Malik Girish Anand & Co., Chartered Accountants.

05/02/2025

Maha Kumbh Snan at Prayagraj today!

01/01/2025

Happy New Year 2025! 🎉 As we welcome this exciting new chapter, let’s embrace it with hope, joy, and determination. It’s the perfect time to reflect on past achievements and set inspiring goals for the future. Celebrate with loved ones, share laughter, and create memories that will last a lifetime. May this year bring health, success, and happiness to you and your family. Let’s make 2025 a year of growth, positivity, and meaningful connections. Cheers to new beginnings, bold dreams, and endless possibilities. Here’s to a spectacular year ahead—let’s make every moment count! 🥂✨. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage

31/12/2024

Extension of DTSVS 2024 Deadline

The deadline for the Direct Tax Vivad Se Vishwas Scheme (DTSVS) 2024 has been extended to 31 January 2025. This extension provides taxpayers with additional time to settle disputes and promotes efficient resolution, aligning with the government’s objective of reducing tax litigation.

Malik Girish Anand & Co. was established in the year 1992. It is a leading chartered accountancy firm rendering comprehensive professional services which includ

16/10/2024

Direct taxes code(DTC) feb25

Opportunity to file Rectification Application u/s 161 to rectify clerical errors made in ITC Column while filing GSTR-3B - Madras High Court

The petitioner claimed an Input Tax Credit (ITC) under the IGST. The ITC was reflected in Form GSTR-2A, based on the details submitted by the petitioner’s suppliers. While filing the monthly GSTR-3B return, the petitioner erroneously entered the ITC in the columns designated for Central Tax and State Tax instead of the IGST column. This resulted in a discrepancy between the claimed ITC and the actual filing and the order was passed u/s 73 for the same error.

Case Name - Tvl. Thendral Electricals
WP(MD) - 6459 of 2024. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage

14/10/2024

Clarifications from 54th GST COUNCIL MEETING dated 9th September , 2025. The circular clarifies several GST-related issues based on the recommendations of the GST Council during its 54th meeting on 9th September 2024. Key highlights include:
Affiliation Services by Universities: GST at 18% is applicable on affiliation services provided by universities to colleges. These services are not covered by the exemptions provided to educational institutions under notification No. 12/2017-CT(R) dated 28.06.2017.
Affiliation Services by Educational Boards to Schools: GST is applicable on affiliation services provided by Central and State educational boards or similar bodies to private schools. However, affiliation services provided to government schools are exempt from GST effective 10.10.2024.
Flying Training Courses: DGCA-approved flying training courses conducted by Flying Training Organizations are exempt from GST, as these services are considered part of a curriculum for obtaining a qualification recognized by law.
Passenger Transport by Helicopter: GST on passenger transport by helicopter (on a seat-share basis) is reduced to 5%, while charter helicopter services will continue to attract GST at 18%.
Goods Transport Agency (GTA) Services: Ancillary services such as loading/unloading provided by a GTA during the transportation of goods by road are treated as part of a composite supply and taxed as such. However, if these services are provided independently, they will be taxed separately.
Import of Services by Foreign Airlines: Import of services by foreign airline establishments from related persons without consideration is exempt from GST effective 10.10.2024. Payments of GST for such services for the period 01.07.2017 to 09.10.2024 are regularized.
Preferential Location Charges (PLC): PLC collected along with the consideration for the sale of properties forms part of the composite supply of construction services and is subject to the same GST rate as construction services before the issuance of a completion certificate.
Support Services by Electricity Utilities: Services such as meter renting, testing, and connection shifting provided by electricity transmission and distribution utilities are exempt from GST effective 10.10.2024.
These clarifications are aimed at standardizing the application of GST across various sectors and services.

Malik Girish Anand & Co. was established in the year 1992. It is a leading chartered accountancy firm rendering comprehensive professional services which includ

14/10/2024

CBIC Notification 23/2024 – CT: Waiver of Late Fee for Delayed Filing of GSTR-7 Return

As per this waiver, the total late fee, as per Section 47 of CGST Act, will not exceed Rs. 1,000 for each delayed GSTR-7 return filing.
The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 23/2024-CT, providing relief to taxpayers regarding the late filing of NIL returns in FORM GSTR-7. Exercising its authority under Section 128 of the Central Goods and Services Tax (CGST) Act, the Central Government, based on recommendations from the GST Council, has decided to waive the late fee applicable under Section 47 for certain taxpayers.

Key Highlights of the Notification:

1. Late Fee Waiver for TDS Deductors:

Registered persons who are required to deduct tax at source (TDS) under Section 51 of the CGST Act and fail to submit their GSTR-7 return on time for the period starting June 2021, will benefit from a partial waiver of the late fee. Instead of paying the standard late fee, they will only need to pay Rs. 25 for each day the delay continues.

2. Capped Late Fee:

The total late fee, as per Section 47, will not exceed Rs. 1,000 for each delayed GSTR-7 return filing. This limit applies for periods from June 2021 onwards, ensuring that taxpayers are not excessively burdened for late submissions.

3. Full Waiver for NIL Returns:

For taxpayers who had no tax deducted at source (TDS) for a given month, and hence, no GSTR-7 liability, the late fee for delayed filing of NIL returns is fully waived. This waiver applies to late filings from June 2021 onwards.

4. Effective Date:

This notification will take effect from November 1, 2024.

The CBIC’s decision to implement this late fee waiver brings significant relief to taxpayers, particularly those filing NIL returns, by reducing compliance costs and encouraging timely return submissions.

Note:

1. What is GSTR-7 ?

GSTR-7 is a monthly return that must be filed by individuals who are required to deduct Tax Deducted at Source (TDS) under the Goods and Services Tax (GST) system. Any person registered under GST who deducts TDS is obligated to submit GSTR-7 by the 10th day of the following month. This form provides information about the TDS amount deducted, the TDS payable, any refunds related to TDS, and other relevant details.

