Is PAN Card Compulsory for Quotations In Financial Transactions?

Quoting-PAN-Card

A PAN (Permanent Account Number) card is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is an important document, especially for calculating financial transactions. As it is known to all that through PAN card the Income Tax Department keeps tabs on financial transactions of an individual. PAN card is more than just an identification document; in fact, it is a very useful mean to calculate the total tax revenue that is generated in the country.

Income tax Department has made PAN card compulsory for every transaction with the IT department. It is also compulsory for various other financial transactions such as an opening of a bank account, cash deposit in banks, opening of Demat Account, any dealing done in securities, and such other transactions.

Every individual person shall quote his PAN in all documents pertaining to the transactions specified in rule 114B. The following are the transaction was quoting the PAN Card is compulsory

  • During the time of depositing Rs.50000 and beyond at a bank whether private or nationalized.
  • On sale or purchase of any immovable property that is exceeding the amount of Rs 10 lakh or more. Even if the amount valued by stamp valuation authority referred by section 50C of the amount that I exceeding Rs.10 lakh.
  • If the bill amount of a hotel stay which is exceeding to R 25,000 at any one time
  • Payment is done against the life insurance premium to the insurer, aggregating amount exceeding to 50,000 or more
  • When the investable amount is Rs 50,000 or more when investing in Mutual Funds.
  • Payment made in connection to any international travel, or payment made in connection to purchase done on buying any foreign currency amount exceeding to Rs.50000.
  • When opening a bank account including cooperative banks also.
  • Applying to a bank /co-operative bank or any other institution for credit or debit card.
  • On purchase or sale of motor vehicle apart from two-wheelers.
  • On Purchase of shares, debentures or bond of a company worth Rs 50,000 or more.
  • On purchase of DD, pay order or banker’ cheque for an aggregated amount of 50,000 or in a day through cash.
  • When an amount exceeds more than 1 lakh per transaction for the contract of sale and purchase of securities other than shares.
  • While the opening of the bank account for a minor the PAN card of the mother father or any guardian is required.
  • Payment is done to RBI for purchasing bond issued by it exceeding the amount to Rs. 50000.
  • Purchase or sale of good or service amount exceeding to Rs 2lakh and more.
  • Payment to a dealer of an amount of five lakh rupees or more at any one time.
  • Sale or purchase of a share of a company not listed in recognized stock exchange amount worth Rs 1 lakh per transaction.
  • A cash deposit of aggregating to more than Rs 2,50,000 during the period 09th November 2016 to 30th December 2016 {Kindly recheck this point}

The below points to be noted:

  • Anyone who doesn’t have a PAN card and gets into the above-mentioned transaction needs to make a declaration in Form No 60. Giving therein the detail of such a transaction. The declaration can be done in two ways either on papers or electronically through verification code.
  • The above quoting of PAN is not applicable to the following
  • Central Government, the State Governments and the Consular Offices;
  • “Payment made in connection with travel” consist of payment done towards fare, or to a travel agent or a tour operator, or to an authorized person.

5 biggest CRM trends that will impact your business in 2019

CRM Trend 2019

One of the most important tasks for any company to perform on a regular basis is Customer Relationship Management. You can differentiate success and well-documented failure with an optimized CRM strategy. Therefore it is necessary for companies to learn CRM trends and make use of CRM strategies. Let’s understand the top 5 CRM trends that will have a tremendous impact in 2019.

Ready? Let’s break it down.

Social CRM will improve relationships

Today social media plays a huge role for any company. Customers prefer to have an open dialogue with companies. For this social CRM leads to capturing more customer data and designing more customer-friendly environments that feel rewarding and it also prompts them to continue sharing more data. Companies try to fulfill customer’s expectations so this leaves no choice for businesses but to become more social. Overall, a comfortable customer will always share more on a social platform.

CRM will become more mainstream

Currently, CRM adoption rates are very unstable across the industries. But soon companies have to give prime focus to it. CRM will tend to attract investors in the long run as it will become important for everyone from leaders to tech teams to recruiters. If everyone in the industry will understand the importance of CRM then it will become easier for companies to face unique challenges and create more opportunities.

