Prags Advisors Private Limited

25/03/2021

MANDATORY ACCOUNTING SOFTWARE FOR COMPANIES

From 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.*

10/02/2021

The candidate should have good knowledge of income tax and a strong accounting background . He/She should be well versed with the ongoing compliance system . He/She should be flexible to travel to any part of the country for assignments .

30/12/2020

Revised due dates for filing Income tax returns for AY 2020-21.

30/11/2020

The Central Board of Indirect Taxes and Customs (CBIC) had notified on 10th November to make E-Invoicing mandatory for any entity whose turnover exceeds Rs 100 crore from 1st January 21.

Entities with a turnover of Rs 500 crore and more have already been issuing E-Invoices from 1st October.

For E-invoicing, the entity will generate invoices on their internal systems (ERP/ accounting/billing software) and report it online to the Invoice Registration Portal (IRP). The IRP will validate the same and return digitally signed e-invoices with a unique Invoice Reference Number (IRN) having a QR Code in JSON format.

Regards
Team Prags

Happy to answer your queries at [email protected]

13/08/2020

Decoding prime ministers - “ honour the honest “ . A platform launched for transparent taxation and tax assessments

25/06/2020

PRAGS update :

* In accordance with recent Notification no. s 52/2020 , 53/2020 and 54/2020 dated 24.06.2020, GST Due Dates Calendar is as under:

GST DUE DATE CHART FOR THE PERIOD OF FEB-20 TO MAR-20
Return Filling Type State Turnover Month Revised Date
GSTR-1 Quarterly All States NA Jan-20 to Mar-20 17.07.2020
Monthly Mar-20 10.07.2020
GSTR-3B Monthly All States More than 5 Crore Feb-20 to Mar-20 24.06.2020
GSTR-3B Monthly Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep Upto 5 crore Feb-20 30.06.2020
Mar-20 03.07.2020
GSTR-3B Monthly Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi Upto 5 crore Feb-20 30.06.2020
Mar-20 05.07.2020

GST DUE DATE CHART FOR THE PERIOD OF APR-20 TO AUG-20
Return Filling Type State Turnover Month Revised Date
GSTR-1 Quarterly All State NA Apr-20 to Jun-20 03.08.2020
Monthly Apr-20 24.07.2020
Monthly May-20 28.07.2020
Monthly Jun-20 05.08.2020
GSTR3-B Monthly All State More than 5 Crore Apr-20 24.06.2020
May-20 27.06.2020
Jun-20 20.07.2020
Jul-20 20.08.2020

Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra
Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep Upto 5 crore Apr-20 06.07.2020
May-20 12.09.2020
Jun-20 23.09.2020
Jul-20 27.09.2020
Aug-20 01.10.2020

Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal
Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi Apr-20 09.07.2020
May-20 15.09.2020
Jun-20 25.09.2020
Jul-20 29.09.2020
Aug-20 03.10.2020
--

24/06/2020

PRAGS update :

☝🏻 *CBDT* has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

24/06/2020

Google Pay not a payment system operator: RBI to Delhi HC https://www.indiatoday.in/business/story/google-pay-not-payment-system-operator-rbi-to-delhi-hc-1691083-2020-06-20

*RBI declared that if any issue arises while transferring amount thru Gpay one cannot claim as the same is not in the list of authorised payment system by NATIONAL PAYMENTS CORPORATION OF INDIA*

Be cautious before using *_Google Pay_*. Any payment related issues or frauds emanating due to Google pay will be outside the purview of RBI..
Just be careful!

The Reserve Bank of India (RBI) has told the Delhi High Court that Google Pay is a third party app provider (TPAP) and does not operate any payment systems.

24/06/2020

Important tax update about 80G and 12AA

Hello Dear Professional !!

*Very IMP update for Charitable Trusts and Exempt Institution registered under section 80G, 12A or section 12AA : New - Fresh Registration Required : Last Date 31.12.2020*

All Charitable trusts and exempt institution which are already registered under section 80G, 12A or section 12AA of Income Tax
Act, 1961 will now be required to obtain *FRESH REGISTRATION* by *December 31, 2020*. Provisions of
registration under section 80G, 12AA or section 12A will be redundant from *31st December, 2020* and a new section 12AB will
come into force with effect from 01st January 2021. All the existing registered trusts under the erstwhile section 80G, 12A or
section 12AA would move to new provision *section 12AB.*

The new section 12AB proposes to change the registration process by prescribing the time frame for processing the
application and validity of such a registration certificate so granted under the new section 12AB.

An order granting registration or approval shall be passed within 3 months of the application. Such registration or
approval shall be *valid for 5 years.*

Similarly, charitable trusts and exempt institutions which already have Section 80G certificate will now be required to
reapply for registration or approval by December 31, 2020.

The registration shall remain valid for 5 years.

12/06/2020

*GST Council Meeting Updates*

1️⃣ For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020 (prior to period), there shall be no late fee at all

2️⃣ For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500
This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020

3️⃣ For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%

4️⃣ Small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020

5️⃣ Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020
In all cases where registration has been cancelled till June 12, 2020

Source: Ministry of Finance - official Twitter channel

Notification shall be issued for implementing these decisions taken.