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Monday, September 30, 2019

MCA requests companies to file annual returns at the earliest and not wait for the last date

To avoid last minute rush in annual filings during the months of October and November 2019, the Ministry of Corporate Affairs (MCA) has requested the companies to file their annual returns at the earliest.
In an advisory to the Corporates, MCA said, “To avoid last minute rush and

Business News

*Economic Times*
*Business Standard*

Ø  China to send its top trade negotiator to US for talks
Ø  PMC's HDIL loan stands at Rs 6,500 crore
Ø  IRCTC offers attractive prospects going forward

Sunday, September 29, 2019

Beware: There is no extention for default in furnishing income tax return today last day

As per the notification dated 27/09/2019 CBDT has clearly notified that there is no extention for default in furnishing income tax return and shall attract interest u/s 234A of the Act. The extention is only for assessee subject to tax audit u/s 44AB and hence the extention is only for filing tax audit report and not for filing of return.

What it means?

There should be just 3 GST rates: 6, 12 & 18%

Chairman of the Economic Advisory Council to the Prime Minister Bibek Debroy tells Shantanu Nandan Sharma the goods and services tax (GST) is still a work in progress and argues that the two extreme rate slabs — zero and 28% — should be removed. Edited excerpts from the interview: 

Two years and three months have passed since the implementation of the GST. Where are we today? 
There are two ways to look at the GST. One is to build a consensus for creating an ideal GST with just one rate and every product being under it. 


We could have deliberated, debated and waited for such an ideal GST to emerge in 20 years. The other way to look at it is, why wait for 20 years, let us start now. We know our GST is still a workin-progress. We know, we have to improve it as we go along. So we have found the second option more pragmatic. 

We may still talk about the glitches, but we need to recognise that the GST Council has been a big success in terms of decision-making. 

The way both the Union and states are working together is phenomenal. Also, let us not forget the success in terms of the GST subsuming all sorts of erstwhile taxes and the way freight moves today. 

Before the introduction of the GST, it was estimated that the new tax reform would push GDP growth by 1-2 percentage points. But that does not seem to have happened. 
In the long run, the GST will help GDP to grow because of its efficiency gain. But that can’t happen immediately. Had there been an ideal GST with just one rate, it would have pushed the GDP up. Countries around the world have struggled for 10-20 years to achieve a near perfect VAT (value added tax). So, I feel, it was unrealistic to estimate that GST would drive GDP growth by 1-2% percentage points. 

State governments are now arguing that the compensation be extended beyond five years. Do you subscribe to that view? 
The compensation was meant for persuading the state governments to agree to the GST. The states were assured that for five years the Union government would make up their revenue loss, if any. But that can’t be open-ended. After all, GST is 50:50 between the Centre and the states. 

So, both have to suffer in case of any revenue loss. I don’t find it tenable that the Union government will continue to bail out the states. 

Why do you think many small companies are still unhappy with GST? 
GST is a chain. But now, companies below a threshold are out of this chain; they are hence out of the GST. Earlier, bigger companies used to buy from them. But they have stopped doing that now because if they do, they will not receive credits. By setting artificial thresholds, despite being done with the best of intentions, we closed the doors for smaller entities. The large companies are now sourcing only from large companies, or else, they are importing. 

GST is a tax paid by consumers, not by producers. 

Ideally, everyone should have been part of this process. 

For small and medium companies, the GST has also complicated matters because of various rates and processes. 

But there is another issue that most people are reluctant to talk about. Some entities which never paid taxes earlier are now forced to pay. ‘Kachi raseed’

Govt compulsorily retires 15 more senior tax officials on graft charges

The government has compulsorily retired 15 more tax officers in the fourth tranche of its crackdown on errant officials accused of corruption and other malpractices. 

The Central Board of Direct Taxes(CBDT) compulsorily retired 15 senior officers under Fundamental Rule 56(J) on corruption and other charges, official sources

Saturday, September 28, 2019

The Dow Is Down After Reports the U.S. Is Considering Delisting Chinese Stocks

The Dow has dropped 155.18 points, or 0.6%, to 26,735.94, while the S&P 500 has fallen 1% to 2948.82, and the Nasdaq Composite has slumped 1.6% to

Break-in Reported At Income-Tax Office Handling Chanda Kochhar, Ambani Cases

The Indian Express on Friday reported on an alleged break-in at an Income Tax unit in Mumbai’s Aayakar Bhavan.
The unit is handling a number of high-profile cases, including the ICICI Bank-Videocon case involving Chanda Kocchar’s husband Deepak and the notices served to Mukesh Ambani’s wife Nita and their three children under the Black

Thursday, September 26, 2019

CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019


On consideration of representations recd from across the country,CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019 to 31st of Oct,2019 in respect of

Tuesday, September 24, 2019

ICAI CA Protest Day 2: CA aspirants protest at 200 branches, demand right to revaluation of papers

#dearICAIpleasechange is trending on Twitter. Thousands of chartered accountant (CA) aspirants thronged the branches of ICAI on Tuesday, the second day of protest. On Monday, September 23, several CA aspirants had started a protest against Institute of Chartered Accountant (ICAI) over alleged error in checking their copies.

icai protest,icai reforms,icai revaluation
CA Aspirants protesting outside ICAI Hyderabad branch(Twitter)
ICAI CA Protest: Thousands of chartered accountant (CA) aspirants thronged the branches of ICAI on Tuesday, the second day of protest. On Monday, September 23, several CA aspirants had started a protest against Institute of Chartered Accountant (ICAI) over alleged error in checking their copies.
Many candidates had alleged that their answers were not evaluated correctly.

