CA CMA Syam sundar

Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 due to the CoVID-19 pandemic. It has been decided to grant the following relaxations from compliance with certain provisions of the LODR Regulations: 1. Quarterly financial results/ *Annual audited financial results* for FY 2020-21 has been extended from 30th May, 2021 to *30th June, 2021* 2. *Annual Secretarial Compliance report* for FY 2020-21 has been extended from 30th May, 2021 to *30th June, 2021* Link: https://www.sebi.gov.in/legal/circulars/apr-2021/relaxation-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-disclosure-requirements-regulations-2015-due-to-the-covid-19-pandemic_50000.html

 

The Central Government has extended the Time Limit for Income Tax Assessments, Payments under DTVSV can be made till June. In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today. In the light of several representations received(supra) and to address the hardship being faced by various stakeholders, the Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:- 1)...

 *COVID-19 CRUCIAL INFORMATION* ◉ Due to the collapse of the health system, we, the health professionals, have prepared this message for the people, in case you do not want to risk going to the hospital immediately;   ◉ Symptoms appear from the third day after infection (viral symptoms).    ➙ 1st phase;   ◉ Body pain   ◉ Eye pain   ◉ Headache   ◉ vomiting   ◉ Diarrhea   Runny nose or nasal congestion   ◉ Decomposition   ◉ Burning eyes   ◉ Burning when urinating   ◉ Feeling feverish   ◉ Scuffed throat (sore throat)   ➙ It is very important to count the days of symptoms: 1st, 2nd, 3rd.   ◉ Take action before the onset of fever.   ◉ Be careful, it is very important to drink plenty of fluids, especially purified water.  Drink plenty of water to keep your throat moist and to help clear your lungs.   ➙ 2nd phase;  (from 4th to 8th day) inflammatory.   ◉ Loss of taste and / or smell ...

The Reserve Bank of India (RBI) replied on the RTI Application in respect of Signing and certification from CA.  1. Signing on Project Report for Loan Purposes with seal/UDIN of CA thereon. The query was that if there is specific circular/notification issued by them to the commercial banks demanding signing on Project Reports/CMA Report by CAs while advancing New/ Old Loans. Giving certification/ Signing on Unaudited balance sheets and on Income Tax Returns of Clients (for those who does not fall under the category of Audit Cases such as Income Tax, Company Act etc) & generating UDIN thereon. The RBI replied that no specific instructions are issued in this regard. However, it may be noted that credit related issues are mostly deregulated. The Reserve Bank of India has advised banks to have documents of investment policy, loan policy, loan recovery policy etc. prepared and duly vetted by their Boards of Directors. Banks are required to take credit related decisions based on Boar...

The Goods and Service Tax (GST) helpdesk has received some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals.  Reason behind this problem There are instances that some taxpayers are trying to report truncated first 6-digits out of an otherwise valid 8-digit HSN; which are actually not available in Tariff at 6-digit level and with no corresponding description of goods; these are invalid and hence not being allowed in the System. For Example, if the HSN Code is “0102 29 10”, then 6 digit HSN corresponding to 8 digit is available in Custom Tariff Act i.e. “0102 29”, therefore the same is also available on GST Portal / Eway Portal.  However, if the HSN is “0102 31 00”, in this example 6 digit HSN corresponding to 8 digit is not available in Custom Tariff Act i.e. “0102 31”. Taxpayers have derived it as a truncated 6 digit HSN out of an otherwise valid 8 digit HSN i.e. “0102 31 00...

  The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme.  The new features related to the filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below.  Auto Generation of Form GSTR-2B, for the QRMP taxpayers : a)Form GSTR-2B contains details of filed IFFs (for Month M1 & M2) & filed Form GSTR 1 (for Month M3).  b)Form GSTR 2B has two sections of ITC i.e. ITC available and ITC not available (which flows from the supplier’s filed IFF & Form GSTR-1, imports, etc). It also contains the tax liability of the taxpayer (which flows from the taxpayer’s own filed IFF & Form GSTR-1).  c)Taxpayers can view and download their system generated Quarterly Form GSTR-2B for Jan-March, 2021 quarter, by clicking on the Auto-drafted ITC...

