Professional Updates

Get the Financial / Assessment year from a date While working in Excel on financial data, we often need to check the financial year (FY) and assessment year (AY) for transaction dates. With the " AY/FY " add-in, you can directly get the FY and AY from a date in Excel, streamlining your workflow and enhancing accuracy. The Free "FY/AY" excel add-in provides two custom functions, FY and AY, to quickly calculate the financial year and assessment year based on a given date . These functions simplify the process and enhance productivity. FY Function Purpose: Calculates the financial year for a given date. Usage: =FY(date) Example on FY Function: Suppose you have a date 15-May-2023 in cell B2: to get Financial Year for this date simply enter =FY(B2) in cell C2. The result will be 2023-24. AY Function Purpose: Calculates the assessment year for a given date. Usage: =AY(date) Example on AY Function: Suppose you have a date 15-May-2023 in cell B2: to get Assessment Year sim

   Cost inflation index (CII) is required to calculate the inflation-adjusted cost of asset acquisition/ improvement for computation of long term capital gain (LTCG) of assets, this indexation can help to reduce tax liabilities on long term capital gain. CBDT has  notified  cost inflation index for the FY 2024-25 on 24th May 2024 vide notification no  Notification No. 44 /2024/F.No.370142/10/2024-TPL. Here is the list of cost inflation index chart since FY 2001-02 Sr No Financial Year Cost Inflation Index 1 2001-02 100 2 2002-03 105 3 2003-04 109 4 2004-05 113 5 2005-06 117 6 2006-07 122 7 2007-08 129 8 2008-09 137 9 2009-10 148 10 2010-11 167 11 2011-12 184 12 2012-13 200 13 2013-14 220 14 2014-15 240 15 2015-16 254 16 2016-17 264 17 2017-18 272 18 2018-19 280 19 2019-20 289 20 2020-21 301 21 2021-22 317 22 2022-23 331 23 2023-24 348 23 2024-25 363

Provident Fund Form 3A revised in excel format Form 3A EPF (Employees' Provident Fund) is a key document for employees in India, showcasing their provident fund and pension fund contributions. It is essentially an annual contribution card that provides a detailed summary of contributions made by both the employee and the employer throughout the year. This form is integral to the Provident Fund scheme and requires the following crucial details: Account Number: The unique number assigned to each employee under the PF scheme. Name of the Subscriber: The employee's full name. Name of the Father/Husband/Wife/Mother: Name and Address of the Organization: Identifies the employer's business and location. Statutory Rate of Contribution: Indicates the percentage rate at which contributions are made. Month-wise Contribution: Breaks down the contributions by month for a detailed overview. Additionally, Form 3A requires the signature and seal of the employer, confirming the accuracy of

Move excel sheets to new excel file with one click!  In Excel, moving a worksheet to a new workbook can be a repetitive and error-prone task. What if you had an add-in that could automate this process? For professionals working in Excel, certain tasks can become repetitive and prone to errors, especially when they involve copying or moving data between workbooks. This article discusses an Excel add-in designed to address these challenges, detailing its utility, installation, and usage and is completely free to use: What does the Add-In do? The add-in allows you to take a worksheet from your current Excel file and create a new, separate Excel file with it. The new file is then saved in the same location where your original Excel file is stored.  This process is automated, so you don't have to manually copy, paste, or move worksheets, reducing the risk of errors and saving you time. The key features of the add-in include: Automatic Worksheet Movement : Moves the selected worksheet to

PF payment due dates for the FY 2023-24 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2023-24 for quick reference. PF payment due dates for the FY 2023-24 Period Due Date Day Extended

Periodicity for filing Maharashtra PTRC returns for the F.Y. 2024-25 Every dealer registered under The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 ("the Act") required to file monthly or annual (as applicable) returns declaring monthly number of employees on the basis of amount of salary. Periodicity for the filing of PTRC returns is determined based on Profession tax liability during the previous year.  1. How the periodicity of filing PTRC returns for the FY 2023-24 determined?  As per Rule 11 of  The Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975, 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 2023-24, he will file PTRC returns on monthly basis for the FY 2024-25. And due dates will be last date of the month to which return relates.  E.g. Salary for the month of

