CA CMA Syam sundar

The SEBI has issued a new format for the Compliance Report on Corporate Governance on May 31, 2021. In which, the SEBI has added a new Annexure: Annexure – IV. Annexure – IV shall be submitted on half yearly basis with the Compliance Report on Corporate Governance in the prescribed format (w.e.f. first half of the financial year 2021-22). Under this Annexure, the listed entity have to disclose: a.         Any loan or any other form of debt advanced by the listed entity directly or indirectly to; b.        Any guarantee/ comfort letter (by whatever name called) provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed by; c.         Any security provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed by;  the Promoter, Promoter Group, Directors (including relatives), KMPs or any other entity ...

Highlights of 43rd Meeting of the GST Council 1) Many *COVID-19 related goods have been recommended for full exemption from IGST till 31.08.21*  2) Group of Ministers (GoM) to review  need for further relief to COVID-19 related items 3) Amnesty Scheme to provide relief to taxpayers regarding *late fee for pending returns for GSTR3B for the tax periods from July, 2017 to April, 2021* as under if returns filed by 31.08.2021. a. *No Tax liability* - late fee capped to a maximum of *Rs 500/-* per Return b. *Others *- late fee capped to a *maximum of Rs 1,000/-* per Return 4) *Reduction of Late Fees* for future periods per Return a. Nil Tax Liability  in GST3B or no outward Supply in GSTR1 - *ate fee to be capped at Rs 500/-* b. Other Cases – For Taxpayers having turnover i. Upto Rs.1.5 cr – Max Rs.2,000/- ii. 1.5 Cr - 5 Cr – Max 5,000/- iii. Above 5 Cr – Max 10,000/- c. GSTR4 – If nil tax liability – Rs.500/- & others Rs.2,000/- 5) *Extension in ...

 IMPORTANT ANNOUNCEMENT In continuation to the Announcement dated 27th April, 2021, it is hereby announced for general information that the Chartered Accountants Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme}, Final {Under Old & New Scheme}  Examinations shall now commence from Monday, 5th July, 2021 across the globe. The detailed Schedule / Notifications for the said Examinations will be announced shortly. The Candidates are advised to note the above and stay in touch with the website of the Institute, www.icai.org.

The National Securities Depository Limited (NSDL) released the new features in e-TDS and TCS. The NSDL has revised the e-TDS TCS RPU utility for preparing TDS or TCS returns.  The e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version 7.1 for Financial Year 2010-11 onwards have also been released.  The new column “Whether opting for taxation u/s 115BAC [Yes/No]” is added under Annexure II (Salary details) for Form 24Q-Q4. If user selects ‘Yes’, below mentioned deductions will not be allowed under Annexure II namely Deductions under section 16, Deductions under Chapter VI-A (except for deduction under 80CCD(2)), Travel concession or assistance [section 10(5)] and House Rent Allowance [Section 10(13A)].  Values in the newly added field will be allowed only when the financial year of statement is 2020-21 and Quarter 4 onwards is selected. For rest all prior FYs and quarters, this field is not applicable. Same will be applicable for re...

 The Supreme Court on Friday upheld a government notification of 2019 to invoke personal guarantees of promoters whose companies defaultedon bank loans.  The ruling will allow banks to file personal bankruptcies against top Indian promoters whose companies have been sent to the National Company Law Tribunal (NCLT)for debt resolution. The Insolvency and Bankruptcy Code (IBC) was enacted in 2016 and the government amended the IBC in November 2019 and gave additional powers to lenders to invoke the personal guarantees of defaulters. Lenders have invoked the personal guarantees of companies including Bhushan Steel,Bhushan Power and Steel, Punj Lloyd, and Reliance Communications, which were sent to the NCLT for defaulting on bank loans. Some of these promoters have moved high courts across India when banks started invoking their personal guarantees. The Supreme Court later transferred all the cases to itself following petitions from Indian lenders. In its order the Supreme Court Be...