The Goods and Service Tax Network (GSTN) added new features in the GST Search Taxpayer tab at GST Portal. The two separate info namely Profile and Place of Business (PoB) has been added in the GST Search Taxpayer tab at GST Portal.  The PoB is showing the Mobile Number and Email of the Principal Signatory. The tab consists of the administrative office, the constitution of business, annual aggregate turnover, gross total income, the status of Aadhaar Authentication, 

The Goods and Service Tax Networks (GSTN) has made available new functionalities pertaining to registration, returns, audit, front office, and Webinars Conducted  for Taxpayers on GST Portal. 1. Assignment of new applications of registration, in certain cases, with same PAN and in same State/ UT:  New registration applications of the applicants, whose previous application for registration were either rejected by Tax Officer or whose GSTIN was cancelled (either suo-moto or if surrendered by the taxpayer), will now be assigned to the respective authority of the State or Centre (who have earlier rejected the same), whenever these applicants/ taxpayers apply for registration under the same PAN and within the same State/ UT. 2.Aadhaar Authentication enabled for Persons/ applicants applying for GST registration through MCA portal in SPICe -AGILE Form : The persons/ applicants applying for new registration in GST, through MCA portal in SPICe -AGILE Form, can now opt for Aadhaar Authe...

Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package RBI issued Notification, No. RBI/2021-22/17 DOR.STR.REC.4/21.04.048/2021-22 dated 07/04/2021 with regards to Supreme Court Judgement dated 23-03-2021. Notification mentioned below for easy reference. RBI/2021-22/17 DOR.STR.REC.4/21.04.048/2021-22 April 7, 2021 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks All All-India Financial Institutions All Non-Banking Financial Companies (including Housing Finance Companies) Madam / Dear Sir, Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package The Hon’ble Supreme Court of India has pronounced its judgement in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. and other connected matters on March 23, 2021. In this connection, it is ...

  RBI/2021-22/14 FIDD.CO.Plan.BC.No.7/04.09.01/2021-22 April 7, 2021 The Chairman / Managing Director/ Chief Executive Officer [All Commercial Banks including Regional Rural Banks, Small Finance Banks, Local Area Banks and Primary (Urban) Co-operative Banks other than Salary Earners’ Banks] Dear Sir/Madam Priority Sector Lending (PSL) – Increase in limits for bank lending against Negotiable Warehouse Receipts (NWRs) / electronic Negotiable Warehouse Receipts (eNWRs) Please refer to the Statement on Developmental and Regulatory Policies dated April 7, 2021, wherein Reserve Bank of India (RBI) had announced increase in loan limits for bank lending against NWRs/eNWRs. 2. In terms of paras 8.1 (vii) and 8.2 (b) of the “Master Direction on Priority Sector Lending – Targets and Classification” dated September 4, 2020, bank loans against pledge/ hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months are eligible for classification un...

 *MUST READ:* Few changes in various Acts from 1.4.2021 for easy reference .  1. Maharashtra government decides not to extend the reduction in stamp duty rates in the state, which expired on 31.03.2021.  2. Maharashtra Revenue Minster says: As the concession has expired, regular rates will be applicable from now.  3. For woman buyers, Governement had announced 1% reduction in stamp duty which will be applicable from April 1 2021 4. Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic. 5. Next Year wef 01.07.2021 TDS @ 0.1% will have to be paid on Purchases of more than 50 Lacs if Turnover in FY 2020-21 exceeded 10 Crore. u/s 194Q. 6. Charitable Institutions/Trusts already registered with Income Tax Deptt  will have to re-register themselves in 2021-22. 7.  ITR of FY 2020-21 can not  be filed after 31.Dec’21. ( means 3 mo...

 Samples of Situations leading to MOC - Bank Audits 1. Wrong EMI calculations. 2. Moratorium intt not added to principal for EMI calculation like edu loan. 3. Incorrect feeding of Loan term, RoI, date of 1St EMI,  4. Loan wrongly shown as std on 01.03.2020. like date of npa is before 01.03.2020. 5. Interest on Interest/compound/penal not reversed for 6m. 6. Income leakage like processing, penal, inspection 7. Non provision of expenses 8. Wrong calculations of intt subventions 9. Wrong entitlement of intt subvention 10. Intt subventions not gvn for 3+3 moratorium period. 11. Excess DP allowed for 90 days. Goods Rates far excess in stock statements. 12. Renewal expired and due for .180 days 13. If account is npa on 01.03.2020, intt on intt will be debited back. Covid provision 5%+5% also to be reversed. Fresh npa provison reqd. 14. FITL not paid till 31.03.2021 15. CC intt 'deferred' not served in full on 01.09.2020 16. Sub std is actually D1 /D2/...