Response times will drop dramatically

Today, Artificial Intelligence has taken a place everywhere. Social media has bought everyone closer. A customer expects a quick reply to their query and they want instant service thus CRM tend to be more responsive. For instance, Hubspot tracks customer interactions through phone, email, and social media seamlessly. This is just a glimpse of what’s down the road. This kind of communication will take place on both ends so AI assists consumers much faster than a human can.

Stronger Data Security

The CRM ecosystem lets you place your budget, human resources, and capital infrastructure under one system which means customer’s data and trade insights are completely stored in a centralized CRM system instead of disconnected desktops. For the better security, you can assign authority to selected employees along with keeping a close tab on a single channel for possible breach.

Data mining technology will be the next leap forward

It happens that even as successful CRM strategies tend to avoid a lot of data on the table and together all this excess data will not be able to put in use. CRM will not only utilize advance AI but it will also make it more meaningful.

Final Thoughts

In 2019 you will see CRM will be in every company. CRM will use technology like voice and mobile which will not only improve customer experience but also enhance user experience. There will be a lot to see in the future as CRM will progressively become an important part of companies. With the availability of AI, machine and automation CRM will make sales, service, and marketing easier. In short, CRM will benefit everyone.

32nd GST Council Meeting – All updates and important decisions taken

32nd GST Council Meeting

The GST Council meeting was held on 10th January 2019 in New Delhi to bring some benefits to medium and small-scale enterprises (MSMEs) with regards to GST exemption and permitted 6 % composition scheme for the services sector.

Addressing a press conference after the 32nd GST Council meet, Finance Minister Arun Jaitley declared that the services sector will now be eligible for benefits under the composition scheme, which was only applicable to manufacturers and traders earlier.

In the meeting, GST council has broadly taken below mentioned decisions –

The limit for the suppliers of goods i.e. Rs. 40 lakhs and Rs. 20 lakhs for exemption from registration and payment of GST. States would be given an option to decide about one of the limits within a weeks’ time. However, the threshold for registration for service providers would continue to be Rs 20 lakhs and in the case of Special category States Rs 10 lakh.

A composition scheme will be made available for suppliers of services with a tax rate of 6% (3% CGST + 3% SGST) whose annual turnover in preceding financial year up to Rs 50 lakhs. The said scheme shall also be applicable to both service providers as well as suppliers of goods and services, who are not eligible for the presently available composition scheme for goods.

The limit of annual turnover in the preceding financial year for availing composition scheme for goods will be increased to Rs 1.5 crore. Special category States will have to decide within one week about the composition limit in their respective States.

Those who come under the composition scheme or want to avail it will have to pay tax on a quarterly basis as only one return has to be filed during a year.

Meanwhile, the Council is yet to take a call on the real estate sector. Jaitley said that a 7-member GoM has been constituted to discuss ways to tackle issues in the ailing sector.

GST Council also approved the levy of cess on the inter-State supply of goods and services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.

Similarly, if any state faces a natural disaster may approach the GST Council to demand a similar solution.

When asked whether there will be further rationalization of GST slabs or tax rates, Jaitley said further rate cuts can be discussed only when there is a rise in revenue collection.

Taxpayers under composition scheme will now need to file one annual return but payment of taxes would remain quarterly (along with a simple declaration)

Following matters were referred by the Group of Ministers

  • Proposal for giving a composition scheme to boost the residential segment of the real estate sector.
  • GST rate structure on lotteries.

All the changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with amendments in CGST Rules, Circulars and notifications issued earlier and the corresponding changes in SGST Acts would be alert w.e.f. 01.02.2019.

Top 5 Best Billing & Invoicing Software Vendors in India

gst billing invoices india
Sometimes it is impossible to make your customers enjoy paying their bills, but you can always make the payment process quick and simple for them. You can offer customers new payment channels like electronic payment channels and mobile payment networks. There are a number of products available to help you get a better handle on your billing and invoicing operations.

