ICAI CA Protest Day 2: CA aspirants protest at 200 branches, demand right to revaluation of papers

#dearICAIpleasechange is trending on Twitter. Thousands of chartered accountant (CA) aspirants thronged the branches of ICAI on Tuesday, the second day of protest. On Monday, September 23, several CA aspirants had started a protest against Institute of Chartered Accountant (ICAI) over alleged error in checking their copies.

CA Aspirants protesting outside ICAI Hyderabad branch(Twitter)

ICAI CA Protest: Thousands of chartered accountant (CA) aspirants thronged the branches of ICAI on Tuesday, the second day of protest. On Monday, September 23, several CA aspirants had started a protest against Institute of Chartered Accountant (ICAI) over alleged error in checking their copies.

Many candidates had alleged that their answers were not evaluated correctly.

Read more: Thousands of CA students protest against ‘errors in evaluation’, demand reforms| WATCH

sagar@sagar14043790

#dearicaipleasechange
i did not got what i deserved and where is your step marking pattern because i couldn't found it in my copy

39

12:44 AM - Sep 24, 2019

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The hashtag #dearICAIpleasechange started trending on Twitter after aspirants from all over India started updating about the protests. The CA 

Not got your income tax refund yet? Here's how you can raise a re-issue request

You are eligible to receive income tax refund if you have paid more tax to the government than your actual tax liability. This usually happens when the advance tax, self-assessment tax paid or TDS deducted of the taxpayer is higher than the total tax liability of a taxpayer. 

If the tax department determines, after processing your income tax return (ITR), that a refund is payable to you, an intimation is sent to you via SMS and email. The intimation notice received by you shows the amount of refund that will be credited into your account along with a refund sequence number. An intimation is sent to you under section 143 (1) of the income tax Act. 

Do keep in mind that you will only get the refund if into a pre-validated bank account. Now, if for some reason you have not received the refund amount, then you can raise a service request on the e-filing portal. 

Things to remember 
Before you raise the request for the refund re-issue on the e-filing website, remember that rejection of refund on tin-nsdl website must be reflected. If you cannot track the status of your tax refund or until the reason of rejection is reflected on the e-filing website, then you cannot raise the refund re-issue request. 

In such a case you have to raise a grievance on the e-filing website, under the 'e-Nivaran' tab. 

Also Read: How to track income tax refund status 

How to raise refund re-issue request 
According to the income tax department's e-filing website, these are the steps you should follow to re-issue the refund amount. 

Step 1: Logon to 'e-Filing' Portal www.incometaxindiaefiling.gov.in 

Fake news being circulated on Income tax returns filing date

   https://youtu.be/MzMKmxkc4RI

ICAI sends representation to CBDT for extension of time for submission of Tax Audit reports

Representation to CBDT requesting for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2019 to 30th November, 2019 Section 44AB of the Income-tax Act, 1961 requires the assessee to get his accounts audited by

Key additional disclosures in ITR-6 A.Y. 2019-20

The Income Tax Return - 6 is to be filed by Companies other than companies claiming exemption under Section 11 of The Income Tax Act, 1961 ["The Act"]. A Company is mandatorily required to file the return of income irrespective of whether it has any taxable income or not during the year under consideration [Section 139(1) of The Act]. The ITR-6 has to be mandatorily submitted electronically and verified by digital signature of the Managing Director / Director only. There are several amendments made in all the ITR Forms for A.Y. 2019-20 onwards.

Here is the Schedule wise list of key additional disclosures required while filing the ITR-6 for the A.Y. 2019-20.

• Date of Commencement of Business is required to be given.
• The assessee needs to specify whether it is a producer company as defined in Section 581A of The Companies Act, 1956.
• If ROI is filed by the Representative assessee then capacity of such representative needs to be selected from the given dropdown options.
• If it is recognized as start up by DPIIT then start up recognition number allotted by the DPIIT, certificate number received from inter-ministerial board and Date of filing declaration in Form-2 is required to be mentioned.
• In case of unlisted company, details like Name, PAN, Address, % of shares held of persons who were the ultimate beneficial owners, directly or indirectly, of shares holding not less than 10% of the voting power at any time of the previous year is required to be mentioned.
• In case of Foreign Company, details like Name, PAN, Address, Country of Residence and Taxpayer’s registration number [TRN] or any unique identification number [UIN] allotted in the country of residence of Immediate & Ultimate Parent Company is required to be given.

