Vikas Mahajan

Empanelment Updates @CASansaar Invites Quotation of Audit for Preparation of Annual Accounts Click on the link below for Update https://shorturl.at/DU348 @theicai @theicaibos #EmpanelmentSearch #Empanelments #Auditos #EmpanelmentSeeker #CharteredAccountant #auditquotationseeker #CAfirms #costaccountant

1

📰 Government Initiates Aggregation of CA Firms & New Accounting Standards for Insurance 🇮🇳📊 The Indian government is focusing on two key reforms: Aggregation of CA Firms 🤝 – Encouraging collaboration and growth within the CA profession. New Accounting Standards for Insurance 📈 – Improving transparency and consistency in the insurance sector. Stay tuned for more updates! 🌟 #GovermeentUpdates #CAfirms #AccountingStandards #InsuranceSector #CharteredAccountants #IndiaEconomy SOURCE :- https://lnkd.in/gsvMmkiJ

1

Are stuck in your manufacturing industry, if your answer to this is Yes and this podcast is for you:..!!! With have brand new podcast in Subsidy and loan. You will get answer to every question like how to get finance, how to get subsidy, what is the limit and conditions of subsidy etc Do watch like share and subscribe..!!!

9

Conversion of physical shares into Dematerialisation format. Currently shares of entities listed on the stock exchange are traded in Demat form. Now onwards this compliance is further extended to Private Limited Companies, as notified. On the one hand it has benefits that companies can reduce the frauds on illegal transfer of shares and can have better control over the transfer of shares when hands are changed. On the other side there is a compliance burden on the companies as well as shareholders. Many foreign companies shareholders are enquiring a lot on account of this additional compliance, especially during the first year, and a common question in the industry is, Is it really an ease of doing business in India ? MCA should consider to further extend it's applicability on all types of private limited companies, even if they are other than small companies, as defined. #compliance #mca #india #easeofdoingbusiness

13

🔍 What to Expect from the 54th GST Council Meeting! 🔍 The 54th GST Council Meeting on 9th September 2024. Key discussions on rate rationalization, compliance simplifications, and potential new policies are expected to shape the future of GST. #GSTCouncil #TaxReforms #BusinessStrategy #India #FinanceNews

16

🚨 GST Update: Time Limit for E-Invoice Reporting Revised! 🚨 Effective April 1, 2025, businesses with an Aggregate Annual Turnover (AATO) of INR 10 crore or more must report e-invoices within 30 days on the Invoice Registration Portal (IRP). This change emphasizes: 🔹 Real-time compliance 🔹 Enhanced transparency 🔹 Reduced scope for manual errors Businesses falling under this category should start aligning their systems to ensure timely reporting and avoid disruptions. Nucleus Advisors Pravesh Goel CA Ashish Gupta Abhishek Gupta, CA CA Rajat Singla #GSTUpdates #EInvoicing #ComplianceMatters

8

Our fisrt podcast is out. Its all about how to manage business, how to become successful and what role CA play in any business. #business #podcast

20

ITR-U (Updated Income Tax Return) for F.Y. 2023-24: 1. What is ITR-U? ITR-U stands for Updated Income Tax Return. It allows taxpayers to update their income tax returns even after the original return has been filed or if they missed filing the return within the due date. It was introduced under Section 139(8A) of the Income Tax Act, 1961. 2. Who can file ITR-U? Any taxpayer who: a.Missed filing their original income tax return. b.Wants to correct errors or omissions in their previously filed returns. c.Intends to disclose additional income that was missed earlier. 3. When can ITR-U be filed? ITR-U can be filed within 24 months from the end of the relevant assessment year. For F.Y. 2023-24, this means the updated return can be filed until March 31, 2027. 4. What are the permissible reasons for filing ITR-U? Some common reasons include: a. Omission of income. b. Incorrect income details. c. Missed deductions or exemptions. d. Change in tax liability. e. Incorrect details in earlier returns. 5. What additional tax is payable for filing ITR-U? Taxpayers filing ITR-U are required to pay an additional tax as a penalty, depending on the timing of the filing: Within 12 months of the end of the assessment year: Additional tax = 25% of the tax and interest payable. After 12 months but before 24 months: Additional tax = 50% of the tax and interest payable. For F.Y. 2023-24, if the updated return is filed by March 31, 2026, the penalty will be 25%. If filed between April 1, 2026, and March 31, 2027, the penalty will be 50%. 6. What are the limitations of ITR-U? ITR-U cannot be filed in the following situations: a. To claim a refund or reduce tax liability. b. If the updated return results in a loss or increases the loss declared in the original return. c. If the assessment, reassessment, or revision for the same year is already completed. d. In cases involving search or survey proceedings. e. If prosecution proceedings are initiated under the Income Tax Act. 7. How is ITR-U filed? 1. Log in to the Income Tax e-Filing portal. 2. Select ITR-U under the “File Return” tab. 3. Provide the reasons for updating the return. 4. Calculate the additional tax liability and pay the tax due. 5. Submit the updated return. 8. Why is ITR-U important for taxpayers? ITR-U provides a second chance to comply with tax obligations by rectifying mistakes or omissions, thus avoiding severe penalties, interest, or legal consequences. It ensures better tax compliance and transparency.

