S A G S & CO

S A G S & CO We are a leading chartered accountancy firm serving corporate and individual clients with accounting, audit, tax and financial advisory services

02/06/2021

Latest RBI circular on cryptocurrency:

1. RBI said in a circular (RBI/2021-22/45) that In view of the order of the Supreme Court, the circular banning the use of digital currencies by banks or facilitating customers to deal in digital currencies is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.

2. State Bank of India and HDFC Bank had earlier, cautioned their customers against dealing in virtual currencies such as Bitcoin citing the April 2018 order of the RBI.

3. The said April 2018 RBI Circular read as follows: It has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.

4. The Hon Supreme Court had set aside the above 2018 circular. (Civil No.528 of 2018 (Internet and Mobile Association of India vs Reserve Bank of India))

10/05/2021

Cash receipt above Rs 2L allowed for hospitals:

Background:
Sec 269ST of the Income Tax Act provides that no person shall receive an amount of Rs 2 Lakhs or more in cash from a person in a day or in respect of a single transaction or in respect of transactions relating to one event/occasion.

CBDT has vide notification no 56/2021 dated 7/5/21, provided that:

1. Cash receipt over Rs 2 lakh would be allowed for hospitals, dispensaries, nursing homes, COVID care centres or similar other medical facilities providing COVID treatment to patients

2. The payment has to be made during the period 1/4/21 to 31/5/21.

3. Following details are required to be submitted:
· the PAN or Aadhaar of the patient
· the PAN or Aadhaar of the payee and
· the relationship between the patient and the payee

Two important observations:

1. It is imperative that the hospital shall provide COVID facilities but it is not necessary that the payment in cash is made only for COVID treatment.

2. Relationship between patient and the hospital has to be declared.

03/05/2021

3 circulars issued by mca today:
1. Relaxation of time for filing certain forms having due date between 01st April to 31st May upto 31st July 21
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf

2.Relaxation of charges forms
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

3. Gap between two board meetings
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf

Wishing you and your family a very happy Diwali💐🪔
14/11/2020

Wishing you and your family a very happy Diwali💐🪔

Happy Dhanteras
13/11/2020

Happy Dhanteras

12/11/2020

*GST turnover now appearing in FORM 26AS from FY 2019-2020*

GSTR-3b return month wise details from FY 2019-2020 now appearing in FORM 26AS

*Following information are reflected in Form 26AS:-*

1. GST number
2. ARN Number
3. Date of filing of GST return
4. Return period
5. Taxable Turnover
6. Total Turnover

06/10/2020

IMPORTANT
Council recommended / decided the following:
a. Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th of the month succeeding the quarter w.e.f. 01.1.2021;
b. Roadmap for auto-generation of GSTR-3B from GSTR-1s by:
i. Auto-population of liability from own GSTR-1 w.e.f. 01.01.2021; and
ii. Auto-population of input tax credit from suppliers’ GSTR-1s through the newly developed facility in FORM GSTR-2B for monthly filers w.e.f. 01.01.2021 and for quarterly filers w.e.f. 01.04.2021;
c. In order to ensure auto population of ITC and liability in GSTR 3B as detailed above, FORM GSTR 1would be mandatorily required to be filed before FORM GSTR3Bw.e.f. 01.04.2021.
d. The present GSTR-1/3B return filing system to be extended till 31.03.2021 and the GST laws to be amended to make the GSTR-1/3B return filing system as the default return filing system.

06/10/2020

IMPORTANT UPDATE

w.e.f. 01.04.2021
Revised Requirement of declaring HSN for goods and SAC for services in invoices and in FORM GSTR-1w.e.f. 01.04.2021 as under:
a. HSN/SAC at 6 digits for supplies of both goods and services for taxpayers with aggregate annual turnover above Rs. 5 crores;
b. HSN/SAC at 4 digits for B2B supplies of both goods and services for taxpayers with aggregate annual turnover upto Rs. 5 crores;
c. Government to have power to notify 8 digit HSN on notified class of supplies by all taxpayers

02/10/2020

*The various Key Changes which are Noticed in ITR-6 for Assessment Year 2020-21 👇🏻👇🏻👇🏻®️.*

1. *Firstly,* a new option is added in the ‘Filing Status’ section with regard to exercising of option under section 115BAA/115BAB introduced by Option needs to be exercised in Form 10-IC/10-ID.

2. *Secondly,* from sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A’ is inserted and notified in this year’s ITR to report individual scrip wise details on long term shares which was earlier exempt from tax and eligible for grandfathering.

Earlier, this was introduced in the later version e-filing utility for AY 2019-20, but made optional.

3. *Thirdly,* for NON-RESIDENTS – From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A’ is inserted.

4. *Fourthly,* if the taxpayer has made any investment/ deposit/ payments between 01.04.2020 to 30.06.2020, then he has to fill Schedule DI.

5. *Fifthly,* in preceding AY 2019-20, only one bank account was allowed to be selected for refund credit.

In AY 2020-21, multiple bank accounts are allowed to be selected for getting the refund credit. In case multiple accounts are selected for refund credit, then refund will be credited to one of the accounts decided by CPC after processing the return.

Lately, a new ‘Schedule DI – Details of Investment’ is added to report investment/expenditure made between April 1, 2020 to June 30, 2020.

30/09/2020

Belated/Revised ITR filing due date for FY 2018-19 further extended to 30/11/2020

30/09/2020

Government has *extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020*.

Address

803, The One World, A-Wing, Ayodhya Chowk, 150 Feet Ring Road
Rajkot
360006

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Saturday 10:30am - 8pm

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