Nayan And Associates : Chartered Accountants

31/12/2020

14/11/2020

Happy And Prosperous Diwali to All.

13/07/2020

CBDT on 13.07.2020 has provided One-time relaxation for Verification of tax-returns for the Assessment years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-filing of ITR-V form and processing of such returns has been done by CBDT.
while issuing Circular no 13/2020 on 13.07.2020 CBDT stated it has been brought to the notice of Central Board of Direct Taxes ('CBDT') that a large number of electronically filed ITRs still remain pending with the Income- tax Department for want of receipt of a valid ITR-V Form at CPC, Bengaluru from the taxpayers concerned. In law, consequences of non-filing the ITR-V within the time allowed is significant as such a return is/can be declared Non-est in law, thereafter, all the consequences for non-filing a tax return, as specified in the Income-tax Act,1961 (Act) follow.

CA Anuj K Singh
Nayan & Associates

30/06/2020

Happy CA Day and Doctor's Day to All

12/04/2020

ICAI - Request for relaxation in statutory filings/audit and other compliances by 60 days due to Pandemic Coronavirus - (12-04-2020):

ICAI has approached to various Regulators requesting for relaxation in statutory filings Audit and other compliance due to on-going spurt of Covid-19.

In context to above, the Members may kindly note that RBI has informed that SEBI has already provided certain relaxations to the listed entities from compliance with their instructions due to the Covid -19 virus pandemic, DFS, GOI has advised Public Sector Banks (PSBs) to adhere to SEBI regulations regarding statutory audit as they are listed entities.

It is further informed that RBI has extended the timeline for submission of LFAR by the statutory auditors to the banks by one month and now, it can be submitted by July 31, 2020. Further, on the issue of statutory audit of annual accounts, it has been advised that all listed banks shall follow the instructions issued by SEBI.

It may further be noted that with respect to LFAR, all Certificates as per the Certification/Validation requirements for SCAs of scheduled commercial banks for FY 2019-20 can be submitted along with the LFAR by July 31, 2020

Regards,
Nayan & Associates
CA Anuj K Singh
7208353426
www.nayanca.com

08/04/2020

Press Note on Refund

27/03/2020

CA Examination postponed :-

Due to the Current Covid -19 situation the ICAI May 2020 examinations have been postponed and will be held from 19th June, 2020 .
“Take care and be safe “

27/03/2020

RBI Governor Presser Highlights :

1. Repo rate reduced by 75 basis points to 4.4%
2. Rev repo reduced by 90 basis points to 4%
3. GDP growth for Q4 19-20 and FY 20-21 to be affected
4. Aggregate demand may weaken
5. Future outlook uncertain and negative
6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores
7. Min daily CRR balance reduced from 90% - 80% till 30/06/2020
8. 3.74 lakh crore liquidity injected
9. 3 month moratorium on payment of instalments of Term Loan outstanding
10. Interest on WC facilities to be deferred by 3 months
11. Such deferment not to be considered for NPA
12. Revised DP calculations by reassessing WC cycle
13. All measures not to effect credit history
14. Total liquidity injection 3.4% of GDP

CA Anuj K Singh
Nayan & Associates

26/03/2020

Today Announcement by Finance Minister dated 26.03.2020
1. Relief Package of Rs. 1,70,000/- Crore by Government of India for the Poor, Labour, women
2. Medical Insurance of Rs. 50,00,000/- for the people involve in Treatment of CORONA Virus, like Doctors, Nurses, Technician and other people, around 20L people will get benefits
3. 5KG Rice and wheat next 3 months for the poor people.
4. Farmer : will get ist instalment of Rs 2000 in advance in the month of April (out of yearly Rs. 6000), 8.69 Crore farmer will be benefited
5. MANREGA: Wages increased from Rs. 182 to Rs. 202, it will increase Rs. 2000 as income for 5 crores families.
6. Widow, Disabled, Sr. Citizen: Exgratia Rs. 1000/- in two instalment within 3 months
7. Loan Limit increased from 10L to 20 L for self helf Group, it will help 63 Lakhs SHG
8. Govt of India will contribute 24% to EPF (12+12), organisation having less than 100 employees and 90% draw salary upto Rs.15,000/-
9. PF rules amended to non refundable advance 75%, 75% all withdrawal or 3 months wages whichever is lower, 4.8 Crore people will be benefited
10. Construction Worker, Welfare fund, to be help Rs. 31.5 Cr available with Welfare fund

CA Anuj K Singh
Nayan & Associates

26/03/2020

# a Warrior, not a Worrier # #