Manjul Soni & Co.

09/05/2020

23/08/2019

Dear All,

Please find below my notes on FM’s speech

1. GST returns to be further simplified
2. Monetary penalties will be on focus, no prosecution anymore. Not fulfilling CSR will be a civil offence, not criminal offence
3. all IT summons will be issued from a centralized system
4. Any notice without a Document Identification Number (DIN) will be treated as invalid. All old notices will be uploaded with DIN on or before 31st October 2019.
5. All notices on which responses have been received will be closed within 3 months from the date of response.
6. Enhanced surcharge on CGs in case of FPIs removed
7. Section 56(2B) of IT Act, 1961 shall be not applicable to a registered startups. A dedicated cell in CBDT will be available to resolve issues related to startup
8. Benefit of Interest Rate reduction will be passed on by the banks.
9. Banks to link Repo rates with Interest rates on loan : Working capital loan and Home loan interest rate change to be effected immediately once RBI repo rate changes
10. Bank Documentation after loan repayment to be completed within 15 days.
11. Online tracking of loan application will be available with status.
12. Banks for One-time settlement of loan by MSME will follow a check box approach
13. Banks to classify matters as Vigilance and Non-vigilance to improve decision making process
14. NBFC to be permitted to use Aadhar authenticated bank KYC to avoid repeated process.
15. All pending GST refund due till date to MSMEs shall be paid within 30 days.
16. All new GST refund due to MSMEs shall be paid within 60 days
17. MSME definition will soon have one single definition
18. Bond markets in India to be deepened.
19. Indian companies to access global markets – Depository Receipt Scheme to be operationalised
20. Aadhar based KYC for domestic retail investors
21. Measures to bring Offshore rupee market to domestic stock exchanges
22. Delayed Infra payment from Government / Central Public Sector Enterprises (CPSEs) will be dash boarded and monitored for early clearance.

Automobile sector:
23. BS-IV vehicles purchased till 31.3.2020 will remain operational for entire period of registration.
24. Revision of one-time registration fee is deferred till June 2020.
25. Additional 15% depreciation on all vehicles acquired from now till March 2020 is available (in essence 30%)
26. Both Electric Vehicles and Internal Combustion vehicle will continue to be registered.
27. Government departments to replace old vehicles with new ones

30/05/2019

All kinds of accounting and GST related work, ROC filings, Audits, Income Tax and Bank Audits etc.

A candidate must have cleared Atleast one group of IPCC.

A candidate should be enthusiastic, energetic, and with ready to learn approach.

07/05/2019

REALTIME Updates:

1. ITR: The deadline for filing income tax returns (ITR) is July 31 for every assessment year. If you miss the deadline, you can always file a belated return by up to March 31 with penalty of the following year. If you have also missed the deadline for filing a belated return, you can’t file it after March 31.

2. Capital Gains: Though section 50C is a deeming provision and the AO is obliged to compute the capital gains by taking the valuation arrived at by the DVO in place of the actual consideration received by the assessee, the assessee is entitled to challenge the correctness of the DVO's valuation before the CIT (A) and the Tribunal. The DVO has to be given an opportunity of hearing. (Favour of Assessee).Lovy Ranka vs. Deputy Commissioner of Income Tax (ITAT- Ahmedabad).

3. GST: All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST.

4. GST: Delhi High Court has directed the GST Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1.

5. MCA: e-form MSME (Form for furnishing half yearly return for outstanding payments) and DPT-3 (Return of Deposit) are available on MCA Portal w.e.f 01.05.2019.

6. CBIC has informed that the IEC holders can register with the Goods and Services Tax Identification Number (GSTIN). It was said that no Digital Signature is required for the same. The facility is now available on www.icegate.gov.in.

With best regards..

Team MSC.

04/05/2019

REALTIME Updates:

1. CBDT released data that after clocking steep growth of 25% in the three years to FY18), the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed in FY18.

2. Income tax department has released the software utility in excel format for filing ITR2 for FY2018-19. It is to be used by individuals having capital gains or more than one house property but not by those individuals having income from business and profession.

3. Income Tax : Bombay High Court in the matter of Pr. CIT Vs State Bank of India Stated that Interest on Income Tax Refund cannot be denied for Mistake committed by assessee during ITR filings.

4. GST : GSTR-9 is merely a compilation of data filed in GSTR-3B and GSTR-1. As per the instructions of the form GSTR-9, it is stated that information of outward supplies ‘may’ be derived from Form GSTR 1. Hence, so far as Outward supplies and tax payable in the annual return is concerned, the same are to be extracted from Form GSTR 1 only.

5. MCA has given the clarification on format of audit report for reconciliation of share capital and filing of the same with the Registrar of Companies.

6. RBI Study revealed that Inflation forecasts by the central bank have gone away only at time of low food inflation. In most other periods, forecasts have remained almost close to actual, and in line with the trend in the forecast of other central banks.

