Professional Updates

PF payment due dates for FY 2019-20 for 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 2019-20 for quick reference  PF payment due dates for FY 2019-20 Contribution Month   Due Date   Extended Due Date   Reference Apr-19 15/05/2019                                           -                            -    May-19 15/06/2019                                           -   

Government of India  Ministry of Finance   Department of Revenue  Central Board of Indirect Taxes and Customs   New Delhi the 24. October 2020   Extension of due dates for Annual Return and Reconciliation Statement for 2018-19   The Government has been receiving a number of representations regarding need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, normal operation of businesses have still not been possible in several parts of the country.  It has been requested that the due dates for the same be extended beyond 31. October 2020 to enable the businesses and auditors to comply in this regard.  In view of the same, on the recommendations of the GST Council, it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31. Octobe

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to further extend the due date for furnishing of Income-Tax Returns as under: (A) Tax audit Case : The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021 . [Further extended up to 15th February 2021 vide  Notificat

Summary of the important notifications issued by CBIC dated 15th October 2020 the Central Goods and Services Tax Act, 2017 ✅ Notification No. 74/2020- Central Tax dated October 15, 2020* Due date for filing Quarterly GSTR-1   The registered persons having aggregate turnover of up to INR 1.5 crore in the preceding financial year or the current financial year in the following manner: ✅ Notification No. 75/2020- Central Tax dated October 15, 2020* Due date for filing monthly GSTR-1 For the months from October, 2020 to March, 2021 the due date will be eleventh day of the month succeeding such month. * Notification No 83/2020-Central Tax dated November 10th, 2020 issued  ✅ Notification No. 76/2020- Central Tax  dated October 15, 2020 Due date for filing monthly GSTR-3B Due date for filing monthly GSTR-3B for taxpayers with turnover above Rs. 5 Cr will be 20th of the month succeeding such month. For taxpayers having turnover up to Rs. 5 Cr due date for States of Chhattisgarh, Madhya Prade

Website guidelines for Chartered Accountants Planning to develop website? Then you must be aware of what and which type of contents are prohibited.  The Guidelines, as revised in the 388th Meeting of Council held on 6th and 7th February, 2020, are appearing at page 143 of the Volume-II of Code of Ethics, 2020. Following contents and features on the Websites of members and firms are prohibited :- (1) Mention of Names of clients / Client Logo (2) Writing of Firm name in a manner tanta mounting to Logo/Monogram (3) Mention of Professional Fees, or fact of providing services free of charge (4) Using Photographs other than passport style, including Event galleries of Photographs (5) Use of expressions such as “Leading Firm”/”Best Firm”/ “Top Firm” (6) Claiming to have liasoning with Government offices (7) Mention of activities forming other business or occupation, which are not allowed to members in practice e.g. Real Estate, Health , etc. (8) Mention of activities forming other business o

Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19 Posted On: 09 OCT 2020 5:30PM by PIB Delhi Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020. Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also includes the data for FY 2017-18. However, this information for FY 2017-18 has already been furnished by the taxpayers in the annual return (GSTR9) filed for FY 2017-18 and there is no mechanism to show the split of two years (2017-18 & 2018-19) in FORM GSTR-9 for 2018-19. In this regard, it is clarified that the taxpayers are required to report only the values pertaining to Financial Year 2018-19 and the values pertaining to Financial Year 2017-18 which may have already been reported or adjusted are to be ignored. No adverse view would be taken in cases where there are var