BNA & Associates

17/09/2021

GST Updates for 45th GST Council meeting held today

17/09/2021

UPDATE IN GST COUNCIL MEETING TODAY:

1. Late fee for GSTR 1 will now be auto-populated in GSTR 3B of next month

2. Aadhar authentication now mandatory for registration and refund claims

3. Taxpayers would not be able to file GSTR 1 if GSTR 3B of preceding month has not been filed

12/09/2021

10/09/2021

The due dates for filing of ITRs have been extended again in light of several issued faced by taxpayer on the new income tax portal.

a. Non-Audit tax returns - Extended to December 31, 2021

b. Tax Audit reports - Extended to January 15, 2022

c. TP Report - Extended to January 31, 2022

d. Audit tax returns - Extended to February 15, 2022

e. TP tax returns - Extended to February 28, 2022

f. Belated tax returns - Extended to March 31, 2022 from December 31, 2021.

28/08/2021

Team BNA would love to have your feedback on Google ....

Post a review to our profile on Google

26/08/2021

LOAN UPTO 2 CRORES FOR MSMEs...

If you are New Customer of SIDBI - your business should be in cash profit in the last two years. Your company must have a satisfactory credit track record with an existing bank.

If you are existing customer of SIDBI - the cash profit in the last audited balance sheet of your company should be submitted.

Want to know more? Contact us now....

22/08/2021

Ministry of Finance has summoned Sh Salil Parekh,MD&CEO on 23/08/2021 to explain to hon'ble FM as to why even after 2.5 months since launch of new e-filing portal, glitches in the portal have not been resolved. In fact,since 21/08/2021 the portal itself is not available.

21/08/2021

Systematic Investment Plan (SIP) is an investment route offered by Mutual Funds wherein one can invest a fixed amount in a Mutual Fund scheme at regular intervals– say once a month or once a quarter, instead of making a lump-sum investment.

The installment amount could be as little as INR 500 a month and is similar to a recurring deposit. It’s convenient as you can give your bank standing instructions to debit the amount every month.

It is very important to invest for the long-term, which means that you should start investing early, in order to maximize the end returns

19/08/2021

1. Irresponsible Payment Behaviour:
Your payment history has the biggest influence on your score. It is important to pay your credit card bills and loan EMIs on time every month.

2. High Credit Utilisation Ratio:
One of the golden rules you should follow is to keep an eye on your credit utilisation ratio. It is the amount of credit used in proportion to the credit limit that is available to you. According to experts, you should ideally not exceed using 30% of your credit limit

3. Outstanding Debt:
You should always make sure to clear off your outstanding debts. When you have unpaid dues reflected on your credit report, it takes a toll on your score. It is advised to pay off the outstanding dues even if the amount is small.

4. Paying only the Minimum Amount Due:
A minimum amount due is a small portion of the principal that is outstanding every month. You may fall into a debt trap if you constantly pay only the minimum amount due. Rolling over the debt by paying only the minimum amount leads to the interest compounding on your outstanding balance.

5. Making Multiple Credit Applications:
When you apply for a loan or a credit card, lenders will want to check your creditworthiness and they’ll do this by pulling out your credit report. This is called a hard inquiry.

6. Errors in your CIBIL Report:
Your CIBIL report has a detailed record of your current as well as past credit accounts. If there are any errors in your report, it can hamper your score. So, if you any discrepancies in your report, you must get them rectified immediately.

7. Closing old Credit Card Accounts:
Credit cards are a great tool to build credit history. However, when you close your old accounts, you end up losing a long credit history associated with it. Therefore, if you have used the card for a substantial number of years, it is advised to keep it open as long as possible, if feasible. Consider closing a card that is relatively new.

18/08/2021

CIBIL is Credit Information Bureau of India Limited, which acts like a central repository of credit information in India. As many as 500 different banks and financial institutions are CIBIL’s clients and they report each of their customers (like me and you) actions to them.

So if you take a credit card from ICICI Bank, then ICICI bank reports to CIBIL about it. If you enquire about car loan to HDFC Bank, hold your breath! as even that enquiry is reported to CIBIL, if you can’t pay your EMI for home loan with SBI Bank for a particular month, that also gets reported to CIBIL.

Not just your bad actions, but even your good actions like paying EMI’s on time, paying credit card with punctuality also gets reported with CIBIL. You can see that this way, a history is maintained at CIBIL for each person, which can be good history or bad history depending on the case and this information is very useful for banks to decide if they want to give loan to you in future or not. All the banks are now looking at CIBIL report before taking the decision.

15/08/2021

Team BNA wishes you a happy independence day!!