Due date for filing of Maharashtra Profession Tax Return extended up to 30/04/2024 Hurry up!!! Last date for uploading PTRC returns by PTRC holder, without any late fee, is extended up to 30th April, 2024 vide notification no PFT -2024/CR-14/Taxation-3 dated 24/04/2024. Please note, you're holder of PTRC registration in Maharashtra and: Couldn't file your professional tax return between March 1st, 2024 and March 31st, 2024 due to technical issues, and The due date for that returns fell within the same period (March 1st to 31st, 2024) Then, you get a one-time extension to file. You can file the said returns electronically on the Departments website by April 30th, 2024,   without paying late fees applicable. While the filing deadline is extended, any tax owed for these returns, along with interest, should have already been paid by March 31st, 2024.

Last date for submission of assignments extended for June 2024 Dear CA Students ( who are pursuing BCOM/MCOM from IGNOU) kindly take note of following date extension:  Attention IGNOU students enrolled in ODL and online programs (GOAL & EVBB) for the June 2024 Term End Exams (TEE)! The University (IGNOU) has extended the last date for submitting assignments. This is good news for students who need more time to complete their assignments. Th e new deadline is April 30, 2024, giving you an extra window to finalize your work. Kindly take benefit of the extension and submit your assignments if not submitted earlier.  Imp: Last date to Apply Online for TEE June-2024 is 22-Apr-2024 06:00 PM without Late fee.

Before You Sign Off: A CA's Checklist for Issuing Certificates and Signing Documents Heads up, fellow Chartered Accountants!  We've all seen the social media buzz lately – CAs facing disciplinary action for issuing certificates addressed to "To Whom It May Concern."  But wait, there's more! Regulators are cracking down on CAs who don't follow the proper guidelines. Don't let this be you!   Keep your practice safe and secure by following these essential tips: As a Chartered Accountant (CA), you're entrusted with the responsibility of issuing certificates and signing documents that hold significant weight. To ensure your work maintains the highest standards of accuracy and integrity, following a checklist before signing off is crucial. Here's what you need to remember: 1. Appointment Letter: Make sure you have a formal appointment letter from the client, clearly outlining the specific task you're taking on. This serves as a crucial reference poin

Maharashtra minimum wages January 2024 The Minimum Wages Act is applicable to any establishments / industries / factories / employment either registered under the shops & establishment Act or the Factories Act,  irrespective to the strength of employment . That is even if anybody  employs an one employee he has to pay Minimum Wage .  The term Minimum Wage includes the Basic Wage plus Special allowance, as prescribed & published by Labour department, time to time for a given schedule of employment. Brief summary of the Minimum Wages Act in Maharashtra for easy understanding: Maharashtra minimum wages are set by the state government and can vary depending on the type of work and the skill level required. The minimum wages in Maharashtra are reviewed and revised periodically by the state government. The wages are determined by the labor department and relevant authorities. Employers in Maharashtra are legally required to pay their employees at least the state-mandated minimum wage

Format of proposal for Tax Return Filing & Tax audit service The Importance of the proposal:  Your proposal is like a handshake – it's the beginning of a relationship. The first draft sets the tone. Make it clear, concise, and compelling. This document is your chance to shine and showcase the value you bring to the table. The Basics of Drafting: Keep It Simple Introduction: Start with a friendly hello. Briefly introduce your company and why you're the tax superhero they need. Scope of Services: Clearly outline what you can do. From individual tax returns to business audits, spell out the services you offer. Fees: Break down the costs – simple and transparent. Let them know what to expect without any hidden surprises. Why You?: Explain why your team is the best for the job. Highlight experience, knowledge, and a commitment to hassle-free tax solutions. From Proposal to Engagement Letter: Once your proposal gets a nod of approval, it's time for the engagement letter. T