"The due date for linking of PAN with Aadhaar as specified under sub-section 2 of section 139AA of the Income-tax Act, 1961 has been extended from December 31, 2019 to March 31, 2020," the
The deadline to link PAN with Aadhaar
is just a few days away, i.e., December 31. According to income tax
laws, if PAN is not linked with Aadhaar by this date, then your PAN will
become inoperative.
The government is yet to specify the meaning of the word 'inoperative'
even though the rule regarding this was amended in the July 2019 Budget.
The amendment had come into effect from September 1,
The income-tax department has
sought detailed information from its counterparts in seven countries in
connection with an on-going investigation against members of the Mukesh
Ambani family under provisions of the Black Money Act, 2015, for what
it alleges undisclosed foreign income and assets. The seven countries
are the US, the UK, Switzerland, St.
Lucia, Mauritius, Luxembourg
and Belgium. The queries, sent last month, were mainly about Capital
PAN, Aadhaar linkage is mandatory; here is how you can do it
The Supreme Court (SC) has allowed linking of PAN with Aadhaar
while reading out its verdict on the constitutional validity of
Aadhaar. The apex court also said that Aadhaar is a must to file income tax return (ITR) and also to apply for a new PAN.
As per the Central Board of Direct Taxes (CBDT) notification dated
September 28, 2019, the
We are pleased to inform that the Draft Bank Branch Auditors’ Panel of
Chartered Accountants/firms for the year 2019-20 has been hosted at www.meficai.org for indicating the category of the applicants of Multipurpose Empanelment Form for the year 2019-20.
MEF
Portal fetches the data from the common pool of ICAI database. ICAI has
upgraded its
Are you better off than you were three years ago? Tax cut calculator
ForbesTaxpayers
will be pondering the tax cut in April, and again in November. I
decided to do a little experimenting with the tax code, using a
spreadsheet that I invite you to download.
The 2017 tax cut that
its main promoter described as huge is a mixed blessing. It dished out
some big
Legal Caution : While writing a date in upcoming year 2020 , we should write that in its full format, e.g. 31/01/2020 and not as 31/01/20.,bcoz anyone can change it to 31/01/2000 or 2011 or 31/01/2099
Non-filing of GST returns may result in attachment of bank accounts: ReportThe Central Board of Indirect Taxes and Customs (CBIC) has formed an SOP for dealing with defaults on GST payments.
The Central Board of Indirect Taxes and Customs ( CBIC ) has further extended the enabling new changes in Annual Return (GSTR-9) and the Reconciliation Statement ( GSTR-9C ) to December 21st, 2019.
Recently, the Central Government has made some changes in the forms
of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C)
vide Notification No. 56/2019 dated 14.11.2019. Accordingly, the changes
in the application software and the offline tools are likely to be made
Beginning January 1, a game changing invoicing system will be introduced in the Goods and Services Tax (GST) system. A standardised protocol, powered by the Institute of Chartered Accountants of India (ICAI) and information technology,
Taking a copy of the bill from the seller may turn rewarding, with the government planning a lottery scheme for customers to improve compliance. The measure is being explored by the revenue augmentation officers committee to boost collections and it may be put before the Goods and Services Tax (GST) Council during its meeting on December 18.
The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
“The idea is to encourage consumers to ask for a bill, which will push sellers to become GST compliant and pay tax. A lot of beauty parlours and small hotels, for
The Institute of Chartered Accountants of India (ICAI) today clarified that, Chartered Accountants joining Unrecognized ‘Networks’ for Professional Work amounts may result in Disciplinary Proceedings.
The ICAI has said that, It has come to the knowledge of the Institute that many members in practice are joining/associating themselves with “Networks” which are other than the Networks registered with the Institute, with the mutual referral
The Registrar of Companies (RoC) has disqualified 5,023 directors, including honchos of Akshaya Gold Farms and Villas India Limited, of Andhra Pradeshfor violating the provisions of the Companies Act. The director identification number(DIN) of these individuals has also been deactivated. They have been barred from being a director for non-filing of annual returns and balance sheets. According to the Union ministry of corporate affairs
Union Minister Piyush Goyal, Ministry of Finance and FM Nirmala Sitharaman. (Photo Credit: File Image)
New Delhi, December 10: With
the country reeling under the pressure of slow economic growth and
opposition taking jibes at the ruling dispensation, speculation is rife
on social media that present
Announcement
on Applicability of “Implementation Guide on Resignation/ Withdrawal
from an Engagement to Perform Audit of Financial Statements” to
Statutory Auditors of Listed Entities and their Material Subsidiaries
1 The Auditing and Assurance Standards Board of
ICAI issued “Implementation Guide on Resignation/ Withdrawal from an
Engagement to Perform Audit of Financial Statements” on 30th November
2018. Paragraph 25 of the aforesaid Implementation Guide which
prescribes applicability
Business expenditure --Setting up and commencement of business--Expenditure incurred
relating to setting up of inland clearance depot, container freight station and
warehousing
The winner of Monthly Top commentator Award for the month of November is Nirav with 110 comments on various post. Congratulations! Nirav you are eligible for winning Rs.1000/- from
A third auditor was arrested by the Economic Offences Wing (EOW) of the Mumbai Police in the Rs 4,355-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case on Tuesday. This is the eighth arrest in the case. Investigators suspect that the auditors have received Rs 40-60 lakh from the
The Goods and Services Tax (GST) panel is mulling various methods to boost revenue collections, among which one suggestion is to raise the 5 percent tax slab to 6 percent, as per a Business Standard report.
