Anil Kumar Tenneti

Editor, Tax Concept & TC VIP. Chartered Accountant II Stock Market Enthusiast. I write articles related to market, taxation, Company law and MSME.

Amended Audit Report for the FY 2021-22 : MCA

Ministry of Corporate Affairs (MCA) vide its notification dated March 24, 2021 amended the Companies (Audit and Auditors) Rules, 2014 (“The Audit Rules”), Companies (Accounts) Rules, 2014 (“The Account Rules”) and Schedule III to the Companies Act, 2013 (“the Act”). These amendments are effective from 01 April 2021. Consequent to the amendment to the Audit Rules, the auditors are now additionally required to report …

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All deductions available for Individuals while filing IT Returns

Investments / Payments / Incomes on which Individuals can get Tax Benefit – Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is  ₹ 2 lakh. However, this …

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Returns applicable for Individuals – Which ITR should you file?

1. ITR-1 (SAHAJ) – Applicable for Individual This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Agricultural Income up to ₹ 5,000   Note: ITR-1 …

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Budget 2022 : Income Tax Updates Summary

To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with …

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Buy Bharti Airtel ( Google Investment – A Strategic Move) – Potential upside 20%

ICICI Direct – Google’s investment – a strategic move! About the company:  Bharti Airtel (Airtel) is India’s second largest telecom operator with a revenue market share of ~36% as on Q2FY22. The company has ~35.5 crore wireless customers in India (November, 2021) and ~12.9 crore subscribers across operations in 14 African countries. It enjoys …

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Key Expectations from Upcoming Budget – 2022-23

Following are the key Expectations by ICICI Direct –GDP growth, tax collections to remain buoyant; higher disinvestment to provide further fillip: GDP growth, tax collections to remain buoyant; higher disinvestment to provide further fillip: Nominal GDP is expected to grow at historic high rates of ~17.6% in FY22IE to reach $3 trillion. We expect growth …

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Schedule II of Companies Act, 2013 – Depreciation

Schdule III – Part ‘C‘ The following are the useful lives of various tangible assets: Nature of assets Useful Life I. Buildings [NESD]   (a) Buildings (other than factory buildings) RCC Frame Structure 60 Years (b) Buildings (other than factory buildings) other than RCC Frame Structure 30 Years (c) Factory buildings -do- (d) Fences, wells, …

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Brokerages recommended this bank stock post results – Do you own?

ICICI Bank net profit rises 25 per cent to Rs 6,194 crore in the third quarter of the current financial year and Standalone RoE at 15%.Strong traction continued to build up on both sides of the balance sheet, with average CASA ratio of 45% (deposit growth at 16.4% YoY) and industry-leading loan growth of 16.4% …

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GMR Infrastructure fixes record date for scheme of arrangement. Should you Invest?

GMR Infrastructure has fixed 12 January 2022 as record date for the purpose of determining the shareholders of the Company who shall be entitled to receive 1 (one) equity share of Rs. 5/- each of GMR Power and Urban Infra for every 10 (Ten) equity shares of Rs. 1 /-each held by them in the …

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GMR Infrastructure has fixed 12th January 2022 as record date for Demerger. Should you Invest?

GMR Infrastructure has fixed 12 January 2022 as record date for the purpose of determining the shareholders of the Company who shall be entitled to receive 1 (one) equity share of Rs. 5/- each of GMR Power and Urban Infra for every 10 (Ten) equity shares of Rs. 1 /-each held by them in the …

GMR Infrastructure has fixed 12th January 2022 as record date for Demerger. Should you Invest? Read More »

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Talbros Automotive Components Ltd shares up 8% – Vijay Kedia bought 2.25% Stake

Vijay Kedia bought 2.8 lakh shares of Talbros Automotive Components  valuing 12.3Cr during the Dec 2021 quarter. Talbros is a diversified auto component player with presence across automobile categories in Passenger Vehicles, Commercial Vehicles, Two-wheelers, Three-wheelers, Agricultural machinery, Off-loaders and Industrial vehicles.  Commenting on the performance Mr. Anuj Talwar, Jt. Managing Director, Talbros Automotive Components …

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RailTel Board to consider declaration of Interim Dividend on January 10,2022

The Board of Directors of the Company is scheduled to meet on Monday, January 10, 2022, to consider declaration of Interim Dividend, if any, for the Financial Year 2021-22. The Company has fixed Friday, January 21, 2022, as ‘Record Date’ for the purpose of determining the eligibility of Members entitled to receive the Interim Dividend …

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Clause 13 of Tax Audit – Points to be reported -Difference between ICDS Vs Accounting Standards

ICDS were issued and implemented w.e.f FY 2016-17 by the Government of India in exercise of the power conferred to it under 145(2) of Income Tax Act, 1961. In order to ensure adequate compliance, Form 3CD was amended by insertion of  Clause 13 for the Tax Auditor to verify the compliance. Clause 13 (d) to …

