World of Startups By CA Nikhil Khurana

Investing is important due to the nature of inflation. The cash that you have today might not be worth as much in a year—and it will be worth much less in 30 years. If you don't have an investment strategy that can at least beat the rate of inflation, then you're simply throwing money away. Consult your Financial Advisor for better investment plan.

"Providing value addition to the client is the real differentiation and is the best monopolistic strategy.

Are you taking advice of your financial expert before investing?

If No, you might find yourself in this situation:

In December, 2021 retail inflation rate was approximately 5.6%, which means any good which you can buy of Rs. 100/- in December, 2020, you are spending 105.60/- in December, 2021.

And if your investment was in Fixed Deposit/Post Office during that period, you can compare how much you loose your capital: Investment of Rs. 100/- in December, 2020, you might have earned interest of 5.5% to 6% (for easy calculation taking 6%). Total interest earned was Rs. 6.00/-

Moreover, the interest earned on FDs is taxable under the marginal tax slab rate. So on that Rs. 6.00/- you need to pay 30% tax as well. That will be Rs. 1.80/-. Net amount of return was Rs. 4.20/- after tax from FD/PO.

Inflation Amount was: 5.60/-
You earning was Rs 4.20/-

In real terms, you lost Rs. 1.40/- per hundred. So if your investment is not giving return more than inflation rate, you will find yourself in loosing side, so to keep pace between your investment and inflation, you should consult your financial expert.

CA Nikhil Khurana
+9818790796

To promote technological innovation in Karnataka, 200 startups will be provided with seed funding of up to ₹50 lakh each in the current year.

Vide Notification Number 29/2021 - Central Tax, the Section 110 and 111 of the Finance Act, 2021 is made effective w.e.f. 01st August 2021.

The changes:

Section 110 - Removed the requirement of GST audit by a chartered accountant or a cost accountant and furnishing of audited reconciliation statement in Form GSTR-9C.

Section 111 - Changed Annual Return filling section in GST in a way that the Form GSTR-9 can be filled with a self-certified reconciliation statement. Also the due date for filling will be now based on notification. Earlier chartered accountant or a cost accountant certified GSTR 9C was required.

Also the Commissioner is now empowered to exempt any class of registered persons from filing annual return

Cost Inflation Index for the F.Y. 2021-2022 is 317

Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in the new Income Tax Portal.

Agra Startup (Baby Gossip) with best quality products with best rates.

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After the 2 month pause, India’s Primary Market is getting ready for 4 new IPO in coming week:

1. Sona Comstar @ 285-291 with minimum 51 shares.
2. Shyam Metalics @ 303-306 with minimum 45 shares.
3. Dodla Dairy @ 421-428 with 35 minimum shares.
4. KIMS Hospital @ 815-825 with 18 minimum shares.

Connect for recommendations on the basis of Market Study.

𝗥𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗳 𝟰𝟰𝘁𝗵 𝗚𝗦𝗧 𝗖𝗼𝘂𝗻𝗰𝗶𝗹 𝗠𝗲𝗲𝘁𝗶𝗻𝗴:

The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September, 2021.

Important Update on IEC (Import Export Code)

Big salute.

Chatorey_The Chaat House
Restaurant
Vegetarian
Delivery_7078500700
& Managed By_@Pranjal Khurana

आपको और आपके परिवार को इस रंग भरे रंगोत्सव की मेरे और मेरे परिवार द्वारा बहुत बहुत हार्दिक मंगल शुभकामनाएं एवं बधाई |🌈💦🥟🎨🎸🔫

Penalty for Non-Linking of Aadhar & PAN

The Due Date for linking Aadhar and Income Tax PAN is 31st March 2021.

In case of non-linking, your PAN Card would become in-operative.

In case of Non-Linking, you may be Charged a Fine of Rs. 10,000 as per Section 272B of the Income Tax Act.

# # Tax on Interest on PF # #

Interest earned from the Provident fund is exempt from Income Tax.

But, recently Budget 2021 has proposed that interest on Employee Contributions to provident fund over Rs. 2.5 Lakh should be taxed.

This proposal will be applicable w.e.f 1st April 2021.

Evening Greetings,

We are looking for Accountants in Agra for restaurant and hotel business, need to work independently.

