The Delhi Court convicted the Prasvnath Developers for delay in depositing the TDS amount on the grounds that the mere recession cannot be cited as an excuse for nonpayment of the TDS amount.
It is alleged that in the survey under Section 133 A of the Income Tax Act conducted at the business premises of accused company, Prasvnath Developers it was found that accused company has deducted the TDS of Rs.10,59,08,557 and has failed to deposit the TDS for the financial year 20132014.
In the survey Mr. Ashish Verma, G.M Taxation in his statement admitted that the accused company has not deposited the TDS and he undertook that the TDS will be deposited by February 28, 2014. It is stated that only an amount of Rs. 6.95 Crore out of Rs. 13.17 Crore of TDS demand was deposited by the accused company by March 20. 2014.
A proposal to initiate prosecution under section 276 B of Income Tax Act was sent by the then, Assessing officer to CIT.
It has been argued by the Special Public Prosecutor for the complainant that accused
company as well as its Principal Officer being the Managing Director failed to deposit the TDS within the stipulated time and therefore are liable to be punished for the offence under section 276B read with Section 278 B of the Income Tax Act.
It has been further argued that the company failed to show any reasonable cause for nondeposit of the TDS. It is submitted that the documents on record shows that the Managing Director was actively involved in day to day affairs of the accused company and therefore liable to be prosecuted.
On the other hand, the Defence Counsel of the accused company submitted that the complete tax deducted at source is already deposited by the accused company. However, the delay in deposit of TDS is not disputed. It is argued that neither the notice under Section 2(35) of the Income Tax Act nor the order under section 2(35) of the Income Tax Act is served upon the Managing Director and therefore, he can not be treated as the Principal Officer.
It is further argued that the accused is not the Managing Director of the accused company and has been prosecuted under erroneous presumption. It is submitted that the Form 27A on record clearly shows that it was Mr. Yogender Singh who was responsible for deduction and deposit of the TDS but despite that the accused has been erroneously prosecuted.
The coram of Abhilash Mahotra, ACMM said that merely because the business suffered from recession and the working capital stifled, cannot be termed as sufficient cause for nonpayment of TDS amount. A company cannot be permitted to use the TDS amount for channelizing and fulfilling its working capital deficit.
The court noted that the company has failed to show any circumstances which has prevented the company from payment of TDS amount especially when the payment to the associate companies and directors were continuing. The court held that the case of the accused company is clearly not covered under section 278AA Income Tax Act, 1961 and accordingly the accused company is convicted for the offence under section 276 B Income Tax Act, 1961 for delay in depositing the TDS amount.
Subscribe Taxscan Premium to view the JudgmentAs good news to all CA Aspirants, recently a CA Fresher bagged 32 lakh (International) and 25Lakh (domestic) in ICAI Campus Placement Programme.
The recent placement programme of ICAI is making newer records as organisations are selecting newly qualified Chartered Accountants in large numbers. The process of recruitment and selections at nine major centres got over recently. With the interviews at ten smaller centres are yet to commence, a good number of job offers have been made.
There are more than 4041 Number of Jobs Offered by the participating companies at Bigger Centres. The Highest salary (cost to company) offered for domestic posting is Rupees 25 lakh per annum by Power Finance Corporation Limited. The Highest salary (cost to company) offered for International posting is Rupees more than 32Lakh per annum by Tolaram Group.
The ICAI President, CA Nihar Jambusaria said that, this accomplishment is in spite of the situation of lockdown. While number of job offers are very encouraging, immense opportunities exist in practice as well. Many young Chartered Accountants are taking up jobs in industry, they should certainly weigh their options vis-à-vis practice. Per se, Chartered Accountancy profession is centred around practice that also brings a thrilling and satisfying experience.
He also said that professional opportunities exist in multiple areas of auditing, finance, taxation laws, corporate laws, insolvency, valuation, management consultancy, and so on. As a small and medium practitioner, newly qualified CAs you may also avail many of the facilities available to the Chartered Accountants. Banks are also offering easy finance, that can be used to meet initial costs and set up an office and start their own practice.
