.

Rajan, an IIT Delhi graduate and the Katherine Dusak Miller Distinguished Service Professor of Finance at University of Chicago Booth School of Business, said that containment of the coronavirus in countries like the US and India has not happened despite lockdowns, while in some countries containment has been a 2-2.5 month process and virus cases have been brought down to the single digits leading to re-opennigs.

"There are countries, of course the United States being a prime example, but also India as well as Brazil, Mexico where the containment has not happened despite lockdowns, despite enormous costs. As a result, the cost of the virus is going to be significantly greater than for the countries that have been successful," he said.

Rajan said that for countries like India and the US that are still battling the virus, the main issue right now is to contain the virus, even as he asserted that "unfortunately the spread has become significant enough that containment is going to be very difficult".

INDIAN ECONOMY TO REVIVE SOON THAN WE EXPECT, SAYS FINANCE SECRECTARY

India's economy will spring back to normal sooner than expected and may even make a sharp V-shaped recovery in the next financial year, two top finance ministry officials said, dismissing forecasts of a sharp contraction in GDP in the current fiscal. Monetizing of the fiscal deficit by the RBI was not currently on the table, one of them said.

Direct and indirect tax collections in the June quarter were encouraging and daily e-way bill data was also showing a positive trend, finance secretary Ajay Bhushan Pandey said.

Direct and indirect tax collections in the June quarter were encouraging and daily e-way bill data was also showing a positive trend, finance secretary Ajay Bhushan Pandey said.

"All these things are actually giving an encouraging signal that the economy is coming back to the rate sooner than what was being anticipated," Pandey said at an event of the Federation of Indian Chambers of Commerce & Industry (Ficci) on Thursday by video conference.

Tax collections

Income tax collections for the first quarter of the ongoing fiscal, which includes advance tax and tax deducted at source, were 80% of the year-ago level, Pandey said. These numbers should be seen in the context of corporate tax being cut to 22% from 30%, he said.

Goods and services tax (GST) collections of Rs 91,000 crore in May were at about 70% of the year earlier. This is expected to have improved in June, Pandey said, adding that the pace of transactions had risen compared to the previous months of lockdown. India's nationwide shutdown began on March 25 and was progressively eased in May.

Taylor Swift’s ‘cardigan’ Music Video……

The first music video off folklore, Taylor Swift’s quarantine album proving stars are not like us because they are being productive in isolation, has arrived. Released Friday at the stroke of midnight, Swift answered some questions over on YouTube about “cardigan” and the new album, while fans waited for the big reveal. “The song is about a lost romance and why young love is often fixed so permanently within our memories,” she wrote about “cardigan.” “Why it leaves such an indelible mark.” This answer launched a thousand DMs in group chats everywhere with participants buzzing about what specific young love and lost romance Swift might be referring to. And even more DMs in groups chats full of Swift conspiracy theorists, who were already feasting on a number of would-be Easters eggs provided by one Karlie Kloss.

The video sees Swift climb inside a magical glowing piano, play a piano grown out of moss, nearly drown, and then climb back out of said magical piano to don a, of course, cardigan sweater. It’s a subdued sound, simple piano and a little synth and drums, with lyrics about feeling an “old cardigan under someone’s bed” and how “when you are young they assume you know nothing.” It’s anti-Lover, and it’s delightful.

In addition to writing and directing the video, Swift did her own styling and makeup for the shoot, she explained in a caption on Instagram on Thursday. Because, you know, there’s still a global pandemic going on and Swift is doing her part to help flatten the curve, as well as keep us all entertained. Everybody on set wore masks and a medical overseer was on site to keep things as safe as possible. Unclear if that same can be said for Swift’s “illicit affairs.”

GOVERNMENT JOB : FIND A JOB

Institute for Stem Cell Science and Regenerative Medicine (InStem) is an Autonomous Research Institute of Government of India. It is dedicated to the study of stem cell science and regenerative medicine research. The Institute was established in the year 2009 and located in Bangalore, Karnataka. Applications for recruitment to the posts of Senior Enginers, Technical Officers, Administratie Officers, Assistants & Clerks are invited by the InStem for the recruitment year 2020. Candidates for these posts will be selected through Direct Recruitment, Deputation and Absorption Basis. Any Bachelor’s Degree Holder i.e. B.A / B.Sc / B.Com / B.E. / B.Tech / BCA / BBA Or CA / CMA / Other Academic Degree Holder candidates can apply online for this recruitment.

