R. Garg & Company - Chartered Accountants

26/10/2024

16/07/2024

MCA vide its notification dated July 15, 2024 has added a proviso in Specified Companies (Furnishing of nu information about payment to micro and small enterprise suppliers) Order, 2019 and replaced the existing form MSME-1.

As per the new notification, new MSME-1 Form on MCA V3 shall be filed by all companies which are having payments pending to any micro or small enterprises for more than 45 days from the date of acceptance or the date of deemed acceptance.

Earlier, companies need not file a 'MSME-1 Return' when there are no outstanding amounts with micro or small suppliers.

This means irrespective of whether amounts are outstanding as on 31st March or 30 Sep or not, if payments were made after 45 days during a half year reporting period, MSME-1 shall be filed

New Information required now includes:
- Amount paid within 45 days
- Amount paid after 45 days,
- Amount outstanding for 45 days or less
- Amount Outstanding for more than 45 days,
- Reason for delay in payment / amount outstanding.

19/05/2023

Does the legal tender status of Rs 2000 banknotes remain?

Ans: Yes, Rs 2000 banknote will continue to maintain its legal tender status.

Can Rs 2000 banknotes be used for normal transactions?

Ans: Yes, people can continue to use Rs 2000 banknotes for transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.

What should the public do with the Rs 2000 denomination banknotes held by them?

People may approach bank branches for deposit and/or exchange of Rs 2000 banknotes held by them.

The facility for deposit into accounts and exchange for Rs 2000 banknotes will be available at all banks until September 30, 2023.

The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments1 until September 30, 2023.

Is there a limit on deposit of Rs 2000 banknotes into a bank account?

Ans: Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.

Is there an operational limit on the amount of ₹2000 banknotes that can be exchanged?

Ans: People can exchange Rs2000 banknotes upto a limit of Rs 20,000 at a time.

Can Rs 2000 banknotes be exchanged through Business Correspondents (BCs)?

Ans: Yes, exchange of Rs 2000 banknotes can be made through BCs upto a limit of Rs 4000 per day for an account holder.

Is it necessary to be a customer of the bank to exchange Rs 2000 banknotes from its branches?

Ans: No. A non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

What if someone needs more than Rs 20,000 cash for business or other purposes?

Ans: Deposit into accounts can be made without restrictions. The Rs 2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.

Is there any fee to be paid for the exchange facility?

And: No. The exchange facility shall be provided free of cost.

Regards
CA Rohit Garg
Delhi || Gurugram

28/09/2022

​​​The department has started alerting the winners on the tax compliance dashboard wherever there is a mismatch in income and tax payments. The I-T department action comes close on the heels of the GST intelligence wing issuing a show cause notice earlier this month to a Bengaluru-based online...

27/01/2022

*Interest on non-payment of GST may be recovered without notice*

*Read More at:*

Backed by a court decision, the goods and services tax (GST) authorities may now directly recover interest accrued on non-payment of GST due to mismatch in invoices without sending any notice. In a recent matter of Bharti Airtel, the Punjab & Haryana High Court lifted a stay ordered earlier, to dire...

22/03/2020

Dear All Clients,

Due to compulsory in Delhi, our office will not be operative till 31st March.

But all our staff will be working from home.

We prefer you to share all your documents digitally only.

Let's support the society & make sure to keep yourself safe from this Virus!!

Regards,
CA Rohit Garg

05/07/2017

Due date for payment of ESIC is not within 21 days of following month, but within 15 days of following month. Notification issued.

29/07/2016

IT Return due date extended...