AHMEDABAD ICAI NEWS LETTER FOR THE MONTH OF NOVEMBER-2020

The Institute of
Chartered Accountants

of India

(Setup by an Act of Parliament)

Ahmedabad Branch
of WIRC of ICAI
Volume: 07 | Issue No.: 09 | November-2020

OFFICE BEARERS E-NEWSLETTER
Chairman
CA. Fenil Rajendra Shah
89050 30507
Vice Chairman Chairman’s Message
CA. Harit Ashok Dhariwal
99789 42299 Dear Professional Colleagues,

Secretary “Without Rain nothing Grows.
CA. Bishan R. Shah So lets Learn to Embrace the Storms in our life.”
98250 23573 Greetings. Now slowly and gradually the impact of
Treasurer COVID 19 is reducing but yet we need to be extra
CA. Rahul Kalulal Maliwal precautious as we were in past and we also actively
84606 20401 continued organising Webinars and also programs

Members for Health and Corporate Social Responsibility.

CA. Ganesh Nadar Being month of November, it's the month of
CA. Anjali Choksi Dipawali – a festival of lights and celebration. By reading the message below you will truly
CA. Sunil Sanghvi feel that Our Institute since its very inception, has been immensely passionate about its

Ex. Officio Members purpose to propagate progress and has persistently recognised the developments
CA. Aniket Talati, CCM happening around and pursued contemporary reformation and dynamic improvement. It
98255 51448 assiduously aspires to attain the absolute best for all its members and is diligently dedicated
CA. Hitesh Pomal, RCM to their constant improvement and growth. As opposed to being a silent bystander to
98240 49402 change, ICAI stands tall as a facilitator and crusader of affirmative action and thereby

CA. Vikash Jain, RCM letting consequent growth and development flow.
93277 15892
CA. Chintan Patel, RCM
90999 21163 In my vision to serve the Members and Students, I am arranging various Webinars and we
are getting the overwhelming response to it. Some noticeable Webinars for Members is the

Newsletter Committee Workshop on Research by learned faculties, for WOMEN Members the series named
Chairman: KALEIDOSCOPE- a look into the changing role of women in current changeover time-
CA. Rahul Maliwal craft of conquering and Workshop on Tax Audit & ICDS; Series for overall development

Co-Chairperson: named “PARAMARSH” for Students. Also Branch celebrated the Navratri virtually by

CA. Hemlata Dewnani having a e-Navratri Ramzat and also e-Maha Aarti which was truly a blend of dance,
Convener: Creativity & Spirituality.
CA. Mohit Tibrewal

Members: “WE CARE”- An Initiative of ICAI for Senior Chartered Accountants: In order to
CA. Kushal Reshamwala acknowledge the contribution of senior members to the Profession, ICAI has recently
CA. Monish Shah launched an initiative “We Care – A Unique Social Security Scheme and Benevolence
CA. Mahadev Birla Program for Senior CAs”, a unique social security and benevolence program for Senior CA
CA. Mahavir Shah members of age 75 years and above. This initiative would provide support to this valuable
CA. Gautam Pai segment of ICAI fraternity which endeavours for providing respect, continuous
CA. Twinkle Shah engagement, care and support of the Profession by creating a sense of belongingness. It
CA. Parth Jani aims to take stock of the wellbeing, health, financial condition and any other issue being
CA. Nimesh Hariya faced by the senior Members. The initiative “We Care” would work for senior members by
CA. Jitendra Teelani Building a technology based holistic support ecosystem; Dedicated helpdesk for 24x7

Whats Inside??? Investment Corner 09 RERA Updates 18
GST Quick Connect 10 Excel in Excel 21
Editorial 02 Direct Tax Updates 13 Imp. Due Dates 22
International Taxation 16 Motivational Story 24
Accounting & Co. Law Updates 06
GST Updates
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

assistance & Need based Financial & other assistance the platform you can share your ideas for the
for medical treatment & other issues. fraternity; Redressal of your Grievance; express your
willingness to be a volunteer in Branch activities and
Lets make our Library more effective : It is a matter share your valuable suggestions.
of great pride ICAI has published 17 Handbooks on
various procedural aspects of GST in addition to Branch Members Directory 2020: Our Branch with
revising BGM on GST and Compliances of GST in an endeavor to get every member from Ahmedabad
Banking Sector. Orders for purchase of hard copies Branch of WIRC of ICAI get connected with each
may be placed at https://icai-cds.org/. The softcopy of other, we would be coming out with "MEMBERS'
the same can be downloaded free of cost from the DIRECTORY 2020" shortly. In this process of getting
website of GST & Indirect Taxes Committee at accurate compilation of Members information for
https://idtc.icai.org/publications.php printing, we Urgently request all our Members to
update their information on our Ahmedabad Branch
Lets make Tax Audit process more fruitful: ICAI website at the earliest. We are scheduled to take up the
thought of bringing out a Tax Audit Checklist as an process of printing on from 15th November, 2020 and
additional handy tool in addition to Guidance Note on hence requesting each Member to urgently update /
Tax Audit to assist the fraternity to complete the edit their information. Get more details in the
assignments in more objective manner with Newsletter.
consciousness towards related documentations. The
said Checklist can be downloaded from the link: For Gems of Profession – On members request the
Pdf : https://resource.cdn.icai.org/61602dtc-
taqrb50133a.pdf and For word: Nomination entry is Re-opened till 15.11.2020.
https://resource.cdn.icai.org/61603dtc-
taqrb50133b.docx Branch has launched a program to acknowledge all

Mutual Recognition Agreement (MRA) with the “Ahmedabad's PRO Chartered Accountants”. An
Institute of Chartered Accountants of Nepal
(ICAN): The MRA is a step forward in long cohesive initiative to spread positivity, bring visibility to hidden
association between the two Institutions and will
facilitate mutual recognition of Qualification and gems of our profession and an aim to motivate the
admit the Members in good standing by prescribing a
bridging mechanism between the two Institutes. The viewers with their life journey. Aim is to recognize and
ICAI and ICAN aim to establish a mutual co-operation
framework for the advancement of Accountancy reward the “PRO Chartered Accountants of
profession in the region. The MRA would be another
milestone between the two Institutes in the field of Ahmedabad Branch ” who have Demonstrated
Accountancy and the same is likely to benefit the
members of both ICAI and ICAN. excellence; Step ahead and contributed to the

CABF Portal: ICAI has launched the CABF portal as society; and Bought laurels for the country and for the
a one stop solution for Contribution and Financial
Assistance. It can be accessed on http://cabf.icai.org/ I profession. Refer the Rules & Regulations on
earnestly request you all to become Life Time member
and contribute any amount for the noble and pious http://tiny.cc/ICAIGemsRules and Fill the
cause.
Nomination Form on
SAMVAD – Connect to Chairman: I started an
endeavour on 2nd October 2020 to help you all and http://tiny.cc/ICAIGemsNomination Get more details
established a Platform named "SAMVAD - Connect to
Chairman" using which any Member or Student can in the Newsletter.
access to me and I will be happy to assist you all.Link
to Connect is : http://tiny.cc/ConnectToChairman Via Ahmedabad Branch has also initiated the Plasma
Donation Drive which is also helping various
members to get the Plasma when they or their family
members are in need. Register as Donor and / or
Volunteer: http://tiny.cc/ICAIPlasmaDetails and the
Background Material for ICAI Plasma Donation
Drive: http://tiny.cc/ICAIPlasmaInformation.

