Respected Members;

Quotes of the Day;

1. Eyes Express the Real Feeling better than Touch. Touch Shows Care better than Words. But Words, if used Properly can Wet the Eyes & Touch the Heart.

2. Whether it is a Machine or relationship Maintenance is always cheaper than repair.

NICAI Updates;
?
1. CBDT extends the due date for filing of various reports of audit for Assessment Year 2022-23 from 30th September, 2022 to 7th October, 2022 for certain categories of assessees. Circular No. 19/2022 dated 30.09.2022. 

??2. Finance minister asked the Income-Tax department to quickly process tax returns, issue refunds and redress grievances. Sitharaman said pending cases need to be resolved expeditiously and that the department could run a campaign for this on the lines of public sector banks.

3. E-invoice limit in GST reduced from Rs. 20 Crores to Rs. 10 Crores wef 01/10/2022  i.e for any registered person with aggregate turnover exceeding Rs. 10 Crores in any FY 2017-18 onwards has to issue E-invoice w.e.f 1st October 2022.

4. CBIC has extended the last date for taking input tax credit (ITC) for FY22 from October 20 to November 30. The due date for issuance of credit notes and declaration in the returns for FY22 has also been extended to November 30.

5. RBI hikes repo rate by 50 bps to 5.9% as battle on inflation continues in full swing. Monetary Policy Committee voted with 5-1 majority to increase repo rate by 50 bps to 5.9%. 

6. Inflation continues to be at alarming high levels across jurisdictions, he added. Economic activity in India “remains stable.” It gives us confidence to deal with aggressive policies of other central banks.

7. SEBI is set to allow companies holding initial public offerings (IPOs) to submit confidential pre-filing of offer documents; relax open offer pricing norms for the disinvestment of public sector undertakings (PSUs); and seek enhanced disclosures from startups in offer documents on the IPO issue price.

ca raj chawalapho.jpg

With best regards

CA (Dr) Raj Chawla

Central Council Member of ICAI

B.Com (Hons), FCA, FCS, FCMA, LLB 

MIMA, DISA, MICA, Phd, ASA (Aust)

712, New Delhi House

27,Barakhamba Road, New Delhi-110001

Ph. Off. 011-43581083

Cell: 98110-81083

rajchawlaca@gmail.com


We wish you and your family a very Happy Navratri. May Maa bless all of us with Power, Happiness and Satisfaction. Jai Mata Di.

Quotes of the Day, 

1. Always be Thankful for the Bad Things in Life.They Open your Eyes to see Good Things you weren't Paying Attention to before.

?2. Like Birds, Let Us Leave Behind What We Don’t Need To Carry. Grudges, Sadness, Pain, Fear, And Regrets. Life Is Beautiful, Enjoy It.

? ?NICAI Updates;

?1. CBDT has notified new income tax return forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR- 4, ITR-5, ITR-6, ITR-V and ITR- Ack, for the Financial Year 2021-22 [Assessment Year 2022-23], the ministry of finance said in a release on 1 April 2022.

2. CBDT notifies Section 206C(1G) [TDS on remittance through LRS exceeding 7 lakhs or overseas tour package] not to apply to individuals visiting India who are non-residents as per Section 6(1)/(1A).

3. GST income for the month of March was Rs. 1,42,095 crore, with CGST of Rs. 25,830 crore, SGST of Rs. 32,378 crore, IGST of Rs. 74,470 crore (including Rs. 39,131 crore collected on import of goods), and cess of Rs. 9,417 crore (including Rs. 981 crore collected on import of goods). The gross GST collection in March 2022 set a new record, surpassing the previous high of Rs. 1,40,986 crore set in January 2022.

?4. Wef (1.4.22), issue E-invoice if turnover exceeds 20 cr in any year from 2017-18. Accounts Software with Audit Trail for Cos postponed to 1.4.2023.

5. Extension/ Deferment of the following Due dates:
  • Implementation of Audit Trail software now shall be applicable from FY commencing on or after April 1, 2023.
  • CSR-2 extended upto  May 31, 2022.

6. CBDT issued Circular No. 08/2022 dated March 31, 2022 regarding the extension of timeline for electronic filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income-tax Act, 1961 to 30 September,2022.

7. DGFT issued Notification No. 64/2015-2020 dated March 31, 2022 to extend the validity of the existing Foreign Trade Policy (“FTP”) 2015-2020 till September 30, 2022  from March 31, 2022.

8. DGFT issued Public Notice No. 53/2015-2020 dated March 31, 2022 to extend the validity of the existing Hand Book of Procedures (“HBP”), 2015-20 till September 30, 2022.

9. National Credit Guarantee Trustee Company Limited (NCGTC) extended the Emergency Credit Line Guarantee Scheme (ECLGS) beyond March 2022, till March 2023.

