WHO IS KUMAR SHANU AND PARAS JAIN ? WHY MILLIONS OF STUDENTS SHOULD INDEBTED TO THEM FOR THEIR TIRELESS WORK ?

KUMAR SHANU Kumar Shanu is an advocate and a social activist. Kumar Shanu, the co-founder of Whistle for Public Interest (WHIP), is by known in India for his Public Interest Litigation and effective use of the Right to Information Act. WHIP is a platform for law students and young lawyers to put their advocacy skills …

WHO IS KUMAR SHANU AND PARAS JAIN ? WHY MILLIONS OF STUDENTS SHOULD INDEBTED TO THEM FOR THEIR TIRELESS WORK ? Read More »

A COMPLETE GUIDE TO INPUT TAX CREDIT (ITC) UNDER GST

What is Input Tax Credit (ITC) :ITC means deducting the tax paid on Inputs and Inputs Services from the tax payable on final output. What are the conditions for claiming ITC (Section-16) :There are flat twelve conditions for claiming input tax credit under GST law. All the twelve must necessarily be satisfied for claiming input …

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LEGAL NOTICE TO ICAI FOR GROSS NEGLIGENCE IN EVALUATION OF ANSWER SCRIPTS

Today, a legal notice was sent to ICAI by Adv. Paras Jain and Adv. Kumar Shanu for gross negligence in evaluation of answer scripts from the side of Institute. The words of legal notice are as under : To,President, Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, Post Box No. 7100, New Delhi-110002 …

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PROTEST AGAINST ICAI

On Sep 23rd, 2019, CA Aspirants and Candidates protested against ICAI to seek some reforms from the side of Institute. In reply, The representatives of institute said that “Kindly submit your written representation and institute will consider the same”. However, the reason for which they have protested, is as under – Questions raised on ICAI …

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FACELESS INCOME TAX E-ASSESSMENT SCHEME : AN INITIATIVE FOR PAPERLESS PROCEEDINGS AND ENSURING GREATER TRANSPARENCY IN THE SYSTEM

Finally, the wait for new Assessment Scheme has come to an end. As per the CBDT notification dated 12th September, 2019, a new faceless income tax scrutiny Assessment Scheme has been announced. The said scheme will be rolled out from 8th October,2019 on the occasion of “Vijayadashmi – a festival of good over evil”, signifying …

FACELESS INCOME TAX E-ASSESSMENT SCHEME : AN INITIATIVE FOR PAPERLESS PROCEEDINGS AND ENSURING GREATER TRANSPARENCY IN THE SYSTEM Read More »

OUTCOME OF 37th GST COUNCIL MEETING HELD ON 20.09.2019

The GST Council, in its 37th meeting held at Goa, recommended the following : Relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under : Waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and Filing of FORM GSTR-9 for those taxpayers, …

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SOFTWARE ENGINEER POSED HIMSELF AS PRACTICING CA TO EARN COMMISSION ON TAX REFUND

This week, Rs.17 crore IT Refund scam was unearthed in Nashik and the suspect was named as CA Rajendra Patil. However it has been noted that Mr.Patil is a Software Engineer who posed himself as a Practicing CA. Mr. Patil has filed IT returns of over 1,800 Salaried individuals and facilitated more refunds than what …

SOFTWARE ENGINEER POSED HIMSELF AS PRACTICING CA TO EARN COMMISSION ON TAX REFUND Read More »

RACKET OF FAKE INVOICES WITHOUT ACTUAL SUPPLY OF GOODS BUSTED IN DELHI

CLICK HERE TO INSTALL OUR APP FOR IT, GST, MCA/ROC UPDATES CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel modus operandi wherein …

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GENERAL PROVISIONS IN CASE OF DETERMINATION OF TAX (SECTION 75 OF CGST ACT)

Exclusion of stay period in case which is stayed by court or tribunal for purpose for caluclating time limit for passing order u/s 73 or 74 In case of notice issued u/s 74 for fraud cases but for such fraud cases could not be estabilshed then PO will proceed u/s 73 by deeming to be …

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SECTION 17 OF CGST ACT AMENDED IN ORDER TO FURTHER EXPAND THE ELIGIBILITY OF INPUT TAX CREDIT (ITC)

