Monday, August 24, 2015

Revolutionary Office Management Software for CA, CS, Advocates, Tax Consultants

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Jamku is a NEW, Revolutionary Office Management Software  for CA, CS, Advocates, Tax Consultants by Madrecha Solutions Pvt Ltd.

Software is build keeping in mind unique needs of Small Practitioner. It helps to manage office to
  • Increase Staff efficiency
  • Stop Revenue Leakage
  • Decrease turn around time 
  • Monitor all Compliances on single page
  • Never miss a Due Date

Watch it in Action Below

(Click Play button)

Jamku Helps in Managing :
  1.     Client Groups
  2.     Client
  3.     Task (Job / Projects)
  4.     Task Billing
  5.     Work Done (Time Sheet)
  6.     Compliance
  7.     Attention (Reminder)
  8.     Physical File Records
  9.     Attendance
  10.     Contacts (Phone Book)

Unique Feature (Not found in any other Office Management Software )
  • Drill down Reports (Similar to Tally).
  • Multiple Search Criteria
  • Birds Eye view of Office Work.
  • Negative report for Compliance (eg. Jamku answers the Question - "For which Clients VAT Return Filling for August 2015 is Pending").
  • Every users gets his own Login without any extra penny. (Unlimited user creation).
  • Audit Features
  • Export each and every report to Excel
  • Off-line and Cloud option available.

With Just 2000/- Rs Yearly it is the most cost effective Practice Management Software in Market.

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Wednesday, August 5, 2015

Final Amendmends for LBT Removal from 1st August 2015

The Most Anticipated Notification by LBT Dealers has arrived. This Notification abolished LBT for dealers having turnover of less than 50 Crore. Yes you read it correct 50 CRORE.

Earlier the notification dated 23rd July, 2015 had stated that the dealers will have to apply for removal of their name from the list of dealers registered for LBT. This ire many small dealers as it meant ONE more compliance. This is no more the case with this new notification in Place.
(FAQ / Common question below)
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Saturday, July 25, 2015

No abolition of LBT, traders with turnover of less than Rs 50 cr get exemption

Despite giving assurance of complete abolition of local body tax (LBT) in the municipal corporation area from August 1, the state government has issued a notification that has only waived off LBT for traders with an annual turnover of less than Rs 50 crore.

The tax will continue to be levied for traders with business of more than Rs 50 crore.

In a notification dated July 23, the state government said that the traders with more than Rs 50 crore of annual turnover needed to register themselves with the civic body while those with a turnover of less than Rs 50 crore should apply to civic body for removing their names from the list of taxpayers. (Notification below)

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Saturday, June 20, 2015

Amnesty Scheme Amended / Revised

Cheers of traders comes to halt. Government has revised LBT Amnesty Scheme. Incorporated changes suggested by Municipal Corporations. Now the Amnesty scheme is balanced, from earlier being too Tax Payer friendly.

LBT Amnesty Scheme was announced on 3rd June 2015. Giving option to tax payers to pay all the dues without interest and penalty. Which was a dream come true because of all Tax Payer Friendly provisions in the Amnesty Scheme like 
  1. No tax, interest or penalty will be charged after 31st Dec 2015. 
  2. Only 10% of the assessee will be assessed 
  3. All assessment will be completed by 31st Dec 2015 (i.e. in just 5 months - Aug to Dec)
  4. If in amnesty scheme also dealer fails to disclose and pay LBT upto 10%, no interest and penalty will be charged.
Because of these provisions in Amnesty Scheme, Municipal Corporations had written to the Urban Development Department to make changes. Specially Nagpur Municipal Corporation had raised their concerns over the provisions of the Amnesty Scheme could be misused and Corporations will have to bear losses. Already the Corporations are worried on the falling collections and LBT being withdrawn from 1st August*.

The following changes / amendments will be made in the Amnesty Scheme.
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Tuesday, June 9, 2015

LBT Amnesty Application Form / Challan

In my previous post, about "LBT Amnesty Scheme in Detail" had in detail mentioned about the scheme, which is valid till 31st July 2015. 