Candidate should be *strong in conceptual* and *have to handle all kinds of accounting related work*

*Salary: 20K-25K monthly*

Interested candidates *write Subject Line: CA Nikhil Khurana and send resume on whatsapp number 9818790796 or can email 📧 to [email protected]*(strictly don't call)*

🤔 of Doing in India 🤨

How to avail GST input tax credit?

First, Pay GST to your supplier..

Then..
See section 16(4) and 17(5)
+ reconcile GSTR-3B & 2B & 2A so on..
+ check restrictions rule 36(4)
+ apply rule 42 & 43
+ see new rule 86B
+ check for credit blocked 86A

And

If you are capable to explain all of the above and has ability to satisfy the GST officer

Then u may take credit
See... Its very easy..

Bonus: After all of these easy tasks.... if u r left with some time....u can do ur business too😃😃
Wow !!!

That's why it is (GST) Good & Simple Tax 👻👻

Important Changes introduced CGST(Fourteenth Amendment) Rules 2020

Time limit for system-based GST Registration increased

1. The time for system-based registration has been enhanced from 3 days to 7 days. That means, now department shall be required to review and grant registration within 7 days against 3 days as provided earlier from the date of filing of registration application. Where the applicant does not do adhaar authentication or where department feels fit to carry out physical verification the time limit for grant of registration shall be 30 days instead of 7 days.

*More Powers to GST department in cancellation of GSTIN*

2. Now the officer can proceed for cancellation of GSTIN where a taxpayer avails Input Tax Credit (ITC) exceeding than that permissible in Section 16. Clause (e) has been inserted in Rule 21 of CGST Rules 2017.

3. Now where the liability declared in GSTR 3B is less than that declared in GSTR 1 in a particular month, department may now proceed with cancellation of GSTIN. There might be some practical difficulties in implementing such a provision as there are number of corrections which are made in GSTR 3B which may result in lower tax liability as compared with GSTR 1. The clause (f) newly inserted talks about details of outward supply to which we understand that Taxable value and tax both should be in synchronization between GSTR 1 and GSTR 3B.

4. Now, no opportunity of being heard shall be given to a taxpayer for suspension of GSTIN, where the proper officer (PO) has reasons to believe that the registration of person is liable to be cancelled. The words “opportunity of being heard has been omitted from clause (2) of Rule 21A.

5. Where there are significant deviation/anomalies between details of outward supply between GSTR 3B and GSTR1 or inward supplies (ITC) between GSTR 3B and GSTR 2B which indicate contravention of Act, department shall now serve a notice in FORM GST REG 31 to call explanation as to why GSTIN should not be cancelled. Taxpayer shall be required to submit his reply within 30 days of such notice being served to him.

6. Where a GSTIN is suspended no refund u/s 54 of CGST Act 2017 can be availed by the taxpayer. This means that first GSTIN Suspension proceedings have to be closed before applying refund.

*Restriction on claim of ITC as per Rule 36(4)*

7. The claim of ITC in respect of invoices not furnished by the corresponding vendors has now been restricted to 5% of the credit available in GSTR 2B. This limit earlier was 10% of ITC available. This would be mean that a taxpayer’s ITC claim shall now be restricted to 105% of the Credit reflected in his GSTR 2B. Any claim exceeding the specified limit shall result in violation of CGST Act read with rules which may result into suspension of GSTIN as described above. The provision shall come into effect from 1st January 2021.

*GSTR 1 to be blocked in case of non-filing of GSTR 3B*

8. Where a taxpayer fails to file GSTR 3B for two subsequent months, his GSTR 1 shall now be blocked. Earlier non filing of GSTR 3B used to result in blocking of E-way Bill facility but from now on it shall also result in blocking of GSTR 1 of the taxpayer. Similarly, for quarterly return filers, the taxpayer failing to file GSTR 3B for the preceding quarter shall not be permitted to file GSTR 1 of subsequent quarter.

9. A taxpayer whose is restricted to avail ITC as per rule 86B shall also not be permitted to file GSTR 1 where he has not filed GSTR 3b for the preceding tax period.

*Restriction on Utilization of Input Tax Credit – Rule 86B*

10. New Rule 86B shall be affected from 1st January 2021 wherein restriction has been placed on setting off more than 99% of tax liability from Input tax credit where the value of taxable supplies other than exempt supply and zero rated supply exceeds Rs. 50 lakhs in a month. Though few exceptions have been provided to this rule which are as follows:

(i) Where the taxpayer has paid Income Tax exceeding Rs. 1 lakh in two preceding financial year.
(ii) Where taxpayer has received refund exceeding Rs. 1 lakhs u/s 54 of CGST Act 2017.
(iii) Where taxpayer has used electronic cash ledger to pay of liability on outward supplies which cumulatively makes 1% of the total liability up to the said month
(iv) Where a person is a Government Department, Public Sector Undertaking (PSU), local authority or a statutory body.

