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CA K Narasimha Prakash  

CA in Practice
31Year  5Month  experience

Ambitious finance professional with strong track-record of delivering top performance. Possess large spectrum of experience in financial markets, corporate finance and treasury finance. Utilize keen s


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Address

4/12 KALASATHAMAN KOIL STREET
Chennai
Pin code - 600089

Availability

Mo,Tu,We,Th,Fr,Sa

9:30 am - 6:00 pm

Services

✔ Business Incorporation✔ Fund Raising (Debt / Equity)
✔ Accounting / Book keeping✔ Company Auditing
✔ Compliances✔ Financial Consulting and MIS
✔ Direct Taxation✔ Indirect Taxation
✔ Corporate Asset Management✔ Personal Wealth Planning
✔ Mergers & Acquisition / Investment Banking✔ Payroll Management
✔ Govt.Registrations and Licenses✔ Intellectual Property
✔ Corporate Restructuring✔ Business Tax Planning and Management
✔ Business Planning & Initiation✔ Financial Services / Funds Raising
✔ Internal Audit✔ GST

Industry Experience
✔ Automobiles✔ Education and Training
✔ Healthcare
Education
    B.com,CA
Associated with (Firm / Company Name)
    N SATHIYAMOORTHY & ASSOCIATES
Awards and Recognitions
    BEST CFO

S

Shalini R N

8 Months ago

One of our registered customer who is in Andhra Pradesh, takes our transport service for transportation of his products from Bangalore to Tumkur and Sira. We are also registered Goods Transport Agency and are based in Bangalore. Start location and End location both are in Karnataka. But our customer is in Andhar Pradesh. Please clarify whether we need to bill IGST Billing or CGST & SGST Billing.

CA K Narasimha Prakash     31 Jan 2023

1. Integrated Goods and Services Tax or IGST
The Integrated Goods and Services Tax or IGST is a tax under the GST regime that is applied on the interstate (between 2 states) supply of goods and/or services as well as on imports and exports.

The IGST is governed by the IGST Act. Under IGST, the body responsible for collecting the taxes is the Central Government. After the collection of taxes, it is further divided among the respective states by the Central Government.

For instance, if a trader from West Bengal has sold goods to a customer in Karnataka worth Rs.5,000, then IGST will be applicable as the transaction is an interstate transaction. If the rate of GST charged on the goods is 18%, the trader will charge Rs.5,900 for the goods. The IGST collected is Rs.900, which will be going to the Central Government.

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F

Faheem

8 Months ago

I want to know how can i claim my pre emi in ITR

CA K Narasimha Prakash     4 Jan 2023

Income tax act allows to claim pre-construction interest only after the construction is completed in 5 equal installments. Also only interest component can be claimed as deduction on completion of construction.





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M

Mehulkumar

8 Months ago

I have taken home loan of 18lacs 2 years before and now taken top up loan on it 11 lacs . Can i claim top up mortgage loan under income tax benefits?

CA K Narasimha Prakash     4 Jan 2023

You can claim tax exemption from a loan against property if the loan amount is utilised for business purposes. In such cases, benefits can be claimed against interest paid and associated fees and charges incurred. These payables can be claimed as business expenses under Section 37(1) of the Indian Income Tax Act.


CA Roomi Gupta     7 Jan 2023

If the top-up loan is utilized to buy or build a new home, both the principal and interest components are tax-deductible under Sections 80C and 24. (b). However, if the funds are utilized for residential property renovation, alteration, or repair, the deduction can only be claimed for the interest component. For more professional consultancy , reach us @ www.tarunguptaca.com or call at 9216216819

CA Rahul Dwivedi     21 Jan 2023

Dear Mehulkumar,
You can avail the benefit of top-up loan at the time of filing of return .
For further Assistance you can reproach us on ca.rahuldwivedi@gmail.com or 9004485377

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H

Harish Shetty

8 Months ago

Hello, I neeeded an advice with respect to a breakup of Salary to avoid TDS on Salary. Being employed in a Smaller firm, my entire Salary of Rs 65,000 per month is considered as Gross Salary with no breakup between HRA or Basic, thereby causing higher deduction of TDS.

CA K Narasimha Prakash     3 Jan 2023

basic salay 40000,HRA20000 , EDUCATION ALLOWANCE 2400 TRANSPORT ALLOWANCE 1600 SPECIAL ALLOWACE 1000

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N

Naman Shaw

8 Months ago

I am opening a digital marketing agency, and I wanted to know if I can register it under udyam aadhar

CA K Narasimha Prakash     3 Jan 2023

yes can registerFOR THOSE NEED HELP OR ASSISTANCE IN MSME REGISTRATION
For those need assistance or HELP to register in MSME kindly use Syrphyy சிற்பி . They will help you for register and follow up the process till the happy end of getting MSME certificate and save your time.

