DP Management Consultancy Services

DP Management Consultancy Services DP Services is a team of Dedicated Professionals in providing complete Financial solution with a con

DPMCS is a Accounting and Tax Consultancy Firm managed a dedicated professional team. We are providing Accounting, Taxation and other professional services to our various individual, firm and company clients. "WE TALK SIMPLE AND PROVIDE SOLUTIONS"

We started this setup in the concept that outsourcing is key solution of successful business as it save time, space, manpower and offering a convincing

business value proposition for enterprises. Our team consists of Finance & Accounting experts and Business Process Management across the entire range of necessary skills. Financial Accounting: Team is well experienced in preparation of Financial accounting as per the Indian Accounting standard and Income Tax rules and regulations and IFRS reporting for Multinational Companies. Management Accounting: We prepare Management accounting that helps management to understand the financial data in simple and easy way and comparing it with the competing industry data and providing financial forecast, budget and projections based on the historical data to enable to take necessary action by the management to achieve goal of business and helps in controlling office running cost. Debtors and Credit Control: Team is well experience in recovering Debtors and controlling creditor to manage routine cash flow of the company. We directly deal with client’s debtors and creditor for setting up credit period of the payment. Tax compliance: Preparation data for Income tax purpose, filing tax return and handling tax assessment for the company, firm and individuals. Preparation of TDS Returns, Service Tax Return, Transfer Pricing, tax audit and other tax compliance like service tax scrutiny, settlement of TDS demand and tax compliance. Legal compliance: We prepare legal agreements for the company. Our legal team handles are legal compliance to partnering you with your clients. HR related Compliance: Our experience team prepares tax friendly packages for staff salary, employee’s verification, Employees provident fund and pay rolls. Statutory Audit & Tax audit: We have impaneled Accountancy firm to handles internal audit, statutory audit, Tax audit and Transfer Pricing. Secretarial Compliance: We have our Company Secretaries firm that handles all Secretarial compliance to be done with the Registrar of Companies and updating all records required as per the companies Act like Minutes of the board meeting, annual filing and others routine filings.

27/11/2018

It's time for GSR 9 due on 31st.

04/07/2018

Hello friends,

Collect you documents and file your tax return:

If you are salaried person:
A) collect your form 16 along with complete salary detail from your employer
B) take your bank statement for the period April to March and check if you have any other income
C) download ITR 1 and file detail there and make your return
Thanks

23/06/2018

Important dates:
7th July pay TDs you have deducted

10th july file gst return form 1 for May

15th Pay employees contribution to pf department
20th pay gst return B
31st file your tax return if not required audit otherwise penalty rs.5000 applicable
Thanks

16/06/2018

Don't wait for last date, file you tax return. This time after the due date of filing Tax return there will be penalty of Rs. 5000/- . So don't wait for last date file you tax return today.
Contact us for our assistance in this matter 9871293894

01/02/2018

Budget highlights:
1) Health and education cess now 4%
2)Long term capital gain tax above Rs. 1lakh in listed stock at 10%
3)Standard deduction Rs. 40k for salaried employees but removed Rs. 19200/- transport factility and 15,000 medical reimbursement. so only 5800/- additional benefit to 2.5cr salaried employee.
4) No change in tax slabs
5)25% coporate tax upto 250 cr turnover companies.
6)President salary will now be Rs. 5lakhs, Vice president Rs. 4lakhs and governor Rs. 3.5lakhs per months.

21/01/2018

Educating GST

07/01/2018

Happy New Year 2018.

16/09/2017

Wanted Sr. And Jr accountants contact immediately

21/05/2017

Certain important points noted are :

# GST will 100% be implemented on 1.7.17

# Types of taxation in GST
IGST : Integrated GST
CGST : Central GST which with replacement CST
SGST : State GST which will replace VAT

# WEF from 1.6.17 : Migration towards enrolment of GST will start till 15.6.17

# Registration certificates will be issued online

# there will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.

# 5 forms on different dates have to be submitted every month
R1 form on 10th
R2 form on 13th
R3 form on 15th
R4 form on 17th &
R5 form or final returns on 20th
You cannot file revised returns at all. Once filed on 20th is final.

# tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.

# In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.

# be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake

# your firm rating will be done by the system. Based on the rating audit trials will be conducted.

# proposed e sugam for ₹50000 & above value only.

# proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40

# 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services

# You need to submit 17 documents for migration to GST

# Most products MRP to come down.

# Distribution + C & F channel under threat

# All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.

# All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop.

# The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.

# All books & records to be maintained on daily basis.

# You will need a full time accountant in your shop/office to maintain books under GST.

# All travel & tour expenses related to business have to be claimed under firm name.

# If your vendor does not upload his bills within 180 days , you will not get tax credit.

# You cannot claim credit for material in stock beyond one year.

# They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.

# All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.

# Your Vat credit will not be carry forwarded to GST.

02/04/2017

Changes in IT law that come into effect from 1-4-2017 -

(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.

Examples for above -

👉 i) If one sells goods worth Rs. 200000 through two different bills of Rs.100000 each to one person and accepts *cash in single day* at different times then section 269ST(a) will get violated.

👉 ii) If one sells goods worth Rs. 200000 through *single bill* to another person and receives cash of Rs.100000 on day 1 and another Rs.100000 on day 2 then section 269ST(b) will get violated, since it pertains to single transaction.

👉 iii) If one accepts cash of Rs.180000 for *sales* and Rs.20000 for *freight charges*, then section 269ST(c) will get violated even if cash is accepted on different dates, since they pertain to a single sales event.

👉 iv) If one sells his car for Rs.200000 and receives the amount in cash, then penalty levied on him will be Rs.200000.

(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 collection of TCS @ 1% on cash sales exceeding Rs.2 lakhs (Rs.5 lakhs, in the case of jewellery) are deleted. Consequently, there is no need to collect TCS on cash sales exceeding Rs.2 lakhs. Straight away it will attract equal amount penalty now.

(3) For below Rs.2 crores turnover cases -
👉 For Non Cash Sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/Gross Receipt.
👉 For Cash Sales : Net Profit will be taken as 8% of Turnover/Gross Receipt.

(4) Tax Exemption limit is Rs.2,50,000/- (same as earlier) -
👉 After that, upto Rs.5 lakh, Tax Rate is 5% (earlier it was 10%). Tax rebate of maximum Rs.2500 will be allowed, for total income upto Rs.3.50 lakhs.
👉 Individuals having total income exceeding Rs.50 lakhs but below Rs.1 crore, are to pay surcharge @ 10% of the tax. Those having total income exceeding Rs. 1 crore shall continue to pay surcharge @ 15%.

(5) Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirements) - deduct TDS @ 5%.

(6) Capital Gain in respect of Land & Buildings -
– Periodicity for long term Capital Gain is reduced from 3 years to 2 years.
– Base year shifted from 01.04.1981 to 01.04.2001 for all assets including Immovable property.

(7) Corporate tax rate for the account year 2017-18 for companies with annual turnover upto Rs. 50 crores (in the account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.

(8) Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G, unless these are made using modes other than cash. Consequently, trusts accepting 80G donations may advise their donors to give donations exceeding Rs.2000 vide cheque / RTGS / digital modes.

(9) Sale of unquoted shares to be taxed at (deemed) fair value.

(10) In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.

(11) From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.

(12) Every person who is eligible to obtain AADHAR number, should quote such number, on or after 1 July 2017, in the Return of income. Furthermore, every person who has been allotted PAN as on 1st July 2017 must intimate the AADHAR number to the Tax Authority, failing which, PAN allotted to such person shall be deemed to be invalid. Kindly note that linking of AADHAR with PAN is not possible, unless name as per AADHAR and PAN match perfectly. Hence, please take steps to rectify your name as per AADHAR to match as per PAN.

(13) Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval of the modified clauses.

Urjit Patel new RBI Governor
21/08/2016

Urjit Patel new RBI Governor

21/08/2016

You must have Term Plan and Medical Insurance with you.

Address

Flat No. C-3
Delhi
110017

Opening Hours

Monday 10am - 6:30pm
Tuesday 10am - 6:30pm
Wednesday 10am - 6pm
Thursday 10am - 6pm
Friday 10am - 6pm
Saturday 9am - 2pm

Telephone

09871293894

Website

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