Chartered Accountancy is a well-revered profession. In fact, several persons in society hold a strong view that developing a career and becoming professionally successful should be the most important objective in our lives on account of fierce competition that is present in the modern fast-paced society. By virtue of the success it brings, Chartered Accountancy, a sound career option, is considered by many in society as a means to secure the future. Chartered Accountancy like several other professions can be very demanding on the time and efforts. While it is important to be successful in our profession and become financially secure, it is equally important to live and enjoy life, spend time with family and friends and have a fulfilled life, he also added.
The Central Board of Direct Taxes ( CBDT ) has extended the deadline of UDIN for Audit Forms / Audit certificates can be updated till 30th April, 2021.
Earlier, the CBDT had allowed One-time relaxation to update the Unique Document Identification Number ( UDIN ) for the audit report/certificates till 31st December 2020.
The UDIN is mandatory for upload of the Audit Report and CA certification forms in the e-filing portal.
In line with the ongoing initiatives of the Income Tax Department for integrating with other Government agencies and bodies, the Income-tax e-filing portal has completed its integration with the Institute of Chartered Accountants of India (ICAI) portal for validation of Unique Document Identification Number (UDIN) generated from ICAI portal by the Chartered Accountants for documents certified/attested by them.
It may be noted that in consonance with the above requirement, the Income Tax e-filing portal had already factored mandatory quoting of UDIN with effect from 27th April 2020 for documents certified/attested in compliance with the Income Tax Act,1961 by a Chartered Accountant.
With this system-level integration, UDIN provided for the audit reports/certificates submitted by the Chartered Accountants in the e-filing portal shall be validated online with the ICAI. This will help in weeding out fake or incorrect Tax Audit Reports not duly authenticated with the ICAI.
During the Financial Year 2020-21, the Ministry of Corporate Affairs (MCA) registered more than 1.55 Lakh company incorporations as compared to 1.22 Lakh companies during FY 2019-20, an increase of about 27%.
Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against 36,176 last year, an increase of about 17%. The increase is significant considering the unprecedented situation faced by the country due to the COVID-19 pandemic.
As part of the Government of India’s drive for Ease of Doing Business, the MCA has taken many initiatives thereby saving as many procedures, time, and cost for starting a business in India. The Central Registration Centre (CRC) continued to function even during the lockdown to enable stakeholders to incorporate Companies and LLPs.
The MCA launched SPICe+ form in February 2020 and thereby integrating 10 different services across 3 Central Government Ministries/Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and 3 State Governments(Maharashtra, Karnataka and West Bengal), viz;
The MCA is continuously striving to transform regulatory environment and has taken several measures in recent past towards Ease of Doing Business like;
The Ministry of Corporate Affairs ( MCA ) has deferred mandating Companies to use Software with an Audit Trail of each Transaction.
The MCA had notified that every company which uses accounting software for maintaining its books of account shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
In rule 3, in sub-rule (1), the proviso shall be inserted which says, “Provided that for the financial year commencing on or after the 1st day of April 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.”
In rule 8, in sub-rule (5), after clause (x), the two clauses shall be inserted.
Firstly, the details of an application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year.
Secondly, the details of difference between the amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.”
The notification now shall come into force with effect from the 1 April, 2022 only.
Subscribe Taxscan Premium to view the JudgmentThe Central Board of Direct Taxes (CBDT) notified the new Income Tax Return (ITR) Forms for Assessment Year 2021-22.
The Board notified the Income-tax (7th Amendment) Rules, 2021 which seeks to further amend Income- tax Rules, 1962.
In the Income-tax Rules, 1962 , in rule 12, in sub-rule (1), in the opening portion, for the figure “2020”, the figure “2021” shall be substituted.
After sub-clause (vi), the sub-clauses shall be inserted, namely “is a person in whose case tax has been deducted under section 194N; or is a person in whose case payment or deduction of tax has been deferred under sub-section (2) of section 191 or sub-section (1C) of section 192.”
In the principal rules, in Appendix-II, for Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V the 2 Forms shall, respectively shall be substituted.
Firstly, Form ITR-1 Sahaj is for the individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income upto Rs.5 thousand and not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted under section 194N or if income-tax is deferred on ESOP.
