What is included?
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What is CMA?
Full form of CMA data is Credit Monitoring Arrangement data. It is the report to be presented to bank to show your past financial history, current financial position and future financial planning. It covers 7 statements related to finance.
WHAT REPORTS ARE COVERED ?
Details of existing and proposed fund limit: In this report, details about your current financial condition, borrowed fund and proposed fund are covered.If business is new, proposed data is required to be given.
Operating statement: You are required to show past 2 years and future 3 years ( Proposed) operationg statements. There may be some changes as per loan needed and business nature.The profit and loss account should be presented here.
Analysis of balance sheet: Details about your balance sheets of past years are required to show. It is also required to show proposed balance sheet data to show picture of your future business plan. Details about current assets, fixed assets, current and long term liabilities are presented in this statement.
Comparative statements of current assets and liabilities: This statement describes the viability of your working capital cycle.
Calculation of MPBF: Calculation of maximum permissible bank finance. This statement shows the capicity of borrower to borrow money. It depends on two methods which are dependent on working capital.
Ratio analysis: This is also one of the long and important statement of CMA data.It covers key ratios. Some ratios are current ratio, MPBF, Net worth ratio, quick ratios, turnover ratios, debt equity ratios, DSCR etc.
It will be levied at Flat rate of 15% on the amount.
Service tax registration is mandatory for service providers whose turnover from taxable services exceeds Rs. 9 Lakhs, in the previous financial year.
25th October is the due date of filing return for half year ending 30th September and 25th April is the due date for filing return for Half year ending 31st march.
To obtain service tax registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] is required.
Service tax payments must be deposited by Companies, Societies, Trust, etc., monthly. Proprietary Firms and Partnership Firms are required to make service tax payments quarterly.
Yes, if tax registration is not obtained then a penalty Rs 5000 Rs. 200 a day, whichever is higher may be attracted.