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.

Accounts and Audit Requirements

Books of Accounts and Audit Requirements

The Income Tax Law sets out the books of accounts to be kept for income tax purposes. It has been described under Article 44AA and Rule 6F.

Required to keep the books of accounts?

The following professions must maintain accounting records if their total revenue is greater than Rs. 150,000 in the previous 3 years for a career list. This also applies to a newly established profession whose total revenue is expected to exceed Rs 10,000. 1,50,000.

Books Accounts

The accounting records to be booked in Rule 6F were identified:

  • legal
  • Medical
  • Engineering
  • The architect
  • Accounting
  • Technical Consultancy
  • Interior decoration

Authorized representative – a person who represents a person for remuneration before a body or other authority under the law. It does not include an employee of the person represented or the person who performs the accounting profession.
A filmmaker – includes a producer, an editor, a representative, a director, a music director, a technical director, a director, a photographer, a singer, a songwriter, a storyteller, a screenwriter, And fashion designers.
Secretary Company

If you are a freelance entrepreneur pursuing any of these professions, your total receipts are more than Rs. 150000, these rules apply to you.

If the total income of the above professions does not exceed Rs.150,000 in one or more of the previous three years of an existing occupation or a newly established occupation whose total revenue is expected to be less than Rs 1, 50,000 – the professional must keep books of accounts. Unless all books or records are not kept, they are not exactly selected. The only requirement is that AO is able to calculate taxable income from professional ones.

From 18-18 years, the maximum rupee. 150,000 to Rs. 250000.

  • Accounting books defined by Rule 6F
    Cash book
    Record cash and cash payments daily that show the cash balance at the end of the day or at best at the end of each month and not thereafter.
  • Magazine in accordance with the Commercial Accounting System
    The newspaper is a record of all daily transactions. It is a record, in terms of accounting, where the total credits equal the total debt, when we follow the double-entry accounting system, that is, each opponent has a balance against and vice versa.
  • The ledger in which all entries from the magazine flow contains details of all accounts, and this can be used to prepare financial statements.
  • A copy of the invoices or receipts issued by them which are more than 25 rupees
    Bills of original expenses incurred which are more than 50 rupees
  • The following are additional requirements in the case of a person with a medical profession – doctors, surgeons, dentists, pathologists, radiologists, etc.

Record daily cash with patient details, services provided, fees received and date of receipt
Details of stock of medicines, medicines and other consumables used
These books must be kept at the head office or in each office.

How long should these books be preserved?

Records must be kept each year for 6 years from the end of this year.

Not keeping the books of accounts?

If you fail to maintain account records as stated, you may be fined 25,000 rupees or in some cases where you may have international transactions and failed to retain the information and documentation for such transactions – 2% of the value of each international transaction.

It will be hard to keep your books and track all your expenses and income in a systematic way.

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Section 80GG Deduction for Rent Paid

Don’t you  receive  HRA from your employer

Typically, HRA is part of your salary and you can claim a discount for HRA. If you do not receive an HRA from your employer and make payments for rent for any furnished or unfurnished accommodation you occupy for your stay, you can claim a deduction under Section 80GG for the rent you pay. Here are some of the conditions that must be met –

  • You are self-employed or salaried
  • You did not receive HRA at any time during the year you claim 80GG
  • You, your spouse or your minor child in which you are a member do not have any residential housing in the place where you currently reside or perform office duties, work, work or occupation.
  • If you own any residential property anywhere, your income is calculated from the home within the applicable divisions (as a self-owned enterprise), no deduction is allowed under section 80GG.

You will be asked to submit a 10BA form with details of the rent payment.

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Discount – the lowest will be considered as a deduction under this section –

A Rs 5000 per month

(A) 25% of total income (income to exclude long-term capital gains, short-term capital gain under Section 111A and revenue under Section 115A or 115D and deductions 80C to 80U.

(B) actual rent less than 10% of income (income to exclude long-term capital gains, short-term capital gain under Section 111A and revenue under Section 115A or 115D and deductions 80C to 80U.

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