Bitcoin Exchanges May Come Under ED(Enforcement Directorate) Scanner

The enforcement directorate (ED) plans to scrutinize exchanges to check for potential violations of foreign exchange rules by thrne exchanges and cryptocurrency investors, said two ED officials aware of the matter.

The move follows a survey by the income-tax (I-T) department to determine how tax assessees were treating bitcoin investments. If the I-T department concludes that bitcoin is a currency, it would establish a clear violation of the Foreign Exchange Management Act (FEMA), one of the officials said. It is income-tax (department) which is heading the investigation. If it finds any violation of FEMA, we will launch an investigation. We are waiting for income-tax (department) to form its opinion on how to treat bitcoin,; said the official on condition of anonymity.

On 13 December, the I-T department conducted a survey on bitcoin exchanges across the country to see how the digital currency was being treated by tax assessees—as a commodity, currency or a financial security.

Analysts disagree on how cryptocurrencies should be classified, although market capitalization numbers for bitcoin are being bandied about as though it were an asset. The price of bitcoin has soared as much as 1,766% since the start of 2017 amid a debate on whether it is a legitimate financial asset. If bitcoin is a commodity, then goods and service tax should be payable. However, it is very early to say how bitcoins should be treated. It is after the analysis of the material collected during the survey (that) we will be able to say how bitcoin should be treated for taxation purpose,” an I-T official said on condition of anonymity.

Currently, the I-T department is looking at bitcoin under section 133A (which gives powers to the taxman to scrutinize or to inspect documents/books) of the Income Tax Act and high net worth individuals are also under the scanner, the official added.

Currently, no regulations exist for cryptocurrencies in India although regulators such as the Reserve Bank of India (RBI) have repeatedly issued warnings that trading or investing in them are risky. On bitcoin, all regulators are coming together to form regulations including RBI, Securities and Exchange Board of India and the ministry of IT (information technology). So far it does not seem to be a systemic issue but we can’t ignore it and are looking at that,” Sebi chairman Ajay Tyagi said on the sidelines of a conference on Wednesday. If there are some schemes that look like CIS (collective investment scheme), then we would look into it,” he added.

Tax experts say that taxation depends on whether you hold something as a capital asset, which is an investment.

Analysis on E Way Bills in GST Law

Analysis on E Way Bills in GST Law

1.    Who shall furnish details : Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before commencement of such movement.

2.    When to submit: If the consignment value of such goods exceeds 50,000/-. Option is given to generate and carry e-way bill even if the consignment value is less than 50,000/-  

3.    When to submit: If movement is in relation to a supply or for reasons other than supply or due to inward supply from an unregistered person. For example, if movement is for:

Supply;Export or Import;Job Work;Removal in SKD or CKD form;Line Sales;Sales Return;Exhibition or fairs ;For own use (stock transfers etc.)

4.    Supply by unregistered person: In case of supply by an unregistered person to a registered recipient, then the movement shall be said to be caused by registered recipient if such recipient is known at the time of commencement of the movement of goods.

5.    When not required: Generation of e-way bill is not required in the following cases:

1.    In case where the goods are transported for a distance of less than 10 Kms intra-state from the place of business of the consignor.

2.    Where the goods being transported are specified in annexure to the Notification no 27/2017. (mainly it covers category of goods that are exempted/ nil rated)

3.    Where the goods are being transported by a non-motorised conveyance;

4.    Where the goods are being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; or

5.    In respect of movement of goods within such areas as are notified under rule 138(14)(d) of the Goods and Services Tax Rules of the concerned State.

6.    Who should enter details in Part B and Generate the E-way bill:

If goods are transported by the registered person himself as a consignor or as a consignee through own conveyance or a hired one or by railways or by air or by vessel

The consigner/ consignee as the case may be

If goods are handed over to a transporter for transportation by road

The registered person shall only furnish the information relating to the transporter in Part B and the e-way bill shall be generated by the transporter.

When movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter.

The unregistered person or the transporter may, at their option, generate the e-way bill.

7.    When details of conveyance not required: Details of conveyance in Part B is not required to be provided if goods are transported for a distance of less than ten kms within the State or Union territory from the place of business of the consignor to the place of business of the transporter for further transportation.