Branch Cares for Students and Staff Members of
yours: Colleagues we have lauched various initiatives
at WICASA Ahmedabad for the benefit of the students
namely the Series of Swadhyay – A Platform where
Students present their ideas under the mentorship of a
CA Member and also a Workshop on Tax Audit &
ICDS. Get more details in the Newsletter.

VIRTUALAHMEDABAD BRANCH GST

Those who have knowledge of dharma say that Truth is the highest dharma. – Kaikeyi

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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

HELPDESK: Any person can lodge the grievance the Covid-19 pandemic. Despite the chaos around
and it will be redressed by an GST HELP DESK Covid-19, is
COMMITTEE consisting of experts. In case of any
grievance you can Submit your details on this LINK committed to come up with more Webinars & other
https://forms.gle/3m3eyqiSvMG6iXiz7 Initiatives to ensure that Students remain in-tune with
the updates and can make the best of this time to
The unprecedented human tragedy has had a severely sharpen their knowledge and skills base.
adverse impact on the global economy as a whole,
giving numerable reasons for the corporate world to “Push yourself because
panic as the business behemoths, giants, medium and no one else is going to do it for you.”
small businesses are equally grappling with the
unforseen challenges. The pace of recovery is Stay Home. Stay Safe. Stay Updated. Stay Happy.
expected to be a long and painful as business
organisations struggle with the upheaval brought by Thanks & Regards,
CA. Fenil Shah
Chairman.
Ahmedabad Branch of WIRC of ICAI

EDITORIAL

We t a k e t h i s place a financial plan and a behavioral discipline
opportunity to that are likely to get you where you want to go”. So
wish all our the investment corner of newsletter gives us the insight
members a happy and of current changes in multi cap category of mutual
prosperous Diwali and New fund as envisaged by SEBI.
Year in advance. May the
lights of Diwali toss away The strong representations have led to the awaited
all the darkness around us extension of TAR and GST Audits. This has
and shower wealth of distributed our load to a manageable situation under
happiness upon us! these difficult COVID-19 times.
Knowledge always stands victorious over ignorance
and so let's utilizes these holidays for our constant This newsletter includes all the recent changes in
updation. Corporate law, GST, Direct & International Taxation .I
request to all the members who are willing to
Diwali is the time to close old accounts and open a contribute for newsletter on any topic can share the
fresh book of accounts for all traders; and for us same with us at [email protected]
laymen it is a time to do some intensive soul-searching
and replace all the negativity with blissful optimism. Amidst all this, we wish once again a Happy Diwali
and Prosperous New Year to all our members.
The highlighter of current month newsletter is Stay Safe, Stay Home and Stay Happy !!
Investment Corner, as the great Value Investor
Benjamin Graham said “The best way to measure Happy learning!!
your investing success is not by whether you're CARahul Maliwal
beating the market but by whether you've put in Chairman , Newsletter Committee

What Ram says once he carries out; there is no looking back. – Ram
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

What Ram says once he carries out; there is no looking back. – Ram
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

Happiness and sorrow alternate in one's life and there cannot be uninterrupted happiness alone. - Ram
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

Accounting & Company Law Updates

Compiled by: CA. Chintan Patel

1. Relief from compliances of various · Time for conducting EGMs through video
timelines by extension till 31.12.2020 conference or other audio-visual means

MCA has extended the duration of several schemes till · Time for filing forms related to creation or
the end of the year 2020 in the wake of continued modification of charges under the
disruption caused by the coronavirus pandemic in CompaniesAct, 2013
certain parts of the country.
List of Forms covered under these Schemes are
The followings are extended till 31st December, provided in
2020: h p://www.mca.gov.in/Ministry/pdf/CFSS2020_020
42020.pdf. The table below provides the overall
· Companies Fresh Start Scheme 2020 understanding of extension for important forms.

· LLPSettlement Scheme 2020

1. MCA extends minimum residence criteria Independent Directors in Independent Directors Data
relaxations for Directors for FY 2020-21 Bank who were director on 1st December 2019 is been
As per section 149(3) of Companies Act, 2013, allowed till 31st December 2020.
http://www.mca.gov.in/Ministry/pdf/FourthAmendm
Every company shall have at least one director who entRules_29092020.pdf
stays in India for a total period of not less than one
hundred and eighty-two days during the financial year. 3. P u b l i c a t i o n o n I n d i a n A c c o u n t i n g
It was clarified that even though the requirement of Standards:An Overview (Revised 2020)
residency of atleast one director is not complied Accounting Standard Board of ICAI has published
during the year 2020-21, it will not be treated as fifth edition of Ind AS: An Overview, which gives a
Non-Compliance. glance on the basic aspects of applicable Ind AS in a
The Circular may be referred at summarised manner, differences between Ind AS and
http://www.mca.gov.in/Ministry/pdf/GeneralCircular AS and IndAS and IFRS.
No.36_20102020.pdf The said publication captures all the amendments to
Ind ASs notified by the MCA vide notification
2. Extension of 3 months for inclusion of name dated 24 July 2020, as Companies (Indian
in Independent Directors data bank Accounting Standards) Amendment Rules, 2020,
MCA has notified the Companies (Appointment and comprising critical amendments to Ind AS which are
Qualification of Directors) Fourth Amendment Rules, applicable for the accounting year beginning on or
2020 whereby Rule 6 has been amended and provide afterApril 1, 2020
extra 3 months to independent director for passing https://www.icai.org/resource/61361asb-indas-
online examination overview2020.pdf
By this amendment, Registration of details of

Strong AND the self-confident never bank on destiny or luck. - Lakshmana

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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

GST Updates

Compiled by: CA. Monish Shah

1. Notification no 74, 75, 76NOVEMBER-2020AHMEDABAD BRANCH OF WIRC OF ICAI 79/2020–Central Tax dated 15-10-2020 has made

A man is but a product of his thoughts. What he thinks he becomes. - Gandhiji

02

Due dates of filing of GSTR-1 and GSTR-3B for the some amendments to CGST Rules, 2017 out of which

period October, 2020 to March,2021 have been one of the amendment is in proviso to Rules 80(3) of

notified vide Notification No. 74/2020 – Central Tax , the CGST Rules,2017.Thus from above substitution

Notification No. 75/2020 – Central Tax and of proviso to Rule 80(3), the tax payers with turnover

Notification No. 76/2020 – Central Tax, all dated 15- upto Rs 5 crore will continue to be exempt from

10-2020. requirement of GST Audit under Section 35(5) of the

GSTR 1 CGST Act,2017 for turnover upto 5 Crores for the

For quarterly tax payers financial year 2019-20 also apart from 2018-19.