Form ITR-1 Sahaj consists of five parts. Part-A consists of General Information, Part-B consists of gross total income, Part-C consists of deductions and taxable total income, Part-D consists of Computation of Tax Payable and Part-E consists of other Information. This form also consists of details of Advance Tax and Self-Assessment Tax payments and details of TDS/TCS
Secondly, Form ITR-2 is for Individuals and HUFs not having income from profits and gains of business or profession.
Subscribe Taxscan Premium to view the JudgmentCA. Mukesh Kumar Jain has joined as Secretary of the Institute of Chartered Accountants of India (ICAI) today on April 1, 2021. Previously, Shri Jain was heading Oriental Bank of Commerce as MD & CEO.
He was also holding positions as Director in Oriental Insurance Co. Ltd. and Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd., besides being a Member of Governing Council Board of Indian Institute of Banking & Finance and Member in IBA Management Committee.
Shri Jain, a Chartered Accountant and Post Graduate from Delhi School of Economics started his career in Banking in 1986. He has a wide experience and many Awards and Accolades to his credit.
The Institute of Chartered Accountants of India ( ICAI ) has opened the Online Exam Forms (Final old, Final new, Intermediate (IPC) & Intermediate) – May 2021.
The Last Date for Online Submission of form without late fee April 13th, 2021 and the Last Date for Online Submission of form with late fee April 16th, 2021.
Firstly, the Intermediate (IPC) Course Examination under Old Scheme, Group-I exams will be held on 22nd, 24th, 27th & 29th May 2021, and Group-II exams will be held on 31st May 2021, 2nd & 4th June 2021.
Secondly, the Intermediate Course Examination under new Scheme Group-I exams will be held on 22nd, 24th, 27th & 29th May 2021 and Group-II will be held on 31st May 2021, 2nd, 4th & 6th June 2021
Thirdly, the Final Course Examinations under Old Scheme for Group -I will be held on 21st, 23rd, 25th & 28th May 2021 and Group -II will be on 30th May 2021, 1st , 3rd & 5th June 2021
Fourthly, the Final Course Examinations under the new scheme for Group-I will be held on 21st, 23rd, 25th & 28th May 2021 and Group-II will be on 30th MAY 2021, 1st , 3rd & 5th JUNE 2021.
The Insurance and Risk Management (IRM) Technical Examination from Modules I to IV will be held on 21st, 23rd, 25th & 28th May 2021
The International Taxation-Assessment Test (INTT-AT) which is open to the members of the Institute will be held on 21st & 23rd May 2021.
“It may be emphasized that there would be no change in the examination schedule in the event of any day of the examination schedule being declared a Public Holiday by the Central Government or any State Government / Local Holiday,” the ICAI said.
The May-2021 examinations will also be held at the 8 (Eight) overseas examination centres namely Abu Dhabi, Bahrain, Doha, Dubai, Kampala (Uganda), Kathmandu, Kuwait, Muscat.
Applications for admission to Intermediate (IPC), Intermediate & Final Examinations; Candidates are required to apply on-line from 31st March, 2021 to 13th April, 2021 and remit the examination fee on-line by using VISA or MASTER or MAESTRO Credit / Debit Card / Rupay Card / Net Banking / Bhim UPI. They shall however, be required to remit additional ₹ 600/- towards late fee (for Domestic & Kathmandu centres) and US$ 10 (for Overseas centres) in case the application on- line is made after 13th April, 2021 and upto 16th April, 2021.
“Further, applications for admission to Post Qualification Course Examinations i.e. Insurance and Risk Management (IRM) Technical Examination and International Taxation – Assessment Test (INTT – AT) (which is open to the members of the Institute) are required to apply on-line at pqc.icaiexam.icai.org from 31st March, 2021 to 13th April, 2021 and remit the examination fee on-line by using VISA or MASTER or MAESTRO Credit / Debit Card / RupayCard / Net Banking / Bhim UPI. They shall however, be required to remit additional ₹ 600/- towards late fee in case the application on-line is made after 13th April, 2021 and upto 16th April, 2021,” ICAI announced.