8.    EBN Number: Upon generation of e-way bill on the common portal, a unique e-way bill number (EBN) shall be made available to the supplier, the recipient and the transporter on the common portal.

9.    Acceptance or rejection of e-way bill: The details of e-way bill generated shall be made available to the recipient, if registered who shall communicate his acceptance or rejection of the consignment. Where no communication is made within 72 hours, then it shall be deemed that he has accepted the said details.

10. Transferring goods in transit: If a transporter is transferring goods from one conveyance to another in the course of transit then he shall update the details of conveyance in the e-way bill before such transfer and further movement of goods.

11. Multiple consignments: If multiple consignments are intended to be transported in one conveyance, then the transporter may indicate the serial number of e-way bills of each consignment and a consolidated e-way bill may be generated by him prior to the movement of goods.

12. If goods not transported as per e-way bill generated: Where an e-way bill has been generated, but goods are either not transported or are not transported as per the details furnished in the e-way bill, then the e-way bill may be cancelled within 24 hours of generation of the e-way bill.

13. Validity of e-way bill: Any e-way bill which is generated shall be valid in every State and Union territory. However, the periodicity of validity shall be as under:

1.    Upto 100 Km - 1 day

2.    For every 100 km or part thereof thereafter - One additional day

The period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty four hours.

14. Exceptional circumstances: If goods cannot be transported within the validity period of the e-way bill due to circumstances of an exceptional nature, then the transporter may generate another e-way bill after updating the details in Part B.

15. Documents to be carried: The person in charge of a conveyance shall carry the following:

1.    the invoice or bill of supply or delivery challan, as the case may be; and

2.    a copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device embedded on to the conveyance in such manner as may be notified by the Commissioner.

16. Mandatory device in the conveyance: Commissioner may, by notification, require a class of transporters to obtain a unique Radio Frequency Identification Device and get the said device embedded on to the conveyance for mapping the e-way bill to the said device.

17. Interception of any conveyance: The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intrastate movement of goods.

18. Report of inspection: A summary report of every inspection of goods in transit shall be recorded online by the proper officer within 24 hours of inspection and the final report shall be recorded within 3 days of such inspection.

19. Physical verification of goods: No further physical verification of the said conveyance shall be carried out again in the state, if the physical verification of goods being transported has been done during transit at one place within the State or in any other State, unless specific information relating to evasion of tax is made available subsequently.

20. Vehicle intercepted for more than 30 minutes: If a vehicle has been intercepted and detained for a period exceeding thirty minutes, then transporter may upload the said information in FORM GST EWB-04 on the common portal.

IT department to impose up to 300% penalty on BITCOIN investors.

: IT department to impose up to 300% penalty  on BITCOIN investors.

Govt has regularly termed BITCOIN illegal in India..

ZEE Business News.

It department to issue notices to 4-5 lakh HNIs : BITCOIN

New Delhi: By increasing its investigation into bitcoin investment and trade, IT department has allocated 4-5 lakh high net worth individuals (HNI) notices across the country, who traded on these unrestricted virtual currency exchanges.

Taxman surveyed nine exchanges last week to examine examples of tax evasion. Department officials said 4 to 5 lakh out of approximately 20 lakh companies registered on these exchanges were involved in operational and transaction and investment.

Knowledgeable people told PTI that the Bangalore-based investigative wing of the tax department, which has examined last week's proceedings, has now sent information to the individuals and individuals who have received eight wings across the country for detailed information found on these databases. "The individuals and organizations which have been recovered by the record department are now being investigated under the expenditure of tax evasion. Notices are being issued and they will have to pay a bitcoin investment and capital gains on the trade," said a senior official of the operation.

About 4-5 lakh HNIs and their businesses are issuing notice, which will first take their related financial details and will then establish the demand for tax, if any, he said. As the bitcoins or virtual currency (VC) is illegal and uncontrolled in the country, the IT department has taken action according to the current provisions, he said.

The performance of the survey conducted under Section 133 of the Income Tax Act last week was "to collect evidence for the identification of investors and merchants, transactions conducted by them, identification of counter-parts, and related evidence used in the bank account." Other, "They said. Under the IT Act, surveys are linked to tax officials, who have made a surprise visit to the party's business office, but not their residential people

Trigger for action is believed to be a huge spike registered in the recent past in the value of bitcoins and other virtual currencies. Doubtful black money was converted into white, officials said after being printed by the use of battoocines as well as under the scanner of diploma.