In this article, we will discuss the latest amendments in section 17 of CGST Act, 2017 (Apportionment of credit and blocked credit). Newly inserted explanation to Section 17(3) : ‘Explanation.—For the purposes of this sub-section, the expression ‘‘value of exempt supply’’ shall not include the value of activities or transactions specified in Schedule III, except …

SECTION 17 OF CGST ACT AMENDED IN ORDER TO FURTHER EXPAND THE ELIGIBILITY OF INPUT TAX CREDIT (ITC) Read More »

FAQs ON CERTIFIED COPIES UNDER RTI

Our Member & Author Mr. Vinay Reddy is receiving many queries and most of them are similar. After analyzing 100’s of queries received through comments to his article, mails and WhatsApp messages, he prepared 15 FAQ’s – Frequently Asked Questions with respect to certified copies under RTI. We hope, your queries were addressed through below …

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LAST CHANCE FOR AVAILING ITC AND RECTIFICATION OF ANY ERRORS/OMISSION IN DISCLOSURES MADE IN THE RETURNS RELATING TO F.Y. 2018-19

Most of us are busy in F.Y. 17-18 itself. However we may miss the bus for compliance for F.Y. 18-19 It would be important to note the following important due dates for the F.Y. 2018-19 :- (A) In terms of section 16(4) of the CGST Act, 2017, the due date for availing input tax credit …

LAST CHANCE FOR AVAILING ITC AND RECTIFICATION OF ANY ERRORS/OMISSION IN DISCLOSURES MADE IN THE RETURNS RELATING TO F.Y. 2018-19 Read More »

PROVISIONS OF CGST ACT, 2017 APPLICABLE TO E-COMMERCE OPERATOR AT A GLANCE

E-commerce Operator : E-commerce operator who is liable to collect only TCS, then registration is mandatory ; otherwise threshold limit is applicable. Eg : Titan selling own watches in his own website. He is qualified as a E-Commerce operator as per amended provisions. If he is not liable to collect TCS then registration u/s 24(x) …

PROVISIONS OF CGST ACT, 2017 APPLICABLE TO E-COMMERCE OPERATOR AT A GLANCE Read More »

ICAI PROVIDES ACCESS TO CERTIFIED COPIES OF ANSWER SHEETS UNDER RTI ACT AT FREE OF COST

Big win and proud moment for the entire CA students’ fraternity. The Institute of Chartered Accountants of India (ICAI) provides access to certified copies of answer sheets under RTI Act, 2005 at Free of Cost. After CBSE, ICSI, University of Delhi and ICMAI ; ICAI has now implemented the Supreme Court’s landmark judgement in the …

ICAI PROVIDES ACCESS TO CERTIFIED COPIES OF ANSWER SHEETS UNDER RTI ACT AT FREE OF COST Read More »

GUJARAT HC GRANTED INTERIM RELIEF IN WRIT CHALLENGING LATE FEE FOR DELAYED FILING OF GSTR-3B

Synopsis : The Hon’ble Gujarat High Court in the matter of AAP & Co. vs Union of India has grants interim relief in writ challenging imposition of late fees for late filing of GSTR-3B under Section 47 of the CGST Act. Facts : M/s AAP & Co. (‘the Petitioner’) filed writ petition before the Hon’ble …

GUJARAT HC GRANTED INTERIM RELIEF IN WRIT CHALLENGING LATE FEE FOR DELAYED FILING OF GSTR-3B Read More »

A HISTORIC REFORM IN THE HISTORY OF ICAI. NOW YOU CAN OFFICIALLY GET CERTIFIED COPIES AT 2 RS. PER PAGE ONLY

Our Member & Author Vinay Reddy finally succeeds in his incredible work, which he was started for the sake of CA students. He represented ICAI many times on the matter of prices for certified copies and now ICAI will provide certified copies at Rs. 2 per page under RTI Act, instead of charging Rs. 500. …

A HISTORIC REFORM IN THE HISTORY OF ICAI. NOW YOU CAN OFFICIALLY GET CERTIFIED COPIES AT 2 RS. PER PAGE ONLY Read More »

(CPE) Hours for CAs

ADDITIONAL FAQs ON UDIN ISSUED BY THE ICAI ON 02.09.2019

1. If UDIN could not be generated at the time of signing the Audit Reports Certificates, what steps should I follow? Ans : It is mandatory to generate UDIN while signing the Audit Reports/Certificates/Document. However, if any member is unable to generate UDIN as desired above, it has to be generated within 15 days of …

