Bhishm Madan And Company

Celebration of 77th CA Day. Started with lift selfie 🤳 Had a good time with friends from the fraternity, clicked many pics together and with celebrities. Specially added this song bcoz singer of this song .justh is also close to me.

Last weekend attended Seminars and met with &

Upcoming India cricket series and matches

Happy Independence Day 2022

Information :As per CBDT circular F.No. 370142/14/22-TPL dated on 30th March 2022, every person who has been allotted a PAN as on 1st July 2017 and is eligible to obtain Aadhaar number is required to link PAN with AADHAAR on or before 31st March, 2022. Taxpayers who failed to do so are liable to pay a fee of Rs.500 till 30th June, 2022 and thereafter a fee of Rs.1000 will be applicable before submission of PAN-AADHAAR linkage request .
Please pay the applicable fee on 'https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp' Protean (NSDL) portal to proceed with submission of Aadhaar-PAN linking request. Click on Proceed under CHALLAN NO./ITNS 280 for submission of Aadhaar-PAN linking request.
In case payment is already done on Protean (NSDL) portal, please try linking after 4-5 working days from the date of payment.
Please make sure fee payment is done under Minor head 500 (Fee) and Major head 0021 [Income Tax (Other than Companies)] in single challan.

E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4.
In simple language, Income Tax Return for last 2 years can be updated now (subject to some conditions).

For those, who take ROC compliances lightly

As per the Companies Act (Amendment) Bill, 2017

Under Section- 92 (Filing of Annual Return) Companies shall be required to file the Annual Return within 60 days of AGM. Now, the additional time period of 270 days provided under Section-403 for filing of annual return is removed from this section.

The same amendment is there for filing of financial statements also under Section-137 and they shall be filed within 30 days of AGM (additional time period has been removed)

So now Annual Return and balance sheet etc has to be filed with ROC within due date else have to face serous consequences

Usually date of annual general meeting is taken as 30 sept of every year.

For this year it is say 30 September 2017 then roc filing has to be done as follows:

Form AOC 4 - containing details of audit report, caro report, balance sheet, profit & loss account, notes to accounts, significant accounting policies, directors report etc

This form has to be filed before 29 October 2017

Form MGT 7 - containing details of shareholders list, dates of board and annual general meeting, net worth of the company, etc

This form has to be filed before 28 November 2017

In view of this, it is herewith informed to arrange the audited financial statements and all other annual filing documents at least by end of September 2017 so that all compliances can be done on time to avoid future consequences.

Due date for filing DVAT Return for the Q1 ending on 30.06.2017 extended upto 15.08.2017.

GSTR-1 can be filled now 😀

*Comparison between VAT & GST*

_Very simple way to understand_



VAT - is state specific limit 40 L
GST - GST Registration limit 20 L +

VAT - TIN based Registration
GST - PAN based Registration

VAT - Interstate transactions (CST) no Input Tax Credit
GST - Seamless flow of Input Tax Credit

VAT - Declaration Forms like C, H etc are applicable
GST - No Declaration Forms

VAT - Returns by 20th of suceeding month
GST - Returns by 20th of suceeding month but in a phased manner (Sales by 10th, Purchases by 15th and payment by 20th)

VAT - There is no specific mode of payment
GST - Mode of payment if exceeds 10,000 by e-payment, less than is optional

VAT - Immediately after filling avail Input Tax Credit
GST - Once the Supplier pay tax then only seller gets ITC

VAT - No rating for the Business
GST - GST rating based on timely filling of returns & payments..