How to calculate 14A disallowance

What is Disallowance of Expenses?

The income tax department doesn’t levy tax on certain incomes in India, such as agricultural income, tax-free interest, dividend earnings from Indian companies, etc. There is a possibility of assesses

Effects of Corporate Tax reduction by Govt

What does it mean by reduction in corporate tax rates by Govt:

For corporates:

1. Additional revenue or,
2. Pass on to consumers in form of reduced prices

Post effect:

1. If corporates keeps it as additional revenue it will come to investors in form

Dear ICAI why? A video

https://youtu.be/4Xn774qGhV8

Income tax department issues warning against this fake SMS

After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants have now started to take advantage of unsuspecting assesses by sending out fraudulent SMSes with phishing links.

Sample this. "Important Alert! Dear xxxxxxxx, the lncometax_Department requires you to click the link below to submit a formal request for the payment of your unclaimed and overdue tax-refund of xx,xxx INR. http://151.80.90.62/ITRefund." Several taxpayers might consider this to be an authentic SMS sent by the income tax department to claim tax refund.

One such alert taxpayer contacted the I-T department and shared this SMS on Twitter and asked "Is it authentic?".

Tax sleuths were quick to point out that this is a phishing message. "You are requested not to click on any such link or any other link which promises to facilitate filing of ITR or give refund," said the department in its warning.

Kshotriyam

 · Sep 15, 2019

@IncomeTaxIndia Important Alert! Dear xxxxxxxx , the lncometax_Department requires you to click the link below to submit a formal request for the payment of your unclaimed and overdue tax-refund of xx,xxx INR. http://151.80.90.62/ITRefund Is it authentic?

Income Tax India

✔@IncomeTaxIndia

Dear @nirmohia,

This is a phishing message. You are requested not to click on any such link or any other link which promises to facilitate filing of ITR or give refund. Please read the details carefully on this link on our website - https://www.incometaxindia.gov.in/Pages/report-phishing.aspx …

2

11:49 PM - Sep 16, 2019

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How to identify fake SMS

On its website, the department has also released a detailed note on reporting and identification of phishing, fraudulent refund e-mail scams and fake income tax websites.

The I-T department has clarified that it does not request detailed personal information through e-mail nor does it send e-mail requesting PIN numbers, passwords, etc for credit cards or bank accounts.

If you click on the link sent on the fraudulent SMS by scamsters, you might be asked to submit sensitive information such as usernames, passwords and credit card details. This is nothing but a case of phishing where an attempt is made to enter details at a fake website whose look and feel are almost identical to the legitimate one.

What to do after receiving such SMSes:

If you receive an e-mail or SMS which claims to be sent by the Income Tax department, then you should never reply to it directly.

Be very careful while opening any attachments as those may contain malicious code that might infect your computer or mobile phone.

You also need to be careful while clicking on any link sent in the email or SMS. Even if you click on it, do not reveal confidential information like bank account, credit card details.

To check your tax refund status, the best option is to log-in to income tax e-filing website.

Also, the income tax department has asked all assesses to report any such doubtful emails to them at webmanager@incometax.gov.in​​​​​​​​​​​​​​​​​​ and incident@cert-in.org.in.

Senior citizen tax benefits: From income tax to pension – 10 exclusive points explained

Senior Citizens tax benefits: Senior citizens in the country do enjoy certain exclusive income tax and other benefits when it comes to their investments. For the income tax purpose, a

ICAI and ICSI lock horns on interpretation of term accountants

New Delhi, Sep 15 () Amid concerns expressed in certain quarters, company secretaries' apex body ICSI has asserted that it has sought the status of accountants under the Income Tax Act for its members on the premise that they

Bombay HC quashes I-T order, waives interest payable by Ultratech

The Bombay High Court recently quashed an order passed by the Chief Commissioner (CC) of Income Tax (I-T) and waived interest payable by Ultratech Cement under 234C (interest for deferment of advance tax) of the Income Tax Act.

