CBDT extends PAN Aadhar number linking deadline to 30th September 2019. It is mandatory to quote Aadhaar in ITR u/s 139AA(1)(ii) . CBDT Notification 31/2019
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From 1st April 100% tax returns will be scrutinise and tax evasion will be history in India.
Imagine a Tax tracker software which cost government more than Rs 1000 Crore and several years of building it, just to track expenses of all assesssee based on big data and then suggest department to pick up cases for scrutiny. That’s what India tax department is going to implement from 1 April 2019
Big data Software which can be use to track tax evader is reality for Income Tax department. As per our sources the Income Tax Department has given access to the software on 15 March 2019.
Now if you are travelling foreign county and posting pictures on social media, buying an luxury car and its beyond your income as per your returns filed, then Income Tax Department can use big data to analyse it and check the mismatch between your earning and spending. The process can easily use complete trail for even new tax filer. Also Department can prepare a master file having all details and key information about individuals and corporates.
The basic idea is to catch the tax evaders and also increase number of people to file returns and pay tax, who are not filing returns. The Insight project will feature an integrated information management system, which will harness machine learning to help take the right step and the right time. It will entail collecting relevant web pages and documents that could be probed
India now joins a select league of countries like Belgium, Canada and Australia that are already using big data to keep a check on evasion. It is estimated that in case of Britain launched similar software at estimated cost of 100 million pounds. Since its inception in 2010, the system has prevented the loss of 4.1 billion pounds ($5.4 billion) in revenue. These cases would have mostly remained undetected without cutting-edge analytics.
The software will ensure 100% Scrutiny of all the returns filed and selection based on thousands of small parameters from which the probability of tax evasion will be Zero.
The Central Board of Indirect Taxes and Customs (CBIC) has laid down the norms for the verification of applications for grant of new GST registrations.
Read more at:
https://www.taxscan.in/cbic-lays-down-norms-verification-applications-granting-new-gst-registrations/34653/
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👉🏻CAs across India request Modi govt to rein in tax officials
(Chartered accountants across the country have requested the Prime Minister’s office and the Finance Ministry to rein in tax officials who have been directed to take “all possible actions” to recover tax amid a shortfall in revenue collection)
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https://goo.gl/pHJEx6
👉🏻300,000 companies under the tax scanner for money laundering
(CBDT has issued directions to Income Tax offices across the country to probe financial transactions of about three lakh firms, de-registered by the government for their dubious financial credentials, for tax evasion and money laundering, especially during demonetisation)
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https://goo.gl/i8rpik
👉🏻Tax evasion may get more difficult as Income Tax Dept to use Big Data Analytics from April
(Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax Dept's realm of tools to check tax evasion starting April 1)
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https://goo.gl/xf6P8H
👉🏻AO can suo moto extend time period for special audit retrospectively - SC
(Supreme Court has held that the Assessing Officer can suo moto extend the time period for a special audit retrospectively, even before the amendment in the Finance Act of 2008)
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https://goo.gl/7TAyJu
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MCA
The application (SPICe) for incorporation of a company shall be accompanied by a linked
e-form AGILE (Application for
registration of the Goods and Services Tax Identification Number (GSTIN),
Employees’ State Insurance Corporation (ESIC) registration pLus
Employees’ Provident Fund Organisation (EPFO) registration)
with effect from 31st March 2019 as notified vide the Companies (Incorporation) Third Amendment Rules, 2019 dated 29th March 2019.
Stakeholders may please note and refer to the Instruction Kit for further details.
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UDIN for Bank Audits:
1. Whether UDIN is mandatory for Statutory Bank Audit?
👉For Statutory Bank Audit, UDIN is not mandatory. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mandatory on all Certification w.e.f 1st Feb 2019.
2. While conducting Bank Audit, whether separate UDIN has to be taken for all Certificates as there are bulk of certificates to be signed?
👉UDIN has to be generated per Assignment per Signatory.
In Bank Branch Audit, One Branch is one assignment, hence, one UDIN for all certificates will suffice.
However, care should be taken that a list of all certificates bearing same UDIN should be compiled and handed over to management under a covering letter so that the UDIN generated cannot be misused by affixing on any other certificate which has not been signed by you.
3. In case if some Certificates are signed by one Partner while others are signed by another Partner, whether different UDIN is required for each such Partner?
👉UDIN has to be taken per Assignment per Signatory. Bank Branch Audit per Branch is one assignment and hence one UDIN for all certificates is enough.
However, if different partners are signing different certificates then separate UDIN has to be taken per signatory for the certificates signed by them.
4. Whether UDIN is mandatory for Tax Audit?
👉In the 2nd phase of UDIN applicability, ICAI Council has made generation of UDIN mandatory for all GST Audit and All Tax Audit from 1st April, 2019. Hence in Bank Branch Audit, separate UDIN has to be taken for Tax Audit.
5. Whether same UDIN which was generated for Certificates in Bank Branch Audit can be used for Tax Audit of the same Bank Branch?
👉Tax Audit is the separate assignment. Hence separate UDINs have to be taken while conducting Bank Branch Audit for each Branch.
Therefore, 2 separate UDINs are to be generated – one for Certificates and other for Tax Audit Report.
However, if certificates are signed by more than one partner then more UDINs on certificates have to be generated.
6. Whether UDIN is applicable to both Statutory Central Auditors (SCAs) and Statutory Branch Auditors (SBAs)?
👉Yes, UDIN is applicable to both SCAs and SBAs for Certificates and Tax Audit Reports while conducting Bank Audit.
7. Whether UDIN is to be generated for LFAR and / or other Bank Audit Reports?
👉As per UDIN applicability in 2nd Phase, UDIN is not required to be generated for LFAR and other Bank Audit Reports now.
8. What is the process to generate UDIN for certificates under Bank Audits?
👉For generating UDIN, the “Document type” is to be selected as “Certificates”. Thereafter, date of signing of the document is to be mentioned. Under “Type of Certificate” select “Certificate issued by Statutory Auditors of Banks”.
There are 3 mandatory fields for entering the financial figures / values from the document and the description of the figure/ value so entered.
The names of the Certificates are to be mentioned under the Caption “Document Description”.
9. How to generate one UDIN for more than one Certificate when there are 3 mandatory filled to be given from the Certificates?
👉While generating one UDIN for all the Certificates, some common figures /parameters should be given in 3 mandatory fields and if no common figure is there then name of the Bank and Branch, Advances, Deposits etc must be the one common field which can be correlated with all the certificates.
10. Whether UDIN is mandatory for Tax Audit Reports that are filed online using Digital Signature?
👉UDIN will be applicable both for manually as well as digitally signed Reports / uploaded online. In case of digitally signed / online reports, UDIN has to be generated and retained for providing the same on being asked by any third party/ authority