Earlier this month, the value of Wikipedia increased. Prior to that, a 20% dip had been increased from within $ 10,000 to $ 20,000 at the beginning of the year, within hours. Bitcoin, virtual currency, is not regulated in the country and its center of rotation is a concern among Central Banks around the world, which is now for some time.

The Reserve Bank of India (RBI) has warned users, holders and traders of virtual currency. The government has also said that it can not recognize the legal tender of 'crypto-currency' in India. In March, the Union Finance Ministry formed an inter-disciplinary committee to suggest steps to take stock of the current status of virtual currency and globally and to deal with them. The committee has submitted its report, which is being investigated.

Deduction in respect of expenditure incurred on setting up of a Specified Business

Deduction in respect of expenditure incurred on setting up of a Specified Business

With effect from assessment year 2010-11, a new deduction u/s 35AD was. introduced to provide incentive to those assessees who sets up new business units in certain specified Areas/ Fields. This deduction shall be available if following conditions are satisfied :
(1) A unit is set up in specified businesses. 
(2) Unit of the specified business should be a new one. 
(3) Books of the assessee are audited. 

This new section shall apply in case of following businesses :
(i) Setting up and operating a cold chain facilities for specified products. 
(ii) Setting up and operating a warehousing facilities for storage of agricultural produce. 
(iii) Laying and operating a cross country natural gas or crude or petroleum oil pipeline network for distribution including storage facilities being an integral part of such network.
(iv) Building and operating a hotel of two star or above category anywhere in India. 
(v) Building and operating a hospital with atleast 100 beds for patients anywhere in India. 
(vi) Developing and building a housing project for slum redevelopment or rehabilitation scheme framed by Central or a State Government and notified by Board as per guidance as may be prescribed. 
(vii) Developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government and potified by the Board in this behalf as per prescribed guidelines [w.e.f. Assessment year 2012-131. 
(viii) Production of fertilizer in India [w.e.f. Assessment year 2012-13). 
(ix) Setting up and operating an inland Container depot or a container freight station notified or approved under the Customs Act. 1962 on or after 1-4-2012; 
(x) Bee-keeping and production of honey and bees wax on or after 1-4-20 12 
(xi) Setting up and operating a warehousing facility for storage or sugar on or after 1-4-20 12 

Rate of Deduction 
In case an assessee sets up a new business unit in the given list of the specified businesses, a deduction @ 100% of capital expenditure incurred shall be allowed. This deduction shall be allowed in the year in which this expenditure is incurred. 

Increased deduction @ 150% for following specified businesses commencing operations on or after 1-4-2012 [w.e.f. 1-4-2013] 
(i) Setting up and operating a cold chain facility; [Section 35AD(8)(C)(i)j. 
(ii) Setting up and operating a warehousing facility for storage of agriculture produce; [Sec. 35AD(8)(C)(ii)].
(iii) Building and operating, anywhere in India a hospital with atleast 100 beds for patients [Sec. 35AD (8)(C)(v)]. 
(iv) Developing and building a housing project [Sec. 35AD(8)(C)(vii)]
(v) Production of fertilizers in India [Sec. 35AD(8)(C)(viii)]. 

Following points to be noted in this connection :. 
(i) This deduction will not be available in case of an expenditure incurred on the purchase of land, goodwill or financial instruments. 
(ii) Any capital expenditure incurred by the assessee prior to the commencement of operations of the new unit shall also be allowed as deduction in the previous year in which assessee commences the operations of his new specified business. Assessee must capitalise the amount of expenditure in his books of accounts on the date of commencement of operation of the specified business. 
(iii) In case assessee has enjoyed the benefit of deduction u/s 35AD, he cannot claim any deduction for the same expenditure u/s 80 or any other provisions of Income-Tax Act. 
(iv) In case those assets regarding which assessee had claimed deduction u/s 35AD are destroyed, demolished, discarded or transferred and any money received in this connection by the assessee will have to be credited to Profit and Loss Account of the assessee. 
(v) In case of a loss in specified business, the same shall be set-off against the profit of another specified business only. In case it is not possible in that year, then unabsorbed part of the loss shall be carried forward to be set-off against the profit of the specified business in future years. Carry forward is allowed over indefinite number of years. 