The order was passed by a division bench after hearing a plea filed by Ultratech Cement challenging an order passed on November 30, 2018 by the

10 reasons why the sparrow is fast disappearing from Mumbai

The friendly chirp on the window sill will soon be a sight for sore eyes in Mumbai, as the innocuous sparrow is being wiped out from the urban jungle. ‘A sparrow is to the city what a tiger is to the forest’ can best sum up today’s situation, signifying how sparrows are the bio-indicators of an urban environment, much like the tiger whose decline indicates a threat to the ecosystem.While no one can be singled out for the declining sparrow population, it is humans who are collectively responsible for it, explains Mohammed Dilawar, President, Nature Forever Society (NFS), a crusader for the sparrow as well as other common flora and fauna in urban habitats. Through his non-governmental, non-profit organisation, he has been championing the cause of sparrows, by involving citizens in the conservation movement, especially in urban areas.An NFS initiative creating positive impact is World Sparrow Day, celebrated on March 20 annually, to raise awareness about conserving the sparrow population. So, why do we need to safeguard them, you might ask. Here are 10 reasons why Mumbaikars need to save the sparrow:

1. Felling of trees    It is common knowledge that more the number of trees, more the number of birds. The spike in the felling of trees in Mumbai is a major reason why sparrows and other birds are facing a loss of habitat. But wait, sparrows nest in buildings too, right? They do, indeed, but are sadly facing a double whammy.

2. Lack of cavity nesting    The ubiquitous glass buildings of Mumbai—the corporate dens—have replaced many older structures that were built with a façade that had nooks and crannies, even bricked roofs, which allow sparrows to nest.Cavities are important for birds like sparrows, mynahs, parakeets, etc. to

Bogus firms, fraudulent iGST claims found in pan-India raids at 336 locations

In a joint operation, the Director General of GST Intelligence and the Director General of Revenue Intelligence have found dozens of bogus firms and exporters who were fraudulently claiming Integrated Goods and Services Tax (IGST) from the government. The raids were conducted on

GST Council likely to extend date of filing annual return, audit report for FY 2018-19

Businesses are likely to get extra time for filing their Goods and Services Tax (GST) annual return and audit report for FY19, the first full year of the indirect tax reform.
Federal indirect tax body, the GST Council, is likely to extend the due date from 31, December to enable businesses to comply as companies are currently busy with meeting the deadline for FY18, the

Appointment of Concurrent Auditor for the year 2019-20 of RBI

Appointment of Concurrent Auditor for the year 2019-20 w.e.f. October 01, 2019 to September 30, 2020 by Reserve Bank of India, Bhopal
Address :

CA Final IDT Revision Video 3A For Nov 19 Exam

GST Council may CANCEL filing of Annual Return and Reconciliation statement for Taxpayers having turnover of less than 5 Crores

CNBC Awaaj has reported today based on Sources that GST Council in it’s forthcoming Meeting on 20th September 2019 may CANCEL requirement of filling Annual Return and Reconciliation Statemetn [GST Audit] ( Form GSTR 9, 9A and 9C) for taxpayers having turnover of less than 5 Crores during FY 2017-18
Source   CNBC awaz

Lalbaugcha Raja 2019 Ganesh Festival Live Darshan

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GOOD NEWS|GST LATE FEE WAIVED FOR GSTR1,GSTR6|GST ITC 04 WAIVED FOR JULY17 TO MARCH19|GSTR7 FILING

UCO Bank Concurrent audit Empanelment notice

UCO Bank invites online applications from practicing firms of Chartered
Accountants in India for empanelment as Concurrent Auditors to undertake Online
Concurrent Audit assignment in designated branches/ offices except
RLHs/AMBs/Service branches, Central Pension Processing Centre, SME Hubs,
Treasury, Depository services and HO departments in India.

