Tuesday, 17 March 2020

CERTIFICATION OF ITR BY CA

                                            Chartered Accountant (CA) Cannot Certify ITR 

As per Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) relating to Unique Document Identification Number (UDIN) said that

"For the certification of ITR, Members are not authorized to certify ITR as a true copy. However, they can make an opinion/ certificate/ report about ITR based on its source, location and authenticity of data from which ITR is being prepared and UDIN is required while doing so."

The attached format can be used for Certification of ITR

PRACTITIONER’S REPORT ON INCOME TAX RETURNS AND PROFIT & LOSS ACCOUNTS AND FINANCIAL STATEMENTS

1. This Report is issued in accordance with the terms of our engagement letter by __________________________.

2. The accompanying Income Tax Returns, Computation of Income and Profit and Loss Account and Financial Statements for financial years ended 31/03/2017 and 31/03/2018 and 31/03/2019 are prepared from trial balance produced before us for the respective years which are prepared from unaudited books of account.

MANAGEMENT’S RESPONSIBILITY:
3. The preparation of the Statement is the responsibility of the Management of business of __________________________ including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.

PRACTITIONER’S RESPONSIBILITY:
4. Our responsibility is to provide a reasonable assurance whether: The Income Tax Return copy attached is same as filed on the website of Income tax Department and the Profit and Loss Account and Balance Sheet are prepared as per the closing balances appearing in the trial balance produced before us for the respective financial years.

OPINION:
5. Based on our examination, as above, we are of the opinion that:
a. ITR-V copy attached is same as filed on the website of Income tax Department
b. Profit and Loss Account and Balance Sheet are prepared as per the closing balances appearing in the trial balance produced before us for the respective financial years.

RESTRICTION ON USE:
6. The certificate is addressed to and provided to __________________________ solely for the purpose to enable comply with requirement of Loan Document and to submit the accompanying Statement to ___________ Bank Limited, and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.

ATTACHED:
ITR-V, Profit and Loss Account and Balance Sheet for financial years ended 31/03/2017 and 31/03/2018 and 31/03/2019 UDIN: ____________________________ Date: __________ Place: _________

For, __________________________.
Chartered Accountants

Partner CA ___________________
M. No. _____________
FRN _____________

Note on ITR V and P&L, BS after every stamp and Sign of CA and Date
“As per our Practitioner’s Report attached of even date under UDIN: ______________”

to download the Format in word click here






Saturday, 14 March 2020

Decisions taken in 39th Meeting of the GST Council

39th Meeting of the GST Council, New Delhi
14 March, 2020
***
 PRESS RELEASE
(Law and Procedure related changes)

The GST Council, in its 39th meeting held on 14.03.2020, has made the following recommendations:

1.     Measures for Trade facilitation:
a.     Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).
b.     Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).
c.     Annual Return:
                                               i.     Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores;
                                             ii.     Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30.06.2020; and
                                           iii.     Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.
d.     A new facility called ‘Know Your Supplier’ to be introduced so as to enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business.
e.     The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02.
f.      A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period.
g.     A special procedure for registered persons in Dadra and Nagar Haveli & Daman and Diu during transition period, consequent to merger of the UTs w.e.f. 26.01.2020; transition to be completed by 31.05.2020.
h.     Extension of due dates for FORM GSTR-3B for the month of July, 2019 to January, 2020 till 24th March, 2020 for registered persons having principal place of business in the Union territory of Ladakh. Similar extension is also recommended for FORM GSTR-1 & FORM GSTR-7.
i.      Bunching of refund claims allowed across financial years to facilitate exporters.
2.     Deferment of E-invoice and QR Code:
a.     Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code; and
b.     The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.
3.     Deferment of e-wallet Scheme:
a.     Extension of the time to finalize e-Wallet scheme up to 31.03.2021; and
b.      Extension of the present exemptions from IGST and Cess on the imports made under the AA/EPCG/EOU schemes up to 31.03.2021.
4.     Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020;
5.     Other new initiatives:
a.     Seeking information return from Banks;
b.     To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed on passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person.

6.     Issuance of circulars in respect of:
a.     Clarification in apportionment of ITC in cases of business reorganization under section 18 (3) of CGST Act read with rule 41(1) of CGST Rules;
b.     Appeals during non-constitution of the Appellate Tribunal;
c.     Clarification on refund related issues; and
d.     Clarification on special procedure for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016, undergoing the corporate insolvency resolution process.
7.     Amendments to the CGST Rules: Key amendments are as below:
a.     Procedure for reversal of input tax credit in respect of capital goods partly used for affecting taxable supplies and partly for exempt supplies under rule 43 (1) (c);
b.     ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero rated supplies;
c.     to allow for refund to be sanctioned in both cash and credit in case of excess payment of tax;
d.     to provide for recovery of refund on export of goods where export proceeds are not realized within the time prescribed under FEMA; and
e.     to operationalize Aadhaar authentication for new taxpayers.
8.     Certain amendments to be carried out in the GST laws.

*****
Note: The recommendations of the GST Council have been presented in this release in simple language for information of all stakeholders. The same would be given effect through relevant Circulars/Notifications or amendment in GST laws which alone shall have the force of law.