  *Additional fees waiver extended to 18 forms Now* Please refer the link for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021.  The new forms included are *AOC-4, MGT-7, LLP Form 3, LLP Form 11, DIR – 11, MGT-14* Link: http://mca.gov.in/Ministry/pdf/FeeWaiver_13052021.pdf List of forms providing waiver of additional fee as per Circular no. 06/2021 and 07/2021 1 Form CHG-1 Application for registration of creation, modification of charge (other than those related to debentures) 2 Form CHG-9 Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures 3 FORM ADT-1 Information to the Registrar by company for appointment of auditor 4 FORM INC-22 Notice of Situation or Change of situation of Registered Office of the Company 5 FORM NDH-3 Return of Nidhi Company for the half year ended 6 FORM FC-4 Annual ...

 *MCA Update on CSR* Clarification on *offsetting the excess CSR spent for FY 2019-20* if company has contributed any amount to ‘PM CARES Fund’ on 31.03.2020 which is over and above the minimum amount as prescribed under section 135(5) of Cos. Act for FY 2019-20 Circular you can refer below: E-file no. CSR-01/4/2021-CSR-MCA Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Marg, New Delhi-110001 Dated: 20th May 2021 Circular To, All concerned stakeholders. Subject: Clarification on offsetting the excess CSR spent for FY  2019-20 - reg. Madam/ Sir, Keeping in view the spread of COVID-19 in India, an appeal dated  30.03.2020 was made to MDs/CEOs of top 1000 companies in terms of  market capitalization, to contribute generously to “Prime Minister's Citizen  Assistance and Relief in Emergency Situations Fund” (PM CARES Fund). In  the appeal, it was mentioned that such contribution may, inter-alia, include  the...

  Now Assessee can Pay Income Tax from Credit Card The Income Tax Department is going to launch its new e-filing portal  www.incometax.gov.in  on 7thJune, 2021. The new e-filing portal ( www.incometax.gov.in ) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers: 1.  New taxpayer friendly portal integrated with immediate processing of Income Tax Returns(ITRs) to issue quick refunds to taxpayers; 2. All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer; 3. Free of cost ITR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort; 4.  New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent; 5. All key portal functions on desktop will be available on Mobile A...

  Income Tax Return & TDS Return Filing Due Date Extended amid severe pandemic Circular No 9 of 2021 F. No.225/49/2021-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 20th May, 2021 Subject: Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances: 1) The Statement of Financial Transactions (SFT) for the Financial Year 2020- 21, required to be furnished on or before 31st May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June 2021; 2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before ...

  The Income Tax E-Filing Portal to be non-functional during 1st to 6th June, 2021. New income tax e-filing portal www.incometax.gov.in is to be launched on 7th June 2021. The Income Tax Department is going to launch its new E-filing portal on June 7th, 2021.  In preparation for this launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available for a brief period of 6 days from 1st June to 6th June 2021.  As per the official circular, the Officers in the field including AOS, CIT (A), PCIT interact with taxpayers through E-proceedings over the E-filing portal directly or through the NeAC/NFAC for Issuance of Notices, SCNs and getting a response to various E-Proceedings, Conducting of Video conference or adjournments, Issuing Questionnaires, summons, letters, etc iv. Responding to E-Nivaran or Outstanding Tax demand etc Communicating final orders in Assessment, Appeals, Exemption, Penalties, etc.  ...

Circular No. 148/04/2021-GST dated 18/05/2021.   The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular prescribing the Standard of Procedure (SoP) for the implementation of the provision of extension of time limit to apply for revocation of cancellation of GST registration.  The Board, on December, notified the extension of time limit for applying for revocation of cancellation of registration on sufficient cause being shown and for reasons to be recorded in writing, by: (a) the Additional or Joint Commissioner, as the case may be, for a period not exceeding thirty days; (b) the Commissioner, for a further period not exceeding thirty days, beyond the period specified in clause (a). Consequently, changes have also been made in rule 23 and FORM GST REG-21 of the Central Goods and Services Tax Rules, 2017 vide notification No.15/2021- Central Tax, dated 18.05.2021.  The board, in order to ensure uniformity in the implementation of the provisions of abo...

