M/S NMA & Associates

19/05/2021

Govt has notified CGST (Fourth amendment) Rules vide Notification Number 15/2021 dt. 18/05/2021 wherein 5 Rules & 2 Forms amended & 1 Form newly inserted.

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Key Highlights:

1. An application for revocation can be filed by a taxpayer in case of suo-moto cancellation of registration by PO in REG-21. Now Rule 23 (1) amended to include that such revocation can be filed within 30 days from receipt of Order or within period extended by AC or JC or Commissioner (Second Part Inserted now & changes made in REG-21).

2. Proviso inserted to Rule 90(3), wherein if PO directed taxpayer to file a fresh application due to deficiencies in application the time b/w filing of RFD-01 & receipt of deficiency memo in RFD-03, shall not be included in time limit of 2 years for filing fresh refund application.

3. Rule 90(5) & Rule 90(6) inserted wherein refund application filed in RFD-01 can be withdrawn before order of RFD-04/05/06/07/08 by filing application in RFD-01W (New Form inserted), & any amount debited from ECL shall be re-credited to ECL.

4. Amendment in Rule 92(1), 92(2), 96(6) 96(7). If any refund is withheld by the PO then order shall be passed in Part-A of RFD-07. Further order to release such withheld refund shall be passed in Part-B of RFD-07 (Revised forms issued).

5. Rule 138E puts restriction for filing information in Part-A of EWB-01, some words have been substituted, wherein now the restriction is restricted to only Outward Movement of Goods of a registered person, i.e. no restriction to issue e-way bill as a recipient.

29/09/2020

FINAL REMINDER

25/07/2020

04/03/2020

*Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with effect from 1.4.2020*

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten PSBs into four which include the –

(a) Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank

(b) Amalgamation of Syndicate Bank into Canara Bank

(c) Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India

(d) Amalgamation of Allahabad Bank into Indian Bank

The amalgamation would be effective from 1.4.2020 and would result in creation of seven large PSBs with scale and national reach with each amalgamated entity having a business of over Rupees Eight lakh crore. The Mega consolidation would help create banks with scale comparable to global banks and capable of competing effectively in India and globally. Greater scale and synergy through consolidation would lead to cost benefits which should enable the PSBs enhance their competitiveness and positively impact the Indian banking system.

In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. The adoption of best practices across amalgamating entities would enable the banks improve their cost efficiency and risk management, and also boost the goal of financial inclusion through wider reach.

Further, with the adoption of technologies across the amalgamating banks, access to a wider talent pool, and a larger database, PSBs would be in a position to gain competitive advantage by leveraging analytics in a rapidly digitalising banking landscape.

18/02/2020

*Increase in Tax Audit Limit will not have much impact:*

1) Theincrease in Tax Audit threshold to Rs 5 Crores from Rs 1 Crores u/s 44 AB will not have much of impact as the GST audit limit is Still Rs. 2 Crores.

2) There is no amendment in Section 44 AD that means those assessees who have declared Turnover less than Rs 2 Crores can declare 6 / 8 % profit or else declare less profit by doing audit. Continuing the provision, thus no impact on tax audits.

3) There is no amendment in Section 44 ADA that means those Professionals who have annual gross receipts under Rs 50 lakhs can declare 50 % as profit or else declare less profit by doing audit. Continuing the provision, no impact on tax audits

4) GST registered assessees falling in 2 Crores to 5 Crores Turnover bracket will still need to carry the audit of books of account as the limit of GST Audit as on date is only 2 Crores becuase the GST auditor can not give his opinion as to true and fair view on part B "certification " of GSTR9 C on the basis of unaudited books of account. Further as per instructions from CBIC to GSTR 9C, in Table 5 A The turnover as per the "audited Annual Financial Statement shall be declared".

Thus as per my view ONLY the assesses who r not registered under GST and whose turnover is in between 2 to 5 Crores as per Section 44 AB will not require to do the audit of books of account under Income Tax as proposed in Budget 2020.

01/10/2019

Offical notification
Date extended till 14 oct, 2019 for DIR-3 KYC

01/07/2015

Effective Service Tax Rates for various services W.e.f. 01.06.2015

Normal - 14 %
GTA Transports - 4.2 %
Builder-Residentail - 3.5 %
Builder-Commercial - 4.2 %
Civil Contractor with Material - 5.6%
Er****on/ elctr wth Material - 5.6%
Repair Maint. of Bldg or goods - 9.8 %
Lodging - 8.4 %
Restaurant - 5.6 %
Catring - 8.4 %
Hall wth Catering - 9.8 %
Vehicle Rent - 5.6%

15/06/2015

आधा 'जून' जाने होने को है पहली बार हुआ है कि न 'ITR Forms' आये न बाजार में आम ;)

28/04/2015

Important Announcement - Postponement of Chartered Accountants Examinations Scheduled to be held from 2nd – 17th, May, 2015 at Kathmandu (Nepal). - (28-04-2015)
28-04-2015
IMPORTANT ANNOUNCEMENT
27th April 2015
POSTPONEMENT OF CHARTERED ACCOUNTANTS EXAMINATIONS SCHEDULED TO BE HELD FROM 2ND - 17TH, MAY, 2015 AT KATHMANDU (NEPAL).
In view of the earthquake and consequent disruption of normal life in Nepal, the Intermediate (IPC) and Final Examinations scheduled to be held from 2nd May, 2015 to 17th May, 2015 at Kathmandu Centres stand postponed. The new date(s) of said examinations at the above Centres will be announced in due course. The candidates are advised to stay in touch with the website of the Institute, www.icai.org.
However, it is clarified that the schedule of examinations notified vide Notification No. 13-CA (EXAM)/M/2015 dated 20th January 2015 in respect of all other cities shall remain unchanged.
In other words, there will be no change in the schedule of examinations for other cities.
ICAI EXAMS

ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. ###VIII of 1949)

29/03/2015