Syrphyy சிற்பி introduced first time in the world Door step services in Tax Business caring. They have Tax pilots who are giving Door step services (Selected areas) or Face2Face services in real time with screen sharing.

My 2 clients were got this certificate through Face2Face services in Syrphyy சிற்பி. Many other service providers also there in market so kindly use their services also.

FOR NEW MICRO BUSINESS, DIGITAL MARKETERS, FREELANCERS WHO ARE NOT REGISTERED YET AS MSME
New Digital marketers, Freelancers need to click the button “For New Entrepreneurs who are not Registered yet as MSME” shown on the home page for registering MSME. New registration of MSME is done by entering the Aadhaar card number in the following two ways-

• Registration With PAN Card or

• Registration Without PAN Card

REGISTRATION WITH PAN CARD:
When clicked on the “For New Entrepreneurs who are not Registered yet as MSME” button on the homepage of the udyam portal, it opens the page for registration and asks to enter the Aadhaar number and the name of the entrepreneur.

After entering these details, “Validate and Generate OTP Button” is to be clicked. Once, this button is clicked and OTP is to be received and entered, then PAN Verification page opens.

If you have PAN Card, the portal gets the PAN details from the Income tax databases and automatically fills details on this page. The ITR details are to be filled by you.


Once PAN details are entered, a message appears as “Udyam Registration has already been done through this PAN” and you need to click the “Validate PAN” button.


After verification of PAN, the Udyam Registration box will be appeared and you need to fill the personal details and details of the plant or industry.


Once the details are filled, click the “Submit and Get Final OTP” button and enter the OTP.

That’s all your MSME is registered and a message of successful registration with reference number will be appeared.

After verification of registration, which may take a few days, the Udyam Registration Certificate is to be issued.

REGISTRATION WITHOUT PAN CARD:
The button “For New Entrepreneurs who are not Registered yet as MSME” is to be clicked on the homepage of the Udyam portal.

It opens the page for registration and asks to enter the Aadhaar number and the name of the entrepreneur.

After entering these details, “Validate and Generate OTP Button” is to be clicked.

Once, this button is clicked and OTP is to be received and entered, then PAN Verification page opens.

If the entrepreneur does not have a PAN Card, the “No” option under the heading “Do you have PAN?” is to be clicked and then the “Next” button.


After the “Next” button is clicked, the Udyam Registration page opens where the entrepreneur should enter his personal details and plant or industry details.


Once the details are filled, “Final Submit” is to be clicked and a thank you message will appear with the registration number.

Note: After getting the PAN and GSTIN, it needs to be updated on the portal within 01/04/2021 to avoid suspension of Udyam Registration.

REGISTRATION FOR MICRO BUSINESS, ENTREPRENEURS ALREADY HAVING EM-II OR UAM:
For those already having registration as EM-II or UAM, they need to click the button “For those having registration as EM-II or UAM” or “For those having registration as EM-II or UAM through Assisted filing” shown on the home page of the Udyam portal.

This will open a page where Udyog Aadhaar Number is to be entered and an OTP option should be selected.

The options provided are to obtain OTP on mobile as filled in UAM or obtain OTP on email as filled UAM.

After choosing the OTP Options, “Validate and Generate OTP” is to be clicked.

After entering OTP, registration details are to be filled and udyam registration will be completed.


BENEFITS OF MSME REGISTRATION
1. The bank loans become cheaper as the interest rate is 1 to 1.5% lower than interest rate on regular loans due to this MSME registration.

2. It also allowed credit of minimum alternate tax (MAT) to be carried forward up to 15 years instead of 10 years

3. Getting rebate in registration fees of patent, or the cost of setting up the industry reduces as many rebates and concessions are available.

4. It helps to acquire government tenders easily because Udyam Registration Portal is integrated with Government e-Marketplace and various other State Government portals which give easy access to their marketplace and e-tenders.

5. There is a One Time Settlement Fee for non-paid amounts of MSME.

INFORMATION REQUIRED FOR MSME REGISTRATION FOR MICRO BUSINESS
Aadhaar Card is the only document required for MSME registration. PAN & GSTN numbers are optional.

Investment and turnover of enterprises will be taken automatically by the Udyam Registration Portal from Income tax and GST databases with PAN and GSTIN numbers.