The Central Board of Indirect Taxes and Customs (CBIC) notified the  changes in Refund Related Rules. The Board has notified the Central Goods and Services Tax (Fourth Amendment) Rules, 2021 which seeks to further amend the Central Goods and Services Tax Rules, 2017.  In the Central Goods and Services Tax Rules, 2017,in rule 23, in sub-rule (1), after the words “date of the service of the order of cancellation of registration”, the words and figures “or within such time period as extended by the Additional Commissioner or the Joint Commissioner or the Commissioner, as the case may be, in exercise of the powers provided under the proviso to sub-section (1) of section 30,” shall be inserted.  In rule 23 (3), the proviso shall be inserted namely, “Provided that the time period, from the date of filing of the refund claim in FORM GST RFD-01 till the date of communication of the deficiencies in FORM GST RFD-03 by the proper officer, shall be excluded from the period of two yea...

The Income Tax Department finalized the Income Tax Business Application (ITBA) Assessment Module for Selection of Scrutiny cases under Computer Assisted Scrutiny Selection (CASS).  The CASS 2020 Cycle for ITRs of A.Y. 2019-20 for the current year has been finalized. The Board has approved the parameters for the selection of cases and cases are visible to the Assessing Officers.  “In the cases pertaining to Faceless Assessment Scheme, notice u/s 143(2) has been issued by the prescribed authority and served by National e-Assessment Centre (NeAC) as per the provisions of Faceless e-assessment scheme, 2019. Subsequently, the cases have been assigned to a specific Assessment Unit in a Regional e-Assessment Centre (ReAC) through an automated allocation system for the purpose of e-assessment,” the Income Tax Directorate while addressing the Principal Chief Commissioner and Principal Commissioner of the  Income-Tax said.  In the cases pertaining to Central Charges & Inte...

The Goods and Services Tax Network (GSTN) stated that since the last date of filing Form GSTR-1 for April 2021 has been extended up to May 26, 2021, and IFF up to May 28, 2021, the Form GSTR-2B for April 2021 shall be generated on May 29, 2021.  The GSTR-2B statement features details on the import of goods fetched from the ICEGATE system including details of inward supply of goods from Special Economic Zone units/developers. However, It is not included in the released version of GSTR-2B for the month of July but it will be made available soon.  GSTR-2B is an auto-drafted ITC statement that will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person), and GSTR-6 (input service distributor). The statement will indicate the availability of input tax credit to the registered person against each document filed by his suppliers.  GSTR-2B is a static statement and wil...

List of all sections of GST, All Sections of Goods and Service Tax Section 1 – Short Title, extent and commencement Section 2 – Definitions Section 3 – Officers under GST Act. Section 4 – Appointment of officers. Section 5 – Powers of officers under GST Section 6 – Authorisation of officers of State tax or Union territory tax as proper officer in certain circumstances Section 7 – Scope of supply under GST Regime Section 8 – Tax liability on composite and mixed supplies Section 9 – Levy and collection. Section 10 – Composition levy Section 11 – Power to grant Exemption Section 12  – Time of Supply of Goods Section 13 – Time of Supply of Services Section 14 – Change in rate of tax in respect of supply of goods or services Section 15 – Value of Taxable Supply Section 16 – Eligibility and conditions for taking input tax credit Section 17 – Apportionment of credit and blocked credits Section 18 – Availability of credit in special circumstances Section 19 – Taking input tax credit in res...