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LIST OF 4 GST NOTIFICATIONS ISSUED BY THE CBIC ON 31.08.2019

Notification 38/2019, Central Tax, Dated 31.08.2019 seeks to waive the liability to furnish the details in Form GST ITC-04 by a registered taxpayer for the period from July, 2017 to March, 2019. Provided that the said persons shall furnish the details of all the challans in respect of goods dispatched to a job worker in …

LIST OF 4 GST NOTIFICATIONS ISSUED BY THE CBIC ON 31.08.2019 Read More »

CBDT CLARIFICATION ON APPLICABILITY OF SECTION 194N W.E.F. 01.09.2019

CBDT has issued a Press Release (on 30.08.2019) clarifying the “Period” and “Amount” to which section 194N will be applicable as under : (1.) Since section 194N (2% TDS on cash withdrawal exceeding Rs. 1 Crore) is applicable w.e.f. 01.09.2019. Therefore no TDS is to be deducted on cash withdrawal up to 31.08.2019 (2.) However, …

CBDT CLARIFICATION ON APPLICABILITY OF SECTION 194N W.E.F. 01.09.2019 Read More »

“ANOTHER SIDE OF COIN” ON EXTENSION OF DUE DATE FOR ANNUAL RETURN

1st IMPLICATION : DEMAND AND RECOVERY (SECTION 73 AND 74 OF CGST ACT) : Proper officer can issue the order u/s 73 and 74 within 3/5 years of due date of annual return respectively. As the due date of annual return is extended to 30th Nov, 2019 for F.Y. 2017-18, so the department gets the …

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TAX BENEFITS ON ELECTRIC VEHICLES AS PER BUDGET, 2019

As a follow-up to the FAME scheme (Faster Adoption and Manufacturing of Hybrid & electric vehicles Scheme) launched in 2015 to promote EVs in the country, the government announced its second phase, i.e. FAME-2 on 1 April, 2019, with an outlay of Rs 10,000 Crore. Under the second phase of FAME India Scheme, subsidy on …

TAX BENEFITS ON ELECTRIC VEHICLES AS PER BUDGET, 2019 Read More »

GST E-WAY BILL UNDER GST

NOTIFICATION 36/2019 – CENTRAL TAX, DATED 20.08.2019 TO BARRED THE APPLICABILITY OF RULE 138E

On 20.08.2019 The Ministry of Finance has issued a notification (36/2019), which barred the applicability of rule 138E till 21.11.2019 The words of notification as follows : G.S.R. ….(E)— In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the …

NOTIFICATION 36/2019 – CENTRAL TAX, DATED 20.08.2019 TO BARRED THE APPLICABILITY OF RULE 138E Read More »

HOW TO RESOLVE TECHNICAL GLITCHES WHILE UPLOADING GSTR-9C

Arjuna (Fictional Character) : Krishna, GST department has come out with statistics that only 1% of GST Audit Report for the financial year 2017-18 has been filed. As the due date for filing such Audit report is approaching which is 31st August, 2019. Even Government is worried for such statistics of uploading. So, what are …

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APPOINTMENT OF JOINT AUDITOR : IMPACT ON THE CORPORATE WORLD

In last couple of years, the audit profession has received the attention which no other profession has received due to corporate frauds which has surfaced, the kind of economic and regulatory changes taken place (which has not taken place for couple of decades). We have witness complete overhauling of Companies Act, Ind AS and Auditing …

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OUR REPRESENTATION TO FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR GSTR-9 AND 9C

On 18th Aug, 2019, we have represented Finance Minister and GST Council for extension of due date for GSTR-9 and 9C. We have mentioned relevant problems and issues which have necessitated the extension. The words of Representation are as under : Ref : TC/19-20/1 Date : 18th August, 2019 To, Smt. Nirmala Sitharaman Hon’ble Union …

OUR REPRESENTATION TO FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR GSTR-9 AND 9C Read More »

SATYAM SCAM : ALL YOU NEED TO KNOW ABOUT INDIA’S BIGGEST ACCOUNTING FRAUD

A special CBI court sentenced B Ramalinga Raju, his two brothers and seven others to seven years in prison in the Satyam fraud case. The court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd’s founder and former chairman, and his brother B Rama Raju and Rs 20-25 …

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