*Narrowing the validity of Eway bill*

11. Earlier one day was permitted for distance up to 100 kms under e way bill provision. Now the same has been increased to 200 kms. This means that only one day validity shall be granted to cover a distance up to 200 kms which was earlier 100 km

Finance is important for all businesses. However, many startups tend to mishandle their finances which adds to their costs and ultimately impacts their business.

These four financial mistakes are the most common ones that you should definitely avoid as a startup!

*Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B*

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notification 58/2020- dated 1st July 2020

Join us on an exclusive webinar on *Prevention of Sexual Harassment at Workplaces* Where our expert panelist will have an enlightening discussion on the topic, and demystify various myths around it! *On 10th of October from 4 PM to 5:30 PM* Register from the link below! https://us02web.zoom.us/meeting/register/tZYqd-qrpzIoEtUhBtk0Q1xvb57B4Cu0MOaY

In the Finance Act, 2020, there are 3 changes related to TDS, which were applicable from 1st April, 2020 and deferred to 1st October, 2020.

This is the right time to recall the changes:

1. Section 206C (1H): Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, at the time of receipt of such collect from the buyer, a sum equal to 0.1 per cent. of the sale consideration exceeding fifty lakh rupees as income tax.

2. Section 194-O: TDS to be deducted by e-commerce operator (e.g. Amazon) @1% of the payments to be made to suppliers through e-commerce operator in respect of sale of goods or services through such portal if amount exceeds INR 5 Lakhs.

3. Section 206C (1G): Collection of TCS by Travel Agent/Authorised Dealer for an Overseas Tour Package of remittance under LRS (>=INR 7 Lakhs) @5% of such amount collected.

Personal Finance Tips That Will Change the Way You Think About Money

*On 26th of September from 5PM IST to 6PM IST*

Planning for a safe and secure financial future in these uncertain times is a need of the hour. Find out how you can manage your personal finances and come out financially fitter and stronger.

👉 Find the Zoom link below

https://us02web.zoom.us/meeting/register/tZYrc-6qpjksGtGeUtUdQQACGeVo8Ztq4wot

Hi there,

You are invited to a Zoom meeting.
When: Sep 12, 2020 05:00 PM India

Register in advance for this meeting:
https://us02web.zoom.us/meeting/register/tZArdu2hqzwuEtzYcmSjO0vwWSunn4DYRMAz

After registering, you will receive a confirmation email containing information about joining the meeting.

https://poshpranjal.blogspot.com/2020/09/the-sexual-harassment-of-women-at.html?m=1

Looking at the work culture and going trend of digitalisation. Implementation of Sexual Harassment is a necessity.

Are you aware that asking a photograph of girl employee can also lead to problem to the employer.

Feel free to discuss.
Pranjal Khurana (POSH Certified Professional)
Contact No. 9897799779

The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") Get link Facebook Twitter Pinterest Email Other Apps September 10, 2020 Get link Facebook Twitter Pinterest Email Other Apps Comments Post a Comment

Dear all registered MSMEs, You are also informed that PAN and GSTIN are mandatory for Udyam Registration from 01.04.2021. You are advised to apply for PAN and GSTIN immediately and update the same on on or before 31.03.2021, to avoid suspension of Udyam Registration.

Our Agra based CA firm is looking for a CA Inter / Semi qualified not pursuing CA anymore with min 3 years experience of working with in a CA office. The candidate should have the following qualities:
Good communication skills - written and verbal
Good knowledge of Technology tools besides Tally and Excel
Should have capacity to Work from Home
Should be a team player and show ability to work with people with minimum conflicts
Should be able to handle pressure of work
Should be a quick learner
Should be willing to grow in role

The interested candidates may apply to [email protected]

Letter of Undertaking (LUT): Due date for filing of LUT for the financial year 2020-21 is extended to 31st August, 2020 as per Notification No. 55/2020 dated 27.06.2020. Letter of Undertaking (LUT) is a document that exporters can file to export goods or services without having to pay taxes. Any registered person can furnish LUT in form GST RFD 11 and export goods without the payment of integrated tax.