Professional Updates

  ✅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

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) 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

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

Online filing of application (Form GST EWB 05) by the taxpayer for un-blocking of E-Way Bill (EWB) generation facility In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is to be blocked, in case the taxpayer fails to file their returns in Form GSTR-3B or Statement in Form CMP-08, for two or more consecutive tax periods. For unblocking of this facility, taxpayer need to apply to jurisdictional Tax Official in Form GST EWB 05. A facility has now been provided to the taxpayers on the GST Portal, from 28th November, 2020 onwards, to file an application online for unblocking of their EWB generation facility (in Form EWB-05), in case their EWB generation facility has been blocked on the EWB Portal. Note: So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation facility and tax officials were issuing orders online on GST Portal, in Form GST EWB 06. Now this facility is being

CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports. The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019 , had made generation of UDIN from ICAI website https://udin.icai.org/ mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants. In line with the ongoing initiatives of the Income Tax Department for integrating with other Government agencies and bodies, Income-tax e-filing portal has completed its integration with the Institute of Chartered Accountants of India (ICAI) portal for validation of Unique Document Identification Number (UDIN) generated from ICAI portal by the Chartered Accountants for documents certified/attested by them. It may be noted that, in consonance with t

E-invoice under GST applicability turnover w.e.f. 01/04/2021 Update  on 08/03/2021 : E-invoice under GST applicability turnover CBIC issued Notification No. 05/2021–Central Tax, dated 08th March, 2021, revising turnover threshold for applicability of E-invoice. As per the notification w.e.f. 01/04/2021 , e-invoicing shall be applicable to the registered person having aggregate turnover exceeding Rs. 50 crores in a financial year. Turnover limit up to 31/03/2021 for e-invoice The CBIC vide Notification No. 88/2020–Central Tax dt 10th November 2020 has amended Notification no 13/2020 dt 21st March 2020,  and revised turnover limit for applicability of e-invoicing. As per the notification e-invoicing shall be applicable in case of registered person having aggregate turnover exceeding Rs 100 crores in a financial year, with effect from 1st January 2021. Earlier turnover limit prescribed vide Notification No. 61/2020–Central Tax dt 30th July 2020 was Rs. 500 crore in a financial year.  E-i

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                                           -