The Udyam Registration Portal is fully integrated with Income Tax and GSTIN systems. PAN and GSTIN number are mandatory from 01.04.2021 for registration.

Without PAN and GSTIN numbers MSME Registration can be done now. But both numbers have to be updated for avoiding suspension of registration.

Those who have EM-II or UAM registration or any other registration issued by any authority under the Ministry of MSME, will have to re-register themselves in this Portal (as stated in the Registration Process heading above)

MSME SCHEMES LAUNCHED FOR MICRO BUSINESS BY THE GOVERNMENT ARE
Technology and Quality Upgradation Scheme:

It will help to the micro, small and medium enterprises to use energy efficient technologies (EETs) in manufacturing units so as to reduce the cost of production and adopt a clean development mechanism.

Grievance Monitoring System:

Business owners complaints are addressed with solution. They can check the status of their complaints, open them if they are not satisfied with the outcome.

Incubation:

This scheme helps innovators for implementation of their new design, ideas or products. This scheme provides financial assistance for setting up ‘Business Incubators’ and promotes new ideas, designs, products etc.

Credit Linked Capital Subsidy Scheme:

New technology is provided to the business owners to replace their old and obsolete technology under this scheme,. A capital subsidy is given to the business to upgrade and have better means to do their business. These small, micro and medium enterprises can directly approach the banks for these subsidies.

FREQUENTLY ASKED QUESTIONS (FAQ)
Is MSME updated to Udyam Registration?

Yes, Udyam Registration is updated version of the MSME registration. If any micro, small and medium industries want to start any business; they need to do the registration with MSME/Udyam Registration through online.

Is Aadhar card compulsory?

Yes. Aadhaar card is compulsory for Udyam registration. In case an applicant is other than the proprietor, the Aadhaar card of the partner and the director will be required.

Can existing and new micro businesses both apply?

Yes, an existing and new business can apply for MSME/Udyam Registration, provided the existing unit is functioning and meets the threshold limits for registration. UAM Registration has to be re-registered for Udyam registration to avail the benefits of MSME.

What is the validity of the certificate?

There is no expiry of the Certificate. As long as the entity is ethical and financially healthy there will be no expiry of the Udyam Registration.

Can trading companies register under MSME?

Yes. It also covers trading, manufacturing and service industries. Trading companies are just like middlemen between manufacturer and customer. They also covered under the scheme with effect from July 2021 by govt of India due to this pandemic situation Covid19.

Do I need multiple registrations for manufacturing plants in different cities ?

No. The MSME/Udyam Registration Certificate is for a single entity irrespective of multiple branches or plants. However, information about multiple branches or plants must be furnished.

Syrphyy Venkatesh
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Syrphyy Venkatesh
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June 2021
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R

Rahul

9 Months ago

Let's say, I opened a current account using BRN number(no GST number) in any bank. Now, selling my service within states and my turnover is under 10 Lacs. Do I have to file GST/any corporate taxing other than my personal ITR filing? I do not have GSTIN as it is not required.

CA Pushkar Agrawal     27 Dec 2022

not required to file GST return if you not have the ragistration in GST and not required to file any other return other than income tax return.

Rahul     29 Dec 2022

Thank you boss. You made my day.

CA K Narasimha Prakash     30 Dec 2022

The registration is requires if is exceeds Rs.20 lacs only

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A

Akshay Srivastava

9 Months ago

Actual investment amount in 80C is different from what I declared with the employer (at the start of FY). Can I just submit the proofs of the investments I did and tax would be re-calculated? Or do I need to re-declare?

CA K Narasimha Prakash     30 Dec 2022

You need to re declare and submit proof

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G

Gaurav

9 Months ago

I have two shops which I will start renting. I am also a government employee with a gross salary of 13.2 L per annum. What are the additional tax amounts that I should pay when I start renting the shops. Is there any GST involved?

CA K Narasimha Prakash     30 Dec 2022

If your rental income exceed Rs.20 lacs in a year GST is applicable.

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A

Adil

9 Months ago

I incorporated my private limited company in 2019 and now want to open its Bank account in hdfc bank but bank requires challan receipt of Dir 12 form but my CA didn't filed Dir 12 form. What to do now?

CA K Narasimha Prakash     30 Dec 2022

You can file with additional fees to ROC. If you require any information please call 7338838605/kna3350@gmail.com

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R

Reshma

1 a year ago

I jus filed my tax using third party and paid my taxes, but I belong to accenture where they already detect my tax from salary evry month..now i think i paid extra. What should i do now

CA K Narasimha Prakash     28 Jul 2022

File revised return

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