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Tata Motors EV Sales up by 439%

TATA MOTORS EV – Sales up 439% at 2255 Vehicles vs 418 Vehicles in December 2020. Q3 EV sales up 342% at 5592 Vehicles vs 1256 Vehicles and EV penetration touched 5.6% of PV Sales in Q3 vs 1.8% yoy. Tata Motors has an upper hand with two popular affordable electric vehicles in its product …

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Guide to Taxation of Crypto Currencies in India

In India, cryptocurrencies have become a rage. The country is said to have the second-highest adoption rate. The spurt has caught the government’s attention, and according to media reports, the government is mulling taxing blockchain ecosystems, which include cryptocurrencies and non-fungible tokens (NFTs). Currently, there are no specific guidelines regarding the taxation of Crypto Currencies …

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PF Withdrawal – COVID 19 Advance – Limit & Process to claim

Employee Provident Fund (EPF) is a government-backed scheme and is a compulsory deduction for salaried employees. It is a fund to which both the employee and employer contribute 12 per cent of the employee’s basic salary each month.  Generally, the accumulated or a part of the amount in an EPF account can be withdrawn by …

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SALARY EMPLOYEES

List of Allowances & Exemptions relevant to Salaried Employees

Allowances & Deductions for Salaried Employees List of Allowances & Exemptions relevant to Salaried Employees : S.No Section Nature of deduction Amount Whether available in the new regime? 1. 16 Standard Deduction 50,000 Not Available 2. 16 Employment Tax (Professional Tax) Actual Not Available 3. 80C Life Insurance Premium – Self,Spouse, Child Actual (Subject to …

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Must Know : Allowances & Deductions for Salaried Employees

List of Allowances & Exemptions relevant to Salaried Employees : S.No Section Nature of deduction Amount Whether available in the new regime? 1. 16 Standard Deduction 50,000 Not Available 2. 16 Employment Tax (Professional Tax) Actual Not Available 3. 80C Life Insurance Premium – Self,Spouse, Child Actual (Subject to a limit of 1,50,000 and other …

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MSME Compliance

All You Need to know about MSME Compliances

MSME (Micro Small and Medium Enterprise) is the pillar for the economic growth in many developed and developing countries across the world. These micro small and medium enterprises help in the accelerating the growth of our economy in the same as small things contribute towards the formation of the heap. Micro Small and Medium Enterprises …

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why are the shares of Paytm continuously falling? Investors worried due to falling performance

Paytm IPO – Should you subscribe for lisiting gains or wait for correction?

About the Company – Paytm was founded in 2009, as a “mobile-first” digital payments platform to enable cashless payments for Indians, giving them the power to make payments from their mobile phones. Starting with bill payments and mobile top-ups as the first use cases, and Paytm Wallet as the first Paytm Payment Instrument, they have …

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ICAI ISSUES NEW STUDY MODULE FOR FINANCIAL REPORTING MAY 2022 CA EXAMS

ICAI to change exam pattern, more papers under open book

The Institute of Chartered Accountants of India (ICAI) is planning to bring major changes in its examination pattern in the next couple of years by focusing on open book examination concept. President of ICAI Nihar Jambusariya, who was in the city on Thursday, said that more papers in the CA final exam will be added …

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Zomato Valuation : Overpriced or Multibagger in making?

Zomato story Financial IQ Capital Services : TRADING OF LOSS – NEW PARADIGM – Company X accumulated losses of over Rs 4,600 Crore Incurred Loss of Rs. 106.9 Crore in 2018 Loss of Rs. 1000 Crore in 2019 Loss of Rs. 2400 Crore in 2020 Loss of Rs. 800 Crore in 2021 Loss of Rs. …

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Whether NFRA has jurisdiction over Private Limited Companies and its Auditors?

Background: Section 132 – The Central Government may, by notification, constitute a National Financial Reporting Authority (NFRA) to provide for matters relating to accounting and auditing standards for adoption by companies or class of companies under the Act. While many provisions of the Act came into force on April 1, 2014, the setting up of …

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List of 1011 Auditors firms that have not filed NFRA-2 form: NFRA

List of Audit firms that have not filed NFRA-2 for the FY 2018-19 as on 28.09.2021 – S. No. Audit Firm Reg. No. 1 A A MEMON & CO 106346W 2 A A R Y A A & ASSOCIATES 015935N 3 A AGARWAL & ASSOCIATES 326873E 4 A AGRAWAL & CO 001718C 5 A ANAND …

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Key Points to consider before filing GST Returns for the month of September 2021

FY 2020-21 was completed and all the organization are occupied in preparation and submission of Annual filings for the year with various Statutory Authorities. Due dates of the Annual filings for 20-21 are as follows: Annual filing as per Companies Act, 2013 – Annual Return (AOC 4) – December 29,2021 Form MGT -7                 – January …

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