From Oct 20 to Dec 20- 13th Jan 2021 Procedure for filing Gstr 1 and Gstr 3B thru SMSs

From Jan 21 to Mar 21- 13thApril 2021 Amendments in

For monthly dealers - 11th of next month Gstr 2A,Gstr 5,Gstr 5A,Gstr 9,Gstr 9C,RFD 01

For Gstr 3B ,ASMT 16,DRC 01,DRC 02,DRC 07,DRC 08,DRC

For turnover above 5 Crores- 20th of next month 09,DRC 24,DRC 25

For turnover upto 5 Crores - 22nd and 24th of next 5 Igst Notification no 6

month as per the States /UT categories Determining Hsn sac

2. Notification no 77 Upto 4 digits for upto 5 Crores turnover

The Central Government vide Notification No. Upto 6 digits for above 5 crore turnover

77/2020 – Central Tax dated 15-10-2020 has amended

Notification No. 47/2019 – Central Tax, dated 09-10- Press Release

2019 whereby the benefit of optional filing of annual

return for registered persons whose aggregate GSTR 9, 9C date for FY 2018-19 extended to 31st

turnover in a financial yWehaartevdeoriesosnne’softooedx, ceed tRhessa2mecfrooodrseh,allbeDoffeercedetmoobnee’sr,go2ds0.”20. Due D–aRteamExtension Update as on
has been extended for FY 2019-20 as well. This means 24th October 2020

that such taxpayers are not required to furnish annual

return for 2019-20 and they can choose to not to file The Central Board of Indirect Taxes and Customs

such return. However, if they want they can definitely (CBIC) has withdrawn the EVC facility

file the same. extended to companies for filing GSTR1 and

3. Notification no 78 GSTR3B. The facility to file GSTR 3B and GSTR-1

Notification No. 78/2020- Central Tax dated 15-10- with the Electronic Verification Code in lieu of DSC

2020 has been issued by the Central Government extended to the registered person, who are also

wherein changes have been made in the Notification registered under the Companies Act, 2013, shall be

No 12/2017- Central tax dated 28-6-2017 with effect withdrawn w.e.f. 1st Nov. 2020.

from 1stApril, 2021.

Turnover upto 5 Crores - 4 digits Important Rule Changes

Turnover above 5 Crores - 6 digits 1) DRC 01 May be issued instead of shall be issued

The Govt has reserved the power to notify upto 8 2) 9C turnover for 19-20 5 Crores and above

digits. 3) Input needs to be given for capital and inputs

HSN codes of 8 digits are mandatory only in case of 4) 9 for turnover for 19-20 2 Crores and above

export and imports of goods. 5) New form 2Aupdated

A registered person having aggregate turnover up to 6) Blocking of Eway bill from 15/10/2020 if Returns

Rs 5 Cr in the previous FY may not mention the not filled for two months

number of digits of HSN Code in a tax invoice issued Blocking of E-Way Bill (EWB) generation facility for

by him under the said rules in respect of supplies made taxpayers with AATO over Rs 5 Cr., after 15th

to unregistered persons. i.e. B2C supplies. Currently October, 2020

no distinction between B2B and B2C supplies exists a. In terms of Rule 138 E (b) of the CGST Rules, 2017,

for purpose of disclosure of HSN/ SAC Codes. the E Way Bill generation facility of a person is liable

4. Notification no 79 to be restricted, in case the person fails to file their

The Central Government vide Notification No. GSTR-3Breturns, for a consecutive period of two

Without husband a woman can never live happily even though she has a hundred sons. – Sita

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months or more. Adjudicating Authority should have passed the
b. As you might be aware that the GST Council in its speaking order by granting proper opportunity of
last meeting has decided that this provision will be personal hearing and detailing the factor leading to
made rejection of refund claim
Applicable for the taxpayers whose Aggregate Annual
Turnover (AATO, PAN based) is more than Rs 5 4) Department cannot make Attachment in Sec 83 at
Crores. the time of proceeding of Sec 71(1) held that there
c. Thus, if the GSTIN associated with the respective cannot be any proceedings, which could be instituted
PAN (with AATO over Rs 5 Cr.) has failed to file their under section 71 of the Act. Section 71 of the Act talks
GSTR-3B Return for 02 or more tax periods, up to the about access to the business premises. Further there
month of tax period of August, 2020, their EWB could not be attachment on RP stock in Sec 83 by
generation facility will be blocked on the EWB Portal. department held in Kamal Enterprise Vs State of
Please note that the EWB generation facility for such Gujarat SCA17673/2019 Gujarat High Court
GSTINS (whether as consignor or consignee or by
transporter) will be blocked on EWB Portal after 5) Where applicant owns pathway and has agreed
15thOctober, 2020 d. To avail continuous EWB through an MOU with individual to permit her to use
generation facility on EWB Portal, you are therefore pathway to access main road from her residential
advised to file your pending GSTR 3B returns property which is adjacent to pathway, this is an
immediately easement right given by applicant to individual to
7) Changes in GSTR 5 enjoy her residential property for a period of time for a
consideration and applicant has agreed through a
ImportantAAR & Judgments MOU to tolerate her use of this pathway for a period of
time for consideration - Thus, act of agreeing to grant
1) Liaison activities which involve business and easement rights of pathway by applicant to individual
promotion of Head Office (HO) incorporated in by way of shared access as per MOU dated 21-8-2019
Germany being undertaken by applicant (Liaison is classifiable under SAC 999794 and is taxable at 18
Office) in India, in line with conditions stipulated by per cent under GST under SL. No. 35 of Notification
RBI, amounts to supply under section 7(1)(c) [2020] No. 11/2017-Central Tax (Rate), dated 28-6-2017 and
120 taxmann.com 352 (AAR - KARNATAKA) Notification No.II(2)/CTR/532(d-14)/2017 vide G.O.
Fraunhofer-Gessellschaft Zur Forderungder (Ms) No. 72 dated 29-6-2017 respectively. Chennai
angewwandten Forschung Metro Rail Ltd., In re

