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Monday, September 23, 2019

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.

Sunday, September 22, 2019

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

Friday, September 20, 2019

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

Wednesday, September 18, 2019

Dear ICAI why? A video

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.

Monday, September 16, 2019

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

Sunday, September 15, 2019

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

Saturday, September 14, 2019

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

Friday, September 13, 2019

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

Thursday, September 12, 2019

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



Monday, September 9, 2019

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

Sunday, September 1, 2019

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 :
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