Online Link -

Vacancy for CA in Mott Macdonald

Senior Finance Analyst / Assistant Manager - Finance

Permanent

Full time

Mumbai

Job Description

Key responsibilities:

Appointment of Concurrent Auditors of RBI for the year 2019-20

• Human Resource and Management Department RBI, Mumbai, Maharashtra (17 Aug 2019) Tender For Monthly Remuneration For Carrying Out Concurrent Audit In INR ( Excluding Gst )
  Address :
  

GST Portal will not be available on Sep 1st for 5 hours

GST Portal will not be available on Sep 1st for 5 hours  as it will be under disaster management drill on September 1,2019 from midnight 1 a.m to morning 5 a.m. Plan your work accordingly.

From Sept 1, individuals must deduct TDS on payments to contractors, professionals: Know all about it

From September 1, 2019, an individual or HUF paying any sum to a contractor or a professional or commission or brokerage more than Rs 50 lakh in a financial year would be required to deduct tax at source (TDS) at the time of credit of such sum or at the time of payment of such sum; whichever is earlier. The government vide Finance Act (No 2) 2019, recently introduced section 194M in

Govt Panel Recommends 10% Tax For Income Between Rs 5 Lakh and Rs 10 Lakh, 20% Till Rs 20 Lakh

New Delhi: People earning between Rs 5 lakh and 10 lakh per year may have to pay 10 per cent income tax, if the recommendations of a high-level tax force set up by the government are accepted.
The task force on direct taxes has proposed radical changes in personal income tax slabs, according to

Chartered Accountancy Body ICAI Gives Big Relief To CA Students By Relaxing Mandatory 8 Month Study Period

Bangalore branch of ICAI. (Website/Justdial)

The Institute of Chartered Accountancy of India (ICAI) has relaxed the mandatory study period of eight months required for students to appear for the intermediate examination after successfully clearing the foundation test, Tax Scan has reported.
As per the report, the CA aspirants had to undergo a mandatory eight month study period which

GST/ IDT Case Law Update–4

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The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has been extended

The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has been extended from

RBI board accepts Jalan panel report, approves surplus transfer of Rs 1.76 lakh cr to govt

Mumbai: The Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee's recommendations and approved a surplus transfer of Rs 1.76 lakh crore to the government.
The surplus comprises Rs 1,23,414 crore for 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at its board meeting.
RBI, in consultation with the government had constituted an expert committee chaired by Bimal Jalan

New GST E- Invoice Format I GST Electronic Invoice

Gst-9 One Page Guide

Former Finance Minister Arun Jaitley dies: 10 highlights of his tenure

Former finance minister Arun Jaitley has died on August 24. During his tenure as Finance Minister from 2014 to 2019, Jaitley led many key financial reforms and initiatives.
Here is a look at his major contributions was at the helm of the Finance Ministry.
Implementation of the Goods and Services Tax (GST): The GST aimed to simplify India’s

Who should file Schedule Asset & Liabilities-AL in ITR

The government has been introducing various changes to the income tax return (ITR) amendments for reporting of assets and liabilities by taxpayers. Generally, a taxpayer carrying on business or profession is required to file details of assets and liabilities through a Balance Sheet in the ITR. Separately, in certain specific cases, the ITR has made it mandatory for taxpayers to disclose the

Expression Of Interest For Hiring Service Of Ca Firm As Internal Auditors

Expression Of Interest For Hiring Service Of Ca Firm As Internal Auditors.
Address :

Key announcements by FM Nirmala Sitharaman on Indian economy, FPIs, GST and Automobile

New Delhi: FM Nirmala Sitharaman on Friday announced withdrawal of enhanced surcharge on Foreign Portfolio Investments (FPIs), that was revealed during presentation of Union Budget 2019.
Addressing a press conference along with top finance ministry officials at National Media Centre in

Now FD interest, dividends, capital gains will come prefilled in new ITR

While ITR forms come with pre-filled personal details, bank account number and tax-paid information, very soon even investment data will come pre-filled
ITR Filing: In order to make filing of income tax returns easier, information on capital gains from equities or debt-related investments, dividend from mutual funds, interest on bank deposits and

Legacy Dispute Resolution Scheme notified; to be operationalized from 1st Sep'19

In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1^st September 2019. The Scheme would continue till 31^st December 2019. Government expects

Availability of ITC for expenses incurred towards promotional schemes

Nature of business of Sanofi India Ltd.