The slab-restructuring is expected to bring in additional
Chartered Accountancy(CA) is one of the most sought-after professions. Though it is considered India's highest accounting degree, it is not recognized in all countries.
The Certified Public Accountant (CPA) course, which is the highes
Deloitte Touche Tohmatsu Limited charging the Government Re 1 as disinvestment advisory for Bharat Petroleum Corporation Ltd (BPCL) has not gone down well with the investment banking community.
"Deloitte charging Re 1 is not a healthy competition. Regulator should not allow such low bids," said an investment banker on condition of anonymity. Investment bankers said that the regulator must put a minimum cap on the advisory fee.
Deloitte is helping the government sell its stake in BPCL. According to media reports, SBI Caps was the second-lowest bidder, quoting Rs 15-17 crore.
Deloitte declined to comment on the story.
This is not the first time such aggressive bidding has been done by an investment bank. Deloitte had quoted a similar price for its services in the divestment process of Container Corporation of India (CONCOR).
JM Financial had charged Re 1 for ONGC's purchase of the government's 51.11 percent stake Hindustan Petroleum Corporation (HPCL).
The trend of financial advisers quoting low prices began with the listing of Coal India on the stock exchanges roughly a decade ago. The advisers were paid only Rs 1,500.
Why Re 1 fee?
Bankers told Moneycontrol that the Re 1 pricing has nothing to do with any tangible measure, but has been determined by 'other factors.'
"Such low bids of Re 1 is largely done for goodwill and since it was a government deal it adds value to company's profile," another investment banker said.
Generally, consultation fees varies from sector to sector and company to company.
However, investment bankers said the only tangible measure for fixing fees for large deals isdecided based on the expected time spent on the deal, calculated on hourly basis.
"Fee quotations/pricing for contracts of such large nature by
The government has introduced an important change around the e-way bill generation with an aim to crack down on GST non-filers and evaders. With effect from December 2, 2019, the blocking and unblocking of the e-way bill generation facility has been implemented on the e-way bill portal. E-way bill generation has been barred for taxpayers who haven’t filed their returns for the previous two consecutive months.
What is the intention of blocking e-way bill generation for taxpayers? As per GSTN data, around 20.75 lakh GSTINs have not filed their GSTR-3B for September and October months. Also, out of these 20.75 lakh GSTINs, around 3.47 lakh GSTINs (16.7%) had transactions for September and October 2019 in the e-way bill system. Considering the rise in the number of tax defaulters, their ability to generate e-way bill had to be blocked. The tax department is of the view that non-filing of returns has been the primary reason for the decline in the GST revenue collection.
How will blocking of e-way bill generation work? Every taxpayer who is registered under GST must file GSTR-3B, on a monthly basis. GSTR-3B has details of sales and purchases made by a business and the final tax payable after claiming input credit.
As per the new rule, when a taxpayer fails to file his or her GST returns (GSTR-3B) for two continuous months, he or she will get blocked from generating an e-way bill. A GSTIN which is blocked cannot be used for generating an e-way bill either as a consignor or consignee.
For example, if a taxpayer has not filed his GSTR-3B return for September and
Non-filing of Know Your Client (KYC) mainly led to deactivation of DINs
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client (KYC), as on 28 November 2019. This was stated by Anurag Singh
Punjab National Bank (PNB) 'fraudulently issued' Letters of Undertaking (LoUs) worth Rs 25,000 crore to the Nirav Modi group, The Indian Express reports.
Belgian auditor BDO found that PNB issued 1,561 LoUs, valued at Rs 28,000 crore, to the Nirav Modi group. Of this,
The Ministry of Corporate Affairs (MCA), with the objective of strengthening the institution of Independent Directors under the Companies Act, launched today the Independent Director’s Databank in accordance with the provisions of the
Taxation Laws (Amendment) Bill, 2019, will amend the Income Tax Act 1961 and the Finance (No 2) Act 2019. It replace the Ordinance which was Promulgated by the President in September.
In the biggest reduction in 28 years, the government
NEW DELHI: Reliance Jio will raise tariffs by up to 40% from December 6 through its all in one (AIO) plans where the Mukesh Ambani owned company said that it will give 300% more benefits. The carrier added that it will take all necessary
Vodafone Idea Announces New Prepaid Plans, To Be Available From December 3
Vodafone Idea on Sunday announced new prepaid tariffs for its prepaid products and services.
Vodafone Idea had stated that it would increase its tariff from December 1. The announcement has come on the backdrop of its highest quarterly loss of Rs 50,922 crore amid an adverse Supreme Court ruling on adjusted gross reve nue