2. What is the penalty for Late filing of GSTR-7 ?

If a GSTR-7 return is not filed within the stipulated time, a penalty is imposed. This includes a charge of Rs. 100 per day under CGST and Rs. 100 per day under SGST, totalling Rs. 200 per day of delay. However, the maximum late fee is capped at Rs. 5,000. There is no penalty for IGST in case of late filing.

In addition to the late fee, an interest rate of 18% per annum applies. This interest is calculated on the TDS amount due, starting from the day after the due date until the payment is made.

To Access the Notification No. 23/2024. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage

11/10/2024

As of 2024, Form ADT-1 is a mandatory filing for Indian companies to notify the Registrar of Companies (RoC) about the appointment of auditors. The Companies Act, 2013 requires that an auditor be appointed at the company’s first Annual General Meeting (AGM) and subsequently at each AGM.

Once the auditor is appointed, Form ADT-1 must be submitted within 30 days of the appointment. For instance, if a company holds its AGM on June 30, 2024, the last date to file Form ADT-1 would be July 30, 2024.

It’s crucial to adhere to this deadline, as failure to file can result in penalties for the company and its directors. Additionally, the Ministry of Corporate Affairs may announce extensions or special provisions in certain circumstances, so it\'s advisable to stay updated on any such notifications.

To ensure compliance and avoid potential fines, companies should regularly check the Ministry of Corporate Affairs website or consult with corporate law professionals. Timely filing of Form ADT-1 not only fulfills legal obligations but also strengthens corporate governance practices within the organization.. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage

11/10/2024

CBIC notifies GST Amnesty Scheme Procedure and Conditions for Penalty and Interest Waiver [Read Notification]

Read More: https://www.taxscan.in/cbic-notifies-gst-amnesty-scheme-procedure-and-conditions-for-penalty-and-interest-waiver-read-notification/445043/. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage

10/10/2024

Here are the key takeaways from RBI policy announced today!

[1] Shift to Neutral Stance: Moving from \'withdrawal of accommodation\' to ‘neutral,’ hinting at potential rate cuts.

[2] New Measures Introduced: UPI transaction limits have been raised, and a Climate Risk Information System is in place.

[3] Repo Rate Steady: RBI keeps the repo rate unchanged at 6.5% for the 10th straight meeting.

[4] Inflation Forecast Stable: CPI inflation remains at a forecast of 4.5%, signaling steady expectations.

[5] GDP Growth Maintained: FY25 GDP growth forecast held steady at 7.2%, with minor quarterly adjustments.

Malik Girish Anand & Co. was established in the year 1992. It is a leading chartered accountancy firm rendering comprehensive professional services which includ

30/09/2024

Circular No. 10/2024
F. No. 225/205/2024/ITA-II
Government of India Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi, dated 29" September, 2024
Subject: - Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25- reg.
On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, extends the specified date of furnishing of report of audit under any provision of the Act for the Previous Year 2023-24, which was 30 September, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07" October, 2024.
(Dr. Castro Jayaprakash.T)
Under Secretary to the Government of India
Copy to:
1. PS to F.M./ PS to MoS (F).
2. PS to Revenue Secretary.
3. Chairman (CBDT)& All Members of CBDT.
4. All Pr. CCsIT/CCsIT/Pr. DGsIT/DGsIT.
5. All Joint Secretaries/CsIT, CBDT.
6. Directors/Deputy Secretaries/Under Secretaries of CBDT.
7. Web Manager, with a request to place the order on official Income-tax website.
8. CIT (M&TP), Official Spokesperson of CBDT with a request to publicize widely.
9. JCIT, Data Base Cell for placing it on irsofficersonline.gov.in.
10. The Institute of Chartered Accountants of India, IP Estate, New Delhi
11. All Chambers of Commerce.
12. The Guard File
Under Secretary to the Government of India. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage

27/09/2024

Statutory Audit

A statutory audit is an independent examination of the financial statements of an organization, mandated by law. The primary purpose of this audit is to ensure that the financial statements are a true and fair representation of the company\'s financial position and performance. Statutory audits are typically required for public companies, large private companies, and other entities that meet specific criteria set by regulatory bodies.

The audit process begins with the auditor obtaining a thorough understanding of the business and its environment, including internal controls and risk management practices. This helps in planning the audit and determining the nature, timing, and extent of audit procedures.

One of the key components of a statutory audit is compliance with applicable accounting standards and regulations. Auditors assess whether the organization has followed generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), depending on the jurisdiction. They also evaluate the adequacy of disclosures made in the financial statements.

The statutory audit culminates in an audit report, which expresses the auditor\'s opinion on the financial statements. This report is crucial for stakeholders, including investors, creditors, and regulators, as it adds credibility to the financial information presented by the organization.

Moreover, statutory audits help in enhancing the overall governance and accountability of a company. By identifying weaknesses in internal controls and financial reporting processes, auditors provide valuable recommendations for improvement.

In summary, statutory audits play a vital role in ensuring transparency and trust in financial reporting. They not only protect the interests of stakeholders but also contribute to the integrity of the financial markets. Regular statutory audits can ultimately foster a culture of compliance and accountability within organizations.. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage

27/09/2024

Delhi chief minister Atishi on Wednesday announced a hike in the minimum wage for various categories of workers in the national capital.

The revised wages will now provide unskilled workers a minimum of ₹18,066 per month, while semi-skilled workers will earn ₹19,929 and skilled workers ₹21,917 per month. For more info visit us at https://www.camalikgirishanand.in/latest-updates/1?utm_source=facebookpage