Beetroot Consultancy

21/04/2023

*CA Firm is Looking for*

✅Vacancies - 05

Location :- Gandhi Nagar & Uttam Nagar

✅ CA Inter
✅ CA Dropout
✅ Commerce Graduate

Experience -
👉🏻 2-5 Years (CA Firm Expereince Preferable)

Skills :-
👉🏻 MS Office
👉🏻 Tally

04/12/2022

The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation.

The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said. ”If the assessee either does not agree or partially agrees for adjustment, the matter shall be referred by CPC immediately to the assessing officer, who shall, within 21 days from the date of such reference, shall provide feedback to CPC as to whether the adjustment should be made or not,” it added AMRG & Associates Senior Partner Rajat Mohan said in many cases involving the adjustment of refunds, the Centralised Processing Centre (CPC) noticed that wrong categorisation of demand or lack of feedback from the AO (Assessing Officer) on the assessee's response led to incorrect adjustment of refunds, resulting in needless complaints and litigations. Another concern was that the AO did not promptly respond to the assessees' complaints.

”This instruction clarified that the AO now has only 21 days to respond to a taxpayer's complaints, as opposed to the 30 days previously allowed. It restricts the CPC from holding refunds beyond the allotted period. This approach will lead to a swift resolution of difficulties faced by the taxpayers,”

02/12/2022

Landmark Judgement :

CA not expected to check genuineness of documents submitted by client while issuing Form 15CB -Murali Krishna Chakrala Vs. The Deputy Director, Directorate of Enforcement - [2022] 145 taxmann.com 248 (Madras)[23-11-2022]

Petitioner, a Chartered Accountant, was approached by his client for the issuance of Form 15CB. The client was required to make payments for imports. The petitioner issued Form 15CB on his client's request after going through all the required information.

Subsequently, an investigation was carried out on the client and found that it was involved in money laundering. The allegations indicated opening fictitious bank accounts, forged bills of entry, parking huge funds in the bank account and transferring funds to various overseas parties. During the investigation, the Enforcement Directorate (ED) discovered the petitioner's involvement as Form 15CB was filed in his name and overseas payments were made through bank accounts using such forms.

After the investigation, the Enforcement Directorate filed a supplementary complaint on the petitioner, contending his involvement in the generation of proceeds of crime.
Aggrieved by the order of the Enforcement Directorate, a petition was filed before the trial court but with no success. Thereafter, a petition was filed before the Madras High Court.

The Court held that all the nationalised banks transferred the money without Form 15CB except a particular Bank. If the petitioner had been part of the conspiracy, the certificates would not have been uploaded in his name. The petitioner has only received the remuneration for issuance of such Form 15CB and nothing more.

Further, it was held that Chartered Accountant is only required to examine the nature of remittance and nothing beyond that. There is no requirement to dig deep into the genuineness of the documents submitted by his clients.

Since the petitioner issued Form 15CB after scrutinising the documents furnished to him by the client, there was no reason for the petitioner to suspect the genuineness of such import transactions. He discharged his duties following the professional behaviour expected from him.

Therefore, the Court discharged the petitioner from the prosecution and enlisted him as a witness.

Taxmann is the most reliable online source for research on income tax, indirect tax & GST, Company Law, IFRS, Ind AS & International Taxation

01/12/2022

Computation of ITC has been made based on GSTR-1/IFF/GSTR-5 filed by your corresponding suppliers upto 30/11/2022. GSTR-1/IFF/GSTR-5 filed after the updation date will be covered in the next updation.

09/11/2022

There are 14.96 lacs active companies in India

09/11/2022

HSN-wise summary is Mandatory in Table 12 of GSTR-1

No. of HSN Code (4 Digit or 6 Digit) Depends on Turnover of Preceding Financial Year 👇👇

Notification No.78/2020/

27/09/2022

CLARIFICATION: Amendment to Schedule III to the Companies Act, 2013 vide MCA Notification GSR. 207(E) dated 24th March 2021 mandates companies to round off the figures appearing in the Financial Statements depending upon their total income. However, if the companies provide absolute figures in e-forms ie. AOC-4, the same shall not be treated as incorrect certification by the Professionals.

21/09/2022

Penalty as per s.271B for failure to get accounts audited or furnish a report of audit as required u/s 44AB shall be
Lower of
1:one-half per cent of total sales, turnover or gross receipts, etc.,
or
2:Rs.1,50,000
Last date for this year is 30-09-2022

20/09/2022

📍Taxation of Equity Shares and Equity Mutual Funds

18/09/2022

Section 44AA/44AB/44AD/44ADA of Income Tax Act, 1961-2022
(To whom it is Applicable and when it is applicable)

For Income from Business Pic 1 & 2
For Income from Profession Pic 3 & 4

Don't forget to follow us👀

17/09/2022

Kindly Check this Cash Transaction Limits while Conducting Income Tax Audit and Filing Tax Audit Reports.

15/09/2022

FinMinIndia imposes 20% export duty on some varieties of non-basmati rice effective from midnight - September 9, 2022