AHMEDABAD ICAI NEWS LETTER FOR THE MONTH OF DECEMBER-2020

The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

Ahmedabad Branch of WIRC of ICAI

E-NEWSLETTER
Volume: 07 | Issue No.: 10 | December-2020

Chairman’s Message

OFFICE BEARERS Dear Professional Colleagues,

Chairman “Always believe something amazing and

CA. Fenil Rajendra Shah wonderful is about to happen.”

89050 30507 Greetings. So we are entering in the last month of

Vice Chairman Calendar Year 2020, December. In the mid of
CA. Harit Ashok Dhariwal increasing cases of COVID 19 , still Branch is
99789 42299
Secretary serving all the members and happy to share that
CA. Bishan R. Shah Ahmedabad Branch successfully co-ordinate
98250 23573 and manage the Examination of CA November
Treasurer 2020. I extend my deepest gratitude to Shri

CA. Rahul Kalulal Maliwal Vijaybhai Rupani, Chief Minister of Gujarat; Shri Nitin Patel, Deputy Chief Minister of
84606 20401 Gujarat; Shri Pradipsinh Jadeja, Home Minister of Gujarat; Shri Bhupendrasinh Chudasama,

Education Minister of Gujarat; Dr. Rajiv Kumar Gupta, IAS, Gujarat; Shri Sanjay Shrivastav,

Members Ahmedabad Police Commissioner; Shri Mukesh Patel, Deputy Chief Commissioner of
CA. Ganesh Nadar Ahmedabad Police, CA. Aniket Sunil Talati, CCM, ICAI & CA. Jainik Vakil Past Chairman
CA. Anjali Choksi of Ahmedabad Branch for extending all support & cooperation for smooth conduct of
CA. Sunil Sanghvi examination even during curfew situation in Ahmedabad. Last date for payment of ICAI

Ex. Officio Members membership fees extended by 15 days.
CA. Aniket Talati, CCM
98255 51448 In my vision to serve the Members and Students, I am arranging various Webinars and we are
CA. Hitesh Pomal, RCM getting the overwhelming response to it. On account of sensational events that seem to
98240 49402 happen almost daily these days, we tend to forget legendary personalities. One such was Nani
CA. Vikash Jain, RCM Palkhivala, whose 100th birth anniversary was on Thursday, January 16. Palkhivala Sir was
93277 15892 a legend because he used his talents to the fullest, and for all the right purposes. He did so by
CA. Chintan Patel, RCM living for what he believed in, by working very hard, respecting the people he worked with,
90999 21163 and living his life with absolute grace and humility. So Ahmedabad Branch organised Nani

Newsletter Committee Palkhiwala Birth Centenary Celebration comprising of a Series of Sessions for the overall
Chairman: development of members and to know the qualities which Palkhiwalaji possessed and we all
CA. Rahul Maliwal can imbibe. We also had a 7 Sessions Series on HOW TO DO RESEARCH, Sessions on
Co-Chairperson: Health named “CHARTERED HEALTH ORBIT” , Dilwali Diwali celebrations which
CA. Hemlata Dewnani was a blend of creativity & spirituality. Heartiest congratulations to all the winners. We had a
Convener: As a part of Charity we distributed Stationary kit to needy children as a part of our support to
CA. Mohit Tibrewal Sarva Siksha Abhiyan and also distributed sweets & clothes during celebration days of
Deepawali.

Members: OPPORTUNITY to contribute ARTICLE: We got a wonderful response to the topic of The
CA. Kushal Reshamwala Code on Social Security, 2020. And so also invite the Articles on The Industrial Relations Code,
CA. Monish Shah 2020 on/before 10.12.2020; Analysis of Corporate Social Responsibity Provisions as per
CA. Mahadev Birla CompaniesAct, 2013 on/before 13.12.2020 & DetailedAnalysis of Companies (Amendment)Act,
CA. Mahavir Shah 2020 on/before 15.12.2020. The paper or Article is to be mailed to Mail to [email protected]
CA. Gautam Pai on/before the respective deadline. Selection The Best 3Articles will be selected by the Panel of Jury
CA. Twinkle Shah Members and thatArticles will be circulated to all the Members & Students ofAhmedabad Branch
CA. Parth Jani as aKnowledgeFlash andwillbeawardedaCertificateofAppreciation.
CA. Nimesh Hariya
CA. Jitendra Teelani

Whats Inside???