Candidates of Intermediate (IPC), Intermediate and Final (Old & New Scheme) Examinations will be allowed to opt for English / Hindi medium for answering papers. Detailed information will be found in guidance notes hosted at https://icaiexam.icai.org.
However the medium of Examinations will be only English in respect of Post Qualification Course viz.: Insurance and Risk Management (IRM) Technical Examination and International Taxation – Assessment Test (INTT – AT).
The Central Board of Direct Taxes ( CBDT ) the extended the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic.
Date for issue of notice under section 148 of Income Tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalisation levy statements also extended to 30th April, 2021.
Under the provisions has introduced section 139AA of the Income Tax Act, 1961, with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). Section 139AA was incorporated into the Income Tax Act vide Finance Act, 2017 requiring mandatory quoting of Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns and making an application for allotment of PAN (Permanent Account Number) with effect from July 1 this year. as per the provision, the non-enrolment of Aadhaar by July 2017 would render the PAN of the defaulting individual invalid, attracting serious consequences under the Income Tax Rules.
With effect from the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoices issued for supplies of taxable goods and services.
A taxpayer having a turnover of upto Rs 5 crore in the preceding financial year is required to mandatorily furnish 4 digits HSN code on B2B invoices. Earlier, the requirement was 4 digits and 2 digits respectively. For more details, notification No. 78/2020-Central Tax, dated 15.10.2020.
Accordingly, with effect from the 1st April, 2021, GST taxpayers will have to furnish HSN/SAC in their invoices, as per the revised requirement.
HSN codes for goods at 6 digits are universally common. Therefore, common HSN codes apply to Customs and GST. Accordingly, codes prescribed in the Customs tariff are used for GST purposes too (as has been specifically mentioned in the GST rate schedule).
In Customs Tariff, HS code is prescribed as a heading (4 digits HS), sub-heading (6 digits HS), and tariff items (8 digits). These documents are accessible on the CBIC website. The Customs Tariff may be accessed for HSN codes.
GST rate schedule for goods and services may be accessed and then follow the path àGST Rates/Ready reckoner-Updated Notifications/Finder à GST Rates Ready Reckoner/Updated Notifications.
Further, HSN search facility is also available on the GST portal.
Manufacturers and importers/exporters have been commonly using HSN Codes. Manufacturers were furnishing these codes even in the pre-GST regime. Importers and exporters have been furnishing these codes in import/export documents.
Traders would mostly be using HSN codes furnished in the invoices issued to them by the manufacturer or importer suppliers. As such, a large number of GST taxpayers are already furnishing HS codes/SAC at 6/8 digits on a voluntary basis on the invoices, e -waybills, and GSTR 1 returns.
The Delhi High Court refused to grant bail to a person fraudulently inducing persons to invest money.
The applicant, Prabhat Kumar Shrivastava sought the grant of regular bail alleged commission of offences punishable under Sections 36(c), 128, 129, 134, 188(5), 447, 448 of the Companies Act, 2013 and Section 211, 217, 628 of the Companies Act, 1956.
As per the observations in the order on summoning of the learned Special Judge, Companies Act, the Central Government under powers conferred under Section 206 (4) directed the conducting of an inquiry vide order which culminated into submission of an inquiry report under Section 208 of the Companies Act to the Central Government as a consequence of which the Ministry of Corporate Affairs, Government of India in terms of the exercise of power under Section 212(1)(a), (b) & (c) of the Companies Act, 2013 assigned the investigation into the affairs of Rockland Hospitals Limited (RHL) now M/s Medeor Hospital Limited vide order and also accorded approval to carry out the investigation into the affairs of four other group companies of the complainant i.e. Rockland Hotels Limited (RHOL), Somya Constructions Private Limited (SMCL), Rockland Media and Communication Private Limited (RMCPL) and RSH Meditech Systems Pvt. Ltd. vide order dated 30.09.2019 and that the Director SFIO in turn appointed officers of the SFIO as inspectors to exercise all the powers under Section 212(1) (c) of the Companies Act, 2013 and to carry out investigation of the above captioned companies vide order which was modified vide order; information is also stated to have been collected from various agencies including MCA Portal, Regional Director/ROC, Banks, Government Departments, Statutory Auditors and statements of various persons were recorded.