Not got your income tax refund yet? Here's how you can raise a re-issue request

You are eligible to receive income tax refund if you have paid more tax to the government than your actual tax liability. This usually happens when the advance tax, self-assessment tax paid or TDS deducted of the taxpayer is higher than the total tax liability of a taxpayer. 

If the tax department determines, after processing your income tax return (ITR), that a refund is payable to you, an intimation is sent to you via SMS and email. The intimation notice received by you shows the amount of refund that will be credited into your account along with a refund sequence number. An intimation is sent to you under section 143 (1) of the income tax Act. 

Do keep in mind that you will only get the refund if into a pre-validated bank account. Now, if for some reason you have not received the refund amount, then you can raise a service request on the e-filing portal. 

Things to remember 
Before you raise the request for the refund re-issue on the e-filing website, remember that rejection of refund on tin-nsdl website must be reflected. If you cannot track the status of your tax refund or until the reason of rejection is reflected on the e-filing website, then you cannot raise the refund re-issue request. 

In such a case you have to raise a grievance on the e-filing website, under the 'e-Nivaran' tab. 

Also Read: How to track income tax refund status 

How to raise refund re-issue request 
According to the income tax department's e-filing website, these are the steps you should follow to re-issue the refund amount. 

Step 1: Logon to 'e-Filing' Portal www.incometaxindiaefiling.gov.in 

Fake news being circulated on Income tax returns filing date

Monday, September 23, 2019

ICAI sends representation to CBDT for extension of time for submission of Tax Audit reports

Representation to CBDT requesting for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2019 to 30th November, 2019 Section 44AB of the Income-tax Act, 1961 requires the assessee to get his accounts audited by

Key additional disclosures in ITR-6 A.Y. 2019-20

The Income Tax Return - 6 is to be filed by Companies other than companies claiming exemption under Section 11 of The Income Tax Act, 1961 ["The Act"]. A Company is mandatorily required to file the return of income irrespective of whether it has any taxable income or not during the year under consideration [Section 139(1) of The Act]. The ITR-6 has to be mandatorily submitted electronically and verified by digital signature of the Managing Director / Director only. There are several amendments made in all the ITR Forms for A.Y. 2019-20 onwards.
Here is the Schedule wise list of key additional disclosures required while filing the ITR-6 for the A.Y. 2019-20.
  • Date of Commencement of Business is required to be given.
  • The assessee needs to specify whether it is a producer company as defined in Section 581A of The Companies Act, 1956.
  • If ROI is filed by the Representative assessee then capacity of such representative needs to be selected from the given dropdown options.
  • If it is recognized as start up by DPIIT then start up recognition number allotted by the DPIIT, certificate number received from inter-ministerial board and Date of filing declaration in Form-2 is required to be mentioned.
  • In case of unlisted company, details like Name, PAN, Address, % of shares held of persons who were the ultimate beneficial owners, directly or indirectly, of shares holding not less than 10% of the voting power at any time of the previous year is required to be mentioned.
  • In case of Foreign Company, details like Name, PAN, Address, Country of Residence and Taxpayer’s registration number [TRN] or any unique identification number [UIN] allotted in the country of residence of Immediate & Ultimate Parent Company is required to be given.

Sunday, September 22, 2019

How to calculate 14A disallowance

What is Disallowance of Expenses?

The income tax department doesn’t levy tax on certain incomes in India, such as agricultural income, tax-free interest, dividend earnings from Indian companies, etc. There is a possibility of assesses

Friday, September 20, 2019

Effects of Corporate Tax reduction by Govt

What does it mean by reduction in corporate tax rates by Govt:
For corporates:
  1. Additional revenue or,
  2. Pass on to consumers in form of reduced prices
Post effect:
  1. If corporates keeps it as additional revenue it will come to investors in form

Wednesday, September 18, 2019

Dear ICAI why? A video

Income tax department issues warning against this fake SMS

After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants have now started to take advantage of unsuspecting assesses by sending out fraudulent SMSes with phishing links.
Sample this. "Important Alert! Dear xxxxxxxx, the lncometax_Department requires you to click the link below to submit a formal request for the payment of your unclaimed and overdue tax-refund of xx,xxx INR. http://151.80.90.62/ITRefund." Several taxpayers might consider this to be an authentic SMS sent by the income tax department to claim tax refund.
One such alert taxpayer contacted the I-T department and shared this SMS on Twitter and asked "Is it authentic?".
Tax sleuths were quick to point out that this is a phishing message. "You are requested not to click on any such link or any other link which promises to facilitate filing of ITR or give refund," said the department in its warning.

