Latest Updates

Latest Updates

1. The deadline to issue Form 16 has been extended to July 31, 2021, from the previous deadline of July 15, 2021.

2. MCA has issued the much-awaited clarification for passing general and special resolutions and convening an EGM in unavoidable circumstances and extended the validity of the existing circulars up to December 31, 2021, in light of the current social distancing norms.

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3. Finance Minister in a Press Conference has announced the economic relief packages: a. ₹1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors b. Additional ₹1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) c. Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons.

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4. Income Tax Assessing Officer cannot issue consolidated notices for different Assessment Years. Case Name: Barnala Steel Industries Ltd Vs ACIT (ITAT Delhi). Appeal Number: ITA Nos.3201/Del/201 And ITA No. 6783/DEL/2013

Include CAs in the Vaccination and Professional Work Priority Group: KSCAA

Include CAs in the Vaccination and Professional Work Priority Group: KSCAA

The Karnataka State Chartered Accountants Association (R) (abbreviated as ‘KSCAA’) is a Chartered Accountants Association founded in 1957 under the Karnataka Societies Registration Act. KSCAA was established largely for the benefit of chartered accountants, and it represents them before various regulatory bodies in order to alleviate problems and hardships that they and the business community confront.

The Institute of Chartered Accountants of India (ICAI), a main statutory body formed by an Act of Parliament, The Chartered Accountants Act 1949 (Act No XXXVIII of 1949), for regulating the profession of Chartered Accountancy in India, is predominantly made up of Chartered Accountants. The ICAI is the world’s second-biggest professional organisation of chartered accountants, with a long history of public service to the Indian economy.

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We congratulate and praise the efforts of the Government of Karnataka and the whole State Administration in restricting the spread of the Coronavirus in the state, which has resulted in a steady and gradual drop in the number of Corona positive cases over the past few days.

It is important to note that we CAs have the professional expertise, extensive experience, and in-depth knowledge in the areas of financial controls, financial accounting, financial audit, and risk management and that these skill-sets could be very useful to the government in improving financial management in relation to Covid relief and containment activities.

GST Council to meet Saturday, discuss tax exemption on Covid-19 essentials

CAs should make an effort to fulfil their social obligations by delivering professional services outside of the business sector and to the general public while remaining faithful to their position as partners in national development. It would be an honour and privilege for us at KSCAA to work in the public interest in collaboration with the Government of Karnataka in the fight against Corona by assisting in the implementation and operation of financial discipline and financial controls in the mobilisation and use of public resources.

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The Chartered Accountants (CA) profession has always worked to uphold the ethos of Partners in Nation Building, and it has been their constant effort to keep India’s economy and financial system afloat. The CAs work closely with the government and its regulatory bodies on the one hand, and the diligent and hardworking taxpayers of our country on the other, ensuring that taxpayers comply with all fiscal statutes, such as the GST and income tax, and pay their share of lawful taxes to the government in a lawful and timely manner. Aside from fiscal statutes, the CAs are also in charge of ensuring that persons and corporations follow other rules and regulations.

We are optimistic that your good selves will go to great lengths to ensure that necessary steps are taken in this regard to provide much-needed relief by classifying CAs as PRIORITY GROUP and thus help expedite vaccination of our CA members, their staff, and their families, as well as ensuring that our CA members and staff perform their functions in a very smooth, efficient manner.

Today’s Updates:Due Date for Deposit of Advance Income Tax

Today’s Updates:Due Date for Deposit of Advance Income Tax

  • Changes in New Income Tax Portal from 7 June, Pay Tax via Credit Card. Launch of new e-filing Portal of the Income Tax Department – Non-availability of e-filing services from 01.06.2021 to 06.06.2021.
  • The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers: New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers;
  • Govt Integrates E-way Bill with FasTag, RFID; GST Officers to Have Real-time Data of CVs (GST officers have been armed with real-time data of commercial vehicle movement on highways with the integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion)
  • Ministry of Finance had issued Office Memorandum dated May 24, 2021 regarding Constitution of Group of Ministers (GoM) on Casinos, Race Courses and Online Gaming. The terms of reference shall be as follows:
  • To examine the issue of valuation of services. Taxability of certain transactions in a casino, with reference to the current legal provisions and orders of Courts on related matters. To examine whether any change is required better means of valuation of these services in the legal provisions to adopt any better means of valuation of these services. To examine the administration of such valuation provision if an alternative means of valuation is recommended.
  • Due Date for Deposit of Advance Income Tax is 15-06-2021. You are requested to please deposit 15% for 1st instalment on or before 15-06-2021* to avoid interest on income tax not allowable as expense, However Bank interest paid on advance tax is allowable as expense.
  • Last date for linking PAN with Aadhar extended from 31.3.2021 to 30.6.2021.
  • Ensure Aadhar seeding for all PF members as wef 1.6.21 ECR filing only for those whose Aadhaar numbers are seeded & verified with UANs.
  • Union Cabinet approves Model Tenancy Act for circulation to the States/Union Territories for adoption
  • The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the Model Tenancy Act for circulation to all States / Union Territories for adaptation by way of enacting fresh legislation or amending existing rental laws suitably. It will help overhaul the legal framework with respect to rental housing across the country, which would help spur its overall growth.
  • 30.6.21 is extended due date to file TDS Statements in 24Q, 26Q & 27Q for March quarter of 2021. TDS Certificates can be issued by 15.7.21.
  • EPFO allows its members to avail second COVID-19 advance. Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to member's credit in the EPF account, whichever is less, is provided. Members can apply for lesser amount also.