2) Commissioner Appeals in appeal filed by Ajanta MS. MANASA GANGOTRI KATA AND THIRU
Soya Limited [2020 (10) TMI 946] Adjudicating KURINJI SELVAAN V.S., MEMBER
Authority has rejected the refund claim of Input Tax ORDER NO. 26/AAR/2020 AUTHORITY FOR
Credit accumulated on account of Inverted Duty ADVANCE RULINGS, TAMIL NADU
Structure. Major Input used and Final Product
manufactured is same @ 5% (except some 6) The Gujarat Authority for Advance Ruling
consumables items). Appellant has taken Input Tax (AAR) has in the case of All India Disaster
Credit on the Input, namely Vanaspati and Cooking Mitigation Institute has held that a charitable trust
Oils, Packing material, Input Services related to job registered under Section 12AA and 80G of Income-
work and Capital Goods etc., which attracts different tax Act, 1961 carrying out charitable activities for
rates of GST. It was Held CGST Act and Rules clearly preservation of environment, is not required to take
prohibit the refund of tax paid on input services and GST registration since its activities are exempt from
capital goods as part of refund of input tax credit GST. However the benefit will be available till time
accumulated on account of inverted duty structure the charitable trust is involved purely in charitable
activities. If it indulges in any other activity, Section
3) Commissioner Appeals in appeal filed by Ganpati 23 (1) (a) will become in operative and such Trust
Heritage [2020 (10) TMI 900] Refund Application will be required to take GST registration if its
was filed. Neither a show cause notice was issued nor aggregate Turnover (which includes exempt
opportunity of personal hearing was granted to the supplies) exceeds prescribed limit.
appellant before passing the order and also no reason GUJ/GAAR/R/20/2019 dated 11/09/2019
for rejection was given. Passing of such non speaking
order is against the principle of natural justice -

Grief destroys one's everything. There is no enemy greater than grief. – Kausalya
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

Investment Corner

Compiled by: CA. Pratik Modi

Rebalancing the Multi Cap Funds

In recent years, mutual fund (MF) industry in India is very small exposures in mid cap and small cap companies.

maturing and progressing as increasing no of investors They are free to invest in in all class of companies. Due to

invest in mutual funds. The range of products of MF this free hand, there used to be enough flexibility in the

includes equity funds, balanced funds, debt funds, and hands of the fund managers to choose from large cap, mid

liquid funds. The above range of products is also further cap or small cap companies without any underlying

bifurcated on the basis of its objects e.g. the equity oriented compulsion of a fixed ratio within which they have to

mutual funds are further bifurcated in Large Cap Fund, invest. This flexibility of investment pattern provides a

Midcap Fund, Multi-cap Fund and Small-cap Fund. The grate leverage to monitor their funding in the best of the

Security and Exchange Board of India (SEBI) regulate the investors.

Mutual funds industry in India and issue guidelines from At present, the assets allocation of most multi-cap funds on

time to time to make investments investor-friendly and an average basis currently hold more than 70 per cent in

transparent. Recently, the SEBI has issued Circular Large-caps companies. In order to comply with the new
(SEBI/HO/IMD/DF3/CIR/P/2020/172) dated 11th circular, there is net outflow of Rs.39,000 crore (approx.)

September,2020 applicable to all Assets Management from large cap companies and net inflow of Rs.12,000 crore

Companies (AMC) on the subject of Assets Allocation of (approx.) and Rs.27,000 crore (approx.) in mid-caps and

Multi-cap Funds. small caps companies respectively.

Hither to, Multi-Cap funds which are equity funds are

required to mandatorily invest 65% of total assets in equity Following steps should be considered by the Investor

and equity-related instruments of large cap, midcap, and due to change in allocation of Multi-cap Fund.

small cap. The ratio in which the fund manager needs to 1. Identify the percentage of investments in total
invest across different market caps was not stipulated. equity mutual fund portfolio in Large cap, Mid cap,
Now, as per the SEBI Circular dated 11th September, 2020, Multi Cap and Small Cap fund.
Multi-cap funds have to invest 75% of total assets in equity
& equity related instruments in the following manner. 2. On the basis of individual risk perception, the
investor is required to rebalance his portfolio. e.g.
1. 25% of total assets in large cap companies. (First In case of the High risk investor, he may increase
his investment in multi cap funds but the investor
100 companies on the basis of market cap are the wanting to take minimal risk then he should reduce
his exposure in multi cap funds.
large cap companies).
3. Many of the investors are doing investment in
2. 25% of total assets in mid cap companies. (From mutual funds on the basis of the past performance
of the funds. But this is not the only way that
101 to 250 companies on the basis of market cap investor can decide whether it is good fund or not.
Following factors must be considered while
are the mid cap companies). selecting the funds.

3. 25% of total assets in small cap companies. (251 · Identify the object of investment.
· Select those AMC where the fund managers do not
onwards companies on the basis of market cap are
frequently change.
the small cap companies). · Try to invest in those mutual funds where AUM of
A list of these companies is available on the website of
Association of Mutual Funds in India (AMFI). particular fund are in between Rs.5,000 to 10,000
The above changes are applicable to all asset management crore so that it will be easy for the fund manager to
companies with effect from 1st January, 2021, meaning rebalance their portfolio.
thereby that all assets management companies must · Try to understand the philosophy of the fund
rebalance their portfolio before 1st January, 2021.
However, the SEBI clarified that apart from rebalancing
their portfolio in the multi cap schemes, they could inter-
alia facilitate switch to other schemes by unitholder, merger
their multi cap scheme with their large cap scheme (e.g.
Kotak Standard Multi cap Fund merge with Kotak Bluechip

Fund) or convert their multi cap scheme to another scheme manager. (Remember in mutual fund, the role of

category e.g. Multi cap fund category to Large & Mid Cap fund manager is very important as he is the sole
fund category (e.g. Change the category of Kotak Standard decision maker to manage the funds of the
Multi cap fund to Kotak Large & Midcap Fund). investors).

What should investor do? · Read factsheet of funds and make sure that the
Hither to, with a most of the fund managers of multi-cap companies included in the fund portfolio are having
funds used to invest major chunk in large cap companies low leverage.

