👉 Clarification on offsetting the excess CSR spent for FY 2019-20 | 87 KB
20-05-2021
https://www.mca.gov.in/bin/dms/getdocument?mds=yh5ok6xXPSdmLMFFFZ9bdQ%253D%253D&type=open
👉 Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly. | 119 KB
28-05-2021
https://www.mca.gov.in/bin/dms/getdocument?mds=hDZggIIF02cA%252FGWtstDmRQ%253D%253D&type=open
👉 No prosecution could be launched against assessee on mere failure to pay self-assessment tax: Kerala HC
Forzza Projects (P.) Ltd. v. PCIT
Assessee filed a return of income, but the tax was not remitted. Subsequently, the tax was remitted with interest by availing instalment facility. AO initiated prosecution under Section 276C. Assessee contended that there was only a failure to make payment of tax in time. It will not fall under a willful attempt to evade any tax. Hence, the criminal liability under Section 276C couldn’t be fastened.
High Court explained that there was no concealment of any income. What is involved is only a failure to pay the tax in time, which was later paid after availing installment facility with interest. A mere failure to pay the amount due (tax, interest, or penalty) will not satisfy the requirement that constitutes the offence under section 276C.
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⚫The Govt announced a string of measures, including a pension for dependents of those having lost their lives due to COVID-19, among other benefits for the families who lost their earning members to the pandemic.This benefit will be available retrospectively with effect from March 24 last year and for all such cases till March 24, 2022.
⚫The Govt announced a number of welfare measures for children who lost their parents to COVID-19, including ensuring a corpus of Rs 10 lakh when they turn 18 and providing for their education.
⚫Underlining that public health and hospitals are "state subject", the Aurangabad Bench of the Bombay High Court on Friday said the state govt is answerable for issues related to public health and hospitals.
⚫Petrol price crossed the Rs 100/litre mark in Mumbai after the 15th increase in fuel prices this month. Petrol price was increased by 26p/l and diesel by 28p/l.
⚫Flights within the country are set to become costlier as the Ministry of Civil Aviation has decided to raise the lower limit on domestic airfares from 13-16% which will come into effect from June 1.
⚫The Delhi Govt has extended the COVID curfew for another week till 5 am of June 7 while allowing operations of mfg/production units within closed premises.
⚫ Kerala, Tamil Nadu, Maharashtra and Goa have extended the COVID-induced lockdown or other restrictions for a week to a fortnight from Monday.
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Schedule III & CARO 2020:
CARO 2020 is applicable for all statutory audits commencing on or after 1 April 2021. Accordingly, CARO, 2020 will be applicable from FY 2021-22 and onwards.
The detailed presentation regarding CARO 2020 can be downloaded from link –
CARO 2020 –
https://drive.google.com/file/d/1jZSY1QDfpol9_4Omw41xhP1ZV4VoEjJH/view?usp=sharing
SCH III –
https://drive.google.com/file/d/1qyFxmH-qfPJQyN1uEGhigxE0pKW9t5mx/view?usp=sharing
CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. CARO 2020 has included additional reporting requirements after consultations with the National Financial Reporting Authority (NFRA) (01.10.2018). NFRA is an independent regulatory body for regulating the audit and accounting profession in India. The aim of CARO 2020 is to enhance the overall quality of reporting by the company auditors.
The revised CARO requires far more details as compared to old CARO whereby there are 21 clauses out of which 7 new clauses have been introduced and various existing clauses have been amended whereby new details are required. Considering the amount of records to be verified and certifications to be done by the auditor, it would be not wrong to say that the auditor is no longer just a watchdog but will have to be a blood hound. The amendments will require the auditor to be in an investigative mode and dig out as much information as they can from the records available.
Various amendments have been made in CARO such as requiring the auditor to report on Revaluation of PPE, Benami Transactions, Fraudulent Transactions, Diversion of funds, Wilful Defaulter, Whistle Blower Complaints, Quarterly statements submitted to financial institutions, Undisclosed Income, Cash Loses, Internal Audit Systems, Resignation of auditors, Solvency of the company and CSR reporting.