As per the investigation conducted, the petitioner and other persons arrayed as accused, connived and siphoned of funds of RHL by way of separate/distinct transactions.
It is submitted on behalf of the applicant that he is neither a flight risk nor is there any allegation against him of tampering with any evidence and that the investigation in the matter is complete and the charge sheet has already been filed and thus, he will be granted regular bail.
The single-judge bench of Justice Anu Malhotra said that it is not considered appropriate to grant bail to the applicant. However, as observed hereinabove, the interim bail granted to the applicant vide order is extended for a further period of 60 days on the same terms and conditions as imposed vide order in the Bail application and extended thereafter as per record adverted to hereinabove, with further conditions imposed to the effect that the application under no circumstances shall leave the country and shall appear before the learned Trial Court as and when directed by the Trial Court during this period of interim bail.
Subscribe Taxscan Premium to view the JudgmentThe Central Board of Indirect Taxes and Customs (CBIC) notified the waiver of penalty for non-compliance of capturing dynamic QR code in GST Invoice from December 2020 to June 30, 2021, fixed deadline of compliance to July 1, 2021.
The Board seeks to amend notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 89/2020 – Central Tax, dated the 29th November, 2020.
In the said notification, in the first paragraph, for the figures, letters and words, “31st day of March”, the figures, letters and words “30th day of June”, shall be substituted.
In the first paragraph, for the figures, letters, and words, “1st day of April”, the figures, letters, and words “1st day of July”, shall be substituted.
Subscribe Taxscan Premium to view the JudgmentThe Rajasthan Government notified the E-Way Bill limit to be Rs.1 Lakh with effect from 1 April, 2021.
The government seeks to amend notification No. F.17(131) ACCT/GST/2017/3743, dated the 6 August, 2018.
The government notified that where the movement commences and terminates within the State of Rajasthan without crossing the boundaries of the State of Rajasthan Any Goods except all type of Tobacco and its Products i.e. Chewing Tobacco, Khaipi Cigarettes, Bidi etc. (All goods of Chapter 24) and Pan Masala (Tariff heading 2106), the E-Way Bill limit shall not exceed Rs.1 Lakh.
In the notification, after the table, the proviso shall be inserted, namely “Provided that documents such as tax invoice, bill of supply, voucher, delivery challan or bill of entry, as the case may be, shall be required to be carried even in respect of consignments exempted from intra-State e-way Bill.” This notification shall come into force with effect from 1 April, 2021.
Subscribe Taxscan Premium to view the JudgmentThe Customs, Excise, Service Tax Appellate Tribunal (CESTAT), Ahmedabad Bench refused to grant Cenvat credit of Service Tax paid on Outward Transportation Service for clearance of Excisable Goods to Inox India.
The appellant, Inox India Pvt Ltd raised the sale invoice in respect of the sale of goods wherein after calculating the excise duty on the assessable value an amount of Rs. 45000/- was added and recovered from the buyer of the goods. On this freight, the service tax was paid and the same was claimed as Cenvat Credit which is not in dispute in the present case.
Mr. Dhaval K. Shah, Learned Counsel appearing on behalf of the appellant submits that the freight is included in the invoice value of the goods and the sale is on FOR basis therefore, the service tax paid on such transportation charges is admissible for Cenvat Credit. He referred to the sale invoice, contract with the buyers, and CA Certificates.
The Coram of Ramesh Nair while refusing the cenvat credit to the appellant clarified that the freight is not included in the assessable value however, the same was separately charged to the customers. This is a very important aspect to decide the admissibility of the credit.
“I find that there is no dispute that the appellant is availing the Cenvat credit and declaring in their monthly returns. The issue involved is also the interpretation of Cenvat Credit Rules and on this issue, there are a number of cases made out by the department. In these circumstances, it cannot be said that the appellant had a mala fide intention to evade the excise duty by taking the wrong credit. I do not find any suppression of fact or misstatement on the part of the appellant. Therefore, the demand for the extended period, if any, in this case, will not sustain,” the Tribunal said.