Truth controls this world and dharma is rooted in truth. – Ram

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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

GST Quick Connect

Compiled by: CA. Parth Joshi

Exports of Goods under LUT – Capping of Export Turnover to 1.5 times for Refund

1. Introduction: Section 54 of the Central Goods and Services Tax Act,
2017 ('CGST Act') deals with the provisions of refund
Export is a foreign trade of goods or services produced of tax. Section 54(3) of the CGST Act read with Rule
in one country and sold into another country. Benefits 96 of the CGST Rules, 2017 provides the mechanism
of exports includes creation of employment, earning for claiming refund on account of export of goods.
of foreign exchange, efficiency in production,
optimum utilization of resources etc. Based on the As discussed earlier, an exporter has an option to
World Bank's data, India's Exports of Goods and supply goods under bond or LUT without payment of
Services were $ 545,706.42 Million for the year 2019, IGST and claim refund of unutilized input tax credit or
which is around 18.7% of India's Gross Domestic he can supply goods on payment of IGST and claim
Product (GDP). Thus, Government should promote refund of such tax paid on goods.
exports and formulate such exports policies which are
in the interests of the trade and industries. If the exporter avails the option of supply of goods on
payment of IGST, then he is not required file a separate
In GST, the term “export of goods” is defined in application for refund. A registered person is required
section 2(5) of Integrated Goods and Services Tax Act, to file shipping bill by giving the prescribed details. On
2017 ('IGST Act') which states that “export of goods” matching of the data by GST Portal and ICEGATE
with its grammatical variations and cognate portal, the refund of IGST paid would automatically be
expressions, means taking goods out of India to a place get credited to the bank account of the exporter. Now,
outside India. Moreover, export of goods would be we shall discuss the refund provision for “Export of
treated as an inter-state supply in accordance with Goods under LUT”.
Section 7(5)(a) of the IGSTAct.
4. Exports of Goods under LUT:
2. Meaning of “zero-rated supplies”: Section 54(3)(i) of the CGST Act provides that a
registered person may claim refund of any unutilized
The term “zero-rated supply” is defined in section input tax credit for the zero-rated supplies made
2(23) of the IGST Act which states that “zero-rated without payment of tax. Moreover, conditions are also
supply” shall have the meaning assigned to it in given in section 54(3), wherein no refund of input tax
section 16. Hence, supplies specified in section 16 of credit is available to the exporter, which are
IGSTAct are called 'zero-rated supplies'. reproduced below:

Under section 16 of the IGST Act, following are (i) no refund of unutilized input tax credit shall be
treated as zero-rated supplies: allowed in cases where the goods exported out
of India are subjected to export duty.
a) export of goods or services or both; or
b) supply of goods or services or both to a Special (ii) no refund of input tax credit shall be allowed if
the supplier of goods or services or both avails of
Economic Zone developer or a Special drawback in respect of central tax or claims
Economic Zone unit. refund of the integrated tax paid on such
Section 16(3) of the IGST Act provides options to supplies.
exporter for claiming refund of IGST; (i) supply goods
or services or both under bond or Letter of 5. Manner of computation of refund of
Undertaking (LUT) without payment of IGST and unutilized input tax credit [Rule 89(4) of the
claim refund of unutilized input tax credit or (ii) CGST Rules]:
supply goods or services or both on payment of IGST Rule 89(4) of the CGST Rules, 2017 provides for the
and claim refund of such tax paid on goods or services manner of computation of refund of unutilized input
or both. tax credit:
3. Refunds: Refund Amount = (Turnover of zero-rated supply of
goods + Turnover of zero-rated supply of services) x
Net ITC ÷Adjusted Total Turnover

It is difficult for the children to repay the debt of what the parents have done to bring them up. – Ram

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Where, - 1. New definition of “Turnover of zero-rated
A) "Refund amount" means the maximum refund supply of goods” - Amendment vide Notification
that is admissible; No. 16/2020-Central Tax dated 23rd March, 2020:
(B) "Net ITC" means input tax credit availed on The GST Council in its 39th Meeting held on 14th
inputs and input services during the relevant period March, 2020 suggested the ceiling to be fixed for the
other than the input tax credit availed for which refund value of the export supply for the purpose of
is claimed under sub-rules (4A) or (4B) or both; calculation of refund on zero rated supplies.
(C) "Turnover of zero-rated supply of goods" means Accordingly, the definition of “Turnover of zero-rated
the value of zero-rated supply of goods made during supply of goods” was amended vide Notification No.
the relevant period without payment of tax under 16/2020-Central Tax dated 23rd March, 2020. The
bond or letter of undertaking, other than the new definition is as under:
turnover of supplies in respect of which refund is "Turnover of zero-rated supply of goods" means the
claimed under sub-rules (4A) or (4B) or both; [Prior value of zero-rated supply of goods made during the
to amendment by Notification No. 16/2020-Central relevant period without payment of tax under bond or
Tax dated 23rd March, 2020] letter of undertaking or the value which is 1.5 times
(D) "Turnover of zero-rated supply of services" the value of like goods domestically supplied by the
means the value of zero-rated supply of services made same or, similarly placed, supplier, as declared by the
without payment of tax under bond or letter of supplier, whichever is less, other than the turnover of
undertaking, calculated in the following manner, supplies in respect of which refund is claimed under
namely:- sub-rules (4A) or (4B) or both.
Zero-rated supply of services is the aggregate of the The rationale behind such restriction on the exporters
payments received during the relevant period for zero- is to restrict the overstated refund claims filed by the
rated supply of services and zero-rated supply of exporters by inflating their supplies, but, the said
services where supply has been completed for which amendment may lead to reduction of refund claim of
payment had been received in advance in any period genuine exporters, which will cause undue hardship
prior to the relevant period reduced by advances on them.
received for zero-rated supply of services for which Analysis:
the supply of services has not been completed during · The ceiling on the value of export of goods
the relevant period; i.e. maximum to 1.5 times the value of like goods
(E) "Adjusted Total Turnover" means the sum total domestically supplied in Rule 89(4) of the CGST
of the value of (a) the turnover in a State or a Union Rules, 2017 is inserted vide Notification No.
territory, as defined under clause (112) of section 2, 16/2020-Central Tax dated March 23, 2020.
excluding the turnover of services; and (b) the · Amendment will apply only to export of goods
turnover of zero-rated supply of services determined
in terms of clause (D) above and non-zero-rated and not to export of services.
supply of services, excluding- (i) the value of exempt · Amendment will be applicable to exports
supplies other than zero-rated supplies; and (ii) the
turnover of supplies in respect of which refund is made without payment of IGST and not to exports
claimed under subrule (4A) or sub-rule (4B) or both, if made with payment of IGST.
any, during the relevant period; 2. Illustration:
(F) "Relevant period" means the period for which the The effect of amendment in the definition of
claim has been filed. "turnover of zero-rated supply of goods" is
explained below in the form of illustration for better
understanding:

The ocean may transgress its shores but I will never violate the promise given by my father. – Ram
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

We can see that the amount of maximum refund has customer; based on the payment terms, quantity
fallen due to the amendment in the definition. This will demanded, features provided etc. This will be a
have a major impact on the quantum of GST refund subjective matter and may give rise to disputes
claim of exporters, who are charging significant high and litigation in future.
prices for their export goods as their refund claim
could now be restricted to 1.5 times the value of · Suppose, a registered person is not having any
similar products sold domestically. domestic turnover and he is only having export
turnover, then to comply with the new provision,
1. Practical difficulties in complying new he is required to know the prices of goods sold in
requirements of definition: the domestic market by the similarly placed
supplier. – What is the meaning of “similarly
· Amended definition of turnover of zero-rated placed supplier”? - is also not defined in the
supply of goods has placed a ceiling of 1.5 times notification. It is very difficult to obtain price for
of the “value of like goods” domestically like goods charged by a domestic supplier, as no
supplied. – What is the meaning of “value of businessman wants his pricing/sales to be
like goods”? - is not defined in the notification. disclosed to the competitor. Accordingly, this may
Value of like goods can vary from customer to also give rise to disputes and litigation in future.

