⚫IT companies look set for strongest quarter in years, say analysts. Growth for the quarter will be driven by acceleration in digital technologies, improved demand in the aftermath of Covid, ramp-up in deal wins, and migration to Cloud.
⚫Centre likely to offer an exit window to holders of cryptocurrencies.
⚫The Finance Act, 2020, amended section 194N to provide that every banking company, cooperative bank or post office will deduct TDS at 2% if an assessee withdraws in aggregate over Rs 20 lakh and up to Rs 1 crore and TDS of 5% if he withdraws over Rs 1 crore.
⚫If an employee has received ESOPs from an eligible start-up in respect of which the tax has been deferred, they can file ITR 2 and 3, which seeks disclosure of the tax amount which has been deferred in this respect.
⚫India recorded over 93,000 cases in the last 24 hours, the highest increase since mid-Sept 2020. Maharashtra recorded 57,074 cases, Mumbai and Delhi recorded 11,163 and 4,033 cases.
⚫Rajasthan Govt has made the RT-PCR test mandatory for people entering the state and those travelling outside.
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✅ MCA - Section 8 Companies and Registered trusts and societies u/s 12A and 80G Required to file Form CSR -1 with the Registrar w.e.f. 01/04/2021. The e-Form is available on the MCA website.
✅ ITR-1 and ITR-4 Utility Released by CBDT
✅ Changes in Tax Audit Form has been notified for FY 2020-2021
✅ Dir-3 KYC now available for filing for FY 2021-22 not wait for last date update it now.
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GST Updates 06.04.2021
✅GST to be levied on underlying goods/services in gift vouchers: TN AAAR.
✅Parking fees from staff to face GST, but at nil value: UP AAAR.
✅QRMP Return Filers are Not Required to File GSTR-3B Shown in First and Second Month of Quarter: GSTN.
✅QRMP filers are not required to put again B2B values in GSTR-1 of March Qtr if filed in IFF.
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👉 For AY 2021-22, the ITR 1 to 4 can be filled using single JSON Utility.Import of Prefill file is mandatory in utility Refer the attachment for more details
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/E-Filing_1.0_AY21-22.pdf
👉 Companies (Audit and Auditors) Second Amendment Rules, 2021Pdf(1.7 MB)
http://www.mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_01042021.pdf
👉 Company (Accounts) Second amendment Rules, 2021Pdf(1.5 MB)
http://www.mca.gov.in/Ministry/pdf/AccountsAmendmentRules_01042021.pdf
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⚫PM Modi to soon unveil masterplan on multimodal connectivity. The idea is to cut logistic cost, travel time and enhance competitiveness of domestic manufacturing.
⚫Tapping into the mutual strengths of India, Israel and the UAE, could propel the trilateral trade between the countries to a high of USD 110 billion by 2030.
⚫Growth in manufacturing slowed to the lowest rate in seven months. PMI fell from 57.5 in February to a seven month low of 55.4 in March.
⚫The RBI cleared a sum of Rs 21,658.73 crore towards Cash Credit Limit up to end April-2021 for the procurement of wheat in Punjab during the ensuing rabi marketing season. With this, the bulk of the CCL sought by the state govt for the purchase of 105.60 lakh tonnes of wheat for this season has been released by the central bank.
⚫India attracted a total foreign direct investment inflow of $72.12 billion during April-Jan 2020-21, the highest ever for the first ten months of a financial year.
⚫India recorded 96,557 Covid-19 cases. India’s tally of new cases is growing faster than most others in the top five list of countries with the highest daily number of Covid-19 cases.
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Bank Audit - Samples of Situations leading to MOC
1. Wrong EMI calculations.
2. Moratorium intt not added to principal for EMI calculation like edu loan.
3. Incorrect feeding of Loan term, RoI, date of 1St EMI,
4. Loan wrongly shown as std on 01.03.2020. like date of npa is before 01.03.2020.
5. Interest on Interest/compound/penal not reversed for 6m.
6. Income leakage like processing, penal, inspection
7. Non provision of expenses
8. Wrong calculations of intt subventions
9. Wrong entitlement of intt subvention
10. Intt subventions not gvn for 3+3 moratorium period.
11. Excess DP allowed for 90 days. Goods Rates far excess in stock statements.
12. Renewal expired and due for .180 days
13. If account is npa on 01.03.2020, intt on intt will be debited back. Covid provision 5%+5% also to be reversed. Fresh npa provison reqd.
14. FITL not paid till 31.03.2021
15. CC intt 'deferred' not served in full on 01.09.2020
16. Sub std is actually D1 /D2/D3/loss this year.
17. Unrealized Income reversals
18. Short term loans not converted to KCC. Thus lost intt subventions claims.
19. Creditors not considered for paid stock and DP
20. DP allowed on very old debtors
21. Totalling errors in stock statements
22. Last year MOC entries pending on 31.03.2021
23. Tds non/wrong/short deductions
24. Wrong depreciations
25. Capital assets charged to PL
26. WC reduced margins Due to covid not restored on 31.03.2021. Leading to excess DP.
Supreme court decision 1 sep normal npa IRAC plus old feb /jan2021 default add 1 oct 2021 npa
In addition to this high crop loan sanction compare to thier RTC,
Non agri loan product code given as agri loan
Reschedule of loan without proper sanction .
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