Balakrishna & Co., is a firm of Chartered Accountants based out of Bangalore, India established in the year 1988. We have been rendering a multitude of services under one roof over the past 24 years, especially in the field of back office management services, audit and assurance, direct and indirect taxation, international taxation, corporate law, management consultancy, matters relating to FEMA, mergers and acquisitions, and other allied areas.
Balakrishna and Co has been serving clients from across various industries and we believe in providing comprehensive solutions to assist its clients in meeting the challenges of a dynamic business environment.
We pride ourselves on a rare talent pool comprising of six Chartered Accountants [Indian CPA], a company secretary and a cost accountant. We use state of the art, international, cloud based accounting, payroll and CRM software. We have also been serving international clients from various countries such as USA, France, UK, Holland, Spain, Hungary, Taiwan, Singapore, China, Japan, Romania, Switzerland, Suriname and South Africa.
We are committed to providing unmatched quality services in a time-bound manner and believe in empowering clients through the continuous cycle of knowledge sharing. We strive to deliver value and build long term associations with its clientele.
We are certain that this knowledge portal will be of immense help to all its users!
Mandatory quoting of Aadhaar Number at the time of filing income tax Return and applying for PAN card:
The Finance Bill, 2017 as passed by Lok Sabha introduced a new section 139AA which provides that every person who is eligible to obtain Aadhaar Number is required to quote Aadhaar Number in :-
a) PAN application form;
b) Return of income.
A person can quote the Enrollment ID of Aadhaar application form in case he does not possess the Aadhaar Number.
Every person who has been allotted PAN shall intimate his Aadhaar Number to the authority which will be notified by the Central Govt. In case of failure to intimate the Aadhaar Number to such authority, PAN allotted shall be deemed to be invalid and it shall also be deemed that the person had not applied for allotment of PAN.
It is a welcome move by the Government. It will put kerbs on instances of issuing multiple PAN to a single individual. Further, quoting of Aadhaar number would restrict granting of subsidies to only those individuals who are eligible to claim it.
TCS on cash transactions scrapped
The existing provision to collect 1% TCS on cash sale of jewellery above five lakh rupees has been proposed to be omitted. After omission of such provision the TCS liability would attract on any cash transaction for goods or services above rupees two lakhs.
Now the TCS provision on cash payments has been proposed to be omitted. So, any cash receipt of rupees two lakhs or above would only invite penalty on seller as per provisions of Section 269ST. In that case there would be no liability to collect TCS from buyer on such payment.
GST Migration by service tax and central excise assessee
With respect to GST migration, it is to state that the process of migration to GST has been going since 20.01.2017 in the case of Central Excise (when all) and since 09.02.2017 in the case of Service Tax. This migration process is for Central Excise and Service taxpayers who are not getting migrated through State VAT. Provisional ID's were made available to taxpayers via ACES website. If you have got the provisional ID's kindly contact concerned superintendent of Service Tax/Excise department immediately and migrate it to GST network
For more information visit http://balakrishnaandco.com/category/gst/