Professional Updates

E-Invoicing for registered persons having turnover exceeding Rs 500 crores The CBIC vide Notification No. 61/2020–Central Tax * dt 30th July 2020 has amended Notification no 13/2020 dt 21st March 2020,  and revised turnover limit for applicability of e-invoicing. As per the notification e-invoicing shall be applicable in case of registered person having aggregate turnover exceeding Rs 500 crores in a financial year, with effect from 1st October 2020. Earlier turnover limit prescribed was Rs 100 crore in a financial year. * Update as on 08/03/2021: Turnover limit revised for E-invoice w.e.f 01/04/2021 https://www.udyamica.com/2020/11/e-invoicing-for-registered-persons-having-turnover-exceeding-Rs-50-Crore.html Notification also provides that, e invoicing will not be applicable to Special Economic Unit. As per earlier notification following were excluded from applicability of e-invoice: Insurance company, banking company, financial institution, non-banking financial  institution Goods t

Received e-campaign email from income tax department? Don’t ignore or overlooked, this may be your last chance to avoid tax demands, even if the details in the email not related to you. Nowadays income tax department sending emails with respect to High Value Transactions, Significant transactions, non-filing of return.  What is high value transactions? Certain transactions of the taxpayer reported in their ITR which have been found to be inconsistent with the information received from the third party for a specified Assessment Year are displayed to the taxpayer for feedback. What is 'Significant Transactions' under e-Campaign? Transactions reported to the Income Tax department during a financial year that are considered not in line with the profile of the taxpayer based on pre-defined rules are displayed to the taxpayer for feedback What is 'Non-Filing of Return' under e-Campaign? Transactions of the taxpayer who have not filed return of income for a specific assessment

In order to give relief to the taxpayers amid Covid-19 pandemic, CBDT vide notification 56/2020 dt 29th July 2020, further extended due date for filing income tax return for the AY 2019-20 ( Financial year 2018-2019) to 30th September 2020. Original due date was 31st March 2020, which was earlier extended to 30th June and thereafter 31st July 2020.  Further Update: On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Year 2019-20 from 30th September, 2020 to 30th November, 2020 . Order u/s 119(2a) issued dated 30th September 2020.  #Read More here

Important Announcement for ICAI members COVID-19 (CABF) The Managing Committee of the Chartered Accountants Benevolent Fund (CABF) ICAI has considered the difficulties being faced by Members in the time of pandemic and has decided to grant Medical Financial Assistance to the Members and their dependents suffering from CORONA. This help is going to be available to the Members and their dependents who are in distress and need financial assistance for treatment of Corona disease. To avail this help members/dependents may file request in prescribed Application Form-cum-Undertaking hosted on the website of the ICAI at the CABF Portal at the link https://cabf.icai.org/ . The application is to be accompanied with the CORONA positive report and is available only for the cases of hospitalization. The financial assistance will be up to INR 1.5 Lakhs and will be returnable to CABF in full, if it is not utilized for treatment of CORONA. For detailed information please mail to covidassistance@icai.

GSTR-4 is an annual return to be filed by composition taxpayers annually from the FY 2019-20.  Original due date for filing GSTR-4 for the FY 2019-20 was 15th July 2020, which was extended  by CBIC vide Notification No. 59/2020 dated 13th July 2020 .  Now GSTR-4 is to be filed by 31st August 2020. Composition taxpayers are required to file CMP-08 on quarterly basis and GSTR-4 anually.  

How to check EPF balance? Checking EPF balance for salaried person who is member of EPF is as easy as checking prepaid mobile balance. You can check EPF balance either using Umang App, EPFO Portal, SMS or Missed call. Here are the four ways of checking pf balance 1.Using UMANG Mobile Application: UMANG app was launched by the government to provide access to various government services in a single place. Employees can view EPF balance and access various EPF services through UMANG App. UMANG is app launched by government of INDIA. The UMANG APP can be downloaded by giving a missed call 9718397183. You can download from UMANG website or from the play/app stores. 2.Checking EPF balance using SMS service : This facility can be availed by employees having active UAN which is registered with EPFO and also have registered mobile number with EPFO. This facility can be used through registered mobile number only. All you need to do is send a text message to 7738299899. Format for SMS is “EPFOHO

Section 25 (10) of the CGST Act provides for deemed approval of application for GST registration after period of 3 working days if same is not approved within 3 days by GST officer. However during the lock-down as state and central offices was closed and there were no working days. To avoid any possible misuse of deeming provision, Government had hold deemed approval. However, since the lock-down is over in most of the areas and offices are open since 1st June 2020, deemed approval have been granted for all those application which were pending on 30th June 2020 and was not processed til 15th July 2020. It is further decided that, applications received thereafter which remain pending as on 28th July 2020 shall be deemed approved on 31st July 2020 and the facility of 3 working days deemed approval of application would be resumed w.e.f 01st August 2020.  #CBIC  Instruction No. 20/06/11/2020 – GST/1137 dated July 17, 2020