Subscribe Taxscan Premium to view the JudgmentThe Central Bureau of Investigation has arrested a Superintendent, CGST, Mumbai South, Air India Building, Nariman Point, Mumbai (Maharashtra) and three private persons including Chartered Accountants in a bribery case.
A case was registered against a Superintendent, CGST, Mumbai South, Air India Building, Nariman Point, Mumbai (Maharashtra) on the allegations that the accused demanded Rs. 15 lakh as undue advantage from the complainant for not enhancing his GST evasion/tax lability and for not arresting him in the same matter. It was further alleged that the said Superintendent CGST had instructed a Chartered Accountant to collect the bribe from the complainant on his behalf.
During the trap, an employee of said Chartered Accountant was caught while accepting a bribe of Rs. 7 lakh from the complainant. In the meantime, another Chartered Accountant was also caught while delivering an amount of Rs. 5 lakh to the said employee on the instructions of his CA, who in turn was also allegedly instructed by the said Superintendent to collect the same. The Superintendent fled out of Mumbai to avoid investigation but was apprehended from Delhi.
Searches were conducted at 06 premises including residential & office of the said accused persons at Mumbai & Delhi which led to the recovery of Rs. 30 lakh (approx.) in cash and various incriminating documents/articles. The arrested accused were produced before the Special Court for CBI Cases, Mumbai, and were remanded to Police Custody till 28.03.2021.
The Institute of Chartered Accountants of India ( ICAI ) has directed the Students who have passed CA Final Examination to immediately apply for CA Membership.
In an official announcement by ICAI said that, Students who have passed CA Final Examination and eligible to become Chartered Accountants can take the benefit of applying for Membership immediately and opt for Membership to be effective from 1st April, 2021. If opted, the fee paid by them till 31st March, 2021 would be treated for the year 2021-22.
The ICAI also said that, avail of this opportunity to prefix the two-letter word “CA” and be the Member of CA fraternity on First day of New Financial Year.
The CA student is eligible to apply to ICAI for allotment of CA Membership Number if the student has cleared both the groups of CA Final and completed the Articleship period and GMCS Trainings.
How to apply for CA Membership Number?
A qualified CA is required to make an application for the CA Membership to the Institute of Chartered Accountants of India after clearing both groups of CA final exams and completing articleship and GMCS training. The application is made in Form no. 2.
Along with Form 2 documents are required to be attached while applying for an ICAI member card namely Mark-sheets of CA Final Exams, Article-ship Training Completion Certificate, Certification of Participation in GMCS, and Higher Secondary School Certificate as proof of date of birth (If not submitted earlier).
Disqualifications for applying for CA membership number
At the time of making an application in Form 2 for allotment of CA Membership No., a person should not have any of the various disabilities.
Firstly, the person must not have attained the age of 21 years.
Secondly, the candidate must not be Unsound Mind and stand so adjudged by a Competent Court.
Thirdly, the candidate must not be Undischarged Insolvent
Fourthly, being discharged insolvent, has obtained from the court a certificate that his insolvency was caused by misfortune without any misconduct on his part.
Fifthly, convicted by a Competent Court, of an offence involving moral turpitude committed by him in his professional capacity unless pardoned or the Central Government has removed the disability.
Points to remember while making an application for the ICAI membership number
The name in the application form should be the same as mentioned in the Degree Certificate/ higher Secondary School Certification. In case of change of name, the applicant must complete all formalities by submitting the documentary evidence such as marriage invitation card or Gazetted Notification etc.
In case the applicant has changed his signature, he is required to submit his new signature attested by a Chartered Accountant or a Gazetted Officer.
A Candidate shall be enrolled as a member of the institute from the date on which Form 2 completed in all aspects along with the prescribed fee and compliance of other documents is fulfilled.
The script of membership/ certificate of practice will be issued to the newly enrolled member within a period of 3 months from the date of issue of enrolment letter and sent by Post.
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The Institute of Chartered Accountants of India (ICAI), the regulatory body of Chartered Accountants in India, as part of its move to stringent actions against the errant members, has removed the name of a CA from its register for two years.
This is as per the order of the Disciplinary Committee wherein it was ordered for removal of the name of aforesaid CA for a period of two years.