PLEASE VISIT THE BELOW LINK FOR OFFICIAL NOTIFICATION.....

https://www.instem.res.in/jobportal/

CHANDRASHEKHAR AZAD : A REVOLUTIONARY MAN

Chandrasekhar Azad was born on 23 July 1906 in Bhabra, a tribal village. His father Pandit Sitaram Tiwari was a resident of Badar village in Unnao district of Uttar Pradesh. Azad's family settled in village Bhabra due to severe famine. His early life was spent in this village. It was here that he learned to operate the bow and arrow. The name of Chandrashekhar Azad, the fearless great patriot and revolutionary involved in the Kakori train robbery and the murder of Sanders, holds an important place in the history of Indian freedom struggle.

As a child, Azad was strongly influenced by Mahatma Gandhi. In December 1921, when Gandhiji had the initial phase of non-cooperation movement, at the age of just 14, Chandrasekhar became a part of this movement. In this the British also arrested him and then presented before the magistrate. Here, the magistrate was also shaken after hearing the answers given to the magistrate's questions. Actually, when Azad was produced before the magistrate, he first asked his name. In response, he said 'Azad'. The second question of the magistrate was the father's name. Azad said freedom. When the magistrate asked his home address in the third question, his answer was jail. With these answers, the magistrate was badly stung and sentenced to 15 lashes. On every whip, he kept saying 'Vande Mataram' and 'Mahatma Gandhi ki Jai'. Only then was Azad added in front of his name.

But when Gandhi postponed the non-cooperation movement in 1922, Azad was quite upset. After this, he was determined to liberate the country. After this, a young revolutionary introduced him to Ram Prasad Bismil, the founder of 'Hindustan Republican Association Revolutionary Party'. The Hindustan Republican Association was established in 1925. Azad was very impressed with Bismil. Seeing his dedication and loyalty, Bismil made Azad an active member of his organization. Azad along with his colleagues used to collect funds for the institution. Most of this money was looted and collected from the British government.

Chandrashekhar Azad made Jhansi his stronghold for a set time. He used to shoot with his comrades in the forests of Orchha, fifteen kilometers from Jhansi. Chandrasekhar Azad, being an inflexible shooter, used to train other revolutionaries as well as teach children in the name of Pandit Harishankar Brahmachari. He had become very popular among the locals with his pseudonym in Dhimarpur village. While living in Jhansi, Chandrasekhar Azad had also learned to drive.

In February 1931, at the behest of Ganesh Shankar Vidyarthi, he went to Anand Bhavan to meet Jawaharlal Nehru in Allahabad. But there Nehru refused to meet him. He then moved to Alfred Park in a rage. Sukhdev was also with him at this time. He was preparing his upcoming strategy here, when at the behest of an informer, a British contingent surrounded him there. Realizing the danger, Azad immediately removed Sukhdev from there and fired on the British. But when he had one last bullet left, he proved his words to be true by taking his own life from him. India will never forget this sacrifice made by him on 27 February 1931 at Alfred Park. After independence, this park was later renamed Chandrashekhar Azad Park and the Dhimarpura village in Madhya Pradesh where he lived was renamed Azadpura.

 

Asus ROG Phone 3 With Snapdragon 865+ SoC, 6,000mAh Battery Launched: Price in India and Features :

Asus ROG Phone 3 has been launched as the company's latest gaming smartphone. The new model has almost the same dimensions of last year's ROG Phone 2, yet it comes with various hardware-level upgrades. The Asus ROG Phone 3 comes with Qualcomm Snapdragon 865+ SoC and includes a GameCool 3 heat dissipating system with a redesigned copper 3D vapour chamber and a larger graphite film over what's available on the existing model. The gaming phone also features AirTrigger 3 ultrasonic buttons and includes dual, front-firing speakers. The ROG Phone 3 also comes with a clip-on AeroActive Cooler 3 accessory that has a kickstand and built-in fan to reduce the surface temperature by up to 4-degree Celsius.

Asus ROG Phone 3 price in India, launch offers

The Asus ROG Phone 3 price in India has been set at Rs. 49,999 for the 8GB RAM + 128GB storage variant, while the 12GB RAM + 256GB storage option of the phone carries a price tag of Rs. 57,999. The retail package of both models comes bundled with an Aero case, though the top-end variant also includes the AeroActive Cooler 3 accessory. Moreover, the Asus smartphone will go on sale in the country through Flipkart starting August 6 at 12am IST.