A separate application has be submitted to apply for Amnesty Scheme. The sample Application has been provided in the Notification LBT-2015/CR-82/2015/UD-32 itself. (Download Link Below)

This application is to be submitted for each year separately.

Amnesty scheme will be beneficial for all.

  • Current Status - Now what needs to be Done
  • Not registered - Get registered under LBT (i.e. Apply for LBT No), Pay Taxes (No interest and Penalty), File Return, Apply for Amnesty.
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LBT Amnesty Scheme in Detail

In Short :
As per the Amnesty Scheme (Official Name - The Maharashtra Municipal Corporations Local Body Tax Amnesty Scheme 2015), penalty and interest on accumulated dues  of LBT will be  waived, subject to fulfillment of conditions, such as registration, payment of tax and filing of returns etc. The Scheme comes into force from 3 June 2015 and is valid till 31 July 2015.

Eligible Persons :     Both Registered and un-registered Traders /Persons
Tax Dues in :  Any of 25 Municipal Corporations within Maharashtra State

Tax Dues covered  : From date of introduction of LBT to 31.03.2015 (Including Dues pertaining to assessed period as well as un-assessed period)
Compliance Period  :  03-06-2015 to 31-07-2015
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Monday, May 11, 2015

Care to be Taken before repealing LBT

This Article is written by +Kishor Lulla 

Some Acts, like Works Contract Act, have been born in negative atmosphere. Local Body Tax is also one of them. These Acts never gave satisfaction to anybody, either it may be Revenue, Dealers or Courts of Law. Though not sure, but at least as on today, trading community is happy on the news  that L.B.T. will be repealed from 01/08/2015. Of Course, as usual, alternative is un assured. Let us wait for the good to happen.

There are some provisions in the Maharashtra Municipal Provincial Rules of which proper care should be taken before repealing the Act.

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Wednesday, March 25, 2015

LBT going from 1st August 2015, really?

Local body tax no more from August 2015
TV screen on the day of Maharashtra State Budget announcement
Story about, will the LBT go so easily.

Update (04/08/2015) : LBT exempted for dealers how's turnover is less than 50 CR

We saw the above screen flashing every 5 minutes in almost all all news channel on the day Maharashtra State budget was read by State Finance minister. We all were happy. Specially the trader community had more reasons to celebrate than others. The post here today is about will LBT go away so easily? Will NO LBT from 1st August 2015 be a reality? If it becomes reality what will be the consequence?

Why this time the promise of abolishing LBT seems more promising than other past so many promises?

The answer lies in the place where the promise was made. The main reason behind government not being able to keep it's words for abolishing LBT was for lack of funds to substitute revenue which will be forgone by removing LBT. But, when the government sat  down for making budget, they made through calculation of from where and how the forgone revenue will come from (which we will discuss in next para in this post). Thus when the promise of "No LBT" made in budget announcement, it seemed more promising.

Effects of Abolishing LBT

The revenue loss by removing LBT will be compensated by adding a surcharge (in line with Gujrat) on VAT. In addition to increase in VAT, Property taxes, Water Tax may also be increased. The state government's move to bow down to the demands of traders and scrap the local body tax (LBT) may eventually burden people with hikes in municipal taxes such as property tax and water charges, in its bid to make up for the shortfall in revenue. The government is considering allowing municipal corporations to increase the taxes on civic services, such as water supply and sewerage system.

In his budget speech, finance minister Sudhir Mungantiwar announced that the faith-based LBT, which replaced octroi in all of the state's municipal corporations except Mumbai, would be scrapped from August 1. He added that extensive deliberations were required before enhancing the value added tax (VAT) rates, indicating that the task is yet unfinished.

The political side of LBT abolition.