Editorial 03 GST Quick Connect-1 13 Excel in Excel-1 25
Excel in Excel-2 26
Accounting & Co. Law Updates 05 GST Quick Connect-2 15 Imp. Due Dates 28
Motivational Story 30
GST Updates 07 Direct Tax Quick Connect 19

Investment Corner 10 RERA Updates 22

DECEMBER-2020 AHMEDABAD BRANCH OF WIRC OF ICAI

We Care – A Unique Social Security Scheme: The students, article assistants, members and firms due to
raging pandemic is unprecedented to our generation COVID-19 pandemic, we have further extended the
severely affecting the physical movement and many waiving-off of the condonation fee for late filing of
activities. With our constant endeavours, we are able various application forms relating to students, articled
to reach and connect with the different segments of our assistants, members and firms till December 31, 2020.
membership be it in practice, industry, public service, Ahmedabad Branch has also initiated the Plasma
entrepreneurship or women. In this direction, one of Donation Drive which is also helping various
our important segments is Senior CAs (75 years and members to get the Plasma when they or their family
above) having different stature, requirements or members are in need. Register as Donor and / or
expectations. With a view to support this valuable Volunteer: http://tiny.cc/ICAIPlasmaDetails and the
segment of our fraternity, we have recently launched a Background Material for ICAI Plasma Donation
scheme “We Care – A Unique Social Security Scheme Drive: http://tiny.cc/ICAIPlasmaInformation.
and Benevolence Program for Senior CAs” which Branch Cares for Students and Staff Members of
endeavours for providing continuous engagement, yours: Colleagues we have lauched various initiatives
care and support of the Profession to them creating a at WICASA Ahmedabad for the benefit of the students
sense of belongingness. The Scheme was launched at namely the Series of PARAMARSH – overall
the august presence of Shri Arjun Ram Meghwal, development of Students, Revision Lectures & also
Hon'ble Minister of State in the Ministry of Mock Test.
Parliamentary Affairs, and Heavy Industries & Public
Enterprises who highly appreciated this initiative and VIRTUAL AHMEDABAD BRANCH GST
mentioned that it is the need of the society. HELPDESK: Any person can lodge the grievance
and it will be redressed by an GST HELP DESK
New Portal for CABF: ICAI constantly endeavours COMMITTEE consisting of experts. In case of any
to use more and more technology to provide ease of grievance you can Submit your details on this LINK
service delivery experience to our stakeholders. https://forms.gle/3m3eyqiSvMG6iXiz7
Chartered Accountants Benevolent Fund (CABF) is
one of the important initiatives of the ICAI providing During this times Ahmedabad Branch is also to come
support to the members/family in the time of need. up with more Webinars & other Initiatives to ensure
With the launch of the CA Benevolent Fund Portal that Students remain in-tune with the updates and can
(cabf.icai.org) recently the process has been fully make the best of this time to sharpen their knowledge
automated for providing financial assistance under and skills base. Till then I request all students to remain
CABF with provision to upload all relevant supporting at home.
documents. Further, portal will also enable online
payment of contribution and autogeneration of receipt. Stay Home. Stay Safe. Stay Updated. Stay Happy.
I am sure with this technology platform, we will be Thanks & Regards,
able to provide support to our fraternity in a more
prompt and transparent manner. CA. Fenil Shah
Chairman.
Waiver of Condonation/Late fee: I further wish to Ahmedabad Branch of WIRC of ICAI
inform that considering the hardship faced by the

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EDITORIAL

Greetings of winter As the great Investor Munger said “ Spend each day
season to all our trying to be a little wiser than you were when you
members!! After a woke up, discharge your duties faithfully and well.
short relaxing break from Slug it out one inch at a time, day by day. So our aim
the income tax audit and from the newsletter to inculcate the reading habit in
GST audit lets re-activate our member which can lead to some value
for completion of both as enhancement.
due date 31st December is
approaching. Hope the This newsletter includes all the recent changes in
members would have Corporate law, GST, Direct & International Taxation
managed to cherish Diwali and its sweets. Also and special deliberation on various types of funds
remember to stay fit amidst all because a healthy mind related to investment. Members those who are willing
rests only in a healthy body. to contribute for newsletter on any topic can share the
same with us at [email protected]
As we have seen after the festive season there is
sudden spike in COVID cases , the government is Amidst all this, we wish once again a happy and safe
proactively managing the affairs even the various winter session to all our members.
diligent trials of vaccine is carried on to conquer this Stay Safe and Stay Happy!!
pandemic. But till the time things get settled down we
have to follow the simple approach of SMS i.e. Social Happy learning!!
distancing, Mask and Sanitizer. We need to learn the CARahul Maliwal
Virtue of Balance by doing Right things at the Right Chairman , Newsletter Committee
time which lead us to Right way!