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👉🏻RBI flags risk of bubble in Indian equity markets
(The Reserve Bank of India (RBI) said the sharp rally in the domestic equity markets despite an estimated 8 per cent contraction in GDP in 2020-21 poses the “risk of a bubble”)
👇🏻 👇🏻 👇🏻
https://bit.ly/3uttecS
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⛲ 28 May GST Council Meeting Key decisions as follows:
🌀 1) GST Exemption to some COVID-19 supplies till 31st August 2021.
🌀 2) A Particular Medicine for Black Fungus also exempted.
🌀 3) GoM to be formed to check if further reductions to be given to new items, GoM to submit reports before 8th June.
🌀 4) Amnesty Scheme with reduced late fee to be launched for GST Small Taxpayers.
🌀 GST Amnesty Scheme for all Small Taxpayers (MSME) The GST Council is likely to announce an amnesty scheme on late fee in GST return filing to provide a huge relief to small taxpayers- Due to Covid-19 pandemic:-
Pending GSTR-3B returns from July-2017 to till April 2021.
Amnesty scheme could be from 1st June 2021 till 31st August 2021
🌀 5) Rationalization of Late fee for Small Taxpayers to be applicable to future liabilities.
🌀 6) Annual Return form to be rationalized, Govt to amend CGST Rules.
🌀 7) Annual Return filing to continue to be optional for Small Taxpayers.
🌀 8) A Special Session on GST Compensation Cess before 22nd July 2021.
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✅ Big Relief to Businessmen
🥬 GST_Late_Fees
🚨 Upper_cap on late fees For GSTR 3B & GSTR 01
👉 1. For NIL Returns irrespective of the turnover : 💸 Rs. 500 per return.
👉 2. For taxpayers having turnover below 1.5 Cr in the previous year : 💸 INR 2000 per return.
👉 3. For taxpayers having Turnover 1.5 cr to 5 Cr* : 💸 5000 per return.
👉 4. For Taxpayers having Turnover above 5 Cr : 💸 10000 per return.
🌀 GSTR 04 (For composition tax payers)
👉 If tax liability is Nil : 💸 ₹ 500
👉 Otherwise : 💸 ₹ 2000
🍇 For Form GSTR-7 (TDS Return of GST) : 💸 Rs.50 per day subject to maximum Rs.2000 per return.
🚨 So, Now Late Fees is Rs. 50 per day subject to the Upper Cap.🎩
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⚫Singapore remained the top source of FDI into the country for the third consecutive fiscal at USD 17.41 billion.The US replaced Mauritius as the second largest source of FDI into India during 2020-21 with inflows of USD 13.82 billion.
⚫The Govt has begun process of conducting 5G trials in the country by allotting airwaves to telecom service providers.
⚫GST Council decided to exempt from IGST Covid related items which are imported on payment basis for donating to the Govt or on recommendation of state authority to any relief agency, till Aug 31.
⚫An amnesty scheme has been recommended for reducing the late fee payable in cases of delay in furnishing of FORM GSTR-3B for the tax periods from July, 2017 to April, 2021. Late fees have been rationalized for Form GSTR-1, GSTR-4 and GSTR-7.
⚫The coronavirus induced suspension of scheduled international passenger flights has been extended till June 30. However international scheduled flights may be allowed on selected routes by the competent authority on a case to case basis.
⚫India recorded 173,921 fresh Covid-19 cases in the last 24 hours, the lowest daily count in 46 days.
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Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns:
To provide relief to the taxpayers, late fee for non-furnishing FORM GSTR- 3B for the tax periods from July, 2017 to April, 2021 has been reduced / waived as under: -
i. late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods;
ii. late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return for other taxpayers;
The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.
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👉🏻Number of Frauds in Private Banks up 21% in FY21 - RBI Annual Report
(Even as number of fraud cases have declined in the banking system during 2020-21 (FY21), instances of frauds have increased in the private banks, RBI said in its annual report)
👇🏻 👇🏻 👇🏻
https://bit.ly/2TidQTE
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