Alongside the ROG Phone 3, Asus has brought a ROG Kunai 3 Gamepad at Rs. 9,999, TwinView Dock 3 at Rs. 19,999, Mobile Desktop Dock 2 at Rs. 12,999, a Neon Aero Case at Rs. 1,999, and a Lightning Armor Case at Rs. 2,999. The company has also launched a ROG Clip that lets you connect the phone to a PlayStation 4, Xbox, or Stadia controller at a price tag of Rs. 1,999. The ROG Cetra Headset was launched at Rs. 7,699, the ROG Cetra Core at Rs. 3,999, and the AeroActive Cooler at Rs. 2,999.

Asus ROG Phone 3 specifications, features

The dual-SIM (Nano) Asus ROG Phone 3 runs on Android 10 with ROG UI on top and features a 6.59-inch full-HD+ (1,080x2,340 pixels) AMOLED display with 19.5:9 aspect ratio, 144Hz refresh rate, 270Hz touch sampling rate, and HDR10+ support. The display also comes with a 2.5D Corning Gorilla Glass 6 protection and has a TUV Low Blue Light solution as well as a Flicker Reduction-certified technology for eye comfort. Under the hood, the phone has the octa-core Qualcomm Snapdragon 865+ SoC, along with Adreno 650 GPU and up to 12GB LPDDR5 RAM.

For photos and videos, the ROG Phone 3 has a triple rear camera setup that includes a 64-megapixel Sony IMX686 primary sensor that has an f/1.8 lens. The camera setup also has a 13-megapixel secondary sensor with a 125-degree ultra-wide-angle lens and a 5-megapixel tertiary sensor with an f/2.0 macro lens. All this comes as an upgrade over the dual rear camera setup on the ROG Phone 2 that had a 48-megapixel primary sensor and a 13-megapixel wide-angle shooter.

The ROG Phone 3 also has a 24-megapixel selfie camera sensor at the front, along with an f/2.0 lens. The phone also has up to 4K video recording support through its rear camera setup, while the front camera is capable of recording up to 1080p videos.

Asus has provided up to 256GB of onboard UFS 3.1 storage that doesn't support expansion through a microSD card. However, the phone does have NTFS support for external USB hard drives. Connectivity options include 5G, 4G LTE, Wi-Fi 6, Bluetooth v5.1, GPS/ A-GPS/ NavIC, USB Type-C, and a 48-pin side port. Sensors on the phone include accelerometer, ambient light, gyroscope, magnetometer, and a proximity sensor. There is also an in-display fingerprint sensor. Further, the phone includes ultrasonic sensors for the AirTrigger 3 and grip press features.

The ROG Phone 3 houses dual, front-facing speakers powered by ROG GameFX and Dirac HD Sound technologies. There is also Hi-Res audio support. Additionally, the handset has quad microphones with Asus Noise Reduction technology.

In terms of power, the ROG Phone 3 packs 6,000mAh battery that supports 30W fast charging support. The battery capacity is notably identical to that of the ROG Phone 2. Besides, the new phone measures 171x78x9.85mm and weighs 240 grams.

 

HARIYALI TEEJ 2020 : DATE, PUJA VIDHI,MUHURAT, TIMINGS, SAMAGRI, MANTRA

सावन के मौसम में जब हर तरफ हर‍ियाली ही हर‍ियाली होती है यानी क‍ि धरती जब हरी चादर ओढ़ लेती है तब हर‍ियाली तीज का पर्व मनाया जाता है। यह पर्व सावन माह के शुक्ल पक्ष की तृतीया को मनाया जाता है। इस बार यह तिथि 23 जुलाई 2020 को पड़ रही है। हरियाली तीज तृतीया तिथि 22 जुलाई को शाम 07 बजकर 23 मिनट से आरम्भ होकर 23 जुलाई को शाम 05 बजकर 02 मिनट तक रहेगी. इसमें सुहागिन स्त्रियां निर्जला व्रत रखती हैं। हाथों में मेहंदी, नई चूड़ियां और पैरों में आलता लगाती हैं। इसके अलावा नए वस्त्र पहनकर देवी पार्वती की पूजा-अर्चना करती हैं।

हरियाली तीज की पूजा विधि क्या है?