10. Applicability of below mentioned provisions further deferred till 30/09/22 by the ICAI:
  • Responding to Non-Compliance with Laws and Regulations (NOCLAR) [S. 260 & 360]
  • Fees-Relative Size [Para 410.3 to R410.6]
  • Tax Services to Audit Clients [S 604]
1. All the Water in the Ocean could never Sink a Ship unless it got inside. Likewise All the Pressure of Life can never Hurt you unless you let them in.

2. Mind is not a Dustbin to keep Hatred, Anger and Jealousy But it is a Treasure Box to Store Love, Happiness and Sweet Memories.

1. Doubt and Faith both do not remain together in Life. Where there is Doubt, Faith is lost. And where there is Faith, Doubt has to be Defeated.

? 2. An intelligent person will open your mind. A beautiful person will open your eyes. But a loving & kind person will open your heart. 

 ?NICAI Updates; 

 1. The Finance Ministry transferred Ms. Meenu Kumar Commissioner CGST Gurugram to Siliguri, Mr. Abhinav Yadav Addl. Commissioner to Bhuvaneswar & Mr. Ankit Agrawal Dy. Commissioner also transferred to Lucknow with a condition that No representation shall be entertained before they join the new place of posting. 

 2. A flurry of summons from the Income tax investigation wing and the Enforcement Directorate (ED) over the past fortnight has come as a rude reminder to many that despite paying tax they may have a brush with the law. Thousands of recipients of such letters have been caught in a stern, yet often ignored, provision of the statute that requires a mandatory disclosure of all foreign assets like ownership in a company, properties, and accounts with overseas banks, there is a stiff cost to such non-disclosures, as many are discovering: a penalty of 10 lakh a year under Black Money Act (BMA) - so, if a bank account was opened five years ago and has remained a 'secret' since then, the basic fine will be 50 lakh if the assesse is unable to convince tax authorities.

 3. No Disallowance Can Be Made For Cash Payments If Transaction is Genuine And Identity Of Payee is Known: ITAT Jaipur In the case of M/s A Daga Royal Arts vs. ITO,Sec 40A(3) Rule 6DD.

 4. As a major relief to importers, the Supreme Court in the case of UOI & Anr. vs. Mohit Minerals Pvt. Ltd., Civil Appeal No. 1390 of 2022, struck down the levy of GST on ocean freight under reverse charge in case of CIF imports.

 5. CARO 2020 has increased the responsibility of the auditor all the more. One may refer to Para 3(ii)(b) of CARO, 2020 which now requires the auditor to report as to whether the quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company, if not, give details. 

 6. Please join with family and friends cultural program EKAL SUR-EKAL TAL organised by East Chapter of BLSP on 5th June (SUNDAY) 2022 at 5 PM onwards followed by Dinner at the Auditorium, Vivekanand School, Anand Vihar, Delhi-110092. No Fee. 

 7.Committee on MSME & Start-up, ICAI  is organizing a Virtual CPE Meeting (VCM)  on “Virtual CFO Services for MSMEs- Role of Chartered Accountants” from 5:00 PM to 7:00 PM on May 28, 2022. Dr. Sambit Kumar  Mishra Email: sambit...@icai.in; M: 09312085025;

 8.“Strategies for the Growth of Startups” from11:30 am to 1:30 pm on 29.05.2022. The details is appended herewith shall be hosted in the  web link at:  https://live.icai.org/startup/vcm/29052022 Speaker CA. Manish Balani.

1. Your mind is a Magnet, If you think of Blessings; You'll attract Blessings. If you think of Problems, You'll attract Problems.Always cultivate good thoughts and always remain Positive & Optimistic.

2. Solve The Problem OR Leave The Problem. Do Not Live With The Problem. 

?NICAI Updates;
?
?1. CBDT is currently preparing guidelines Ahead of the first due date of advance tax payment on June 15, to release guidelines on what will be covered within the ambit of virtual digital assets (VDA).

2. The commodity ‘Diesel’ is covered under Entry 54 to the List II of the Schedule VII to the Constitution of India and therefore it is excluded from levy of GST and hence beyond the scope of Chapter XVII of the CGST Act, 2017.

3. Health check-ups of employees organised by companies and conducted by doctors and nurses should be regarded as a medical service and should not face GST, an Appellate Authority of Advance Ruling (AAAR) has said. The AAAR modified an earlier ruling by the Gujarat (AAR) that had said 18% GST would be applicable on such health services.

4. Supreme Court  held that when 90% or more of the creditors decide that it will be in the interest of all the stake¬holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate Insolvency Resolution Process as per Section 12A of IBC, 2016, NCLT or NCLAT cannot sit in appeal over such commercial wisdom of Committee of Creditors.

5. Employees' Provident Fund Organisation (EPFO) is weighing a proposal to raise its investment limit in equities to as much as 25% of incremental flows from the existing 15%. The higher exposure to stocks is aimed at helping the apex retirement body bridge the shortfall in returns with investment in debt securities struggling to help it reach targets.