1. Sanofi India Limited in India is engaged in business of sale of pharmaceutical goods and services through group entities. Sanofi has its head office in Mumbai and manufacturing unit at Goa and Ankleshwar. Sanofi also gets its products manufactured through Third party manufacturers who manufacture goods on Contract manufacturing basis. Further, Sanofi provides

GST Annual Return and GST audit (GSTR9 & GSTR9C) due date likely to be extended till November 30 2019

Taxpayers and tax professionals are struggling with compliance for F.Y. 2017-18 for filing the Annual Return called GSTR-9.

Various Professionals & Tax Consultants Association has submitted representation for Extension of Due date of GST Annaul Return and GST audit

CA institute launches survey on GST

The Institute of Chartered Accountants of India (ICAI) has launched a nationwide online survey on GST. 

According to K. Jalapathi, secretary of the Southern Region Council of the ICAI, the survey was launched a couple of days ago and will be open till August 31. Chartered Accountancy students, industries, and anyone working in areas

Multipurpose Empanelment Form (MEF) for the year 2019-20

Multipurpose Empanelment Form (MEF) for the year 2019-20.*

Professional Development Committee has made Multipurpose Empanelment Form (MEF) for the year 2019-20 live and is available at http://mef.icai.org/ for all practicing Chartered Accountants.

 

For the facilitation of members for submission of Multipurpose Empanelment Form for the year

How to resolve technical glitches while uploading GSTR-9C?

Arjuna (Fictional Character): Krishna, GST department has come out with statistics that only 1% of GST Audit Report for the financial year 2017-18 has been filed. As the due date for filing such Audit report is approaching which is 31st August, 2019. Even Government is worried for such

GST Helpdesk response to GSTR9C JSON Issue

After all GST Helpdesk responded on the issue. Following reply received from Helpdesk against one of the complaint of my client. 

Dear Sir/Madam,

Below mentioned ticket has been Resolved

Ticket Number : 20190820675xxx5

Ticket Raised by :Axxxx Kxxx

Resolution Remark :  

New Income-tax Bill: Key recommendations in Task Force's Report

New Income-tax Bill: Key recommendations in Task Force's Report

The Government has constituted a task force in November 2017 to draft a new direct tax laws in consonance with economic needs of the country. The proposed new Income-tax law, if accepted, will replace the existing Income-tax Act, 1961 which is a 58 years old legislation. The task force headed

‘Big Four’ may face CCI probe as govt addresses 'gatekeeping' concerns

The Centre is seeking a Competition Commission of India probe into “gatekeeping” by the “Big Four” - KPMG, Ernst & Young, Deloitte and PwC— following concerns that they created entry barriers for domestic firms, ETNow reports.
As per the report, the government believes that these auditing firms used their dominant position to undertake unfair practices that hindered the growth of smaller, domestic firms. Around 60 percent of

Corporation Bank offers CA mere Rs.12000 p.m. for carrying out Concurrent audit of its branch

https://prime.economictimes.indiatimes.com/news/70779403/corporate-governance/audit-for-inr12000-a-month-that-will-be-a-sham-warn-cas-and-seek-fee-reforms-

HOW TO FILE GSTR-9C USING OFFLINE UTILITY

Income Tax Chart -2019

Stern action if GST returns are not filed, warns Chief Commissioner

Taxpayers should file their GST returns for 2017-18 by August 31 and failure to do so will attract very severe consequences, including hefty penalty, Chief Commissioner of Customs and CGST Visakhapatnam Zone, Naresh Penumaka, has said.
Though only 15 days of time was left, 80% of traders have not filed it so far. It involved a

Key highlights of today’s meeting between the FM and Prime Minister Modi

*Key highlights of today’s meeting between the FM and Prime Minister Modi*

#Prime minister agrees that there is a strong need for the growth revival and the government will go to any extend to get the economy  back on track .

#Government strongly believes that a vibrant capital market is a must to achieve its divestment target .

# The proposed surcharge on the FPIs to be reversed .

# Long term capital gain tax to be enhanced to 3 years .

# slowdown in the auto sector is eminent .

 Government worried about the job losses .

 GST rate to be slashed to 18% across all auto segments .


