Representation Seeking Inclusion of Chartered Accountants In To ‘Priority Group’ For Covid Vaccination And For Performing Professional Work As Usual
One of the major change is the introduction of the Faceless Scheme, for Assessments, Appeals and Penalty. Faceless Assessment scheme was notified in 2019 followed by Faceless Appeal scheme in 2020 and Faceless Penalty scheme in 2021.
One of the changes proposed in the budget vide Section 101 & 102 of the Finance Act. 2021 is deletion of sub-section (5) of Section 35 of the CGST Act 2017 and substitution of Section 44 of the CGST Act 2017. Before this amendment was proposed, it was mandatory for every registered person whose Aggregate turnover exceeded Rs. 2 Crores in a financial year to get his accounts audited as specified under Section 35(5) of the CGST Act 2017 and furnish a Reconciliation Statement (GSTR-9C) duly certified by a Practicing Chartered Accountant or Cost Accountant. However as per proposed amendment as mentioned above, going forward this Reconciliation statement is expected to be self-certified by the registered person, thereby obliterating the requirement of certification on the veracity of the same by practicing Chartered Accountants or Cost Accountants.
There are few significant issues, challenges and hardships as regards Union Budget 2021-22 various proposals in the spheres of Income tax law and GST law as listed in two separate tables as below, which we would like to bring to the fore for the attention of your good selves along with recommendations.
We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry.
KSCAA has requested for Request for Extension of Companies Fresh Start Scheme i.e. CFSS 2020 and LLP Settlement Scheme 2020 to 31st March 2021 considering genuine hardships which have arisen due to Technical issues with MCA 21.
KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […]
KSCAA has requested to permit utilization of accumulated funds for purposes other than the purpose for which it is so accumulated under section 11(2) of the Income-tax Act, 1961.
A Request for extension of various due dates under Income-tax Act, 1961 for AY 2020-21 and for filing the Annual Reconciliation Statement (GSTR-9C) along with the annual return (GSTR-9) for financial years 2018-2019 & 2019-2020 is made by Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Chartered Accountants Association (Surat), Karnataka State Chartered Accountants Association […]
A representation is made to Finance Minister of India by Six Leading Associations of Chartered Accountants in India and it is requested to extend the due date for filing of returns for all the taxpayers for A.Y. 2020-21 to 31st March, 2021, filing the tax audit report and transfer pricing report to 28th February, 2021, […]