This software can track your sales or services rendered such as who was billed, the fees or charges applied, and when payment was received (or when it was supposed to be received but wasn’t). It also provides you with a data path to record all of that data in your other accounting and bookkeeping systems. In accounting terms, this workflow is an element of Accounts Receivable. There are smaller businesses which still maintains these kinds of records and prepare invoices using a spreadsheet or word processing application while some use specialized software apps that perform the task quicker, more easily, and with much less effort and the best part is, many of them are inexpensive or even free to use.

Zoho Invoice

Pros:

  • The Free version is available.
  • It has Robust billing functionality. zoho
  • You can use Project tracking features for hourly billing.
  • It has Strong documentation.

Cons:

  • It Lacks Zoho Inventory integration.

Bottom Line: It has a solid billing platform for small to midsize businesses (SMBs). It also integrates with much of the Zoho ecosystem making it even better.

FreshBooks

Pros:

  • It has an Exceptional user experience. 
  • It provides new team collaboration tools, estimates, and projects.
  • It can handle multiple businesses.
  • It has also got context-sensitive settings.Cons:
  • It does not record products.
  • Lacks in inventory tracking.
  • It does not consist of expansive customer records.

Bottom Line: The new FreshBooks is a refined, intuitive online accounting system. For freelancers and sole proprietors, it is the best choice. Though, it still lacks inventory tracking and a few other features from the preceding version.

QuickBooks

Pros:

  • It has an exceptional user interface and navigation. 
  • It can easily track expenses and income.
  • Has automatic mileage tracking.
  • You can assign business transactions to Schedule C categories.
  • It can also Estimate quarterly income taxes and OCR capability.

Cons:

  • Lacks direct integration with e-commerce sites.
  • It does not record data, time tracking, project tracking, or recurring transactions.
  • Invoices not customizable or thorough.
  • No estimates or sales tax.

Bottom Line: QuickBooks is a Self-Employed tool to make it a good fit for some freelancers and independent contractors, but others will miss standard features like time tracking, project tracking, and estimates.

Xero

Pros:

  • You can get detailed records and transaction forms. 
  • It can track inventory.
  • You can customize reports.
  • It has online Quotes.
  • A better smart list.
  • An exceptional online support.

Cons:

  • Payroll tax management is not available for all states.
  • It does not have a dedicated time tracking or project management.
  • Lacks in phone or chat support.

Bottom Line: Xero is an exceptionally great double-entry accounting app that excels at many of the basics a small business might need, such as records and transactions which support sales and purchases, payroll processing, and inventory management.

Easy GST

Pros:

  • Perfect for any business type like a start-up or, restaurants, NGO, or creative studios.
  • Leverages a white label solution on the cloud Easy GST
  • You can easily customize invoices, billings or reports
  • It Includes multi-currency feature
  • You can make a detailed contract or proposal.
  • Is GST enabled
  • You can find local accountants near-by easily

Cons:

  • The trial version is only for 30 days
  • UI/UX is little complicated
  • The Mobile app has limited feature constraints

Bottom Line: And Co is a solid invoicing tool aimed primarily at freelancers. It’s good for its target market, though it’ll have some inflexible limitations for those who need more features from their billing system.

Billing and invoicing software can manage your finance process easily. Businesses can use it to improve different financial processes to make them more efficient.

GST Billing And Accounting Software In India

GST-Software

Today, every business needs a new billing management system, which should work according to the new tax regime of India. For this, many companies like ClearTax, Tally, and Marg Accounting has introduced their new billing software, which has been developed completely based upon the new Goods and Service Tax guidelines.

A billing and invoicing software help businesses perform automated calculations, keeping taxes in mind. Additionally, they are also useful for bookkeeping and record-keeping purposes.

To help businesses choose, here’s a list of the top 10 billing and invoicing solution available in India:

How To Find The Best GST Software?

Like every person, every firm is different and has its own expectations from any accounting software. Based on your business, you should check the following points:

1) Software should include all requirements relating to payroll.

2) The system should be able to track available stock, work in progress, orders, jobs, and other task management requirements

3) There should be a provision which can handle more than one bank account.

4) Whether the software handles foreign exchange.