4

2 Comments

TDS on partner’s remuneration introduced in the Budget: Introduction: 1. Budget 2024 proposes a deduction of TDS @ 10% on payment by a partnership firm or a LLP to their partners, which may be in form of Salary or remuneration or commission or bonus or interest, when the aggregate amount exceeds Rs. 20,000 in a financial year. 2. Relevant Section for the same is Sec 194T. Provisions: 1. Payments covered for TDS purpose in form of Salary Remuneration Commission Bonus Interest TDS is applicable only when the aggregate amount in a financial year exceeds Rs. 20,000. 2. Applicable rate of TDS is 10% TDS shall be deducted at the time of payment of credit, whichever is earlier. 3. The provision of this section 194T shall be applicable from 1st April, 2025. 4. Salary to partner does not mean salary covered under section 192 of the Income Tax Act. Hence TDS under 192 shall not be deducted in this case. Challenges: 1. For the fixed remuneration the calculation is easy, however where the remuneration is decided in the end (at the time of closure of books) based upon the profitability, it will be a bit complex task. 2. It also draws the additional compliance needs and possible liquidity challenges for firms and their partners. 3. It requires firms to prepare by setting effective systems and processes, getting TAN, and ensuring timely TDS deductions and deposits. TaxByte by CA Aniket Kulkarni

66

2 Comments

In a tough & straight talking speech, NFRA Chairman Ajay Bhushan Pandey gives a clarion call for adopting global auditing standardsOpining that Indian auditing standards are lagging by more than two decades, Mr. Pandey says that the CA profession in India cannot dream of creating a global firm without first adopting and following global standards. Click here to read more. >> https://buff.ly/3BzQxed #NFRAUpdate #ICAIStandards #AuditReform #AccountingDebate #AuditOversight #RegulatoryWatch

3

𝗔𝗠𝗨𝗟: 𝗪𝗵𝗲𝗿𝗲 𝗲𝘃𝗲𝗿𝘆 𝗰𝗿𝗲𝗮𝗺𝘆 𝗰𝗿𝗲𝗮𝘁𝗶𝗼𝗻 𝗻𝗮𝗿𝗿𝗮𝘁𝗲𝘀 𝗮 𝘀𝘁𝗼𝗿𝘆 𝗼𝗳 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗮𝗻𝗱 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻. 𝗜𝗻 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝘄𝗲 𝗵𝗮𝘃𝗲 𝗰𝗼𝘃𝗲𝗿𝗲𝗱: • The Origin of AMUL (Background Story) • Minds behind the success of AMUL • The AMUL Model • AMUL and Competitors • AMUL Products and Offerings • Latest Innovations featuring AMUL Join us on a journey through 𝘁𝗮𝘀𝘁𝗲, 𝘁𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻, 𝗮𝗻𝗱 𝘁𝗿𝗶𝘂𝗺𝗽𝗵, where every bite honors India's dairy heritage. 𝐅𝐨𝐥𝐥𝐨𝐰 Corporate Valuations 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐬𝐮𝐜𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 Corporate Professionals | CA CPA Sanchit Vijay | Manoj Kumar #amul #AmulStory #IndianDairy #TasteOfIndia #valuationservices #CorporateValuations #valuation #businessgrowth #sweatequity #investmentmanagement