# A one time stimulus package for the real estate developers is being worked up on .

Prime minister has asked the finance ministry to roll out these measures by the weekend .

80% of taxpayers fail to file GST returns for FY18

The Central Board of Indirect Taxes and Customs Chairman Pranab K Das in a letter to all top officials across the country is said to have encouraged them to initiate an outreach

Only 19.3 lakh out of the 90 lakh taxpayers, who had to file their GST returns (forms 9, 9A and 9C) have done so by the August 3 deadline, reports The Times of India.
This means 80 percent tax filers did not file their GST returns for FY18 despite repeated deadline extensions. The latter has now again been extended till August 31.
The Central Board of Indirect Taxes and Customs Chairman Pranab K Das in a letter to all top

GST PORTAL NEW FEATURE NEW GST RETURNS ENABLED | HOW TO CHOOSE NEW GST RETURN SAHAJ SUGAM QUARTERLY

E-ITR forms updated post the extension of deadline to file ITR

Everyone knows that deadline to file income tax returns has been extended to August 31, but did you know that changes have been made to the ITR forms itself. Yes, in tandem with the deadline extension, similar changes have been made in the ITR forms to make sure that taxpayers do not face

Cheque-bounce charge to attract GST, rules AAAR

Charges levied in case of cheque bounce will attract Goods & Services Tax (GST), says a ruling by Maharashtra’s Appellate Authority for Advance Ruling (AAAR).

New circulars

Accordingly, AAAR has upheld the ruling by the Authority by Advance Ruling (AAR). Technically

Changes in GST. CGST Act is going to change by CGST Amendment Act 2019.

Reaching the zero income tax level of ₹5 lakh

• If your taxable income is above ₹5 lakh, you can avoid paying tax by investing in certain investment instruments
• For this financial year, if your salary is ₹5 lakh, you can earn full rebate on your tax liability of ₹12,500

MUMBAI: Did you know you could pay zero taxes even if you earn more than ₹5 lakh? According

Analysis of recent clarification on GST Annual returns and Reconciliation statement

Table summarizing disclosures relating to debit note (DN) and credit note (CN) in various scenarios

S.No	Document type	Document dated	Reported in GSTR1/3B	To be Reported in GSTR 9 at	To be Reported in GSTR 9C at
1	CN	F.Y. 2017-18	F.Y. 2017-18	B2C- Table 4A B2B- Table 4I
2		F.Y. 2017-18	F.Y. 2018-19	Table 11
3		F.Y. 2018-19 pertaining to supplies  of F.Y. 2017-18 (Provision made in BoA in 2017-18)	F.Y. 2018-19	Table 11	FY 17-18 - Table 5E if impact not considered in Table 5A.
4		F.Y. 2018-19 pertaining to supplies  of F.Y. 2017-18 (Accounted in BoA in 2018-19)	F.Y. 2018-19	Will not appear in GSTR-9 of FY 2017-18. Will become part of GSTR-9 of F.Y 2018-19 in Table 4I.	Will not appear in GSTR-9C of FY 2017-18. Will become part of table 5A in GSTR-9C of F.Y. 2018-19.
5	Financial CN	F.Y. 2017-18	NA	NA	Table 5J - if impact not considered in Table 5A.
6		F.Y. 2018-19 but provision made in F.Y.2017-18	NA	NA	Table 5J - if impact not considered in Table 5A.
7		F.Y. 2018-19 but booked in F.Y.2018-19	NA	NA	Table 5J of GSTR-9C 2018-19
8	DN	F.Y. 2017-18	F.Y. 2017-18	B2C- Table 4A B2B- Table 4J
9		F.Y. 2017-18	F.Y. 2018-19	Table 10
10		F.Y. 2018-19 relating to supply of F.Y.2017-18 and provisioned in BoA in F.Y.2017-18	F.Y. 2018-19	Table 10	Table 5O if impact not considered in Table 5A.
11		F.Y. 2018-19 relating to supply of F.Y.2017-18 and  accounted in BoA in 2018-19	F.Y. 2018-19	Will become part of GSTR-9 of F.Y.2018-19 table 4J.	Will become part of GSTR-9C of  F.Y. 2018-19 in table 5A