 Dear All  Sharing, may be what you know, but might be useful to someone in need  BANKS always help suitably their customers and their families, however, yes however please note: *In the Year 2015, the Government of INDIA provided Two Insurance Schemes  to the Savings Account Holders of All the Banks* *Pradhan Mantri Jeevan Jyoti Bima Yojana*  (PMJJBY) (Claimed Under Life Insurance) at Rs 330/-   and  *Pradhan Mantri Suraksha Bima Yojana* (PMSBY) (Under Accidental Death) at Rs 12/- {One may Google it to get more details: 1. PMJJBY  2. PMSBY) If someone, whom you know, has *died* due to  Covid-19 or *for any reason*, help the family by telling them to ask the Bank for an Account Statement or Passbook entry of the deceased one from  *01-04 to 31-03* of the financial year Try to search the entry of Rs. 12/- or Rs. 330/- *mark it*. Help the Nominee or Legal Heirs to go to the bank and *Claim the  Insurance* of Rs.2,00,000/- (for cl...

 *APPLICATION FOR MEMBERSHIP OF ICAI-LIC GROUP TERM INSURANCE POLICY* Enroll term insurance in 2 minutes. ===================== https://app.cmpbenefits.icai.org/registration Pay – INR 500 to 900 per annum for INR 10 lakhs term insurance for your family members. Much required in this pandemic situation.  ICAI – Pay term insurance by simple registration. Premium would be depending on your age. Coverage is INR 10 Lakhs.  Policy is for CA in practice as well as CA in industry. Membership number is mandatory.  Students are not covered   Insurance is only for ICAI member and for spouse and not for any other family member

The Ministry of Corporate Affairs (MCA) has notified that no additional fees shall be levied till July 31, 2021 if the due date for filing falls between April 1, 2021 to 31, May 2021 only in respect of 10 forms. 1.  Form CHG-1:  No additional fees shall be levied on Application for registration of creation, modification of charge (other than those related to debentures).  2. Form CHG-9:  No additional fees shall be levied on application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures.  3. FORM ADT-1:  No additional fees shall be levied in respect of information to the Registrar by company for appointment of auditor. 4.  FORM INC-22 : No additional fees shall be levied on notice of Situation or Change of situation of the Registered Office of the Company.  5. FORM NDH-3 : No additional fees shall be levied in respect of Return ...

  In a major relief to MSMEs, the Central board of Indirect Taxes and Customs (CBIC) on Thursday launched a special drive to facilitate disposal of all such pending claims.  The ‘Special Refund and Drawback Disposal Drive’, which will go May 15, 2021 to May 31, 2021.  The focus on refunds and drawbacks is aimed at providing immediate relief to the business entities, especially MSMEs, which makes it an imperative to ensure that there are no delays.  The CBIC directed the Principal Chief Commissioners/ Chief Commissioners to monitor the performance on this front closely on a daily basis and, wherever required, suitably guide the officers concerned to maximize the disposal. Further, it is important to coordinate this Special Drive with the major trade and industry associations (especially those that cater to exporters) for their assistance including submission of required documents from their members (if a claim is pending for want of a required document).  “Though...

The employers covered under  ESI  Scheme can now file and pay  ESI  Contribution for the month of  April 2021  up to 15th June,  2021  instead of 15th May,  2021 . 

 *ICAI Announcement* *Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal - Extended till 30th June* *Link:* https://www.icai.org/post/mandatory-updation-of-udins-in-all-income-tax-forms-at-e-filing-portal *Link to Download FAQ*: https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/FAQ_On_UDIN.pdf

  ICAI FAQ’s on Accounting for CSR expenses Frequently Asked Question on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 This FAQ has been issued by the Accounting Standards Board of the Institute of Chartered Accountants of India. Question :  On January 22, 2021, the Ministry of Corporate Affairs notified the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.  Pursuant to the amendment rules, companies are required to spend the required amount (2% of average net profits of the company made during the three immediately preceding financial years) in every financial year for Corporate Social Responsibility (CSR) activities as prescribed under schedule VII or transfer the unspent amount of ongoing projects in a special account called Unspent CSR Account within 30 days of the end of financial year for use within a period of three ...