Anshul k Jain & Co. - Chartered Accountant

Year end & New Year Challenges 2020-21 ends today 2021-22 begins next day.   BULLET POINTS Income Tax 1.                PAN if not linked with Adhaar by 31 March’2021 shall remain inoperative till such                         period, it  is linked. Inoperative PAN means TDS will be   deducted at                                                      higher   rates,  ITR  cannot be   filed and penalty of 10,000/- may be imposed.   2.       31.03.2021 is last date to file/revise ITR of FY 2019-20.   3.       31.03.2021 is last date of investments for deduction u/s 80C or 80D etc for FY 2020-21.   4. ...

  Financial Year Closing Month March 2021 – Preparation & Precautions:   This is right time for a wake-up call because last month of Financial Year is crucial as 11th April, 2021 & 20th April 2021 is last day for GST Books closing and for your business if any Purchases left or sales left then it goes to next year and will distort current year picture.   Further, from this F.Y. 2020-21 last date for any type of belated Income Tax Return, without allowing any further filing, – is 31/12/2021.  For example if your return due date was 31/07/2020 for F.Y. 2019-20 then you could file belated return till 31/03/2021 but now for F.Y.20-21 if your due date is 31/07/2021 or 30/09/2021 then belated return can be filed only up to 31/12/2021.   So take care of following things with your accounts team:   A.     Books Closure (F.Y. 2020-21):   1.   Confirm all purchases have been entered for the year and if any advance pai...

ICAI seeking a withdrawal of the Budget proposal to remove mandatory annual audit under GST TheThe CA Institute has knocked the doors of the Prime Minister’s Office and the Finance Minister seeking a withdrawal of the Budget proposal to do away with mandatory annual audit and reconciliation statement  Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India.The CA Institute has now approached the Prime Minister and the Finance Minister seeking a withdrawal of the Budget proposal to trash the mandatory annual audit and reconciliation statement certification by aChartered Accountant (CA)in respect of Goods and Services Tax (GST). What do you mean by audit under GST? Audit under GST means inspection...

BUDGET AT A GLANCE IN SIMPLE PICTORIAL  FORMAT FOR MORE SUMMARY OF BUDGET 2020-21 PLEASE CLICK ON  Summary of Union Budget 2020-21