Showing posts from April, 2021

Turnover certificate by the Chartered Accountants

Turnover certificate by Chartered Accountants as per the Guidance Note by ICAI Chartered Accountants in practice are often called upon to issue reports/certificates for special purposes e.g. reports/ certificates required under the tax laws or for Government welfare schemes, tenders or registrations. CAs, we frequently see social media discussions about issuing specific certificates. These discussions often involve confusion about permissible ones and questions regarding the value of certain documents. Can we issue X Certificates? Why "Y" authority asking? It's crucial to remember that CAs can issue various certificates and reports, but only when following relevant ICAI guidance notes. These readily available, high-quality materials provide a clear framework for our professional practice. By diligently adhering to these guidelines, we ensure our safety and the profession's integrity. Therefore, let's not shy away from these opportunities. Do not create unnecessary

Periodicity of PTRC dealers for F.Y. 2021-22

Periodicity for filing Maharashtra PTRC returns for the F.Y. 2021-22 declared Every dealer registered under The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 required to file monthly or annual (as applicable) returns declaring monthly number of employees on the basis of amount of salary. Mahagst department has released periodicity for the FY 2021-22.  1. How the periodicity of filing PTRC returns determined?  Periodicity of filing PTRC returns determined on the basis of amount of tax liability during the previous year.  a). If dealer having PTRC liability more than Rs. 1,00,000/- during the FY 2020-21, he will file PTRC returns on  monthly basis for the FY 2021-22. And due dates will be last date of the month to which return relates.  b).If dealer having PTRC liability less than Rs. 1,00,000/- during the FY 2020-21, he will file annual PTRC return for the FY 2021-22. And due dates will be 31st March 2022.  2. What is the cut-off date for calculating

Due date for filing annual return under MVAT /CST Acts for FY 2019-20 and 2020-21 extended

The due dates for filing annual returns under MVAT / CST Acts for FY 2019-20 and 2020-21 have been extended till 30/6/2021. Government of Maharashtra vide notification No Vat-1521/CR-39/Taxation-1, dated 20th April 2021 amended Maharashtra Value Added Tax Rules 2005 and extended due date for filing annual return to be filed under rule 17 sub-rule (4B) clause (a) and paying consequent tax  for the FY 2019-20 and 2020-21 till 30th June 2021. #Here is the Notification issued by Government of Maharashtra

Changes in the tax audit report for AY 2021-22

Changes in the tax audit report for AY 2021-22 CBDT vide notification no 28/2021/F.No 370142/9/2018-TPL dated 01st April 2021, made certain amendments in the Tax Audit Form [Form 3CD]. Point-wise summary of the notification and amendments is as under:  1 . New sub-rule 3 has been inserted in the rule 6G of the Income Tax Rules, 1962. As per the sub-rule, now assessee can revise tax audit report form 3CD where there is payment by assessee after furnishing of tax audit report, which necessitates recalculation of disallowance under section 40 or section 43B. 2 . In the form 3CD in Part A clause 8A substituted with , " 8A- Whether the assessee has opted for taxation under section 115BA/115BAA/115BAB/ 115BAC/115BAD? " 3 . In the form 3CD in Part B clause 17 substituted, namely, "17. Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred t

PF payment due dates for the FY 2020-21 for tax audit reporting

PF payment due dates for the FY 2020-21 for the purpose of tax audit reporting While preparing Tax Audit Report in Form 3CD it is important to fill due date of payment to various Employees contribution fund and actual payment of the contribution. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va)" Most commonly reported funds under the clause are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI may result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2020-21 for quick reference  PF payment due dates for the FY 2020-21 Period Due date Day Extended date Reference Apr-20 15/05/2020 Friday                                -                           -   May-20 15/06/2020 Monday                  

ITR for the AY 2021-22 with pre-filled specified financial transactions

Financial transactions that will be pre-filled in your ITR for the AY 2021-22 The income tax department notified the launch of pre-filled returns for ease and accuracy of filing, with this change Income tax department will have direct access to details of Capital gains, dividends and interest earned by the taxpayers. To facilitate this process, CBDT issued notification no 16/2021 dated 12th March 2021, and amended rule 114E. With this amendment this kind of transactions will be available in your form 26AS (Annual information statement) and auto populated in your ITR.   Amended rule authorise various entities ( specified entities) to report specified financial transactions to the Income Tax department through SFT form 61A under section 285BA of the Income tax act. These specified entities will be responsible for providing the details of capital gains transactions, dividend and interest income of the taxpayers without any threshold limit.  Here is the list of specified financial transac