Aditya Deora & Co., Chartered Accountants, Ahmedabad.

*🏢 Office Space Available for Rent! 📍*

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We have a prime location office available for rent at 302, Arizona, Near Hyatt Regency, Usmanpura, Ashram Road, Ahmedabad

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Part Office also available.
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📞 For inquiries or to schedule a visit, contact us at 9429068790

Don't miss out on this opportunity !!

Earn While you Learn.

We are hiring !!

Candidates for Book keeping for UK Client with the following specifications:

- Sage Accounting Experience / Min 6 months
- Good in English
- Basic excel skills
- Immediate joining
- Timings 11 to 7

Salary upto 3.6 lacs pa

Anyone interested please apply on [email protected]
Or call on 94290 68790

Regards
CA Aditya Deora

Income Tax Return and Audit due dates extended again.
Details are attached.

CA Aditya Deora

*Important Extension of Due Dates including Form 10A, 15G/H and others*

1) Last Date for Payment under the Vivad Se Viswas Scheme without penalty extended to 30th September, 2021 (from 31st August, 2021)
2) Last date for Filing Form 10A – Extended to 31st March, 2022 (from 31st August, 2021)
3) Last for filing Form 10 AB - Extended to 31st March, 2022
4) Uploading Form 15G/15H for quarter ending June 2021 – Extended to 30th November, 2021
5) Uploading Form 15G/15H for Quarter ending September, 2021 – Extended to 31st December, 2021

Ending Tasks for GST for FY 2020-21

1. *New Invoice series 😗

Ensure creation of a new/unique invoice series of invoices to be raised from 01 April 2021. The series should be serially numbered. You may create multiple series as per your convenience.

2. *Physical Stock Checking:*

Physical stock need to be reconciled with the stock as per books of accounts. This would be handy in both income tax and GST audit. In case of any discrepancies, the possibility of ITC reversal or missed sales details may be checked.

3. *HSN code requirements:*

With effect from 01st April 2021 the requirement of mentioning HSN Code is as follows:

1. Up to 5 crores turnover - Min 4 digits on all B2B supplies. (Optional for B2C supplies)
2. Above 5 crores turnover 6 digits
3. For Exporters and few notified goods - 8 digits

4. *Reversal of Blocked Credit:*

Section 17(5) of the CGST Act 2017 requires reversal of credit in the case of goods lost, stolen, destroyed, written off etc. The companies are likely to decide about the writing off any inventory, if any during the year end closing by March 31, 2021. In such cases, ITC attributable to such goods shall be reversed.

5. *Letter Of Undertaking*

The LUT need to be in place for the coming financial year 2021-22 before 01st April 2021 so that the exports don’t get stuck at the last moment.

6. *Refund for FY 2018-19*

The last date to apply for a refund of GST related to FY 2018-19 is 31.03.2021. Ensure to timely make the compliances, if applicable.

7. *E- Invoicing:*

Businesses having turnover above Rs.50 crores are required to generate e-invoicing The businesses should be prepared beforehand to avoid problems once the e-invoicing is implemented.

8. *QR Coding*

QR code on B2C supplies by businesses having turnover above 500 crores is required to be printed from 01st April 2021. If the same is not complied with from 01st April 2021, they will be liable for penalty on all B2C supply wef 01st December 2020.

9. *Restricted ITC as per 36(4):*

Ensure availing credit as per the 36(4) of CGST Rule 2017, though you might have received goods or services along with Invoice copy but the 95% restricted credit, depends on the number of Invoices uploaded in portal. Eg. Your 100% credit is eligible only when your supplier has uploaded the invoices to the extent of 95% in portal for the particular month. From 09th October 2019 till 31st December 2019, the rule was for 20% availment. From 01st January 2020 till 31st January 2020, the rule is of 10% availment. For the successive months of Feb, Mar, Apr, May, June, July, Aug 2020, the cumulative impact of 10% rule need to be adjusted in Sep 2020 Gst 3B return as part of Covid 19 Relief measures.