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Accounting & Company Law Updates

Compiled by: CA. Chintan Patel

1. Extension of LLPSettlement Scheme, 2020 Note deals extensively with group-wide share-
MCA extended till November 30, the due date based payment transactions (e.g., grants by the
for defaulting LLPs to file belated documents parent company to employees of a subsidiary
under the LLPSettlement Scheme company).
https://resource.cdn.icai.org/61670research50201
It was also clarified that if a statement of account gn-sbp.pdf
and solvency for the financial year 2019-2020 has
been signed beyond the period of six months from 3. Guidance Note on Applicability of AS 25
the end of financial year but not later than 30th and Measurement of Income Tax Expense for
November, 2020, the same shall not be deemed as Interim Financial Reporting (Revised 2020)
non-compliance.
http://www.mca.gov.in/Ministry/pdf/GeneralCirc The interim period is part of the whole accounting
ularNo.37_09112020.pdf year (often referred to as the 'integral approach')
and, therefore, the said expense should be worked
2. Guidance Note on Accounting for Share- out on the basis of the estimated weighted average
based Payments (Revised 2020) annual effective income-tax rate. According to this
approach, the said rate is determined on the basis
The 'Guidance Note on Accounting for Share- of the taxable income for the whole year and
based Payments' is revised and deals with the applied to the accounting income for the interim
share-based payment transactions with employees period in order to determine the amount of tax
as well as non-employees. The approach is to align expense for that interim period.
this Guidance Note with Indian Accounting https://resource.cdn.icai.org/61671research50201
Standard 102 as much as possible. This Guidance gnas25.pdf

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GST Updates

1) Govt. amends CGST Rules; time and manner Compiled by: CA. Monish Shah
of filing GST returns prescribedNotification No.
82/2020- Central Tax Dated 10th November, 2020The Notification No. 85/2020- Central Tax Dated
Government has made several amendments to CGST 10th November, 2020
Rules. The form and manner of furnishing details of (i) Thirty-five per cent. of the tax liability paid by
outward supplies, form and manner of ascertaining debiting the electronic cash ledger in the return for the
details of inward supplies and time limit manner of preceding quarter where the return is furnished
furnishing of GST return have been amended. Also, quarterly; or
the new manner of opting for furnishing quarterly (ii) the tax liability paid by debiting the electronic
return is prescribed. cash ledger in the return for the last month of the
2) Govt. notifies time limit for filing GSTR-1 immediately preceding quarter where the return is
w.e.f 01.01.2021Notification No. 83/2020- Central furnished monthly: Provided that no such amount may
Tax Dated 10th November, 2020The Government has be required to be deposited-
notified the due dates for furnishing the details of (a) for the first month of the quarter, where the balance
outward supplies in FORM GSTR-1. These new dates in the electronic cash ledger or electronic credit ledger
shall be applicable w.e.f 01.01.2021. The monthly is adequate for the tax liability for the said month or
GSTR-1 shall be filed on or before 11th day of next where there is nil tax liability ; (b) for the second
month and quarterly GSTR-1 shall be filed on or month of the quarter, where the balance in the
before 13th day of next month after ending such electronic cash ledger or electronic credit ledger is
quarter. adequate for the cumulative tax liability for the first
3) Govt. notifies Class of persons under proviso and the second month of the quarter or where there is
to section 39(1) nil tax liability

Notification No. 84/2020- Central Tax Dated 2) Time limit of filing Form ITC-04 for period
10th November, 2020 July to Sep 2020 extended to 30.11.2020Notification
No. 87/2020- Central Tax Dated 10th November, 2020
The Government has extended the time limit for
furnishing the declaration in FORM GST ITC-04, in
respect of goods dispatched to a job worker or received
from a job worker, during the period from July, 2020 to
September, 2020 till the 30th day of November, 2020.

3) Threshold for mandatory E-invoice to be Rs.
100 Crores w.e.f 01.01.2021Notification No. 88/2020-
Central Tax Dated 10th November, 2020With effect
from 01.01.2021, the notified registered persons
whose aggregate turnover in any preceding financial
year from 2017-18 onwards exceeds 100 crore rupees
shall prepare e-invoice in FORM GST INV-01 after
obtaining an Invoice Reference Number. Currently,
this threshold limit is 500 crore rupees.