The I-T Department's Descriptive Distribution BitCoin Exchange conducts surveys

The Income Tax Department today conducted surveillance operations on large wikipedia exchanges nationwide, based on the suspicion of alleged tax evasion.

He said that according to the orders of Bengal's investigative wing, various teams of department sources said today that the visit of nine such exchanges, including Delhi, Bangalore, Hyderabad, Kochi and Gurgaam, was started early in the morning.
Sources said that surveys teams are equipped with various financial data and inputs on the functioning of these exchanges and this is the first step in this case against them in this country.

Bitcoin, virtual currency, is not regulated in the country and its center of rotation has long been a cause for concern among central banks around the world.

The Reserve Bank of India has warned consumers, holders and traders of virtual currency including BattyCoins.

Under the Section 133A of the Income Tax Act, "Investors and merchants are being conducted to collect evidence, use of their practices, identity of the counterparties, and other related bank accounts to use."

Reminder of Advance Tax - Rates and Dates, Pay Advance Tax before 15th DEC 2017

Reminder of Advance Tax - Rates and Dates, Pay Advance Tax before 15^th DEC 2017
Assessee installments of advance tax is to be paid as per below

Taxpayers liable to Pay Advance Tax
* Any Assssee, including salaried employee, who tax liability for the financial year as reduced by the tax deducted / collected at source is Rs. 10,000 or More
* Resident Senior Citizen (individual who is of the age of 60 Year or More) not having income from Business/Profession is not liable to Pay.
* Assessee in respect of eligible business referred to in section 44AD is liable to pay whole amount of such Advance Tax on or before 15^th March of respective financial year 

For non corporate: 
* 30% of tax payable should be paid as advance tax on or before 15^th September 
* 60% of tax payable should be paid as advance tax on or before 15^th December 
* 100% of tax payable should be paid as advance tax on or before 15^th March 

For corporate:
*15% of tax payable should be paid as advance tax on or before 15^th June
* 45% of tax payable should be paid as advance tax on or before 15^th September
* 75% of tax payable should be paid as advance tax on or before 15^th December
* 100% of tax payable should be paid as advance tax on or before 15^th March

Mode Of Payment
* e-Payment is mandatory for all Corporates and also those assessees whose account are required to be audited u/s. 44 AB of the Income Tax Act.
* e-Payment is convenient for other taxpayers also as it ensures current credit.

Due Date for Second installment (in the case of an assessee other than a company) or third installment (in the case of a company) of advance Income-tax for the assessment year 2018-19 is 15^th December, 2017

Shree Sainath Consultancy Fees Payment option

Jay Sairam 

We are support cashless India. You can pay under mention method

You can Pay Online by Click Here

1. Use App of  Paytm/Sbi buddy/Phone Pe/Bhim app. and enter our     register mobile no. of "9376642360" & Pay your fees

2. Write Cheque favor of "Shree Sainath Consultancy" and send to  

    Shree Sainath Consultancy, 127-Ruda-1, St no. 6, Kalavad Road, 

    Rajkot 

3. Deposit Money to under mention bank(U Can use CDM Machine)

     SBI ACCOUNT NO. 20084008457

     ACCOUNT NAME- LALITBHAI PRAVINBHAI KHAKHAR

     IFSC-SBIN0000463

     IDBI ACCOUNT NO. 0119102000027858

     ACCOUNT NAME- SHREE SAINATH CONSULTANCY

     IFSC- IBKL0000119

GST REGISTRATION IN RAJKOT

What is GST Registration?

CALL ON 9376642360 FOR GST

Goods and services tax is concise because GST is an indirect tax system. GST encourages the concept of "one nation one tax forest market". Less compliance is less than GST system compared to GST system. GST has been implemented in countries to ease tax compliance and to make trade more flexible in other countries. All and all services involved in buying or selling goods and services apply or service tax or both are required.

Turnover for the business is Rs. GST registration is mandatory. 20 lakh or more and Rs. Claim 10 million and more for North Eastern states and consumer tax incentives or GST payout input tax credits. GST introduces the system simple and let us face VAT, CST, Oct., Service Tax and some alternative options. Goods and Services Tax is a tax system that simplifies things to tax consultants, freelancers, a legal system.