Directorate General of Foreign Trade (DGFT) has recently revamped its portal and launched improved digital platform to access various services online.  To access the new portal, navigate to https://dgft.gov.in Here is the list of documents to obtain IEC (Importer exporter code) through new digital platform: What is IEC? An Importer -Exporter Code (IEC) is a vital business identification number which is mandatory for export from India or Import to India. No export or import trade shall be made by any person without obtaining an IEC unless specifically exempted. However, for services exports , IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy. To Apply for Importer Exporter Code (IEC) on the DGFT portal you would require: a) Valid Login Credentials to DGFT Portal.  b) User should have an active Firms Permanent Account Number (PAN) and its details like Name as per Pan, Date of Birth or Incorporation. Note: These details will

The CBDT has given one-time relaxation vide circular 13/2020 dated 13th July 2020, to verify pending Income-tax returns, filed for the Assessment Years 2015-16 to 2019-20, which are pending for processing at CPC due want of valid ITR-V form. Taxpayers are allowed to verify such returns either by sending signed copy of physical ITR-V form or through prescribed EVC/OTP modes by 30-09-2020 A return of income (ITR) filed by the taxpayer is not valid until it is verified by the assessee. A taxpayer should verify return either electronically using E-Verification Code (EVC) or sending physical signed copy of ITR-V to CPC, Bangalore within 120 days from the date of uploading the ITR on e-filing portal. Most of the times assessee forget to e-verify ITR after uploading it on e-filing portal. If return is not verified within 120 days the return shall be treated as an invalid return and the provisions of this Act shall apply as if the assessee had failed to furnish the return. In nutshell , ITR fi

CBIC vide Notification No. 59/2020 dated 13th July 2020 has extended due date for filing of GSTR4 to 31st August 2020 CBIC has extended due date for filing GSTR4 (Composition supplier) for FY 2019-20 to 31st August,2020, as GSTR 4 is not yet available on common portal for filing purpose. Original due date was 15th July 2020.  **Update: CBIC has further extended due date for filing GSTR4 (Composition supplier) for FY 2019-20 to 31st October 2020 vide notification no 64/2020-Central Tax dated 31.08.2020. 

The Finance Act 2019 had introduced a new section 194N in the Income Tax Act 1961, to provide for levy of tax deduction at source (TDS) @ 2% on cash payments in excess of rupees one crore in aggregate made during the year, by a Banking Company or Co-operative Bank or post office to any person from one or more accounts with it maintained by such person. There were major changes made from FY 2020-21. This changes came in to effect from 01st July 2020. Full text of the amended section is as follows: Payment of certain amounts in cash. 194N. Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies  (including any bank or banking institution referred to in section 51 of that Act); (ii) a co-operative society engaged in carrying on the business of banking; or (iii) a post office, who is responsible for paying any sum, being the amount or the aggregate of amounts, as the case may be, in cash exceeding one crore rupees during the previous year,

Keeping in view problems faced by the employers during the covid-19 pandemic , ESIC has further relaxed provisions w.r.t filing of monthly ESIC contribution. Now, the employers can file ESIC contribution for the contribution period October 2019 to March 2020 up to 15th July 2020.

Authority letter for Vat proceedings under Maharashtra VAT Dealer Name…………. Address…………………   FORM 709 (See Rule 75) [Authority for Legal Practitioner, Chartered Accountant, Cost Accountant or Sales Tax Practitioner under Section 82 of the Maharashtra Value Added Tax Act, 2002.] I, CLIENT NAME who am/is* *Authorised Signatory of _** BUSINESS NAME who is a Registered dealer holding a Registration Certificate No,(TIN NO) dated …………… hereby appoint SHRI REPRESENTATIVE NAME who is a ________________ (***Legal Practitioner/Chartered Accountant/Cost Accountant   / Sales Tax Practitioner / to attend on my behalf/ behalf of the before   ________________ (state the Sales Tax Authority) in the proceedings ________________ (describe the proceedings) before the said   ________________   ( state the Sales Tax Authority) and to produce accounts and documents and to receive on my behalf/behalf of the said BUSINESS NAME   any notice or document issued in connection with the said ____________

Government issued notification no 57/2020-CGST dated 30th June 2020 to prescribe late filing fess for GSTR3B. Maximum late fee for Form GSTR 3B has been capped at Rs. 500 for the tax months having tax liability and Rs 0 for NIL GSTR3B, for tax period from July 2017 to July 2020 subject to returns being filed before 30th September, 2020. Here is the notification. [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 57/2020 – Central Tax New Delhi, the 30th June, 2020 G.S.R. 424(E).—In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Governm