The ICAI notification released on Wednesday said “In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee has held CA. Zachariah Panampunna Alexander (Membership No. 006654), M/s. Kuryan & Suseelan, Chartered Accountants, P B No. 181, Pukadiyil Buildings, Shastri Road, Kottayam 686 001, guilty of Professional Misconduct falling within the meaning of Clauses (7) and (8) of Part I of the Second Schedule to the aforesaid Act and consequently ordered for removal of the name of aforesaid CA. Zachariah Panampunna Alexander (Membership No. 006654) from the Register of Members for a period of 02(Two) years.”
“In pursuance thereof and in the exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified that the name of said CA. Zachariah Panampunna Alexander (Membership No. 006654), shall stand removed from the Register of Members for a period of 02(Two) years with effect from 24th March 2021,” the notification said.
Subscribe Taxscan Premium to view the JudgmentThe Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44 till 31st Mar 2022 due to COVID-19. The CBDT has extended the due date for filing Form 3CD for the fourth time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR.
Section 44AB of the Income-tax Act, 1961 read with rule 6G of the Income tax Rules, 1962 requires specified persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018.
Tax Auditors of a certain class of Assessees shall file Form 3CD in the prescribed format. Presently, the companies that are not subjected to tax audits are required to furnish GST details. The Central Government, on 20th July, has revised Form No. 3CD and extended the scope of tax audit cases.
Form 3CD is a Form in accordance with Rule 6G(2) and Section 44AB of the Indian Income Tax Act, 1961. The Form is a part of the process of filing Income Tax Returns in India and is an Annexure to the Audit Report. Form 3CD contains 32 Clauses. It is required to be attached with Forms 3CA or 3CB, as applicable.
However, the reporting under clause 30C and clause 44 of the Tax Audit Report was kept in abeyance till 31 March, 2019 vide Circular No. 6/2018 dated August 17, 2018, which was subsequently extended to 31 March, 2020 vide Circular No. 9/2019. Vide circular no. 10/2020 dated April 24, 2020, it was further extended to 31 March, 2021.
Business entities having a turnover of more than ₹1 crore (or ₹2 crore if they have opted for presumptive taxation) and professionals with gross receipts of more than ₹50 lakh have to comply with the tax audit requirements.
“In view of the prevailing situation due to COVID-19 pandemic across the country, it has been decided by the Board that the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31 March, 2022,” the CBDT notified.
Subscribe Taxscan Premium to view the JudgmentThe Institute of Chartered Accountants of India (ICAI) announced the dates for CA Intermediate and Final Exams.
Firstly, the Intermediate (IPC) Course Examination under Old Scheme, Group-I exams will be held on 22nd, 24th, 27th & 29th May 2021, and Group-II exams will be held on 31st May 2021, 2nd & 4th June 2021.
Secondly, the Intermediate Course Examination under new Scheme Group-I exams will be held on 22nd, 24th, 27th & 29th May 2021 and Group-II will be held on 31st May 2021, 2nd, 4th & 6th June 2021
Thirdly, the Final Course Examinations under Old Scheme for Group -I will be held on 21st, 23rd, 25th & 28th May 2021 and Group -II will be on 30th May 2021, 1st , 3rd & 5th June 2021
Fourthly, the Final Course Examinations under the new scheme for Group-I will be held on 21st, 23rd, 25th & 28th May 2021 and Group-II will be on 30th MAY 2021, 1st , 3rd & 5th JUNE 2021.
The Insurance and Risk Management (IRM) Technical Examination from Modules I to IV will be held on 21st, 23rd, 25th & 28th May 2021
The International Taxation-Assessment Test (INTT-AT) which is open to the members of the Institute will be held on 21st & 23rd May 2021.
“It may be emphasized that there would be no change in the examination schedule in the event of any day of the examination schedule being declared a Public Holiday by the Central Government or any State Government / Local Holiday,” the ICAI said.
The May-2021 examinations will also be held at the 8 (Eight) overseas examination centres namely Abu Dhabi, Bahrain, Doha, Dubai, Kampala (Uganda), Kathmandu, Kuwait, Muscat.
