Sri Sakthi Groups

For my 'young friends' who want to get into business: 1. Business means making money, stability and a responsibility. 2. Don't expect a AC cabin, beautiful secretary, fancy board meetings, private jets, page 3 interviews & parties in few months of your business. It happens only in movies.  3. Never do a business in which you have no knowledge and completely dependent on a third person to run it. Don't invest everything you have. Keep aside 50% and do business only with the rest. So even if you loose you are not on roads. Pay loans on time to avoid accruing interests. Save a portion of your profit as a 'security' in emergency. Have short term plans to reach your long term plan. Long jump has short fall. So take small steps. 4. Learn to delegate but closely monitor so that you can pull up or change strategies before you hit the rock bottom 5. Expand as much as you can monitor. A safe business is better than a huge unmonitored business ...

It has been observed that taxpayers are facing problem in claiming transitional credit in respect of existing registration under earlier laws of Central Excise, Service Tax and VAT. When these registrations are mentioned in the TRAN 1 form in different tables, and transitional credit claimed against them, the tax payers gets the message of “processed with error” when they save such details. This happens because the application validates the furnished registration number under existing laws in TRAN 1 with the registration number mentioned in the registration/enrolment application. Hence, to claim transitional credit in respect of earlier registrations one must first include them in his enrolment/registration details using the non-core amendment facility and then file TRAN 1. While filing the application of non-core registration amendment, following care must be taken at the relevant places of application : One should not use special characters (-, /) while adding Service Ta...

Registration as GST Practitioner GST Also brings a concept of GST Practitioner for those who intend to appear before the GST Authority for any matter. The following article discusses the eligibility criteria, relevant forms, procedure etc. *ELIGIBILITY CRITERIA TO APPLY FOR GST PRACTITIONER* Following are the eligibility criteria to apply for GST Practitioner: a. i. The person is a citizen of India. ii. The person is of a sound mind. iii. The person is not adjudicated as insolvent. iv. The person has not been convicted by a competent court for an offence with imprisonment not less than two years And satisfies any of the following conditions, b. He is retired officer of Group-B Gazetted officer of any state VAT Department or CBEC or department of Revenue, or c. A Graduate or Post graduate of commerce, Law, Banking, Business administration, Business Management from any Indian University established by law. d. Person who has cleared any degree (as mentioned in...

In relation to supply (like goods delivery to customer, goods sent as samples, replacement under free warranty etc.) For reasons other than supply (like personal & non-business consumption, Job Work etc.) Due to inward supply of goods received from unregistered person. (Reverse charge due to purchase from unregistered person.) A new e-way bill in  FORM GST INS-01  is required to be generated by transporter if he transfers goods from one conveyance to other. In case of multiple consignments in a single conveyance, a consolidated e-way in  FORM GST INS-02  is required to be generated by the transporter to be carried along with the individual consignment e-way bills. S. No Distance Validity period 1. Less than 100 km One day 2. 100 km or more but less than 300 km Three days 3. 300 km or more but less than 500 km Five days 4. 500 km ore more but less than 1000 km Ten days 5. 1000 km or more Fifteen days ...

Dear Freinds Plz do not create panic ....and support this mononey surgical strike  of Govt. We have to do following steps: 😉Find out Rs. 500 and Rs. 1000. 👻Buy only essential items in cash. 😇Use Rs 100 Or less note, available at you with your future planning & needs. 👂🏻Take suggetion from Chartered Accountant prior to Exchange of money. 🗣Find out to source of Cash wich will  be exchanged to the bank. 👉Becz Income tax depptt. Will issue notice for that. Just have consider in Quick way 👉 1. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to ...

IT Deductions for FY 2017-18 (AY 2018-19) 80C Deduction for 2017-18 [Contribution to PPF, LIC etc] and 80CCC [Pension Funds] and 80CCD(1): Maximum of Rs.1,50,000 Deduction for the above two. 80CCG [Investment in Equity Savings] 50% of amount invested Or Rs.25,000 Whichever is lower 80DD [Maintenance and Medical Treatment of Disabled dependent]: Flat Deduction of Rs.75,000 (In case of severe disability i.e., 80%, Deduction is Rs.1,25,000] 80D [Medical Insurance Premium]: Rs.25,000 allowed (Rs.30,000 in case of senior citizen) 80DDB [Medical treatment for specified diseases]: Rs.40,000 for Normal Individuals Rs.60,000 for Senior Citizens Rs.80,000 for Super Senior Citizens 80E [Interest on Educational Loan]: Deduction allowed in Initial Assessment Year and 7 preceeding years. 80G [Donations]: 50% and 100% in different cases. 80GG [Rent]: Least of the following is allowed as deduc...

KINDLY MAKE NOTE OF THE FOLLOWING CHANGES IN INCOME TAX LAW THAT COME INTO EFFECT FROM 1-4-2017 😊 For #NOV17 Attempt..... (1) Limit for payment of expenses by cash  (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person.  Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes.  However, the cash payment limit for lorry fright etc. remains the same at Rs.35000. (2) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) — (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or  (c) in respect of transactions relating to one event or occasion. The penalty for violation of above is to be a sum equal to the amount of such receipt. (2A)  In view of the newly introduced above said penal provisions relating to cash sales, the existing provisions (in vogue from 1.6.2016) relating to ...