KPMC & Associates

02/04/2019

Please view Live Webcast on “Audit Documentation with Special Emphasis on Bank Audit"
by our senior Partner CA Sanjay Mehra
on 2nd April 2019
from 2pm onwards at

01/01/2019

14/11/2018

Team KPMC wishes everyone a very happy children’s day!
Let’s keep the child within us alive.

07/11/2018

Wishing everyone a very happy, prosperous and safe diwali. . . .

30/10/2018

Team KPMC wishes their Senior Partner, CA Sanjay Mehra, a very happy birthday.
You have always been a source of motivation on how to perfectly blend work and fun.
Thank you for all the guidance and support.

24/09/2018

If you still haven’t figured your taxes out, contact us right away!!

CBDT extends due date for filing of Income Tax Returns & audit reports from 30th Sept,2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain

18/09/2018

Contact us for expert assistance!!

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16/09/2018

TDS under the provisions of GST law applicable w.e.f 1st October 2018 for Government and specified undertaking:

TDS applicability

Following persons are required to deduct TDS w.e.f 1st October 2018:
a department or establishment of the Central Government or State Government; or
local authority; or
Governmental agencies; or
an authority or a board or any other body, -
set up by an Act of Parliament or a State Legislature; or
established by any Government,
with fifty-one per cent. or more participation by way of equity or control, to carry out any function;
Society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);
public sector undertakings
TDS will be deducted if total value of supply, under a contract, exceeds INR 2,50,000/. In contract value CGST, IGST, UTGST, CESS will not be added.

Exception

TDS will not be required to deduct where supplier as well as place of supply is in the same State and the Recipient is registered in another State.
Example: Supplier and Place of Supply are in Delhi and Recipient is registered in Haryana.

Rate of TDS

CGST 1% plus SGST 1% or IGST 2% will be deducted from the payment made or credited to the deductee.

Registration for TDS deduction

Registration for TDS deduction will be done through REG-07.This is compulsory registration irrespective of threshold limits of turnover..

Deposit, TDS certificate and Return
The TDS deducted shall be paid to the Government within 10 days from the end of the month, in which the deduction is made.
Deductor has to issue the TDS certificate to the deductee in FORM GSTR-7A within 5 days of crediting the amount to the government. Late fee of INR 200/- per day ( CGST+SGST/UGST) from the day after the expiry of five days period until the failure is rectified, subject to a maximum amount of INR 5,000/.
Return has to be filed in GSTR-7, on or before the 10th of the following month.

10/09/2018

Taxpayers having aggregate turn-over up to Rs 1.5 crores, the due date for furnishing FORM GSTR-1 for the Quarters from July, 2017 to September, 2018 has been extended till 31.10.2018. Notification Nos. 43 and 44/2018 – Central Tax dated 10.9.2018 have been issued in this regard.

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06/09/2018

Love > Hate
It’s time to celebrate the right to love.
The Supreme Court’s decision today is an assurance of existence of freedom for every citizen of the country.
Team KPMC congratulates everyone who has been fighting all these years for their rights. Nobody deserves to be judged for being themselves and for being open about their choices

06/09/2018

Wonderful Morning Read!!

THE NAKED TRUTH

According to a 19th century legend, the Truth and the Lie meet one day. The Lie says to the Truth: "It's a marvellous day today"! The Truth looks up to the skies and sighs, for the day was really beautiful.

They spend a lot of time together, ultimately arriving beside a well. The Lie tells the Truth: "The water is very nice, let's take a bath together!" The Truth, once again suspicious, tests the water and discovers that it indeed is very nice. They undress and start bathing. Suddenly, the Lie comes out of the water, puts on the clothes of the Truth and runs away. The furious Truth comes out of the well and runs everywhere to find the Lie and to get her clothes back. The World, seeing the Truth naked, turns its gaze away, with contempt and rage. The poor Truth returns to the well and disappears forever, hiding therein, its shame. Since then, the Lie travels around the world, dressed as the Truth, satisfying the needs of society, because, the World, in any case, harbours no wish at all to meet the naked Truth.

~ From “The Truth coming out of the well"; Jean-Léon Gérôme, 1896.

05/09/2018

Team KPMC wishes the most important element of our society a very happy teacher’s day.
Here are the glimpse of teacher’s day Celebration at Office.