Applications for admission to Intermediate (IPC), Intermediate & Final Examinations; Candidates are required to apply on-line from 31st March, 2021 to 13th April, 2021 and remit the examination fee on-line by using VISA or MASTER or MAESTRO Credit / Debit Card / Rupay Card / Net Banking / Bhim UPI. They shall however, be required to remit additional ₹ 600/- towards late fee (for Domestic & Kathmandu centres) and US$ 10 (for Overseas centres) in case the application on- line is made after 13th April, 2021 and upto 16th April, 2021.
“Further, applications for admission to Post Qualification Course Examinations i.e. Insurance and Risk Management (IRM) Technical Examination and International Taxation – Assessment Test (INTT – AT) (which is open to the members of the Institute) are required to apply on-line at pqc.icaiexam.icai.org from 31st March, 2021 to 13th April, 2021 and remit the examination fee on-line by using VISA or MASTER or MAESTRO Credit / Debit Card / RupayCard / Net Banking / Bhim UPI. They shall however, be required to remit additional ₹ 600/- towards late fee in case the application on-line is made after 13th April, 2021 and upto 16th April, 2021,” ICAI announced.
Candidates of Intermediate (IPC), Intermediate and Final (Old & New Scheme) Examinations will be allowed to opt for English / Hindi medium for answering papers. Detailed information will be found in guidance notes hosted at https://icaiexam.icai.org.
However the medium of Examinations will be only English in respect of Post Qualification Course viz.: Insurance and Risk Management (IRM) Technical Examination and International Taxation – Assessment Test (INTT – AT).
Read the Official Notification here.
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The Lok Sabha today passed the Finance Bill, 2021, which gives effect to the financial proposals of the central government for the financial year 2021-22.
Finance Minister Nirmala Sitharaman replied to the debate on the bill which has some changes in the proposals made in the union budget. The passage of the Finance Bill by Parliament marks the completion of the budgetary process.
Apart from the Finance Act, the Bill also proposes to amend the Income Tax Act, 1961; Life Insurance Corporation Act, 1956; the Securities Contracts (Regulation) Act, 1956; the Central Sales Tax Act, 1956; the SEBI Act, 1992; etc.
The senior citizens who only have pension and interest income are exempted from filing the tax returns.
new special provisions to the Income Tax Act, 1961. The new provision is expected to discourage the practice of not filing returns by the ‘specified person’ whose case has been deducted/collected. As per the new provision, a person in whose case TDS/TCS of Rs. 50,000 or more has been made for the past two years and who has defaulted to file return of income, the rate of TDS/TCS shall be deducted at the higher rates.
The Finance Minister proposed to take up decriminalisation of the Limited Liability Partnership (LLP) Act, 2008 on similar lines of the decriminalising of the procedural and technical compoundable offences under the Companies Act, 2013, which is now complete.
Revision in ‘Small Companies’ definition
Smt. Sitharaman proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” and turnover from “not exceeding Rs 2 crore” to “not exceeding Rs 20 crore”. This will benefit more than two lakh companies in easing their compliance requirements.
Proposed easing of rules in ‘One Person Companies’ for Start-Ups, Innovators
As a further measure which directly benefits Start-ups and Innovators, the Finance Minister proposed to incentivize the incorporation of One Person Companies (OPCs) by allowing OPCs to grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non Resident Indians (NRIs) to incorporate OPCs in India.
Strengthening of NCLT framework for faster debt resolution
To ensure faster resolution of cases, the Finance Minister stated that NCLT framework will be strengthened, e-Courts system shall be implemented and alternate methods of debt resolution and special framework for MSMEs shall be introduced.
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The Institute of Chartered Accountants of India ( ICAI ) has announced the results of CA Exams 2021. The results of the Chartered Accountants Final Examination (Old Course & New Course) and Foundation Examination held in January 2021 have declared today.
The results can be accessed on three websites namely icaiexam.icai.org, caresults.icai.org, and icai.nic.in. It is noteworthy that for accessing the result the candidate shall have to enter his/her registration no. or PIN no. along with his/her roll number.
Check CA Exams Results here.
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