Professional Updates

What happens if E-Waybill is generated but goods are not transported? Answer:  In case EWB is generated but no movement of goods took place, it may be cancelled, as EWBs that are not accepted, cancelled, rejected within 72 hours will be admitted as valid and create a trail for further reporting and verification by tax authorities. (i.e. deemed to be accepted even if no movement of goods took place ) It may lead to mismatch in sales reported in GSTR1/3B and E-way bills statistics and result in unnecessary reconciliation of invoices-E-waybills.  Therefore, it is very important that all EWBs that are not supported by proper movement of goods or are invalid or wrongly generated must be immediately cancelled. Authority to cancel EWBs and time limit for cancellation.  A) Cancellation of E-waybill by the Consignor/ Originator/ Generator of E-waybill   Where an e-way bill has been generated but, Goods are either not transported or  Duplicate generated or Order Cancelled

MCA notified Companies (Auditor's Report) Order, 2020 [CARO]  Preface Central Government, after consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013, hereby makes the following Order, namely: This Order may be called the Companies (Auditor's Report) Order, 2020 Commencement of the order: Order applies, for the financial years commencing on or after the 1st April, 2019** ** As a relief measure announce by the Ministry,  Applicability of  Companies (Auditor’s Report) Order, 2020   shall be made  applicable from the financial year 2020-2021  instead of from 2019-2020 notified earlier. This will significantly ease the burden on companies & their auditors for the year 2019-20 due to Covid-19 pandemic. **MCA vide order S.O. 4588(E) dated 17th December 2020 further extended applicability of the CARO 2020. As per order CARO 2020 will be applicable from FY 2021-22 Applicability of the orde

Consequences of not issuing e-way bill The consequences of not generating & carrying the E-Way bill can result in both monetary and non monetary penalty to the taxpayer. Non-compliance with e-way bill is costly affair.

Advisory for Opting in for Composition (filing Form GST CMP-02) 18/02/2020 Who can opt in for Composition :-  Eligible existing registered taxpayers can opt in for composition, for financial year 2020-21, by filling up Form GST CMP-02. Composition scheme shall be effective from 1st April 2020.

Link your pan with aadhaar on or before 31/03/2020 else Pan will be inoperative MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th February, 2020 G.S.R. 112(E).—In exercise of the powers conferred by proviso to sub-section (2) of section 139AA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:- 1. Short title and commencement. -  (1) These rules may be called the Income-tax (5th Amendment) Rules, 2020. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, after rule 114AA, the following rule shall be inserted, namely:- “114AAA. Manner of making permanent account number inoperative.  Provision w.r.t Pan Aadhaar Linking (1) Where a person, who has been allotted the permanent account number as on the

Instant PAN allotment in near to real time is available at free of cost  Feb-2020 The salient points of this facility are: The applicant should have a valid Aadhaar which is not linked to any other PAN. The applicant should have his/her mobile number registered with Aadhaar. This is a paper-less process and applicants are not required to submit or upload any documents. The applicant should not have another PAN. Possession of more than one PAN will result in penalty under section 272B(1) of Income-tax Act. Applicant will not get physical copy of pan card. How to apply for instant PAN free of cost: To apply for PAN, please visit the e-Filing website of Income-tax department. (Url: www.incometaxindiaefiling.gov.in) Click the link- 'Instant PAN through Aadhaar'. Click the link- 'Get New PAN'. Fill in your Aadhaar in the space provided, enter captcha and confirm. The applicant will receive an OTP on the registered Aadhaar mobile number; submit th

CA Certificate format for opening current bank A/c of Proprietorship Firm To, The Branch Manager, Union Bank of India _______________________ Branch Dear Sir/Mam, This is to certify that Mr. Mohan XXXX (UID:XXXXXX) is the Proprietor of M/s Mohan Enterprises a proprietorship firm registered under Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2018, having its office at Ambedkar Chowk, XX Road, Near XXX , XXX, XXX (MCorp), XXX 411000  Based on Intimation Receipt in Form G under Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2018, the firm is engaged in the business of Labor Contractor and services since 01/12/2019.  This certificate is being issued to enable the aforesaid firm to open a Current Account with you and the aforesaid facts have been verified by us on the basis of information and documents produced in front of us. For, XXX & CO Chartered Ac

Key features of SPICe+ for Greater Ease of Doing Business MCA has amended Companies (Incorporation) Rules, 2014 and new rule will be effective from 23/02/2020 called   Companies (Incorporation) Amendment Rules, 2020. As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. SPICe+ would save as many procedures, time and cost for Starting a Business in India and would be applicable for all new company incorporations w.e.f 23rd February 2020 Key Features of Spice+ 1.   SPICe+ would be an integrated Web Form . i.e. fill form online like GST registration forms. The new web form would Facilitate On-screen filing and real time data validation for seamless incorporation of companies. 2.   Information once entered can be saved and modified. All Check form and Pre-scrutiny valida

A new tax calculator has been put on www.incometaxindiaefiling.gov.in portal to  compare old tax regime and new tax regime Enter age, income and total exemptions - it will tell you how much to pay in which tax regime, and which regime is better This calculator calculates saving in tax paid between new and old tax regime. Which provides basic idea of of the estimated impact of the new regime. #Read more about new tax regime here https://www.udyamica.com/2020/02/decoding-section115bac-i.html

Revised due date for filing GSTR3B for the month of January to March 2020, for the taxpayers located in the state of Maharashtra Month Turnover > 5Cr in FY 2018-19 Turnover < 5Cr in FY 2018-19 January 2020 20/02/2020 22/02/2020 February 2020 20/03/2020 22/03/2020 March 2020 20/04/2020 22/04/2020 #Source Notification No. 07/2020 – Central Tax Dated 03/02/2020 http://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-07-central-tax-english-2020.pdf

194-O TDS on Payment of certain sums by e-commerce operator to e-commerce participant As proposed in the Union Budget 2020, in the Income-tax Act, the following section shall be inserted, namely. (1) Notwithstanding anything to the contrary contained in any of the provisions of Part B of this Chapter, where sale of goods or provision of services of an e-commerce participant is facilitated by an e-commerce operator through its digital or electronic facility or platform (by whatever name called), such e-commerce operator shall , at the time of credit of amount of sale or services or both to the account of an e-commerce participant  or at the time of payment thereof to such e-commerce participant by any mode, whichever is earlier deduct income-tax at the rate of one per cent . of the gross amount of such sales or services or both. Explanation.––For the purposes of this sub-section, any payment made by a purchaser of goods or recipient of services directly

Decoding Section 115BAC (i.e. New Tax Regime) As proposed in the union budget 2020, In the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021. 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or a Hindu undivided family, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, shall, at the option of such person, be computed at the rate of tax given in the following Table, if the conditions contained in sub-section (2) are satisfied. Key factors of section 115BAC: 1. Most important section 115BAC is optional 2. Option must be exercised in the prescribed manner by the person, a .   Having business income : on or before due date specified under section 139 (1) for furnishing the returns of income. [Such option once exercise