CommerceStuff

01 Jun 2024 08:19

Due date calendar for June 2024 is here for you.....

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31 May 2024 13:48

*#CA_Students_Updates*

Next *Advanced ICITSS Test* will be held on *22nd june and 20th july 2024*

For more details read the above Announcement......

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27 May 2024 14:16

#Income_Tax_knowledge_byte

Section 54F

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25 May 2024 09:10

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01 Feb 2024 08:31

61. Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
62. FDI inflows stand at $596 billion, twice more than 2014-15
63. The govt will form a high powered committee to address the concerns of fast population growth and demographic change
64. Fisheries scheme to help reach the target of INR 1 lakh crore exports
65. 2 Crore More Houses To Be Built Under PMAY-Gramin
66. Fiscal deficit for FY 24 revised at 5.8%. lower than earlier estimate of 5.9% in BE
67. FDI is 'First Develop India. FDI inflow during 2014 to 2023 was Rs 596 billion US dollars, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners
68. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of our youth
69. Revised fiscal deficit estimated for FY24 has been pegged at 5.8% of GDP and the deficit for FY25 is pegged at 5.1%
70. To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep
71. Government will further promote private and public investment in post harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding
72. After successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones
73. Electronic National Agricultural Market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive, balanced and higher growth and productivity.
74. I propose to retain the same tax rates for direct and indirect taxes including import duties
75. Govt will lay a white paper in house on mismanagement of the economy before 2014

CommerceStuff

01 Feb 2024 08:31

Top 75 Highlights of Budget FY 2024-25 by Finance Minister Nirmala Sitharaman

1. No Changes in Income Tax Slabs
2. No Change in Tax rates for Company, LLP or any other person
3. Some Exemption to Srartups and Extend some concession - extension of tax sops for soverign wealth funds and startups to March 2025
4. Tax payers service - Withdrawal of direct tax demands of period upto ₹25000 for period upto 2009-10 and ₹10000 for period upto 2014-15, 1 Crore people will benefit
5. 40,000 normal railway bogies will be converted to vande Bharat standards
6. 1-lakh crore corpus will be made available with 50 year interest free (long-term financing or refinancing) to encourage the private sector to scale up R&D. Corpus of 1 Lakh Crore for Reduced Rate Loans to Private Sector for Research in Sunrise Domains
7. Rooftop solarisation and free electricity Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
8. This scheme follows resolve of Prime Minister, on the historic day of consecration of Ram Mandir in Ayodhya
9. Garib, Mahila, Annadata and Yuva will be focus groups
10. SithramanWorking to make India a Vikasit Bharat by 2047
11. Worries about food have been eliminated with free rations for 80 crore people
12. 25 crores Indians were pulled out of multi dimensional poverty by the govt over past 10 yrs
13. Govt could save 2.7-lakh crore through avoidance of leakages
14. Electronic agri Mandi has connected 1051 mandis, transacting ₹2-lakh crore
15. Minimum support prices for ‘Annadata’ (farmers) increased periodically
16. Direct financial assistance was extended to 11.8 crore farmers
17. For our government, social justice is an effective and necessary model
18. Female enrolment in higher education has gone up by 28 per cent in 10 year
19. Avg real income has increased by 50 per cent
20. Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers
21. PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time
22. PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups
23. PM Vishakarma Yojana provides end to end support to artisans and craftspeople
24. Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind
25. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth
26. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth
27. The National Education Policy 2020 is ushering transformational reforms
28. PM Shri is delivering quality teaching
29. Skill India Mission has trained 1.4 crore youth, upskilled and reskillled 54 lakh youth and established 3,000 new ITIs
30. Large no. of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up
31. The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023
32. Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010
33. The earlier approach of tackling poverty resulted in very modest outcomes When the poor became empowered partners in development process, government's power to assist them increases manifold. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty
34. 2cr more houses will be built under PM Awas Yojana Gramin 1cr houses will be taken to rooftop solar units to generate free electricity
35. Housing for Middle Class, Govt will launch a new scheme to buy and build their own houses

CommerceStuff

27 Apr 2023 06:00

*Advisory on Bank Account Validation*

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13 Apr 2023 07:09

#E-invoice Update

From 1st May 23 onwards-
*E-invoice portal will not allow invoices older then 7 days*

The limit is applicable to only those taxpayers who has *Aggregate annual turnover >=100 cr*

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23 Feb 2023 05:15

Now, the GSTN allowed to put negative values in form GSTR-3B

Earlier: if credit note is grater then ITC then we have to wait for next month to reverse or reverse 4(b)(2), now that problem has been solved.