difference to be explained in GSTR-9C. This clarification does not seem to be in line with the basic premise/ structure in which the information is demanded in the forms.. In case of RCM, even though the entry of expenditure relating is recorded in the FY 17-18, still it states that the details of taxes paid under RCM in FY 18-19 needs to be disclosed in the Annual returns to be filed in FY 18-19 even though the transaction pertains to FY 17-18. One must note that exactly opposite stand is taken for disclosure of details of outward supplies, wherein the details of taxes paid in FY 18-19 are reported in table 10 of Part V of the same annual return. This revised understanding of the disclosure mechanism would lead to unnecessary reconciliation differences, although it is clarified to report the differences in GSTR 9C with reasons.
H	Role of chartered accountant or a cost accountant in certifying reconciliation statement: There are apprehensions that the chartered accountant or cost accountant may go beyond the books of account in their recommendations under FORM GSTR-9C. The GST Act is clear in this regard. With respect to the reconciliation statement, their role is limited to reconciling the values declared in annual return (FORM GSTR-9) with the audited annual accounts of the taxpayer.	Post issue of this press release, there has been tremendous confusion as to the scope of the scope of auditor w.r.t to the submission of the reconciliation statement and certification of the same. In order to understand the scope, following possible situations to be considered: Possibility 1: Whether scope of auditor is to merely reconcile the number as per audited financial statement with the annual return? Possibility 2: Whether auditor has to legally validate the transactions contained in the books of account i.e. taxability, ITC eligibility, rate of tax etc. or merely proceed based on the tax treatment as per books of account? Possibility 3: Whether auditor is required to look beyond the books of account also i.e. to identify the transactions of deemed supply, cross charge, clandestine removal, bogus billings etc.? It has been clarified that the scope of auditor is to reconcile the value declared in the books of account with the GSTR-9. This indicates that the scope of auditor is as per possibility 1 explained above. However, in view of the authors, the scope of auditor cannot be confined to merely reconciliation as the term 'Audit' has a wide connotation under GST Act and while signing auditor is expected to acknowledge the declaration of details to be 'true and correct'. Therefore, if any non-compliance comes to the knowledge of the auditor in the course of performance of the reconciliation and the auditor come across any instances where ITC has been taken wrongly or tax has not been charged on the transactions appearing in the books of account, then it should report the same in GSTR-9C. Further, the press release does not specifically state to restrict or limit the scope of the auditors to be merely a reconciliation exercise, it however provides a major relief in as much as auditor is not required to look beyond books of account to identify and report the instances of non-compliance by auditee.
I	Turnover for eligibility of filing of reconciliation statement: It may be noted that the aggregate turnover i.e. the turnover of all the registrations having the same Permanent Account Number is to be used for determining the requirement of filing of reconciliation statement. Therefore, if there are two registrations in two different States on the same PAN, say State A (with turnover of Rs. 1.2 Crore) and State B (with turnover of Rs.. 1 Crore) they are both required to file reconciliation statements individually for their registrations since their aggregate turnover is greater than Rs. 2 Crore. The aggregate turnover for this purpose shall be reckoned for the period July, 2017 to March, 2018.	This was a much needed clarification whereby only the turnover from Jul '17 to Mar '18 would have to be considered for ascertaining whether the taxpayer has crossed the Rs. 2 crore aggregate turnover limit, requiring him to file GSTR-9C along with the audited financial statements. However, an exactly opposite view was taken by GSTN in a recently issued FAQ's wherein it was stated that the period of full financial year Apr'17 to Mar'18 must be considered for calculating the turnover limit of Rs. 2 Crore. However, in view of authors, since now the same is being clarified otherwise by the policy wing i.e. CBIC, therefore one may restrict the period of only Jul'17 to Mar'18 for computing the limit of Rs. 2 Crores. Further, aggregate turnover has to be seen at the PAN level.
J	Treatment of Credit Notes / Debit Notes issued during FY 2018-19 for FY 2017-18: It  may    be noted that no credit note which has a tax implication can be issued after the month of September 2018 for any supply pertaining to FY 2017-18; a financial/commercial credit note can, however, be issued. If the credit or debit note for any supply was issued and declared in returns of FY 2018-19 and the provision for the same has been made in the books of accounts for FY 2017-18, the same shall be declared in Pt. V of the annual return. Many taxpayers have also represented that there is no provision in Pt. II of the reconciliation statement for adjustment in turnover in lieu of debit notes issued during FY 2018-19 although provision for the same was made in the books of accounts for FY 2017-18. In such cases, they may adjust the same in Table 5O of the reconciliation statement in FORM GSTR-9C.	There were confusions as to the treatment of credit notes in the GSTR-9 and GSTR-9C. The clarification is a welcome to remove the ambiguity. For ease of reference and understanding, various scenarios of credit notes and debit notes are being explained in the tabular form below.
K	Duplication of information in Table 6B and 6H: Many taxpayers have represented about duplication of information in Table 6B and 6H of the annual return. It may be noted that the label in Table 6H clearly states that information declared in Table 6H is exclusive of Table 6B. Therefore, information of such input tax credit is to be declared in one of the rows only.	It has been clarified that the reclaim of credit reversed due to non-payment within 180 days will appear only once, either in table 6B or 6H.
L	Reconciliation of input tax credit availed on expenses: Table 14 of the reconciliation statement calls for reconciliation of input tax credit availed on expenses with input tax credit declared in the annual return. It may be noted that only those expenses are to be reconciled where input tax credit has been availed. Further, the list of expenses given in Table 14 is a representative list of heads under which input tax credit may have been availed. The taxpayer has the option to add any head of expenses.	It stated that reconciliation is required only w.r.t. expenses where ITC has been availed. Though there is lack of clarity whether the ITC has to be reconciled or the value of expense as per books and ITC ledger has to be reconciled. In our considered view it seems logical to reconcile the ITC, as reconciliation of the expense will not serve any purpose and will lead to no meaningful conclusions. Thereby, the auditor can reconcile the ITC availed as per books and that as per the annual return and disclose the expense figure as appearing in the ITC ledger as per the BoA.