23

1 Comment

🚨 ICAI Launches Stress Management Initiatives for CAs 🚨 ICAI has introduced stress management initiatives in response to the tragic deaths of chartered accountants due to work pressure. Key points: 1. ICAI will set up a counseling help desk and develop strategies for better work-life balance. 2. Collaboration with health institutions and industry partners to promote flexible work models. 3. Enhanced grievance redressal system for empathetic resolutions. ICAI President Ranjeet Kumar Agarwal stresses the importance of balanced work policies. Source: https://lnkd.in/gDe9vCQS What do you think? #ICAI #StressManagement #WorkLifeBalance #MentalHealthMatters #EmployeeWellbeing

9

1 Comment

• The NFRA fined M/s Venkatesh & Co ₹2 crore for professional misconduct in the 2019-20 Coffee Day Enterprises audit. • Auditors Dasaraty V and Desikan G were banned for 10 and 5 years, respectively. • Dasaraty was also fined ₹10 lakh, and Desikan ₹5 lakh. • The penalties stemmed from a Sebi report revealing a ₹3,535 crore fund diversion from Coffee Day subsidiaries to Mysore Amalgamated Coffee Estate Limited. • The auditors failed to report the fraud and protect public interest. • The order will take effect after 30 days. • In August, NFRA fined KPMG affiliate M/s BSR & Associates LLP ₹10 crore and debarred two auditors for lapses in the 2018-19 Coffee Day audit.

2

While the growth over last year's corresponding period in gross GST collection is 10%, the net collection has grown by 6.5% due to higher refunds (both domestic and exports). GST council may want to look into this aspect in the upcoming meeting, particularly in context of expected GST rates rationalization. https://lnkd.in/gFmwyFPe

32

HDMCO TaxReg FAQs [430/2024-25] Q. What is not included under Qualified Business Income (QBI)? Ans. QBI does not include items such as: ·        Items that are not properly includable in taxable income ·        Investment items such as capital gains or losses ·        Interest income not properly allocable to a trade or business ·        Wage income ·        Income that is not effectively connected with the conduct of business within the United States ·        Commodities transactions or foreign currency gains or losses ·        Certain dividends and payments in lieu of dividends ·        Income, loss, or deductions from notional principal contracts ·        Annuities, unless received in connection with the trade or business ·        Amounts received as reasonable compensation from an S corporation ·        Amounts received as guaranteed payments from a partnership ·        Payments received by a partner for services other than in a capacity as a partner ·        Qualified REIT dividends ·        Publicly Traded Partnership income

3

Empanelment Updates @CASansaar *RFP for Selection of Concurrent Auditors* Click on the link below for Update https://shorturl.at/kwx49 @theicai @theicaibos #EmpanelmentSearch #Empanelments #Auditos #EmpanelmentSeeker #CharteredAccountant #Concurrentauditors #auditofaccount #Auditfirms

1

Today’s FAQ from our Daily ITR FAQ Series Tax Talk. . . #taxtalk #tax #incometax #income #taxtips #itr #taxreturn #legalheir

2

🚀 Demystifying #GST: 5 Common Mistakes to Avoid and How to Fix Them As a CA, I've seen businesses struggle with GST compliance. Here are the top 5 mistakes and how to address them: Incorrect classification of goods/services: Issue: Wrong HSN/SAC codes lead to incorrect tax rates. Solution: Regularly update your product master with correct codes. Consult the official GST rate finder tool. Missing input tax credit claims: Issue: Overlooking eligible ITC leads to higher tax liability. Solution: Implement a robust reconciliation process. Use automated tools to match purchase registers with GSTR-2A/2B. Late filing of returns: Issue: Penalties and interest charges, plus potential input tax credit loss. Solution: Set up a compliance calendar with reminders. Consider using GST filing software for timely submissions. Errors in invoice details: Issue: Mismatches in B2B invoices can lead to ITC denials for your customers. Solution: Double-check all invoice details, especially GSTIN, taxable value, and tax amounts. Implement an invoice verification system. Ignoring reconciliation: Issue: Discrepancies between books and GST returns can trigger departmental audits. Solution: Perform monthly reconciliations between books, GST returns, and e-way bills. Address discrepancies promptly. Which of these challenges do you face in your business? Let's discuss strategies to overcome them and ensure smooth GST compliance. #GSTCompliance #TaxTips #CAExpert #IndianTaxation

16