There is nothing which is not attainable in this world for the enthusiastic. – Lakshman
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Direct Tax Updates

Compiled by: CA. Mohit Tibrewal

1. Press Release dated 24.10.2020 – Extension of 2020.
Due Date of Furnishing of Income Tax Returns
andAudit Reports:- Consequently, the date for furnishing of
In order to provide more time to taxpayers for various audit reports under the Act including
furnishing of Income Tax Returns, it has been tax audit report and report in respect of
decided to further extend the due date for international/specified domestic
furnishing of Income-Tax Returns as under: transaction has also been extended to 31st
(A) The due date for furnishing of Income December, 2020.
Tax Returns for the taxpayers (including their
partners) who are required to get their accounts h ps://pib.gov.in/PressReleasePage.aspx?PRID=
audited [for whom the due date (i.e. before the 1667281
extension by the said notification) as per the
Act is 31st October, 2020] has been extended 2. Press Release dated 09.10.2020 – Income Tax
to 31st January, 2021. Department conducts search inAhmedabad
(B) The due date for furnishing of Income Tax
Returns for the taxpayers who are required to The Income Tax Department conducted a
furnish report in respect of search & seizure action based on credible
international/specified domestic transactions intelligence on 08.10.2020 at Ahmedabad in
[for whom the due date (i.e. before the the case of a group engaged in the businesses
extension by the said notification) as per the of real estate, construction and land trading.
Act is 30th November, 2020] has been Search was conducted at 27 premises, which
extended to 31st January, 2021. included offices and residences of some
(C) The due date for furnishing of Income associates also.
Tax Returns for the other taxpayers [for whom
the due date (i.e. before the extension by the During the search unexplained cash of around
said notification) as per the Act was 31st July, Rs. 69 lakh and jewellery of around Rs. 82 lakh
2020] has been extended to 31st December, have been seized till now. Besides, 18 bank
lockers have been found and placed under

Whether in sorrow or in happiness a friend is always a friend's support. – Sugreev

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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

restraint. A large number of incriminating section 115BAC of the Income Tax Act
documents and digital data in mobile phones, 1961;
pen-drives and computers have also been ii) Form 10 IF has been prescribed for the
found and seized. purpose of exercising option under
section 115BAD of the Income Tax Act
The group had around 96 companies at a few 1961;
common addresses, which were being used for iii) New clause 8a and clause 18ca has
routing money and for land holding. Most of been inserted in the Tax Audit Report
the companies are found to have no real Form 3CD;
business and very few returns of income have iv) In Form 3CEB clause 22 deleted and
been filed. Many have not filed returns with clause 23 and 24 has been renumbered
ROC. Some directors of these concerns, other and substituted newly as clause 22 and
than main family members, have accepted to 23 respectively.
be dummy directors with mere signing roles. For details please refer to the following link
https://www.incometaxindia.gov.in/communi
Innovative methods of tax evasion by cations/notification/notification_82_2020.pdf
increasing the cost of properties through intra-
group transactions, on which tax is not paid, 4. Notification No 83/2020 dated 19.10.2020 –
have been noticed. Substantial evidences of Meaning of Wholesale Trading for the
transactions outside the regular books of purpose of Transfer Pricing.
accounts, unaccounted cash expenses, and In exercise of the powers conferred by the third
cash advances received and interest paid in proviso to sub-section (2) of section 92C of the
cash have been found. Evidences of on-money Income-tax Act, 1961 (43 of 1961)(hereinafter
transactions and corresponding unaccounted referred to as the “said Act”), read with proviso
investments of about Rs. 100 crore in real to sub-rule (7) of rule 10CA of the Income-tax
estate projects-flats, shops and land deals have Rules, 1962, the Central Government hereby
been found. notifies that where the variation between the
arm's length price determined under section
A large number of documents relating to 92C of the said Act and the price at which the
properties, held in the names of several international transaction or specified domestic
cooperative societies, have been found from a transaction has actually been undertaken does
secret location. The real owners of these land not exceed one per cent of the latter in respect
holdings are being investigated and of wholesale trading and three per cent. of the
applicability of the Prohibition of Benami latter in all other cases, the price at which the
Property Transactions Act, 1988 is also being international transaction or specified domestic
examined. Registered and notarized sale- transaction has actually been undertaken shall
purchase agreements of agricultural lands with be deemed to be the arm's length price for
substantial cash component have also been assessment year 2020-2021.
found. At one of the premises, evidences Explanation.- For the purposes of this
pertaining to unaccounted property notification, “wholesale trading” means an
transactions up to Rs. 150 crore have been international transaction or specified domestic
found. transaction of trading in goods, which fulfils
the following conditions, namely:-
https://pib.gov.in/PressReleasePage.aspx?PR (i) purchase cost of finished goods is
ID=1663253 eighty per cent. or more of the total cost
pertaining to such trading activities;
3. Notification No 82/2020 dated 01.10.2020 – and
Amendment of the Income Tax Rules 1962 to (ii) average monthly closing inventory of
prescribe the manner relating to option under such goods is ten per cent. or less of
section 115BAC and 115BAD and that of sales pertaining to such trading
determination of depreciation under section activities.
115BAA to 115BAD of the Income Tax Act https://www.incometaxindia.gov.in/communi
1961.
i) Form 10 IE has been prescribed for the cations/notification/notification_83_2020.pdf
purpose of exercising option under

To err is human, there is none who has not erred some time or other. – Sugreev

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The root of victory is consultation and discussion with learned and wise men. – Ravan
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International Taxation

Compiled by: CA. Twinkle S Shah

1. Decision of Hon'ble Delhi Tribunal in the - On merits, the Tribunal, in the context of
case of Giesecke & Devrient (India) Pvt. Ltd. DDT paid by an Indian subsidiary of a
(ITANo. 7075/DEL/2017) German parent, observed that DDT is levy on
the dividend distributed by the payer
- The Taxpayer had declared dividend to its company and is subject to the provisions of
German parent and discharged Dividend section 90 of the Act.
Distribution Tax (DDT) at the rates specified
in section 115-O of the Income tax Act, 1961 - The Tribunal also held that the liability to
(the Act) in FY 2012-13. pay DDT under the Act which falls on the
company may not be relevant when
- The Taxpayer raised an additional ground of considering applicability of rates of dividend
appeal before ITAT with respect to extending tax set out in the tax treaties
the benefit of India-Germany Double
Taxation Avoidance Agreement (DTAA) in - Since the DTAA between India and Germany
respect of the rate of tax on payment of was signed prior to introduction of DDT
dividend to its German Parent. levy, a subsequent amendment to the
domestic tax provisions cannot override
- The Tribunal relying on the decision of Delhi DTAA.
High Court in the case of Maruti Suzuki
India Ltd. (WP(C) 1324/2019) admitted the - Considering the above, the Tribunal held that
additional ground for adjudication. the DDT rate should be restricted to 10% (i.e.
rate mentioned in India-Germany DTAA.