1. Life is like a Piano. The white keys are happy days and black keys are sad ones. Just remember that you need both to make music.

?2. People don't always need Advice, Sometimes all they really need is A Hand to Hold. An Ear to Listen And A Heart to Understand Them. 

NICAI Updates;

1. ?High Court follows CBDT’s Instruction; quashes section 148 notice issued for Assessment year having escaped assessment below Rs. 50 lakh. – [Ajay Bhandari v. Union of India (2022) 139 taxmann.com 541 (All.)]

2. TDS credit to be allowed when assessee offered income to tax even if payer deducted tax on income in next Financial year. [Shivganga Drillers (P) Ltd. v. CPC, Income-tax, Bangalore (2022) 139 taxmann.com 538 (ITAT Indore)]

3. The Income Tax Departments has accused an Indian unit of Chinese technology company Huawei of repatriating large amounts to the parent in the form of dividends, reducing its taxable income here. The department said the company had repatriated ?750 crore even when its revenue was reducing drastically. 

4. ED alleged in a statement said that out of the total sale proceeds of  rupees 1,25185 crore, Vivo India remitted 62,476 crore, mainly to China the agency has seized 119 bank accounts of various entities with gross balance to the tune of rupee 66 crore of Vivo India, 2 kg gold bars, and cash amount to the tune of rupee 73 lakh.

5. ?India could consider a significant shift in the Goods and Services Tax (GST) including a jurisdiction-free regime as part of the next set of reforms for the five-year-old indirect tax system. New Delhi, which raised the import duty on gold recently, is not looking at any further administrative measures immediately to clamp down imports.


1. Life is like a Piano. The white keys are happy days and black keys are sad ones. Just remember that you need both to make music.

?2. People don't always need Advice, Sometimes all they really need is A Hand to Hold. An Ear to Listen And A Heart to Understand Them. 

NICAI Updates;

1. ?High Court follows CBDT’s Instruction; quashes section 148 notice issued for Assessment year having escaped assessment below Rs. 50 lakh. – [Ajay Bhandari v. Union of India (2022) 139 taxmann.com 541 (All.)]

2. TDS credit to be allowed when assessee offered income to tax even if payer deducted tax on income in next Financial year. [Shivganga Drillers (P) Ltd. v. CPC, Income-tax, Bangalore (2022) 139 taxmann.com 538 (ITAT Indore)]

3. The Income Tax Departments has accused an Indian unit of Chinese technology company Huawei of repatriating large amounts to the parent in the form of dividends, reducing its taxable income here. The department said the company had repatriated ?750 crore even when its revenue was reducing drastically. 

4. ED alleged in a statement said that out of the total sale proceeds of  rupees 1,25185 crore, Vivo India remitted 62,476 crore, mainly to China the agency has seized 119 bank accounts of various entities with gross balance to the tune of rupee 66 crore of Vivo India, 2 kg gold bars, and cash amount to the tune of rupee 73 lakh.

5. ?India could consider a significant shift in the Goods and Services Tax (GST) including a jurisdiction-free regime as part of the next set of reforms for the five-year-old indirect tax system. New Delhi, which raised the import duty on gold recently, is not looking at any further administrative measures immediately to clamp down imports.


1. Life is like a Piano. The white keys are happy days and black keys are sad ones. Just remember that you need both to make music.

?2. People don't always need Advice, Sometimes all they really need is A Hand to Hold. An Ear to Listen And A Heart to Understand Them. 

NICAI Updates;

1. ?High Court follows CBDT’s Instruction; quashes section 148 notice issued for Assessment year having escaped assessment below Rs. 50 lakh. – [Ajay Bhandari v. Union of India (2022) 139 taxmann.com 541 (All.)]

2. TDS credit to be allowed when assessee offered income to tax even if payer deducted tax on income in next Financial year. [Shivganga Drillers (P) Ltd. v. CPC, Income-tax, Bangalore (2022) 139 taxmann.com 538 (ITAT Indore)]

3. The Income Tax Departments has accused an Indian unit of Chinese technology company Huawei of repatriating large amounts to the parent in the form of dividends, reducing its taxable income here. The department said the company had repatriated ?750 crore even when its revenue was reducing drastically. 

4. ED alleged in a statement said that out of the total sale proceeds of  rupees 1,25185 crore, Vivo India remitted 62,476 crore, mainly to China the agency has seized 119 bank accounts of various entities with gross balance to the tune of rupee 66 crore of Vivo India, 2 kg gold bars, and cash amount to the tune of rupee 73 lakh.

5. ?India could consider a significant shift in the Goods and Services Tax (GST) including a jurisdiction-free regime as part of the next set of reforms for the five-year-old indirect tax system. New Delhi, which raised the import duty on gold recently, is not looking at any further administrative measures immediately to clamp down imports.


 
     
291710 Times Visited