"CA Friends Club"

ICAI - The Institute of Chartered Accountants of India ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. # # of 1949)

CA Exams Rescheduled due to General Elections.

New dates: 27th May to 12th June 2019.

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E-way Bill Verification Standard Operating Procedure Flowchart

All business has to audit, file returns with IT& MCA before deadline. Why no such deadline for govt departments when asked data for audit by CAG?

Govt should have same deadline for audit as it is in case of business. - 6 months from closure of FY.🤔

DGFT extends validity period of EPCG Authorisation from 18 months to 24 months; Further, extends validity of EPCG authorizations issued prior to issuance of this Public Notice & whose validity has not expired.

ALL Companies shall now file half yearly return to MCA with details of Payment NOT made to MSMEs within 45 days of acceptance of goods or services and REASONS for delay.👍

Rajasthan HC directs CBDT to decide on two aspects
i) extension of due date for filing tax audit report and return by another 15 days and
ii) extension of due date for the purposes of Expl 1 to Sec 234A for waiver of interest;
Requires CBDT to pass speaking order by October 10th

Welcome step by ICAI
UDIN Mandatory from 01st of January, 2019

CBDT extends due date for filing of ITRs & Audit reports from 30th Sept,2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY2018-19 by 30.09.2018. Liability to pay interest u/s. 234A of Income-Tax Act will remain.

ICAI has submitted a Representation to CBDT requesting for extension of last date for submission of Tax Audit Reports and related returns (ITR) for AY 2018-19 from 30 Sept. to 31 Oct. 2018 in the case of Corporate Assessees or where tax audit is applicable.

Gist of CGST Notifications Dated 10th September 2018 .Extension of GSTR-01 |GSTR-3B in specified cases TRAN-01 & TRAN-02 extension possibility 👏

ICAI reacts to videos on evaluation procedure - Students ICAI has responded to the Videos circulated around in social media about the needof changes in ICAIs Evaluation Procedures Official ICAI reaction is as follows

‘Gujarat can’t afford farm loan waiver’

₹82k Crore Farm Debt Equals 45% Of State’s Budget

GST collection and return filing stats

CBDT has further extended the due date for filing of ITR from 31 August 2018 to 15 September 2018 for the assessees of flood affected State of Kerala, in respect of FY 2017-18/ AY 2018-19

Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018

Notification will be issued in due course.

The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018

The Central Board of Direct Taxes (CBDT) vide Circular No. 6 / 2018 dated 17th August, 2018 has decided that the reporting under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Tax Audit Report shall be kept in abeyance till 31st March, 2019.

Therefore, for Tax Audit Reports to be furnished on or after 20th August, 2018 but before 1st April, 2019, the tax auditors will not be required to furnish details called for under the said clause 30C and clause 44 of the 3CD report.

The Rajasthan State Government has Exempt from E-Way Bill Requirement, the Movement of Goods for Job Work up to 50 KM within Rajasthan Stats👏

With new law on the anvil to regulate logistics players, government is taking a great step to bring efficiency and transparency in the supply chain along with enhanced security. The first commendable step in this direction was giving the infrastructure status to this industry. With the evolution of technology, now we would experience VPS- visual positioning system in place of GPS -Global positioning system in a very short span of time. This would promulgate standardisation and intrestingly wil have an interplay with the GST architecture to further ensure transparency and accountability of all the stakeholders.

Last Date For Filing Income Tax Return extended to Aug 31 from Jul 31🤓

Loos on ITC will be an impact on final price!!

Press release on roll out of e-Way Bill system for intra-State movement of goods in Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha, Punjab, Tamil Nadu and West Bengal.