The Goods and Services Tax Network ( GSTN ) has issued Advisory on Auto-population of E-Invoice details into GSTR-1. For the month of March, 2021, the auto-population of e-invoices into GSTR-1 (of March, 2021) is still in progress and is likely to take some more time.  Hence, notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead proceed with preparation and filing of GSTR-1 for March, 2021 (by the due date), based on actual data as per their records.  To check whether a HSN Code is valid or not, please visit GST Portal:www.gst.gov.in > Services > User Services > Search HSN Code. The HSN Master for download in excel format will also be published shortly on the same page.  If HSN of any Goods/Service is otherwise valid but not available in the HSN master, kindly raise a ticket on GST Self-Service  Portal: https://selfservice.gstsystem.in/. Additional FAQs on e-invoice releas...

  Chartered Accountancy (CA)  is one of the most popular   professional courses . It is one of the Toughest courses in the world. It requires an integration of intelligence, hard work , Patience, Determination and continuous dedication with non-stop efforts.  Many aspirants relinquish this challenging journey and replace their dreams with  some other career options . My CA journey mentioned  below in  short summary: If I can become a Chartered Accountant anyone CAN. I Came from a village background with Telugu medium upto graduation. After graduating, I was confused as to what I should do. My Big Brother wanted me to pursue CA so that I have a degree, which would help me get a basic job and the required financial support in the future. That is when I decided to study further and become a Chartered Accountant. Initial period of my CA journey I was faced with a little bit of a medium issue, however I was able to clear the 1st 2 stages of CA early by spen...

CSR-1 Form now available on MCA site for Filling This form is made available pursuant to  section 135 of the Companies Act, 2013 and Rule 4(1) and (2) of Companies (Corporate Social Responsibility Policy) Rules, 2014) Below are some of the FAQs related to the Form: Who is required to File CSR-1? Every entity that intends to undertake any CSR activity is required to file form CSR-1 electronically with ROC. By Doing so the Company will register itself with the Central Government. Who can undertake CSR Activities? CSR Activities can be undertaken by the  company itself   or through: Section 8 Company  with  Section 12A  and  Section 80G  registrations under the Income Tax Act, 1961. Registered Public Trust  with  Section 12A  and  Section 80G  registrations under the Income Tax Act, 1961. Section 8 Company  or Registered Trust or Registered Society  established by the Central Government or State...

 https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities The Central Board of Direct Taxes ( CBDT ) discontinued with Excel and Java Version of ITR Utilities, releases JSON Utility for ITR-1 & ITR-4 for Assessment Year 21-22.  In order to use offline utilities, select the Assessment Year, download either excel or Java or JSON utility. The utility by default will get downloaded in your system ‘download’ folder in a compressed mode (ZIP file), extract (un-compress) the zip file containing the utilities.  The folder will be extracted in the same location where the compressed utility was downloaded. Open the utility and start filling.  There are Certain system requirements. In case of JSON Utilities, OS – Windows 7 or later are supported, Processor – Intel Pentium 4 processor or later that’s SSE2 capable or AMD K10 or above core architecture, RAM – 1.5GB of RAM or more, HDD – 500MB or more of free space.  In case of Excel Utilities, Macro ena...

  Applicability of Rule*   This rule is *applicable on the registered person whose value of taxable supply* other than exempt supply and export, in a month *exceeds fifty lakh rupees*.   *Rs 50 lakhs limit to be checked for each month*   As per said Rule, *taxpayer cannot use Input Tax Credit in excess of 99% of output tax liability*.   *Non-applicability*   This Rule is not applicable in following cases:-   1.    Where the *registered person deposited more than Rs 1 lakh rupees as income tax* *under the Income-tax Act, 1961 in each of the last two financial years*   2.    wherein *registered person has received a refund more than Rs 1 lakh rupees in the preceding financial year* on account of *export under LuT* or *inverted tax structure*   3.    wherein cumulatively upto the said month in the current financial year *registered person has discharged his output tax liability in cas...