Monday, September 16, 2019

Senior citizen tax benefits: From income tax to pension – 10 exclusive points explained

Senior Citizens tax benefits: Senior citizens in the country do enjoy certain exclusive income tax and other benefits when it comes to their investments. For the income tax purpose, a

Sunday, September 15, 2019

ICAI and ICSI lock horns on interpretation of term accountants

New Delhi, Sep 15 () Amid concerns expressed in certain quarters, company secretaries' apex body ICSI has asserted that it has sought the status of accountants under the Income Tax Act for its members on the premise that they

Bombay HC quashes I-T order, waives interest payable by Ultratech

The Bombay High Court recently quashed an order passed by the Chief Commissioner (CC) of Income Tax (I-T) and waived interest payable by Ultratech Cement under 234C (interest for deferment of advance tax) of the Income Tax Act.
The order was passed by a division bench after hearing a plea filed by Ultratech Cement challenging an order passed on November 30, 2018 by the

Saturday, September 14, 2019

10 reasons why the sparrow is fast disappearing from Mumbai

The friendly chirp on the window sill will soon be a sight for sore eyes in Mumbai, as the innocuous sparrow is being wiped out from the urban jungle. ‘A sparrow is to the city what a tiger is to the forest’ can best sum up today’s situation, signifying how sparrows are the bio-indicators of an urban environment, much like the tiger whose decline indicates a threat to the ecosystem.While no one can be singled out for the declining sparrow population, it is humans who are collectively responsible for it, explains Mohammed Dilawar, President, Nature Forever Society (NFS), a crusader for the sparrow as well as other common flora and fauna in urban habitats. Through his non-governmental, non-profit organisation, he has been championing the cause of sparrows, by involving citizens in the conservation movement, especially in urban areas.An NFS initiative creating positive impact is World Sparrow Day, celebrated on March 20 annually, to raise awareness about conserving the sparrow population. So, why do we need to safeguard them, you might ask. Here are 10 reasons why Mumbaikars need to save the sparrow:
1. Felling of trees    It is common knowledge that more the number of trees, more the number of birds. The spike in the felling of trees in Mumbai is a major reason why sparrows and other birds are facing a loss of habitat. But wait, sparrows nest in buildings too, right? They do, indeed, but are sadly facing a double whammy.
2. Lack of cavity nesting    The ubiquitous glass buildings of Mumbai—the corporate dens—have replaced many older structures that were built with a façade that had nooks and crannies, even bricked roofs, which allow sparrows to nest.Cavities are important for birds like sparrows, mynahs, parakeets, etc. to

Friday, September 13, 2019

Bogus firms, fraudulent iGST claims found in pan-India raids at 336 locations

In a joint operation, the Director General of GST Intelligence and the Director General of Revenue Intelligence have found dozens of bogus firms and exporters who were fraudulently claiming Integrated Goods and Services Tax (IGST) from the government. The raids were conducted on

Thursday, September 12, 2019

GST Council likely to extend date of filing annual return, audit report for FY 2018-19

Businesses are likely to get extra time for filing their Goods and Services Tax (GST) annual return and audit report for FY19, the first full year of the indirect tax reform.
Federal indirect tax body, the GST Council, is likely to extend the due date from 31, December to enable businesses to comply as companies are currently busy with meeting the deadline for FY18, the

Appointment of Concurrent Auditor for the year 2019-20 of RBI

Appointment of Concurrent Auditor for the year 2019-20 w.e.f. October 01, 2019 to September 30, 2020 by Reserve Bank of India, Bhopal
Address :

CA Final IDT Revision Video 3A For Nov 19 Exam



Monday, September 9, 2019

GST Council may CANCEL filing of Annual Return and Reconciliation statement for Taxpayers having turnover of less than 5 Crores

CNBC Awaaj has reported today based on Sources that GST Council in it’s forthcoming Meeting on 20th September 2019 may CANCEL requirement of filling Annual Return and Reconciliation Statemetn [GST Audit] ( Form GSTR 9, 9A and 9C) for taxpayers having turnover of less than 5 Crores during FY 2017-18
Source   CNBC awaz

Sunday, September 1, 2019

GOOD NEWS|GST LATE FEE WAIVED FOR GSTR1,GSTR6|GST ITC 04 WAIVED FOR JULY17 TO MARCH19|GSTR7 FILING



UCO Bank Concurrent audit Empanelment notice

UCO Bank invites online applications from practicing firms of Chartered
Accountants in India for empanelment as Concurrent Auditors to undertake Online
Concurrent Audit assignment in designated branches/ offices except
RLHs/AMBs/Service branches, Central Pension Processing Centre, SME Hubs,
Treasury, Depository services and HO departments in India.

Online Link -

Vacancy for CA in Mott Macdonald


Senior Finance Analyst / Assistant Manager - Finance


Permanent
Full time
Mumbai
Job Description
Key responsibilities:

Appointment of Concurrent Auditors of RBI for the year 2019-20

  • Human Resource and Management Department RBI, Mumbai, Maharashtra (17 Aug 2019) Tender For Monthly Remuneration For Carrying Out Concurrent Audit In INR ( Excluding Gst )
    Address :
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