The government can extend the last date for linking PAN with support; Check out the deadline for PPF, bank account, mobile

SHREE SAINATH CONSULTANCY TAX EXPERT 

CALL FOR BELLOW SERVICE  9376642360

1. INCOME TAX
2. IMPORT EXPORT LICENSE IEC
3. FIRM REGISTRATION
4. GST

Considering the establishment of a Constitution Bench to hear a compulsory form of support card for services like bank accounts, insurance policies, PAN, mutual fund, PPF etc., the Supreme Court said that if the government gives a verdict in favor of the Supreme Court 3-6 After months of linking a unique identification number pen, it can delete all the pen which link Not done
This cancellation will expose all duplicate panes and cancel the anonymous transaction. Last week, Attorney General K.K. Venugopal told the Supreme Court that the center is ready to extend the connection deadline till March 31 next year. The current date for joining Aadhaar card is December 31, 2017. And in the next month, February 6 is the last time to add a base-mobile SIM.
Support for some financial services, such as urgent, to take advantage of numerous social security schemes such as PPF, NSC, KPP, mobile numbers and pension, scholarship and LPG affiliation have become necessary. However, before starting to add your support, check the deadline for different services.
PPF, NSC, KPP
Last date: December 31, 2017

If you are banking on your post office deposit like a PPF, make sure you link it to its 12-digit basis soon. Other investigations like NSC and KPP require support verification. In the Government notification, "existing depositors who have not provided the support number at the time of application for such deposit", their post number will be submitted to the savings account or the relevant Deposit Office on or before December 31, 2017. "Does not arise, one needs to provide proof of application for access to the base.
PAN
Last date: December 31, 2017

It is compulsory for Assessment Year 2017-18 to add support panel to the process of income tax return (ITR). The previous date was on August 31, when the Central Board of Direct Taxes (CBDT) extended the last date for December 31, 2017 for easy compliance by taxpayers. You can link PAN with support by entering the pen (user id), password and by entering your income filing website by entering your birth date. Now click on the 'Profile Settings' tab and select the last option 'Link Support'. You need to enter details such as gender and your support number according to PAN, registration date and pen record. Enter captcha code and submit it.
Mobile sim
End date: February 2018
If you have received your phone SIM card one year or two back then it will not be subject-tested. You can link your support with a support card in your retail operator's retail outlet and link two by February next year. Failure to do so may result in your SIM card being deactivated by the operator. Here's how to link it here.
Go to your telecom operator's store with a support card
Ask again to fill in the verification form and link the support number with the mobile number.
The operator will send a verification code to the number you are going to verify.
Provide verification code in Operator
Also, give your bio-metric equations
You will receive a confirmation message, simply type y and send it to them
The verification process will be completed in the next 24 hours
Bank Account / Mutual Fund
Last date: December 31, 2017
After December 31, 2017, your bank account will stop being operational if it is not affiliated with the base. Apart from this, the government will not open any account which does not fulfill the base-based customer (KYC) process. This is necessary for investing in a mutual fund. With a base-based KYC, you do not need to provide proof of your ID, address and you also release in person testing. This also needs to be linked until the end of this year. If your bank account is not linked to support, you can link with your bank account with different ways. To link it to net banking, you have to follow the process below;
Click on the link "Base Siding Option"
Enter your support number You will get a Transaction Number and the screen you need to complete the screen. When that is done, you get your bank's warning that it is complete.
You can also add support via SMS by sending a UID (Space) number (space) to the bank through SIS. When it is linked, you will get an SMS alert about it.
Another way to visit the branch is to photocopy your support card to your representative. After the necessary verification, the account will be linked and the subscribers will be notified by SMS.

Social Security Schemes
Last date: December 31, 2017
To properly identify the various beneficiaries of its social security schemes, the government has made mandatory declaration of support for welfare schemes such as pensions, scholarships etc. Recently, the government extended the 30-month term to three months.

GST NEWS

Exporters have been voicing concerns about challenges on account of the implementation of GST, even suggesting that they are kept out of the ambit of the new indirect tax regime and the drawback refund be expedited as it was blocking their working capital.

The government will unveil the much-awaited mid-term review of the foreign trade policy on Tuesday, which among other things would address exporters’ woes with an aim to arrest the declining trend of shipments