CONSULTAX INDIA

GENERATION OF E-WAY BILL: 1. PART A OF EWB- If Value of Goods> 50,000.,.then this part to be furnish by the person who is causing movement of goods 2. PART B OF EWB- It is to be furnish(fill) by person who causes movement of goods i.e sender/reciever when they are transporting on their own behalf.  GENERATION OF E WAY BILL BY TRANSPORTER THIS HAPPENS Only when E way bill not generated by Sender. BUT still in this case also Sender(i.e registered person) have to fill part A & B of EWB. After receiving goods transporter generate EWB on the basis of part A & Part B of EWB. AUTO POPULATED E-WAY BILL Registered person issued Invoice in GST INV-1  upload invoice on common portal generate Invoice Reference No. and same no. is valid for 30 days Here in this case no need to fill part A of EWB.,.it is auto populated on Common portal on the basis of GST INV 1 Then E way bill Number is generated and same shall be made available to sender/reciever/trans...

WHEN REQUIRED: Where movement of goods Value more than Rs. 50,000 GENERATED BY WHOM?? Every registered person causes movement of goods: in relation to supply-sale of goods for reason other than supply-means sales return, purchase return, goods send to job work, goods send for testing purpose- IF Goods sends to job worker of another state- then EWB has to be generated by Principal Sender Irrespective of Value of goods. Due to Inward Supply from Unregistered Person- means seller of goods is unegistered and buyer is registered, here registered buyer has to generate EWB. Explanation If sender/buyer transporting goods thru Railway, airway  or vessel on their own behalf- EWB to be Generate by themselves If Goods are handed over to road transporter- EWB Generated by Transporter. If no one generate EWB and value is more than 50,000 - Transporter generate EWB.  

Public Provident Fund (PPF): INSTALMENT PAID IS DEDUCTED UNDER SECTION 80C INTEREST INCOME IS UNDER EXEMPT INCOME UNDER HEAD OTHER SOURCE Investors can avail loan facility against PPF deposits from the 3rd financial year up to the 6th financial year. The investor can also make one withdrawal every year, beginning from the 7th financial year, of an amount that does not exceed 50% of the PPF account balance: a. At the end of the fourth year immediately preceding the year of withdrawal, or b. At the end of the preceding year, whichever is lower

AS 2 talks about exclusive method of accounting i.e taxs and duties which are recoverable from tax dept not to be added to the cost of inventories FOR VALUATION OF FG.,excise duty is to be added to the its value and provion for excise duty is to be made on the debit side of trading account. Hence it doesnot impact the profit and loss account. SECTION 145A TALKS ABOUT THE INCLUSIVE METHOD ie , all the duties and taxes even if recoverable are to be added to the value of inventories, purchases and sales. WHAT IS EXCLUSIVE METHOD?? INPUTS are to be recorded at cost without duties SALES  are to be recorded at net of duties or taxes TAXES ON PURCHASE  are to be debited to separate account says excise duty on purchase account DUTIES ON SALES  entered on separate a/c say excise duty on sales a/c. Entries on excise account on purchase adjusted with excise account on sales and net excise duty daty payable with PLA or refundable. THE METHOD IS PERMITTED BY ...