The root of victory is consultation and discussion with learned and wise men. – Ravan
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One may have wives and relatives in every country but one cannot have a brother like Lakshmana
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

RERA Updates
Compiled by: CA. Mahadev Birla

Real Estate (Regulation and Development) Act, 2016 (RERA,2016)
Case law study

Chirag V Parekh and Ors
V/s

Dharti Madrid Country LLP

This article attempts to discuss the issues in respect of (a) the promoter makes default in doing anything
revocation of registration of project, completion of required by or under this Act or the rules or the
project and liability of the Land owner to complete the regulations made thereunder;
project as per provision of RERA. (b) the promoter violates any of the terms and
conditions of the approval given by the competent
Issues: authority;
Whether a GujRERA Authority should revoke the (c) the promoter is involved in any kind of unfair
registration of project or to exercise the power under practice or irregularities.
Section 7(3) of RERA.
Whether Land owner is also liable to complete the 7(2) The registration granted to the
project in the capacity of co-promoter. promoter………………………………………
7(3) The Authority may, instead of revoking the
Provisions: registration under sub-section (1), permit it to remain
As per Section 7 (1) The Authority may, on receipt of a in force subject to such further terms and conditions as
complaint or suo motu in this behalf or on the it thinks fit to impose in the interest of the allottees, and
recommendation of the competent authority, revoke any such terms and conditions so imposed shall be
the registration granted under section 5, after being binding upon the promoter.
satisfied that—

The tears of virtuous women do not fall on the ground in vain, it will destroy those who caused them
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Section 2(zk) Promoter means registration of the project needs to revoked or
(i) a person who constructs or causes to be constructed GujRERAAuthority should exercise the power under
an independent building or a building consisting of section 7(3) of RERA.
apartments, or converts an existing building or a part However, with the object to protect the interest of the
thereof into apartments, for the purpose of selling all home buyer, registration of the project was not
or some of the apartments to other persons and revoked and it was permitted to remain in force subject
includes his assignees; or to some terms and conditions.
(ii) a person who develops land into a project, whether Conclusion:
or not the person also constructs structures on any of
the plots, for the purpose of selling to other persons all 1. Promoter will make an application for
or some of the plots in the said project, whether with or extension of project within 30 days.
without structures thereon; or
(iii) any development authority………………. 2. Promoter shall complete the project as per
(iv) an apex State level co-operative estimation made by technical consultant who
housing………………… has assisted the forensic auditor.
(v) any other person who acts himself as a
builder…………………….. 3. A monitoring committee shall be formed,
(vi) such other person comprising of the Senior technical Consultant-
who…………………………… GujRERA, Finance Controller-GujRERA,
Technical Officer-GujRERA and
Fact of the case: Representative from Sun Lucas Owners
Association, to supervise the project.
In the present case total 63 complaint were made
against the promoter Dharti Madrid Country LLP for 4. Promoter shall provide Bank Guarantee of Rs.
various grounds i.e. delay in construction work and 1.3 Cr of the amount equivalent to the 3
handover of possession as per agreement to sale, and months requirement of the project.
non-execution of conveyance deed.
The complaints were made with the GujRERA 5. Operation of the Existing RERA will be kept in
Authority that construction work of the project has abeyance and new account will be opened.
stopped due to internal dispute between the Developer
and the Land owner. The Landowner who is also the 6. New account will be operated by the
partner in the LLP called Dharti Madrid Country LLP Developer, Land owner and representative of
has denied to sign the conveyance deed and cheques to the allottee. However, the withdrawal will be
release the payment to various vendor on the ground subject to approval of the monitoring
that consideration in respect of the land was not committee.
received as per development agreement. This dispute
has resulted in delay in completion of the project. 7. Money received in the new account will be
On the request of allottees to speed up the construction first utilised for the construction of project and
work and to verify the financial irregularity in the balance can be utilised for to make the
project GujRERA authority has issued order for payment to landowner.
forensic audit, however as per the forensic audit report
there were no finding in respect of financial 8. The Administrative officer-GujRERA will
irregularity in the project and it was found that the sign the sale deed and agreement to sale if one
money was utilised for the purpose of the project only. of the land owner (Chaital Bhatt) deny to sign
The forensic auditor was assisted by the technical the same and all the agreement to sale and sale
expert in the field of engineering and land matter to deed will be signed jointly by the Developer,
find out the cost of construction and the amount Landowner (Sunil Patel ) and the
payable to the land owner and it was found that Administrative officer-GujRERA.
sufficient amount was paid to the land owner and only
some part payment is to be paid. 9. The above arrangement is up to completion of
After considering all the reports and finding, it was the project only.
requested to resolve the matter amicably but the same
could not be resolved and the time line to complete the 10. L o c a l A u t h o r i t y i s d i r e c t e d t h a t n o
project was expired on 31st December, 2019 and due to construction permission will be granted on
this one new issues has arisen that whether the unutilized portion of the disputed land.

Anger is enemy with the face of a friend. Anger is like a very sharp sword. Anger destroys everything.

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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

The people of a country are held together and sustained by Dharma.
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

Excel in Excel

Compiled by: CA Karan Raghani

Power Pivot

Power Pivot is a business intelligence tool available We want to derive “Product name wise Sales”,
in the version of Excel 2016 and onwards. With however none of the data sets above, alone gives the
Power Pivot, we can import heavy data from various full picture. We will use Power Pivot to create
sources (Text, Access, Oracle etc.), perform analysis relationship between data sets, instead of creating
on heavy data, create relationships between complex records on a single sheet.
heterogenous data, avoid use of complex formulas
and helper columns etc.
Installing Power Pivot add-in:
1. Go to File>Options>Add-Ins.
2. In the Manage box, click COMAdd-ins>Go
3. Check the Microsoft Office Power Pivot box,
and then click OK.

a. Add both the data sets into power pivot
window by clicking “Add to Data Model” in Power
Pivot tab, the data should in the table format as
Power Pivot window recognizes only table objects.

b. After adding the data set click “Diagram
View” and connect the common columns “Product
Key” in both the data set to create relationship as
shown in below.