We can net-off with ITC

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10 Jan 2023 04:54

CA Final & inter result has been announced for nov 22

https://icai.nic.in/caresult/
https://icaiexam.icai.org/icai_results/index.php

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14 Dec 2022 04:54

#Confusion_Clarification

This is just an statement of the government-

"From Jan 23, E Invoice will be there for taxpayers having turnover above 5 Cr"

But

Till now, *no such notification* has released, so the limit of E Invoice is only 10 Cr till now even in Jan 23.

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30 Nov 2022 17:24

#GST_Updates

GST Portal services *will not be available* from *1st Dec’22, 1:00 AM until 1st Dec’22 7:00 AM* Due to enhancing services on the GST portal.

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16 Nov 2022 05:15

#GST_Update

As per the *Recent Amendment* made, where the rectification of a financial year can be done upto 30 nov of next financial year

So here is the *notification released* *amending some words used GSTR 9 Earlier*

NOTIFICATION No 22/2022–Central Tax

Effect given in GSTR 9 for 30th November 2022 (Last Date to Claim ITC for FY 21-22 and Last Date to Amend Invoice Pertaining to FY 21-22)

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01 Nov 2022 20:32

#IncomeTax_Update
Merging of ITR Forms (ITR 1 to ITR 6)
Suggestion required on Draft

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31 Oct 2022 17:35

#GST_Update

We have planned for a *Disaster Recovery Drill on 01/11/2022 08:00 PM .GST system services will be unavailable till 02/11/2022 02:00 AM*. Kindly plan accordingly. Inconvenience caused is regretted.

*GST system services will be unavailable from 1st Nov 22 08:00 PM to 2nd Nov 22 02:00 AM. (For 6 Hours)*

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31 May 2024 16:29

*#GST_Update*

*GST Portal* services will not be available from 1st June *12:30 AM to 1st June 7:30 AM* due to enhancing of services on the portal. The inconvenience caused is regretted.

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27 May 2024 14:16

*#Income_Tax_Update*

Cost Inflation Index for F.Y.24-25 is 363

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CommerceStuff

27 May 2024 14:14

#Income_Tax_knowledge_byte

*AIS* now includes 56 types of Information, here is the list:

1. Salary
2. Rent received
3. Dividend
4. Interest from savings bank
5. Interest from deposit.
6. Interest from others.
7. Interest from income tax refund
8. Rent on plant & machinery
9. Winnings from lottery or crossword puzzle u/s 1158B
10. Winnings from horse race u/s 115BB
11. Receipt of accumulated balance of PF from employer u/s 111
12. Interest from infrastructure debt fund u/s 115A(1)(a) (ia)
13. Interest from specified company by a non-resident u/s 115A(1)(a)(aa)
14. Interest on bonds and government securities
15. Income in respect of units of non-resident u/s 115A(1) (a)(ab)
16. Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b)
17. Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s 115AC
18. Income of foreign institutional investors from securities u/s 115AD(1) (1)
19. Income of Specified Fund from securities u/s 115AD(1)(1)
20. Insurance commission
21. Receipts from life insurance policy.
22. Withdrawal of deposits under national savings scheme
23. Receipt of commission etc. on sale of lottery tickets
24. Income from investment in securitization trust
25. Income on account of repurchase of units by MF/UTI
26. Interest or dividend or other sums payable to government
27. Income of specified senior citizen
28. Sale of land or building
29. Receipts for transfer of immovable property.
30. Sale of vehicle
31. Sale of securities and units of mutual fund
32. Off market debit transactions
33. Off market credit transactions
34. Business receipts
35. GST turnover
36. GST purchases
37. Business expenses
38. Rent payment
39. Miscellaneous payment
40. Cash deposits
41. Cash withdrawals
42. Cash payments
43. Outward foreign remittance/purchase of foreign currency
44. Receipt of foreign remittance
45. Payment to non-resident sportsmen or sports association u/s 1158BA
46. Foreign travel
47. Purchase of immovable property.
48. Purchase of vehicle
49. Purchase of time deposits
50. Purchase of securities and units of mutual funds
51. Credit/Debit card
52. Balance in account
53. Income distributed by business trust
54. Income distributed by investment fund
55. Donations received
56. Receipt on transfer of Virtual Digital Assets 57. Winning from Online Games u/s 115 BBJ

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CommerceStuff

21 Feb 2024 06:29

#E-Invoice_Portal_Update

On occasion of one year of the successful going live with the additional five new IRP portals, the GSTN announces the launch of the revamped E-Invoice portal.
New Features of the revamped E-Invoice Master Information Portal are as follows:

i.PAN-Based Search: Users can check the e-invoice enablement status of entities using their Permanent Account Number (PAN).

ii. Automatic E-invoice exemption List: The portal now automatically publish updated list with all GSTINs that have filed for e-invoice exemptions at the start of the month and is available for users to download.

iii. Global Search Bar: A comprehensive search tab has been introduced.

iv. Local Search Capabilities: Enhanced search functionality within advisory, FAQ, manual, and other sections for efficient information access.

v. Revamped Advisory and FAQ Section: offering comprehensive guidance.

