CA CMA Syam sundar

 *📔💡MCA Update - FAQ* *Question: I am not able to submit my Form 11 LLP as the system is showing error “The revised filing of annual return is allowed only once for a financial year”. What should I do?* *💡Suggested resolution* If a user has Form 11 LLP for a particular financial year in his “My Application” tab in any of the following states, the system will show error if a fresh Form 11 LLP is attempted to be filed by the user for the same financial year: 1) Approved: This means the user has already filed Form 11 LLP for the same financial year and the same has been approved.  2) Pending for DSC Upload and Payment: This means that the final PDF of the web form has been generated and thereby SRN has been generated for the form. The user is now required to affix the requisite DSCs on the form and upload them and make payment.  3) Pending for Payment: This means that the DSC affixed PDF form has been uploaded by the user, only payment is required to be made.  In cas...

Please note that ASB of ICAI has prescribed *Formats for Financial Statements of LLP & Non-Corporate Entities* and published Technical Guides for the same.  The *Technical Guides & Excel files* containing Illustrative Formats for Financial Statements can be assessed at: • *Non – Corporate Entities:* o *Technical Guide* on Financial Statements of Non-Corporate Entities - https://resource.cdn.icai.org/70614asb56545.pdf  o *Excel file* containing Illustrative Formats for Financial Statements of Non-corporate Entities - https://www.icai.org/post.html?post_id=15772. • *Limited Liability Partnership (LLP):* o *Technical Guide* on Financial Statements of Limited Liability Partnerships - https://resource.cdn.icai.org/70861asb56826.pdf  o *Excel file* containing Illustrative Formats for Financial Statements of LLPs - https://www.icai.org/post.html?post_id=15772. I am sure this would be of enormous use and go a long way to standardise the formats for financial statements (F...

 MCA updates: In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching first set of Company Forms on MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM. Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9. To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points:  (1).Company e-Filings on V2 portal will be disabled from 15th Aug 2022 12:00 AM for the above 9 forms. All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status.  (2).Offline payments for the above 9 forms in V2 using ?Pay later? option would be stopped from 07th Aug 2022 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking). 15-07-2022

  *Following forms  are made available on the e-Filing portal* *Form 10F* - Information to be provided u/s 90(5) or 90A(5) of the Income-tax Act, 1961 *Form 10FC* - Authorization for claiming deductionin respect of any payment made to any financial institution located in notified jurisdictional area.  *Form 10IA* - Certificate of the medical authority for certifying 'person with disability,' severe disability, 'autism', 'cerebral palsy' and 'multiple disability' for purposes of section 80DD & 80U. *Form 68* - Form of application u/s 270AA(2) of the Income Tax Act, 1961

 11 hidden / unpopular / less known tax deduction or benefit Salaried Taxpayer miss while filing Income Tax Returns.  1)Taken Home loan from Friends or Relative to buy new house? Interest payment can be claimed as a deduction under section 24 2)Exemption on medical bills of uninsured parents - If you have senior citizen parents who are not covered under any insurance policy but took medical treatment, taxpayers can claim a deduction on their medical bills u/s Section 80D up to Rs 50,000 3)Preventive health check-up limit of Rs. 5000 for self, spouse and dependent children section 80D 4)Not receiving HRA from Employer? Can still claim rent paid deduction u/s 80GG – maximum Rs 60,000/ 5)Taxpayer claim a deduction of Rs 40,000 if dependent who suffers from any of the ailments specified u/s 80DDB, like dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and Parkinson’s disease. 6)If a taxpayer suffers from a disability, he can clai...

 *24 different investment and expenditure you can claim in 80C* upto 1.5 Lakh while filing your tax returns 1. *ELSS:* An ELSS is the only kind of mutual fund eligible for tax benefits under Section 80C. Returns 12 to 15% Lock in 3 years 2. *NPS:* National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to facilitate a regular income post retirement to all the subscribers. Returns 8 to 10% Lock in Till age 60. 3. *ULIP:* ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover to financially protect your family in case of an unfortunate event. Returns 7 to 8 % Lock in 5 years. 4. *Tax saving FD :* Many banks offer a five-year FD scheme that is meant for tax saving. One can claim an income tax deduction by investing money in a five-year FD scheme. Returns 5 to 6% Lock in 5 years.  5. *PPF :* Public Provident Fund (PPF) is a retirement savings scheme with the aim of providing a...

 *ITR Filing is Mandatory in 10 Situations.* 1. If your total income exceeds the *basic exemption limit* of Rs. 2,50,000/-. 2. If you have *assets* outside India. 3 If you deposit more than *Rs .1 crore* in a bank account. 4. If you incur *Rs. 2 lakh* on *foreign travel.* 5. If your *electricity Consumption* is *Rs. 1 lakh* per annum.  6. If *Turnover* of your business is more than *Rs. 60 lakh* in a year.  7. If *Gross Receipt* from Profession is more than *Rs. 10 lakh.* 8. If *TDS* is Rs. *25,000* or more 9. If *TCS* is *Rs. 50,000* or more.   10. If deposit in a *saving bank account* is *Rs.50 lakh* or more Last date for filing ITR is 31-07-2022.

 Some recent updates 1.  *Finance Act, 2022* amendment to Section 14A for disallowance of expenditure in absence of exempt income, clarificatory in nature, applicable retrospectively. - [ACIT v. Williamson Financial Services Ltd. – Date of Judgement : 06.07.2022 (ITAT Guwahati)]. 2. *Income Tax*: Addition u/s 56(2)(vii)(b) - differential amount between the value as determined by DVO and the purchase price - Mandation of referring matter to DVO for valuing the property. ITAT VARANASI. SRI INDRA NARAYAN TRIPATHI VERSUS THE ACIT, RANGE-2, GORAKHPUR., No.- ITA.No.05/VNS/2020.  3. *GST*-registered businesses with annual turnover of more than Rs 5 crore will soon have to generate electronic invoices for B2B transactions, a top official said on Thursday. 4. *CBIC*: Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said the GST Council, comprising finance ministers of the Centre and states, had decided to implement it in a phased manner and with e-invoices being...