Combining and Analyzing data from multiple c. After connecting the common field click on the
data sets using Power Pivot “Pivot Table” and we can have pivot for multiple
For example, we have two datasets having related data sets as shown below
columns
Product Master - Contains product details Product
Key, Product Name, stock levels, reorder quantity
etc.

Order Register - Product Key, Order No., Order
Date, Qty, Sales Value etc.

The people of a country are held together and sustained by Dharma.

21

NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

Important Due Dates

Compiled by: CA. Mahavir Shah

FOR COMPLIANCE FOR NOVEMBER - 2020

Sr. No. Act Compliance Due Date

1 GujRERA In case of Promoter : Quarterly Return for Project having original 7-Nov-20

due date of 7th Aug, 2020

2 Income Tax Tax Deducted/Collected (TDS/TCS) during the month of October- 7-Nov-20

20 to be deposited

3 GST GSTR-7 for the month of October-20 for persons required to 10-Nov-20

deduct TDS under GST

4 GST GSTR-8 for the month of October-20 for e-commerce operator 10-Nov-20

required to collect TCS under GST

5 GST GSTR-1 for the month of October-20 11-Nov-20

6 GST GSTR-6 for the month of October-20 for Input Service Distributor

(ISD) 13-Nov-20

7 PF / ESIC Payment of PF / ESIC for the month of October-20 15-Nov-20

8 GST Payment of GST & Filling of GSTR-3B for the month of October- 20-Nov-20

20, for taxpayers having turonver of morethan Rs.5 Crore in

preceeding financial year

9 GST GSTR-5 & 5A by Non-resident taxable person & OIDAR for the 20-Nov-20

month of October-20

10 GST Payment of GST & Filling of GSTR-3B for the month of October- 22-Nov-20

20 for taxpayers having turnover upto Rs.5 Crore in preceding

F.Y. for following State - Chhattisgarh, Madhya Pradesh, Gujarat,

Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or

Andhra Pradesh or the Union territories of Daman and Diu and Dadra

and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and

Lakshadweep

11 GST Payment of GST & Filling of GSTR-3B for the month of October- 24-Nov-20

20 for taxpayers having turnover of upto Rs.5 Crore in preceding

F.Y. for following States - Himachal Pradesh, Punjab, Uttarakhand,

Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal

Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam,

West Bengal, Jharkhand or Odisha or the Union territories of Jammu

and Kashmir, Ladakh, Chandigarh and Delhi

12 Guj VAT Payment of Installment of Vera Samadhan Yojana of Guj. VAT 30-Nov-20

13 Income Tax Filling of Income Tax Return for F.Y. 2018-19 / A.Y. 2019-20 30-Nov-20

Dharma is so called because it sustains or supports society
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

Dharma is so called because it sustains or supports society
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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

Motivational Story

Compiled by: CA. CS. Hemlata Dewnani

11 Reasons Why You Should Follow Your Passion In Life

There was a point in time when we get lost passion, and end up delivering far more to others than is expected
Spark for life. I wasn't happy with what I was doing. I to you. That comes naturally whenever you pursue
wasn't sated with the life I was living. In fact, not only whatever it is that you love doing.
had I stopped following my passion in life, but I was #6 — Your dreams will manifest into reality
devoid of hope and in the expectation of good things to When you follow your passion in life, slowly but surely,
come. your dreams manifest into reality. When you're doing
what you love, you're already realizing a dream, but it
I had thought, this was it. There was no more left for me. I also helps you to not lose focus and drive over time when
had no chances to live the life that I felt I deserved. I was it's a deeply passionate project.
stuck in the monotony of routine, unable to extricate #7 — You naturally become more persistent
myself from that situation. How trapped We are. We It's easy to give up when we're pursuing goals that aren't
couldn't extricate ourself; and can't escape. as meaningful to us. But when we're working towards
something that we're passionate about, it's a natural
So in Search of one thing I found this Article which occurrence to be more persistent. We don't wake up
relates us so much that I shared over here : 11 Reasons thinking about giving up; we wake up thinking about
Why You Should Follow Your Passion In Life how we can push forward, and naturally develop
persistence in the process.
#1 — Life is too short #8 — It will help to build character
Life is short. It's fragile and its delicate. It's here one By following your passion in life, you'll build up
moment, then gone the next. It's never okay to just settle character. It takes true strength to go after what is you
because we aren't here for a long time. As humans, we truly love to do in life. And, naturally, you'll reach new
have a shelf-life. And although our energy will live and understandings about life, love and the people that
carry on, we are only physically here for a brief period. surround you, which will help to further foster and
#2 — It gives you a sense of purpose develop your character.
Following your passion in life gives you a sense of #9 — You'll ignore the naysayers
purpose to exist in this world. It also helps to instill It's easy to allow negative people to get you down,
something bigger and greater than just yourself. As long especially when you're pursuing your dreams. People
as what you're pursuing moves beyond just the selfish will always try to chop you down and tell you how to
reasons and really attempts to contribute value to the think and to be realistic. Many of the most famous
world, it will help you fulfill something far greater than failures in life had to endure this very thing. But, when
you could ever imagine. you love what you do, you'll learn to ignore those
#3 — You'll be happier naysayers and push past the negativity.
When you follow your passion in life, you're happier #10 — You will realize that the timing was never
overall. You're more sated with yourself and the perfect in the past
decisions that you make, and not weighed down by the When you begin to follow your passion, and work to
common stressors that come along with not doing what overcome the hurdles that might arise because you're
you love. Overall, you feel more uplifted and have a far pursuing your dreams, you'll come to the realization that
greater piece of mind. the timing was and never would have been perfect to ever
#4 — It won't feel like work to you do what you love. You'll wonder why you waited so long
Following your passion in life and doing what you love to pursue what had been burning deep down inside of you
for a living won't feel like work for you. You won't open for so long.
your eyes dreading another day at a life-sucking 9-to-5 #11 — You'll be filled with a childlike sense of joy
job. You'll wake up with energy and enthusiasm to start When we're children, we envision following our passion
another day pursuing something that you really want to in life by becoming a firefighter, an astronaut or a doctor.
do rather than an endless array of things you're dreading We think about ways we can help others or go adventures
having to do. of discovery. As we grow older, we become more
#5 — You'll add more value to the world realistic. But as you follow your dreams, you're filled
Anytime you're doing what you love to do in life, you'll with that childlike sense of joy you felt long ago.
also desire to add value. It's because you're so passionate So Live Your Dreams and Passion without Fail
about doing it that you'll throw yourself into it entirely

Whatever is one's food, the same food shall be offered to one's gods. – Ram

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NOVEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

E - Maha Aarti

The people of a country are held together and sustained by Dharma.
25