Keshri Consultant Services - KCS

AADHAAR CARD AND PAN CARD LINK DUE DATE EXTENDED:

The Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 2023.

In a press release released on March 28, 2023, CBDT said, "In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions."

Last date of Filing your Income Tax Return for the Financial Year 2021-22 is 31st July 2022. Contact as soon as Possible for Filling your Return.

Dear All

The Month of September is here. Did you know that it is believed that the name September comes from the Latin word septem, meaning “seven,” because it was the seventh month of the early Roman calendar.

Some of the compliances for the month of Sept 2021 are:

1) TDS Payment for the month of Aug by 7th Sept 2021.

2) GST-1/IFF and 3B/ QRMP Payments/ filing for Aug Month in a staggered date system.

3) Payment of TCS for Aug Month is 7th Sept 2021.

4) Last date for filing Income tax return for Non Audit cases is 30th Sept(Expected to be extended)

5) The last date of payment of the amount under Vivad se Vishwas (without additional amount) is 30th Sept 2021.

6) DIR KYC last date is 30th Sept 2021.

7) AGM of all companies to be held by 30th Sept 2021.

8) Advance tax due date by 15th Sept 2021.

This is not an exhaustive list but in general includes all important due dates.
For any query please feel free to contact at
6299001775 / 8335091582

Regards
Prabhat Keshri
KCS

*GST Update (23-12-2020)*

*Government notifies effective date of several sections of Finance Act, 2020 as Jan 1, 2021*

The Government has notified several provisions of Finance Act, 2020 which shall be effective from January 1, 2021. These include delinking of debit note with invoice for taking ITC, non-inclusion of exempt supplies for opting composition scheme, allowing cancellation of voluntary registration, power to prescribe specific document instead of invoice, etc. (Notification No 92/2020-Central Tax Dated 22nd December, 2020)

*Time limit for system-based GST Registration increased*

The time for system-based registration has been enhanced from 3 days to 7 days. This means, the 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.

*Cancellation of GST Registration in case ITC exceeds than that permissible u/s 16*

The GST officer can proceed for cancellation of GSTIN where a taxpayer avails Input Tax Credit (ITC) exceeding than that permissible in Section 16 vide insertion of Clause (e) in Rule 21 of CGST Rules 2017.

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

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. The provision shall come into effect from 1st January 2021.

*Blocking of GSTR 1 in case of non-filing of GSTR 3B*

Where a taxpayer fails to file GSTR 3B for two subsequent months, 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.

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

A new Rule 86B shall be introduced 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, with a few exceptions.

*Validity of E way bill*

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.

(Notification No 94/2020-Central Tax Dated 22nd December, 2020)

*Wishing you a Merry Christmas and a very Happy New Year*

KCS

ICAI notifies Dress Code for CA students

The Institute of Chartered Accountants of India (ICAI) notified the dress code for CA students.

The Council of the Institute has laid down ‘Code of Conduct for CA Students’ to be observed while pursuing Chartered Accountancy Course. This Code of Conduct is applicable to all students who are pursuing Chartered Accountancy Course and includes students who have completed practical training.

The Institute while laying down the Code of Conduct for CA Students elaborated on the dress code.

The ICAI urged that the students, while undergoing Articled Training shall adhere to the formal Dress Code as per the local culture and tradition.

The Advisory Dress Code for the male students is full sleeves shirts and trousers and for the female Students Sarees/ Salwar Kurta/Suit.

While appearing before the appellate authority, they may also wear a suit and tie.

It was further stated that the students while undergoing Orientation Course, Management and Communication Skills (MCS) course, Information Technology, Advanced Course should maintain discipline and decorum apart from adhering to dress code.

Please answer if you have

Must Read & Consider

Example of Section 206(1H)

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*TCS u/s 206C(1H) Under Income Tax Act*

*Every seller whose gross receipts/ turnover* from his business *exceeds Rs. 10 crores during the preceding FY* 2019-20 needs to collect *TCS @ 0.1% of the sale consideration* (due to COVID Relaxation as provided , the rate of TCS stands at 0.075% till March ,2020) in case of those parties where the aggregate *amount received after 1st of October,2020 is above Rs. 50 Lacs.*

*KCS
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