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CommerceStuff

01 Feb 2024 08:31

36. Making Triple Talaq illegal, one third women's reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
37. Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years
38. 30 crore MUDRA Yojana loans have been given to woman entrepreneurs
39. Female enrollment in higher education has gone up by 28% in 10 years
40. In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world
41. All these are getting reflected in increasing participation of women in workforce
42. Making Triple Talaq illegal, one third women's reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
43. Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP - I.e., Governance, Development and Performance
44. Ayushman Bharat scheme cover will be extended to all Asha, Anganwari worker and helpers
45. To ensure housing for middle class, the government will launch a scheme for middle classThis is to help them to buy or build their own houses for those living in slums, chawls or rented houses, she added.
46. A committee to set up more medical colleges, free cervical Cancer vaccines for girls from 9-14 years
47. Nano DAP on various crops will be expanded in all agro-climatic zones
48. GST has enabled One Nation One Market One Tax
49. GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources
50. Proactive inflation management has helped keep inflation within the policy band
51. Matsya Sampada Yojana to be expanded to generate more employment, increase earnings
52. Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years
53. India U.S. Europe sponsored Middle East- europe corridor: potential gateway for world trade for 100s of years.
54. India assumed G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes
55. Pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward
56. India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others
57. Our government is ready to assist states in faster development of aspirational districts and blocks Government will pay utmost attention to make eastern region and its people a powerful driver of India's growth
58. Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !! The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved
59. Charging of electric vehicles Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance
60. Rooftop solarisation and free electricity

CommerceStuff

12 May 2023 06:37

Ca final Paper 6D Economic law book & index for May 23

CommerceStuff

27 Apr 2023 05:22

*ICAI released the GST Act(s) and Rule(s) Bare Law updated upto the Finance Act, 2023*

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28 Mar 2023 11:56

*The date for linking PAN & Aadhaar has been extended to 30th June, 2023.*

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CommerceStuff

13 Jan 2023 12:52

*ICAI Convocation – January 2023*

*Date-* ICAI is organising its next Convocation on *24th January and/or 25th January 2023*

*Eligibility -* The Members who are enrolled during the period from *1st May 2022 to 30th September 2022* are eligible to participate in this Convocation.

*Registration process-* *eligible participants will be intimated individually* giving details of venue, timings, etc. by the respective Regional Offices *on their E-mails*

*venue-* The *Convocation Centre is decided by ICAI based on your professional address as per ICAI records*.

So, You are requested to *update your address in case you want to change* if you have shifted from the address in ICAI records. You can do the same by *logging into SSP portal* using your User ID and Password via following link: Https://Eservices.Icai.org and use the Profile Update Form. (SSP Login à Member Functions à Profile Edit Form (in Members Module) à Choose “Professional Address”)

*Last date to update your professional address-* *16th January, 2023*

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06 Jan 2023 08:24

👆
*Due Date Chart of GSTR 3B from July 2017 to Oct 2022*

This may be useful for *GST Audit Purposes* or *Reply for GST Notice*.

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13 Dec 2022 14:35

*Optional & Mandatory Tables of GSTR-9 & 9C* & some formulas od GSTR-9C Auto Populated data from GSTR-9 is here given in above PDF 👆

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18 Nov 2022 18:54

#GST_Update

Now mandatory 4 digit hsn entry implemented on portal for GSTR-1 for turnover upto 5 cr from 1st of nov 22.

Earlier, 2 digit hsn was mandatory.

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08 Nov 2022 21:19

#CA_Final_Trick

Assured 50 Marks with just 10 minutes investment in Exam

CA Final Paper 6D Economic Law
Question wise & case study Index
& Compilation of All 156 Case Studies

https://youtu.be/0G9aC73nri8

CommerceStuff

31 Oct 2022 18:59

#IncomeTax_Update
W.e.f. 1st November 2022,

Axis Bank, Indian Bank, Central Bank of India and ICICI Bank

will be *migrated from OLTAS e-Payment of Taxes facility to e-Pay Tax facility of E-Filing portal*.

Users are advised to *navigate to ‘e-Pay Tax’ on https://www.incometax.gov.in/ to make tax payments* from 1st November 2022.

Bank of India, Canara Bank, Bank of Maharashtra and Indian Overseas Bank have been already migrated Earlier.

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26 Oct 2022 13:12

ITR Date extended till 7th nov for audited returns, earlier 31st oct