Showing posts from December, 2020

Turnover limit for GST Audit for FY 2019-20

  ✅GST audit limit is Rs. 5 Crore or Rs. 2 Crore for FY 2019-20? Rule 80(3) prescribed GST audit turnover limit of Rs. 2 Crore, but  Notification No. 79/2020 – Central Tax dated 15th October 2020 (Principal notification 16/2020-CT dated 23rd March 2020)  inserted a proviso under rule 80(3), which clearly state that, every registered person  whose aggregate turnover during the financial year 2019-2020 exceeds five crore  rupees shall get his accounts audited as specified under subsection (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C. So, it is clear GST audit turnover limit is Rs. 5 crores for FY 2019-20 ✅ GSTR-9 for taxpayers having turnover below 2 crores for the FY 2019-20? As per Notification No. 77/2020 – Central Tax dated 15th October 2020 filing of GSTR-9 for those taxpayer having turnover less than Rs. 2 crore is optional. But, the said return shall be deemed to be furnished on the due dat

UDIN not generated ? Here is the condonation scheme by the ICAI

One-time Condonation Scheme to regularize UDINs Missed to generate UDIN within 15 days !  To reinvigorate the Profession of Accountancy in this fast changing digitalized World and to curb the prevalent malpractice of fake certificates forged by non CAs, an innovative concept of Unique Document Identification Number (UDIN) was introduced by the Council of ICAI as mandatory Council Guidelines in phased manner from 1st Feb., 2019 onwards for Certificates, GST/Tax Audit & all other Attest, Assurance and Audit functions. The UDIN Portal facilitates the Regulators / Stakeholders to check the authenticity of the report/certificates / documents on real-time basis. Gradually many Regulators / Stakeholders like SEBI, RERA, CBDT, RBI & Banks are insisting upon UDINs on all documents issued by CAs. Recently, CBDT has made mandatory validation of UDIN in all their IT Forms and Reports which are issued by members of ICAI. ICAI has been receiving representations from its Members that they hav

Format of shorter notice consent for AGM (Annual General Meeting)

Format of shorter notice consent for AGM (Annual General Meeting) Background The Companies Act mandates companies to issue a notice to members calling a general meeting at least 21 clear days before the date of the meeting. Sometimes, the matters in urgency require quick decision making and in such circumstances, the companies may go for calling general meetings at shorter notice. However, in case of the private limited companies the period can be less than 21 days as provided in the Articles of Association (AOA). Provision and Rule As per the provisions of Section 101 (1) of the Companies Act, 2013, every general meeting of a company may be called by giving not less than twenty-one days clear notice in writing or through electronic mode in such manner as provided under Rule 18 of Companies (Management and Administration) Rules 2014. What is Consent for shorter notice? It is permission obtained by the company from its shareholders, in advance, to call a general meeting at an earlier da

UDIN generation for tax audit report and related FAQ by Income tax

FAQs  by Income tax department  on quoting of UDIN for Tax Audit • What is Unique Document Identification Number (UDIN)?  The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called "Unique Document Identification Number (UDIN) ". Unique Document Identification Number (UDIN) is 18-Digitsystem generated unique number which has to be generated by Full- time Practicing Chartered Accountants for every document certified/attested by them. As per the decision of the Council of ICAI, UDIN has been made mandatory in phased manner as per following schedule: For all Certificates w.e.f. 1st February, 2019;  For all GST and Tax Audit Reports w.e.f. 1st April, 2019;  For all other Audit, Assurance and Attestation functions w.e.f. 1st July, 2019.  • Is UDIN mandatory for upload of the Audit