CA Rajesh Soni & Associates, Jaipur

10/10/2021

13/03/2020

Celebration on successful completion of 1year of Jhotwara Branch...

11/03/2020

AWARENESS ABOUT CASH TRANSACTIONS:-
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Cash Transactions under GST :-

Many have confusion regarding the amount of cash sale or purchase permissible under GST. Good News is that there is no such provision in GST regarding cash transactions. Therefore under GST there is no any cash limit and no penalty will be levied on cash sale or purchase.

However, the Income tax Act put restrictions on the cash transactions.
Cash transactions under Income Tax Act :-

1. Business Payments Limit– Cash Payment exceeding 10,000 are disallowed (Section 40A(3))

The assessee has incurred any expenditure and the payment or aggregate of payments made in a single day to single person in respect of such expenditure exceeds Rs 10,000 (in case of payment made for plying, hiring or leasing goods carriages the limit shall be replaced by Rs 35,000) shall be disallowed if the payment has been made otherwise then by way of account payee cheque or account payee draft or use of electronic clearing systems through a bank account.

2. Business Accepting Limit: Cash Receipt of Rs 2 lakh or more (Section 269ST)
No person shall receive an amount of Rs 2 Lakh or more;

in aggregate from a person in a day, or
in respect of a single transaction,
or, in respect of transactions relating to one event or occasion from a person,
Otherwise by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account.

The amount of penalty will be sum equal to amount received by a recipient (271D)

3. Deposit Receiving Limit (Section 269 SS)
As per the section of 269SS of Income Tax Act, any person shall not take or accept any loan or deposit or any specified sum from any other person in cash exceeding Rs 20,000. If any person violate the rule then the person will be liable to pay the penalty of sum equal to the loan amount.

4. Amount Repaying Limit (Section 269 T)
As per the section of 269T of Income Tax Act, any person shall not repay or deposit any loan or advance in cash exceeding Rs 20,000. If any person violate the rule then the person will be liable to pay the penalty of sum equal to the loan amount

08/03/2020

GST Composition Scheme:
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Applications started, 31 March is the last date.
The application process for joining the GST composition scheme has started in the upcoming financial year 2020-21. Existing registered taxpayers will have to apply online for this before 31 March 2020 on the GST portal. This scheme is especially for small businessmen. In this, small businessmen have been given many concessions in terms of keeping their accounts, filing returns and collecting taxes.

Under the composition scheme, traders have a special facility to pay a fixed rate, lump-sum tax payment and returns only once a year. This scheme can add taxpayers whose annual turnover is up to Rs 1.5 crore. For seven states of North-East and Uttarakhand, this limit is Rs. 75 lakhs. Businessmen already registered as GST taxpayers will have to provide information in Form CMP-02 of the GST portal to join the composition scheme. The last date for this is 31 March. Businessmen who are taking GST registration for the first time, can join this scheme by giving information in the form CMP-01 on the portal at the time of registration.

07/03/2020

Interest on Net GST liability retrospectively : Discussion in GST Council meeting.

“The issue is expected to be raised at the next meeting of the GST Council on March 14, which will take a final call on this matter,” said one official
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Businesses facing the prospect of paying around Rs 46,000 crore as interest on delayed payment of Goods and Services Tax (GST) may obtain a waiver. As the GST Council is considering calculating interest only on their net tax liability retrospectively. The finance ministry has not yet calculated the savings resulting from this that will come to assessees.

The GST Council is the main decision-making body on matters relating to GST, and is chaired by the Union finance minister. It has state representation as well.

05/03/2020

LLP SETTLEMENT SCHEME, 2020

Come into force- 16th March 2020
Effective till date- 13th June 2020

Applicability- Documents due for filing till 31st October 2019

Forms on which scheme applicable- FORM-3, FORM-4, FORM-8 AND FORM-11

Manner of Payment – Normal fees plus Rs. 10 per day for continuing default maximum to Rs. 5000 per document.

On conclusion of the scheme, the respective Registrar of Companies shall take necessary action under the LLP Act, 2008 against the LLP in default.

04/03/2020

*Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with effect from 1.4.2020*
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The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten PSBs into four which include the –

(a) Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank

(b) Amalgamation of Syndicate Bank into Canara Bank

(c) Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India

(d) Amalgamation of Allahabad Bank into Indian Bank

The amalgamation would be effective from 1.4.2020 and would result in creation of seven large PSBs with scale and national reach with each amalgamated entity having a business of over Rupees Eight lakh crore. The Mega consolidation would help create banks with scale comparable to global banks and capable of competing effectively in India and globally. Greater scale and synergy through consolidation would lead to cost benefits which should enable the PSBs enhance their competitiveness and positively impact the Indian banking system.

In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. The adoption of best practices across amalgamating entities would enable the banks improve their cost efficiency and risk management, and also boost the goal of financial inclusion through wider reach.

Further, with the adoption of technologies across the amalgamating banks, access to a wider talent pool, and a larger database, PSBs would be in a position to gain competitive advantage by leveraging analytics in a rapidly digitalising banking landscape.

04/03/2020

*MCA Update for LLP*
*Wednesday !! 04.03.2020*

*LLP Settlement Scheme, 2020*
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*LLP settlement Scheme, 2020 launched ; Shall allow a One-time condonation of delay in filing statutorily required documents with the Registrar*

_Scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020_

_Applicable for LLP Form 3, 4, 8 and 11._

15/08/2019

स्वतंत्र दिवस की हार्दिक शुभकामनाएं एवम् बधाइयां। । जय भारत.. अखंड भारत...जन गण मन में बसा भारत।