Since the new return date extended till Sep’2020, restricted credit is applicable till new return is going to come. The same has been revised to 5% availment of the eligible credit available in GSTR 2A wef 01st January 2021.

Keep monthly reconciliation between Purchase ledger Vs Portal to provide this information during department audit or query from Tax department

10. *Reconciliation of GSTR 1 with GSTR 3B*

The outward supplies as per GSTR 3B need to be reconciled with GSTR 1; in case there is 3B turnover is less, identify it and pay tax with interest @18% as soon as possible. In case, 3B turnover is more, identify with the sale bills/ invoices and if extra tax paid, the same to be noted for future adjustments or subsequent refund where adjustment is not feasible.

11. *Reconciliation of GSTR 3B with the ITC on purchases*

In case, ITC taken in 3B is more than the actual purchase invoices, the same need to be reversed. nd in case, 3B itc is less than the eligible purchase invoices, the same need to be claimed immediately but not later than the due date of GSTR 3B of September of Next Financial Year.

12. *GSTR 3B/GSTR 1 entries VS Accounting entries*

New Due Dates as per Today's extention ::

Tax Audit Report FY 2019-20 -
31/12/2020

ITR Non Audit FY 2019-20 - 31/12/2020

ITR Audit FY 2019-20
31/01/2021

ITR FY 2018-19- 30/11/2020

GST Audit and Annual Return
FY 2018-19 - 31/12/2020

GST Notifications issued dated 15/10/2020

1. Notification no 74,75,76

(A) *GSTR 1*

For Quarterly tax payers:
From Oct 20 to Dec 20- 13th Jan 2021
From Jan 21 to Mar 21- 13th April 2021

For Monthly dealers - 11th of next month

(B) *GSTR 3B*
For turnover above 5 crores- 20th of next month

For turnover upto 5 crores - 22nd and 24th of next month as per the States /UT categories

2. Notification no 77

Benefit of *optional filing of annual return* for registered persons whose aggregate turnover in a financial year does not exceed Rs 2 crore, has been extended for FY 2019-20 as well.

3. Notification No 78 *HSN Code*

With effect from 1st April, 2021.

Turnover upto 5 crores - 4 digits
Turnover above 5 crores - 6 digits

HSN codes of 8 digits are mandatory only in case of export and imports of goods.

4. Notification No 79

Tax payers with *turnover upto Rs 5 crore will continue to be exempt from requirement of GST Audit* under Section 35(5) of the CGST Act,2017 for turnover upto 5 crores for the financial year 2019-20 also apart from 2018-19.

https://www.cbic.gov.in/htdocs-cbec/gst/central-tax-notfns-2017

Regards
CA Aditya Deora

Home Page of Central Board of Excise and Customs

GST: *Amendment in GST Registration procedure, Aadhar authentication made compulsory from Today.*

If *opt not to authenticate aadhar* then there will be a physical verification of place of business by the officer before issuing GST Registration.

www.cbic.gov.in

*MCA: Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020*

MCA has not given any extension of AGM.

As per the circular the companies can avail below options.

1. Companies can use relaxations in General Circular No. 20/2020, dated 05.05.2020 regarding *holding of AGM through video conferencing (VC) or other audio visual means* (OAVM).

2. File applications in form No. GNL-1 for *seeking extension of time in holding of AGM*.

Refer

mca.gov.in

ICAI: *Advisory for Members of the ICAI and Companies to whom CSR provisions* under Companies Act, 2013 apply - (29-05-2020)

Wherever the company undertakes the CSR activity through a third party / NGO, it is advised that all such companies should *obtain an Independent Practitioner’s Report on Utilisation of such CSR Funds* from the auditor / CA in practice of the third party / NGO, to whom the funds are given by the Company for implementing CSR activity.

resource.cdn.icai.org