Tuesday, 4 June 2019

Extension of due date for filing 24Q TDS return for Q4 18-19 to 30th June, 2019

Government has extended the due date for filing TDS return (Form 24Q) from 30th May 2019 to 30th June 2019 for all TDS deductors across India. 



Monday, 3 June 2019

Free Accounting and Billing Software for Enterprises with Annual Turnover upto Rs. 1.5 Cr.

Vide notification dated 28-05-2019 on www.gst.gov.in, GSTN Department provides free GST Billing and Accounting software. GSTN has partnered with some Billing and Accounting software vendors to provide this facilities.
Following are some FAQs.

FAQ1: WHO CAN USE THIS FACILITY?
Reply: This facility is available to the Micro, Small and Medium Enterprises with Annual Turnover under Rs. 1.5cr.
This software is also available for the active Normal taxpayers, SEZ Developers/SEZ Units and taxpayers who have opted for composition scheme under the GST regime. 
This facility is available to the taxpayers for all States/UTs

FAQ2: WHAT IS THE USE OF THIS FACILITY?
Reply: This software allows a taxpayer to run his daily business by providing day to day billing and accounting features, alongwith facility for return filing for their GST related compliances.
Some of the free features being made available by all the vendors are Sale/ Purchase/ Cash ledger, Inventory management, Supplier/ Customer Masters, Generation of Invoices, Preparation of GST Returns etc.
These are available as a cloud based version as well as a downloadable version that installs on desktop or laptop for eight products to choose from. 

FAQ3: IS THIS FACILITY IS ALWAYS FREE OF COST?
Reply: The software would be available free of cost to eligible taxpayers till 31.03.2021 or till the taxpayer’s annual turnover remains under Rs 1.5 Cr in a financial year, after which the taxpayers may have to pay a fee to the vendor.
For using features other than free features listed or using the software beyond the initial free period, the taxpayer may visit respective vendor product site to ascertain fee payable, if any.

FAQ4: IS THE GST DEPARTMENT HAS CONTROL OVER THIS SAOFTWARE?
Reply: The Accounting and Billing software is independent from GST Department and the GST department has no control over that software. GST Department does not collecting taxpayers' data from this software.
The taxpayer should read the terms and conditions of the software property before proceeding forward.
All queries/questions need to be taken up with the software vendors and NOT with GST Helpdesk.

FAQ4: HOW TO DOWNLOAD THIS SOFTWARE?
Reply: To download the accounting and billing software on the GST Portal, the taxpayer need to login to the GST Portal with valid credentials and navigate to Downloads > Accounting and Billing Software option.

The user manual and FAQs for the same and vendors providing software can be viewed at the following links:

Saturday, 1 June 2019

Compliance Due Dates Calendar for Month of June 2019

DUE DATE
STATUTORY ACT
FORM NAME
PARTICULARS
07-06-2019
Income Tax Act
Challan 281
Due date for deposit of Tax deducted for the month of May 19.
10-06-2019
GST
GSTR-7
         To be filed by the persons who is required to deduct TDS under GST for the month of May 19.
GST
GSTR-8
    To be filed by the e-commerce operators required to deduct TDS under GST for the m/o May 19.
11-06-2019
GST
GSTR-1
For taxpayers with Annual Aggregate turnover is above Rs. 1.50/- Crore or opted to file monthly Return for m/o May 19
13-06-2019
GST
GSTR-6
     To be filed by Input Service Distributor for m/o May 19
14-06-2019
Income Tax Act
Form 16B
   Due date for issue of TDS Certificate for tax deducted u/s 194-IA (TDS on Immovable   property) in m/o April 19
Income Tax Act
Form 16C
        Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in m/o April 19
15-06-2019
Income Tax Act
Challan 280
    First installment of advance tax for the assessment year 2020-21
Income Tax Act
Form 24G
      Due date for furnishing of Form 24G by an office of Government where TDS for m/o May 19 has been paid without production of a challan
Income Tax Act
Form 16A
     Quarterly TDS certificates in respect of tax deducted for payments other than salary for the quarter ending March 31, 2019
Income Tax Act
Form 16
   Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during Financial Year 2018-19
Companies Act
INC- 22A
     Filing of the particulars of the Company & its registered office by every company incorporated on or before 31.12.17
Challan
       ESIC Payment for m/o May 19
ECR
       PF Payment for m/o May 19
25-06-2019
ECR
   PF Return filling for May 19 (including pension & Insurance scheme forms
30-06-2019
Income Tax Act
Form 26QB
    Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of May 19
Income Tax Act
Form 26QC
    Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of May 19
GST
GSTR-9A
Annual Return for FY 17-18 For Composition Tax Payer
GST
GSTR-9C
Annual Return for FY 17-18 by registered person whose Annual Turnover for FY 17-18 is above Rs. 2 Cores (Annual Return + Audited Annual Accounts + Reconciliation Statement
GST
ITC-04
For Jul 2017 to March 19 for filing the details of goods or capital goods sent to job worker and  received back