5) There should be a system to keep records of each business or various departments under one business unit.

6) Check whether the Software provides you with an online platform for different activities such as online payments, verifying records,

7) Whether the system can manage different records on what do customers buy, how much they buy, a tax charged on it, etc

Features:

1) According to the business, it should customize the look and generate GST invoices.

2) Different categories. Should be there for different expenses.

3) By importing the bank transactions it should generate the Reconciliation Statement (BRS).

4) Inventory purchases and purchase orders (PO) will be recorded.

5) Record-Journal Voucher entries.

6) Managing database of customer and vendors.

7) Updated information about accounts payable and accounts receivables so that the user is well aware.

8) Help in generating Balance Sheet, Trial balance reports, and Profit and Loss statements as for and when needed.

9) Give platform for different users to use it in a business unit at the same point in time as at times there are different users in one business unit.

To help businesses choose, here’s a list of the top 5 billing and invoicing solution available in India:

Zoho Invoice

zoho

Zoho Invoice is a hassle-free invoicing & billing software that helps businesses send automated payment reminders to their customers and get paid faster online. This web-based solution empowers businesses with the best-automated tools, to smoothen and simplify invoicing operations. With Zoho, users can create invoices, perform faster payments and manage projects on the fly.

QuickBooks

quickbooks

Quickbooks is a reliable and scalable invoicing and billing software for businesses of any scale. Using Quickbooks, users can manage their business and stay organized anytime, anywhere on their computer, mobile or tablet. Create customized and professional invoices, sales receipts and estimates that can be sent in minutes, using QuickBooks.

Sleek Bill

sleekbill

Sleekbill is a simple and efficient billing software which has been specially designed for the Indian market. The software assists in making your invoicing operations efficient. It is a fast and highly scalable solution which can also be used to generate quick and detailed reports, backup/restore data, print/e-mail invoices, and perform GST calculations.

HyperDrive HDPOS Smart

HDPOS Smart is a retail POS billing software, designed to automate retail billing. It is efficient at handling inventory, financial accounting, and billing. HDPOS Smart can be employed at all types of business setups, ranging from stores to hypermarkets. It has additional modules for inventory management, franchise management, accounting, customer management, etc.

MargERP 9+

margERP

MargERP 9+ is an ERP solution that can also be used for invoicing purposes. From automating various ERP components to ensuring complete management of inventory, sales, distribution, procurement and, accounting, MargERP is a complete invoicing and billing software. Simple and easy to use, MargERP 9+ enables users to attain high performance and improved productivity for various domains.

Conclusion

If you own medium-sized business, all these tasks can cause a huge headache. A billing and invoicing solution will not only help businesses ease their payment processes but also get a better grasp of their finances. In turn, businesses can use this data to improve their different financial processes to make them more effective. Which one is your favourite GST software?

All you need to know about the proposed changes in the Single Return Forms under GST

A recent GST Council meeting was all about discussions on providing a more simplified set of return forms. The new layouts for GST Return Forms have now been approved by the Central Government and by the GST Council. From FY 2019 these new set of GST return forms will be applicable.

GST Return

Here are some of the key changes that will be the part of the new GST Return Forms:

  • Single, Simpler and Time Saving

Unlike the previous ones, now the new forms will be less prone to human error and also a simpler form structure comprising of at max 5 to 6 tables. 80% of the form will be auto-populated and this will include sections such as details of supply and purchase/input details. Further, the information will be auto-populated based on the invoices uploaded by the taxpayers. Moreover, most of the data will be auto fetched and dealers will be required to fill the remaining 20% details only.

  • Less Taxing

Across the country taxpayer and trader, the community has a common complaint that the tax filing procedure in itself taxing. To fill returns it required an internet connection and also a desktop or laptop system which ultimately increases the expenditures for traders and taxpayers of buying system, electricity, internet connection and maybe manpower (if needed). But not any longer now A welcome change is seen in a new return filing method through SMS and will the facility to allow taxpayers to file their GST returns through SMS will begin.