Impact of proposed Minimum Public Shareholding raised to 35%

1. Capital Market Reforms

a. Bar on Minimum Public Shareholding (MPS) proposed to be raised from 25% to 35%

Introduction

The Finance Minister in her budget speech for the year 2019-20, has mentioned that she has already proposed SEBI to raise the current threshold of MPS in listed companies which is currently 25% to 35%. The said amendment when made effective can face huge reactions from

ATTENTION TAXPAYERS|BIG CHANGES IN GST FOR REGULAR DEALERS|GST NEW RETURN FOR COMPOSITE|GST INTEREST

Clarification about GSTR 9 & 9C (Press Release dt. 03.07.2019)

CBIC has come up with its 2nd Press Release dt. 03.07.2019, wherein it has tried to clarify certain issues
faced by taxpayer in filing of GST Anuual Return & GST reconciliation in Form GSTR 9 & 9C respectively.
Some important clarification is summarised as below:

FAQ on Companies Act 2013

> Chapter 1 Incorporation and Allied Matters
> Q1: What is SPICE?
> A1: SPICE refers to “Simplified Proforma for Incorporating Company Electronically”. It is a simplified integrated process for incorporating a company in Form No. INC-32 along with e-Memorandum of Association in Form No. INC-33 and e-Articles of Association in Form No.

Selection of chartered accountant firm for accounts management related services (amrs) at office of fads, fcs and cp department, government of maharashtra

• Food Civil Supplies and Consumer Affairs Department, Mumbai, Maharashtra (12 Jun 2019) selection of chartered accountant firm for accounts management related services (amrs) at office of fads, fcs and cp department, government of maharashtra
  Address :
  

Expression of interest (eoi) from chartered accountant firms for taxation services related to income tax, gst, 15ca/cb, utilization certificate and advisory services on matters related to fcra projects / accounts & audit of Indira Gandhi Institute Of Development Research

• Indira Gandhi Institute Of Development Research, Mumbai, Maharashtra (20 Jun 2019)

  Expression of interest (eoi) from chartered accountant firms for taxation services related to income tax, gst, 15ca/cb, utilization certificate and advisory services on matters related to fcra projects / accounts & audit
  Address :