The new Financial year 2021-22 has begun and being the first month of the financial year, April 2021 is a significant month from the point of view of the tax compliance and other statutory due dates for ROC filing, GST return filings and Income tax filing falling in the month of April 2021.  Tax Compliance and Statutory Compliance calendar is helpful for every registered business and professional to be ready for compliance well in advance starting. April 10, 2021 : The due date for filing the GSTR-7 is April 10, 2021 for the period of March, 2021.  GSTR 7 is a return to be filed by the persons who are required to deduct TDS (Tax deducted at source) under GST.  The due date for filing the GSTR-8 is April 10, 2021 for the period of March, 2021.  GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.  April 11, 2021 : The due date for filing the GSTR-1 is April 11, 2021 for the period of March,...

 T he CBDT has notified that, Audit Report can be revised if disallowance under Section 40 or 43B of the Income Tax Act needs Recalculation.  The Central Board of Direct Taxes (CBDT) notified the Income-tax (eighth Amendment) Rules, 2021 which seeks to amend the Income-tax Rules, 1962.  In the Income-tax Rules, 1962, in rule 6G, after sub-rule (2), the sub-rule shall be inserted, namely, “the report of audit furnished under this rule may be revised by the person by getting revised report of audit from an accountant , duly signed and verified by such accountant, and furnish it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing of report under sub- rule (1) and (2) which necessitates recalculation of disallowance under section 40 or section 43B.”  In Appendix II, in Form 3CD, in Part-A for clause 8A, the clause shall be substituted, namely, “Whether the assessee has opted for taxation under ...

  The Central Board of Indirect Taxes and Customs (CBIC) has notified the extension of Basic Customs Duty (BCD) and IGST exemption benefit for EOU’s till March 31, 2022.  The Central Government, being satisfied that it is necessary for the public interest, amended notification No. 52/2003-Customs, dated the 31st March 2003.  In the notification, in the opening paragraph, in the proviso, for the figures, letters and words “1st day of April 2021”, the figures, letters, and words “1st day of April 2022” shall be substituted.

1. Mandatory use of Accounting Software having *Audit Trail Extended to 1st April, 2022* Link: http://mca.gov.in/Ministry/pdf/AccountsAmendmentRules_01042021.pdf   2. Other Matters to be Included in Auditors Report as per Companies (Audit & Accounts) Amendment Rules, 2021 extended to Financial Year Starting from 1st April, 2022   Link: http://mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_01042021.pdf Please refer the below official Notification from MCA. 

 Update from NIC - As per the notification from Govt on 15th Oct 2020, businesses having turnover of more than 5 Cr, 6 or more digits  HSN/SAC code is required in HSN summary during GSTR-1 filing.  This is effective from 1st April 2021. For this compliance, we will be validating E-Invoice data and will be blocking Invoices with HSN/SAC code less than 6 digits from 1st April 2021.  Please ensure to correct your HSN/SAC masters to comply with this. List of supported HSN/SAC codes for E-invoicing can be referred here (please use HSN/SAC codes with 6 or more digits) https://einvoice1.gst.gov.in/Others/MasterCodes

  The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return (ITR) Forms for Assessment Year 2021-22.  The Board notified the Income-tax (7th Amendment) Rules, 2021 which seeks to further amend Income- tax Rules, 1962. In the Income-tax Rules, 1962 , in rule 12, in sub-rule (1),  in the opening portion, for the figure “2020”, the figure “2021” shall be substituted. After sub-clause (vi), the sub-clauses shall be inserted, namely “is a person in whose case tax has been deducted under section 194N; or is a person in whose case payment or deduction of tax has been deferred under sub-section (2) of section 191 or sub-section (1C) of section 192.”  In the principal rules, in Appendix-II, for Forms SAHAJ ITR-1,  ITR-2,  ITR-3,  SUGAM ITR-4,  ITR-5,  ITR-6,  ITR-7 ITR-1 Sahaj Form ITR-1 Sahaj is for the individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Sala...