  • One Nation One Return Form

The good news is that from next FY onwards the Central Government will do away with the existing multiple returns with a single return filing. Currently, the list of mandatory return file forms under GST include the likes of GSTR-1, GSTR-3B, GSTR-2A (for reconciliation purpose), etc. All these will be replaced with one. While earlier India’s PPP makes it difficult to implement a true one nation One Tax structure, a lot of hue and cry was directed towards the excessive compliance burden the GST framework imposed on the taxpayers (especially honest taxpayers and medium to small-scale traders).

  • Amendments

Unlike the current forms, the new single form will also enable amendments. The maximum number of amendments/changes that can be made will be limited to two though. Additionally, taxpayers will also be able to report negative balance or liability.

  • Profile Based Return Filing

The new FY 2019 will also see profile-based dealer’s filing of returns. The profile could be selected based on the questionnaire filled by the dealer post which returns can be files
“upload – lock – pay” System

Experts call the new returns as a three-step procedure for easy hassle free cost effective return filing. These include:

  • Invoice Uploading by Suppliers (Provide return details)
  • Approval/Acceptance by Recipients of goods or service.
  • GST Payment post return locks by Recipients

sugam sahaj gst return filing

The GST will also make room for new provisions like the Sahaj and Sugam schemes for dealer along with new return forms. Currently, dealers with an annual turnover of fewer than 5 crores file quarterly returns and such dealers can either continue with quarterly returns or they can opt for a simpler two return system which is Sahaj return and another one is Sugam return.

Sajah return is for B2C suppliers. With less number of fields and easy to file it has become much simpler. It will be filed monthly. For those who are involved in both B2B and B2C supplies, they can opt for Sugam. Rest of the process is the same. The Sajah and Sugam are only available to dealers with less than 5 crore turnover.

Use Business Accounting Software To Manage Your Finance

Over the years there have been many changes in the field of accounting. It has shifted from leather-bound journals to spreadsheets and now we are in the era of accounting software for every business.

You can make data-driven decisions by using these systems to improve your effectiveness by allowing you anytime and anywhere access to the business data.

Watch Your Cash Flow

The web-based accounting software for small business helps in better management of its cash flow. You can instantly review your debtors using it and decide about the collection or credit extension. Their use increases the productivity as there is no paperwork to generate and file. A few of these systems allow you to sift through the business data to reveal trends in the market which can lead to new opportunities.

Foreign Transactions Made Easy

Are you planning to take expand your business overseas negotiating a tie-up with a foreign supplier? If yes then you will need web-based accounting software for SME that will handle all your foreign currencies easily. Such a tool will allow you to manage currency exchange rate, set single or multiple currencies to your customers’ accounts, or set base currency to view the value of these transactions in your preferred currency.

Business Accounting Software

Manage Accounting of Unlimited Companies

If you own multiple companies, it is obvious that you would like to use single accounting software for small business to do their books and keep the things simple. It translates to finding software that allows the creation of multiple or unlimited companies. Todays, online accounting systems make the task even simpler. They allow you options like an accounting firm, a manufacturing firm, or a construction firm to base your business on. These systems even create the default accounts based on the business and industry-type selected. It is accounting at its ease.

Opt For Best Accounting Software

Locating the best accounting software for small business is a not easy as the businesses vary in their needs. Business software that is a snug fit for one may not be the right solution for another. Your best bet is to go for the accounting software for SMEs in your business niche. You should aim for a tool that is both, affordable and easy to use.

Charts to Improve Efficiency of Your Business

These tools allow you to closely monitor and scrutinize your cash flow. The best accounting software for small business shows charts depicting cash in & out of the company over the period of last six months, invoices owed to the company, bills owed by the company, and the user activities. They also come with time-saving features like automated entries, email invoicing, and accounts reconciliation.

Today, accounting is not as it was 20 years ago. There are hardly any businesses relying on paper-pencil-based accounting. The small businesses do use spreadsheets for their planning and budgeting to some extent. But, it is not long. They eventually grow and needs a proper system to take care of their business’ financial transaction and data. The accounting software for business works great to make business decisions with the flexibility and strength of On-the-Go accounting.