Shah consultancy

21/09/2019

Need person to do work near since city area

30/09/2018

Point to be remember

31/07/2017

30/06/2017

*JULY 1 WILL CHANGE YOUR WORLD: BE PREPARED FOR CHANGES OTHER THAN GST*

Economic times | Jun 28, 2017, 03.30 PM IST

NEW DELHI: July 1 is set to enter into history books, and not just for the Goods and Services Tax (GST). A number of other major changes will happen from this date.

Here is a list of changes that are coming into effect on July 1:

1=> *No filing of I-T return without Aadhaar*:
The government has made it compulsory to mention Aadhaar for filing of income tax return. Without Aadhaar, you won't be able to file your return after July 1.

2=> *Linking of Aadhaar with PAN becomes mandatory*:
The government has also made it compulsory to link Aadhaar with PAN to stop people using multiple PANs to evade taxes. If a person does not link PAN and Aadhaar as mandated by Section 139AA of the Income Tax Act, his PAN could become invalid.

3=> *No PAN card without Aadhaar*:
Aadhaar becomes must for getting new PAN. You won't be able to get a PAN card after Saturday without your Aadhaar card.

4=> *No passport without Aadhaar card*:
Ministry of External Affairs has listed Aadhaar card as one of the mandatory documents for applying for a passport. So you won't be able to get your passport without Aadhaar from July 1.

5=> *Aadhaar-PAN linking made mandatory from July 1*:
Here's all you need to know
Aadhaar-PAN linking made mandatory from July 1.

6=> *Linking PF account with Aadhaar*:
Employees' Provident Fund Organisation (EPFO) has made it compulsory to link PF account with Aadhaar by June 30. Pensioners are also asked to furnish Aadhaar details. According to EPFO, Aadhaar linking is expected to make the withdrawal and settlement process time much shorter, from existing 20 days to 10 days.

7=> *No concession on railway tickets*:
To plug misuse and leakages, Indian Railways have made it mandatory to quote Aadhaar from July 1 to avail concessions on railway tickets.

8=> *Scholarships for schools and colleges*:
HRD ministry has also issued a notification that school and college students, who want to get government scholarship or are already getting it, should furnish Aadhaar details by June 30. After that, scholarships would not be given to any student who doesn't have Aadhaar.

9=> *No PDS benefit without Aadhaar*:
Public distribution benefits have been linked to Aadhaar. Individuals will have to link Aadhaar with ration cards before July 1 to get all the PDS subsidy benefits.

10=> *No departure form for flyers from July 1*:
Indians flying abroad will not be required to fill departure cards from July 1. The move is aimed at ensuring hassle-free movement and reducing the time required to complete immigration formalities.

11=> *Expat tax in Saudi Arabia from July 1*:
Saudi Arabia is introducing a monthly expatriate levy on the dependents of expatriates from July 1. The fee will be 100 riyals (around Rs 1,721) per dependent this year. It will be doubled to 200 riyals per dependent from July next year, tripled to 300 riyals in 2019 and quadrupled to 400 riyals from July 2020.

12=> *New curriculum for CA*:
Prime Minister Narendra Modi will launch on July 1 a new syllabus for those studying to become chartered accountants. The new syllabus is in accordance with International education standards of the International Federation of Accountants and also includes new taxation system, the GST.

13=> *Online visitor visa for Indians flying to Australia*:
The Australian government has announced that Indian visitors can apply for a visitor's visa online starting July 1. The online visa facility is expected to fasten the approval process.

28/06/2017

Much needed

25/06/2017

CBDT notifies new format for IT notices

The Central Board of Direct Taxes (CBDT) has notified revised format for income tax notices to further push its e-proceeding facility and reduce taxpayers' interface with tax officials.

In the new format, three types of notices can be issued by the taxman for the scrutiny of returns. The CBDT has directed all its field formations to strictly adhere to the prescribed format and not to issue any other notices.

Times of India New Delhi 25.6.17

20/05/2017

Welcome and much needed Amendment in LLP Rules wef 20th May 2017
File overdue returns in form 8&11 upto the end of financial year in which LLP Ceased to carry on its business or commercial operations before filing for strike off.
Now because of this much needed amendment in rule 37(1)(b) one may proceed for closure of LLP without filing annual returns and statement of solvency if no business was carried out during the said period
Regards

15/05/2017

STATEMENT OF FINANCIAL TRANSACTIONS(SFTs), replaced AIR. It's applicable on Professionals & all assesses liable to Tax Audit also

1) Earlier the requirement of filing Annual Information Return(AIR) has now been completely replaced by Statement of Financial Transactions (SFT).

2) The DUE DATE for filing first such SFT is 31.5.2017.

3) By May 31, business establishments, any person liable to tax audit u/s 44AB, various financial institutions & professionals, including doctors, lawyers and architects, will have to report a slew of high-value transactions such as cash deposit, credit card payments, share sale, property deals, debentures and mutual fund units among others.

4) Salaried individuals are not required to file the newly introduced statement of financial transactions (SFT).