With best regards.

Team MSC

03/05/2019

REALTIME Updates:

1. INCOME TAX : Income Tax Return for FY 17-18 cannot be revised now as the deadline for it was March 31, 2019. You can consider payment of tax and informing the tax department so that in the event of any enquiry by the tax department, you will be able to prove that you have fulfilled your onus of reporting the income and payment of consequent tax.

2. MCA has notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2019 which shall come into force on the date of their publication in the Official Gazette i.e 30-04-2019.

3. SEBI passed orders against it in the co-location case, National Stock Exchange said on May 1 the orders do not affect its functioning as a recognised stock exchange. The markets regulator on April 30 directed the bourse to disgorge profits worth over Rs 687 crore along with interest.

4. Form MSME -1 (One-time Return as at 22.01.2019) – Due date is 30.05.2019;

5. LLP Form - 11 (Annual Return) Due date is 30.05.2019;

6. Form INC-22A (Active) due date is 15.06.2019;

7. Form DPT -3 (One-time Return as at 31.03.2019) due date is – 29.06.2019;

8. Form DIR-3 KYC (For DINs allotted till 31.03.2019) due date is – 30.06.2019.


With best regards,

Team MSC

30/03/2019

*REALTIME* Updates:

1. *CBDT*: CBDT has issued directions to Income Tax offices across the country to probe financial transactions of about three lakh firms, de-registered by the government for their dubious financial credentials, for tax evasion and money laundering, especially during demonetisation.

2. *GST*: Govt relaxed the norms for e-way bills. Rules regarding validity have been changed, while a facility has been provided for auto-calculating the route distance. Under the GST regime, an e-way bill has to be generated if goods worth over Rs 50,000 are transported.

3. *RBI*: Foreign entities doing business in defence or telecom sector in India will henceforth not need to seek separate approval from Reserve Bank of India for opening branch or liaison offices, provided they have clearance from the concerned ministry.

4. *SEBI*: SEBI is conducting a detailed probe into complex structures that debt mutual funds have entered into for loans to promoter group firms in recent years. It has asked mutual fund trustees to review the exposure and risk management practices of such debt schemes and submit the findings by March 31.

5. *SEBI*: SEBI said transfer of shares of listed companies can be done only in the dematerialised form from April 1 but investors are not barred from holding shares in the physical form.

With best regards..

30/03/2019

*Kind Attention : GST*

*1. Unique (New) Series for Tax Invoice/Bill of Supply/Credit note/debit note etc* - As per GST Law, a unique (new) series of following documents should be followed for each financial year and should not exceed 16 characters :-

Tax Invoice
Bill of Supply
Payment voucher
Receipt voucher
Refund voucher
Credit Note
Debit Note

Do not continue old invoice series to next financial year. i.e. from 1st April, 2019

*2. Amendments/ rectification* : Please note that the return for March 2019 is the last chance to amend or rectify mistakes done, or things omitted in GSTR-1 or GSTR 3-B return for FY 17-18. So, therefore, you should reconcile books of accounts and returns uploaded and adjust their differences in March GSTR-3B and GSTR-1. Also, if any mistake is made in GSTR-1, like B2C shown as B2B, or wrong GSTIN uploaded, invoices omitted to be uploaded etc. can be amended and uploaded.Similarly, if any invoice is not uploaded on GST Portal by your vendor for the period July 2017 to March 2018, then he can do so only in GSTR-1 of March 2019 i.e due date is 11th April 2019.

*3.Letter of Undertaking (LUT)* -All exporters who make exports without payment of IGST under LUT should apply for LUT for the FY 19-20.

*4.HSN Code in the TAX Invoice* – Before preparing first invoice in the new financial year, you should check the turnover for the year 2018-19. Please note that taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices.

*5. Input Tax Credit Reversal* – As per the rules of Input tax credit, after issuance of tax invoice if receiver does not make the payment of taxable value along with tax payable thereon within 180 days from the date of invoice, then the credit availed on said tax invoice needs to be reversed along with interest. And whenever the payment is made, the receiver can take the re-credit of ITC. Therefore, all vendor invoices dated before 1st October, 2018, should be paid before 31st March 2019 otherwise credit needs to be reversed along with payment of interest.

*6.Opting for Composition Scheme* – The taxpayer must also workout whether he wants to convert to Composition scheme (Limit is Rs. 1.5 Cr. Now) from FY 2019-2020 and file GST CMP 02 before 31.03.2019

Regards

23/02/2019

The Government has issued The Banning of Unregulated Deposit Schemes Ordinance 2019 on 21.02.2019. Pursuant to this ordinance now any Individual or group of individuals can’t take any deposit or loan from any person other than relatives and Partnership firm can take deposit or loan from relatives or partner or partners only.