When Cong-NCP alliance ruled Maharashtra, they argued that LBT cannot be abolished and included in VAT because surcharge on VAT will also be borne by villagers and people not in Municipal corporations. Logically speaking, LBT is an extra tax for enjoying facilities of living in Municipal Corporation. Hence, the logic given by then ruling party seemed logical. The same argument is gaining momentum with Chavan questioning sanctity of decision to abolish LBT. The BJP led government will also have to convince it's ally Shiv Sena, specially after their comment "Shiv Sena wants clarity on LBT abolition, more funds for Mumbai"

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Friday, February 6, 2015

New taxes from 2016 after Octroi is abolished

While the Octroi is set to go by March next year, the Mumbaikars will have to brace for a slew of additional taxes that Brihanmumbai Municipal Corporation (BMC) controlled by Shiv Sena-BJP combine will collect from 2016. Though no new taxes have been announced for this year, the municipal commissioner Sitaram Kunte has said that the BMC will be compelled to enhance the existing taxes or introduce new taxes in the years to come if the Octroi is abolished.
BMC. Reuters image

The total size of the budget estimates, which was presented before the civic standing committee on Wednesday, for 2015-16 is Rs 33,514 crore which is 27.25 percent higher than last year’s budget of Rs 31,178 crore. The budget of the civic body, believed to be the richest civic body in Asia, is larger than many small Indian state government budgets including Goa, Himachal Pradesh, Utttarakhad, Manipur, Arunachal Pradesh and others.

"The revenue from Octroi is the main source of revenue. It is estimated to be around Rs 7,900 crore which is about 41.03 percent. Thus Octroi continues to be the prime revenue source of the BMC. Octroi is a liquid source of income. Cash is collected daily which is used as a working capital to run the day-to-day affairs of the BMC. The main features of Octroi are liquidity and buoyancy which enables us to maintain cash flow and keeps us economically self-dependent," Kunte said in his statement spelling out the importance of Octroi for the BMC’s coffers.

Kunte further stated that the abolition of Octroi, which has played crucial factor in budgetary planning since last several years, will adversely impact the revenue of the BMC. “The BMC may be compelled to enhance the existing taxes or introduce new taxes in the years to come. The new taxes like property tax, transport cess, conservancy cess and fire cess may be some of the available alternatives for augmenting the BMC’s future revenue and capital expenditure requirements,” he said.

The Union Government has introduced 122nd Constitutional Amendments Bill in the Loksabha on 19th December, 2014 to facilitate the introduction of the Goods and Services Tax (GST) regime in India. GST will replace all indirect taxes levied on goods and services by the Central and State Governments. The amendment bill seeks to omit Entry 52 of the State List of the Constitution of India which empowers the Municipal Corporation to levy Octroi/LBT. Once this amendment is enacted, the powers given to Municipal Corporations to levy octroi will not be in existence.

Due to implementation of the GST, additional tax will be assigned to States from where the supply of goods originates. However, there is no clarity yet on the mechanism to offset the revenue loss experienced by ULBs like Mumbai, Kunte said. The Centre is likely to reimburse the state with the difference in the revenue once it is implemented.

The BMC’s ambitious coastal road project was the only big ticket infrastructure project in the civic body’s budget. Since the project yet to get green clearances, it has set aside only Rs. 200 crore for the project this year.


Interestingly, the budget had several schemes that take a leaf out of Prime Minister Narendra Modi’s schemes. From Modi’s pet Swaccha Bharat Abhiyan and Beti Bachao Beti Padhao scheme to his ‘ease of doing business’ initiative, the smart city project and Digital India policy, Kunte adopted several of the PM’s flagship schemes for the city. In a bid to promote industry and in tune with Modi’s bid to fast track clearances to industrial projects, BMC has set up an in house Business Development Department to increase the ‘ease of doing’ business in the city.

Development of roads, open and cultural spaces and gardens in the city dominated the budget as the civic body has set aside Rs. 3200.25 crores for construction and repairs of roads and bridges in the city. Apart from roads, the BMC has allocated a lot of funds for the development of open spaces and gardens in the city.

In a bid to improve quality of slums, Kunte has set aside Rs. 8471 crore for extension of services to the urban poor. Under this scheme, slums will be upgraded in a systematic manner. BMC has decided macro and micro level planning for slum improvement. However, at the same time, it has also proposed taxing slums. “We are studying the feasibility of levying and recovering property tax on hutments in slums,” Kunte said.

Source: First Post
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