हरतालिका तीज पूजा के लिए सबसे पवित्र और फलदायी समय सुबह का है। हरतालिका तीज की पूजा विधान निम्नानुसार है:

• हिंदू महिलाएं सुबह उठती हैं और अनुष्ठानों के साथ शुरू करने से पहले पवित्र स्नान करती हैं । पवित्र स्नान भक्तों की आत्माओं को शुद्ध करने में मदद करता है|
• फिर, महिलाएं नए कपड़े पहनती हैं (अधिमानतः हरे रंग के ), गहने और चूड़ियां पहनती हैं, बिंदी और हीना लगाती हैं क्योंकि वे सभी एक विवाहित महिला के प्रतीक हैं।
• महिलाएं आमतौर पर हरे रंग के कपड़े पहनती हैं क्योंकि यह हरतालिका तीज के आगमन को दिखाती है|
• भक्त भगवान शिव के मंदिरों की पूजा और देवी पार्वती और भगवान शिव से आशीर्वाद मांगने के लिए जाते हैं|
• हरतालिका तीज के पूरे दिन महिलाएं निर्जल तीज उपवास रखती हैं|
• भक्त भगवान शिव और देवी पार्वती की मूर्तियों को रेत और मिट्टी का उपयोग करके बनाते हैं और बाद में उन्हें पूजा स्टेशन (मंदिर) में रखकर उनकी पूजा करते हैं।
• देवताओं की पूजा बिल्व पत्तियों, फूलों, विशेष भोजन, मिठाई और धूप की छड़ों के साथ की जाती हैं । महिलाएं तीज के लोक गीत गाती हैं और हरतालिका तीज कथा को भी सुनती हैं जो देवी पार्वती और भगवान शिव की दिव्य कहानी है
• हरतालिका तीज उपवास पवित्र देवताओं और संबंधित देवताओं के मंत्रों का जप करके समाप्त होता है।
• शाम को, महिलाएं एक बार फिर स्नान करती हैं और एक नई दुल्हन की तरह तैयार हो जाती हैं।
• एक बार सभी अनुष्ठान पूरा हो जाने के बाद, महिलाएं अपने पैरों को छूकर अपने पतियों से आशीर्वाद मांगती हैं|

हरियाली तीज उपवास नियम क्या हैं?

हरतालिका तीज का अवसर देवताओं, भगवान शिव और देवी पार्वती के दिव्य पुनर्मिलन को चिह्नित करता है और उत्सव मनाने के लिए, महिलाऐं एक हरतालिका तीज व्रत करती हैं जिसे लोकप्रिय रूप से निशिवासर निर्जला व्रत के नाम से जाना जाता है। लेकिन उपवास को देखते हुए बहुत समर्पण की आवश्यकता होती है और पर्यवेक्षकों को उपवास को देखते हुए कुछ विशिष्ट नियमों का पालन करना आवश्यक होता है।

• इस व्रत में महिलाएं खुद को पानी और भोजन लेने से रोकती हैं|
• भक्त निर्जला उपवास करते हैं और यह निशिवासर निर्जला व्रत के रूप में व्यापक रूप से लोकप्रिय है क्योंकि पर्यवेक्षकों को पानी की एक बूंद पीने की भी अनुमति नहीं होती है।
• सभी अनुष्ठान करने के बाद, महिला भक्त अगली सुबह इस व्रत का समापन करती हैं |

हरियाली तीज पर पूजा समाग्री

हरियाली तीज की पूजा में काले रंग की गीली मिट्टी, पीले रंग का कपड़ा, बेल पत्र , केले के पत्ते, धतूरा, आंकड़े के पत्ते, तुलसी, शमी के पत्ते, जनेऊ,धागा और नया कपड़ा रखें. वहीं, पार्वती शृंगार के लिए चूडियां, महौर, खोल, सिंदूर, बिंदी, बिछुआ, मेहंदी, आल्ता, सुहाग पूड़ा, कुमकुम, कंघी, सुहागिन के श्रृंगार की चीजें होनी चाहिए. इसके अलावा श्रीफल, कलश, अबीर, चंदन, तेल और घी, कपूर, दही, चीनी, शहद ,दूध और पंचामृत आदि एक थाली में सजा लें. पूजा शुरू करने से पहले काली मिट्टी के प्रयोग से भगवान शिव और मां पार्वती तथा भगवान गणेश की मूर्ति बनाएं. फिर थाली में सुहाग की सामग्रियों को सजा कर माता पार्वती को अर्पित करें.