5) Entities that will have to report are banks, professionals, fund houses, forex dealers, post office, nidhis, non-banking finance companies, property registrars, companies issuing bonds and debentures, and listed companies buying back shares from specific persons.

6) Under the modified rules, the earlier requirement of filing annual information return (AIR) has now been replaced by SFT.

7) The changes have created new classes of first time filers who have to file SFT of specified transactions for FY 2016-17.

8) The nature of transactions includes cash payment for purchase of demand drafts or pay orders of Rs 10 lakh or more in a year; cash payment of Rs 10 lakh or more for purchase of pre-paid RBI instruments, cash deposit or withdrawal of Rs 50 lakh or more from current account; one-time deposit of Rs 10 lakh or more with banks, nidhis, NBFCs and post offices; payment of Rs 1 lakh or more in cash and Rs 10 lakh or more by other mode against credit card bill issued to a person during the year; and property registrars for deals worth Rs 30 lakh or more.

9) SFTs have to be filed in separate form and not along with the regular Income tax returns.

10) As per the new requirements, apart from specific filers like banks which used to file similar AIR returns, SFT regulations would cover *any person who is liable to audit under Section 44AB* of the Income Tax Act, 1961. The particular section relates to audit of businesses and professions.

12) Form 61A , which consists of 4 parts, where part 1 of the said form is compulsory for any taxpayers falling in preview of section 285BA of the Income tax Act.

13) Form 61A is available on income tax site can be reached from HELP button on home page.

14) It is a zip file , unzip and click on Export file, to fill in excel formal. After filing the form , validate the file. Xml will be generated. While uploading, import the file,again zip file will be created.

15) Point to remember is that even after file gets uploaded , it takes 24 hours to confirm successfully uploaded. So last hour rush should be avoided.

16) Any technical queries pertaining to Efiling 61A can be emailed to Mr. Kajla at:
[email protected]

17) For instance, while reporting an entity will have to take into account all the accounts of the same nature maintained in respect of a person during a financial year; also, while attributing the entire value of the transactions to all the persons in cases where the account is maintained or transactions recorded in the name of more than one person.

18) Penalty on delay is Rs. 100 per day, if notice not received, else upto Rs 500/ day.

19) Filing of inaccurate information will attract penalty of Rs 50,000.

28/04/2017

*FAR*

*Hats off to the CA who wrote this in his office for his clients*

My *expectations* from my *client*

■ Please bring your old *case records* but *don't bring* your *opinion* about your old advocate... I am *no better* than him/her...

■ Wait *patiently* in the *queue*...

■ My phone is for *EMERGENCY*...

■ If you want, please do *wish* me when u meet me in a marriage or birthday party or a hotel but *don't* discuss your matter problems there also...

■ Don't *praise* me that I saved you, because I didn't do anything *extra*, it's my *duty to work *... It is *God* who heals, but when there is a *complication* please *understand* it's also *His wish*... Many complications, adverse effects of law are *not* my work... It's sometimes *your own instructions* which responds in a *peculiar* way...

■ If you are *not happy* with my work, *go away* to my *brother* or *sister* colleague, don't just *waste* your time...

■ Take my advice, *don't read internet* and *decide* about your *Matter *, I *don't* repair my computer seeing instructions on internet, so also you *can't* get advice on *Google*...

■ Come *prepared* with your complaints... I am happy if you *write and bring* especially *points* and I can answer your points *well*...

■ *Don't answer your mobile* in *my cabin*, keep it on *SILENT mode* and *LISTEN to* me...

I end acknowledging that I am called a *CA only because of you*... When you are in my cabin, you are only my *"CLIENT"* and *NOT* an *Officer* or *Minister* or *Media Man* or *Teacher*
and in the end I *remind* you that I too am a *_Human Being_* like you...

*Thank You*...

20/04/2017

Return Form What to file? By Whom? By When?
GSTR-1 Details of outward supplies 10th of the next month
GSTR-2 Details of inward supplies 15th of the next month
GSTR-3 Monthly return 20th of the next month
GSTR-4 Quarterly return for compounding taxable person. Composition Supplier 18th of the month succeeding quarter
GSTR-5 Return for Non-Resident foreign taxable person Non-Resident Taxable Person 20th of the next month
GSTR-6 Return for Input Service Distributor Input Service Distributor 13th of the next month
GSTR-7 Return for authorities deducting tax at source. Tax Deductor 10th of the next month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected E-commerce Operator/Tax Collector 10th of the next month
GSTR-9 Annual Return Registered Taxable Person 31st December of next financial year
GSTR-10 Final Return Taxable person whose registration has been surrendered or cancelled. Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 Details of inward supplies to be furnished by a person having UIN Person having UIN and claiming refund 28th of the month following the month for which statement is filed

17/04/2017

Telangana First to pass SGST Act

The youngest state Telangana, becomes the first state to pass its SGST Act. It could not wait and so passed it on Sunday 16th April itself.

Hope uske bade bhai behen bhi usse prerit honge.