4) Govt. issued clarification on 'Filing Quarterly
Return with monthly GST Payment' for small
taxpayersCircular No. 143/13/2020- GST Dated 10th
November, 2020

1) Govt. notifies special procedure for making Every registered person who is required to furnish a
payment of 35% as tax liability in first two month return in FORM GSTR-3B, and who has an aggregate
turnover of up to 5 crore rupees in the preceding
financial year, is eligible for the Quarterly Return

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Monthly Payment Scheme (QRMP) Scheme. This members comes within the definition of supply as
new Scheme will be effective from 01.01.2021. The envisaged under Section 7 of CGSTAct?
facility to avail the Scheme on the common portal (ii): Whether the assessee is governed by the principal
would be available throughout the year. of mutuality?
(i) Whether the assessee and its members are one
Advance Rulings / Court Judgments and the same?
1) The Karnataka AAA vide order No. KAR The AAA held that in the present case, all the three-
ADRG 55/2020 Sector Real Estate Order Date criterion laid down in the case of M/s Chemsford Club
07.11.2020 held on taxability of Joint Development Limited Vs. CIT AIR 2000 SC 1092 stood satisfied. It
Agreement. Facts: The Applicant has entered into also relied upon the judgments in the case of Ranchi
Joint Development Agreement to construct residential Club Ltd Vs. Comm. of Central Excise & Service Tax
flats by incurring promotional expenses and upon the 2012 (3) JCR 123 (Jharkhand) and Gujarat High
development of the said property, the applicant gets Court. The AAA has also relied upon the ruling of
40% share of undivided right, title and interest in the AAA of Maharashtra in the case of Lions Club of
land proportionate to super built up area and 40% of Poona Kothrut.
car parking spaces. Issue: Whether the total amounts The AAA has held that (i) services provided by the
received by the Owner towards the advances or sale Club to its members do not come within the definition
consideration of the flats fallen to his share of 40% in of supply as envisaged under Sec. 7 of CGST Act (ii)
terms of the JDA and also Area Sharing Agreement The Club is governed by the principle of mutuality (iii)
dated 03.01.2018, are subject to payment of GST. The club and its members are one and the same.
Since applicant has sold or agreed to sell or gifted, the
flats after obtaining OC dated 26.08.2019 and that 3) Telangana High Court in M/S. Sree Rama
Applicant has not received any part of the sale Steels Versus The Deputy State Tax Officer- 'Noticing
consideration prior to the said date of occupancy the conveyance at a wrong destination' without
certificate, thus the case falls under Clause 5 of anything more cannot be said to be a contravention of
Schedule-III attached to CGST Act. Arguments: The the CGST Act/Telangana GST Act,2017 and it is not
applicant contends that the transaction is covered an taxable event, for there could be several reasons for
under Entry No 5 of Schedule III, Sale of Land and, the same including the driver losing his way or
subject to clause (b) of paragraph 5 of Schedule II, Sale stopping for repair or to answer a call of nature. Once
of Building. AAR Findings & Discussions Judgment: the conveyance/vehicle driver had the tax invoice and
In view of the fact that their share of residential flats the e-way bill, there is prima facie compliance with the
has been handed over by the Developer after the provisions of the CGST Act and Telangana GST Act
issuance of completion/occupation certificate. At the and the rules made thereunder and as per para 5 of the
same time, agreement put restriction on the right of the circular dt.14.9.2018 referred to above, it did not
Applicant to execute any Sale Agreement till the warrant initiating of proceedings under Sdc.129 of the
issuance of completion certificate and taking over of Telangana GST Act,2017.There was an option to
their share of units/flats. Consequently, the sale of said disclose the place of unloading such as the job
flats is not exigible to GST. worker's address which was not done in the instant
2) TheAAAJharkhand in the case of Ranchi Club case. A mere omission to mention the said fact in the e-
Limited, Order No.JHR/AAR/2020-21 dt.22.9.2020 Way Bill, cannot be a ground for the 1st respondent to
(File No. 01/AAA/JHR/2020-21/08), has given presume that there is an intention to violate the law or
Advance Ruling. Fact: The Club is a company to evade tax.CGST Act,2017/ Telangana GST
incorporated under the Companies Act, 1956/2013 Act,2017 are very recent laws and the common
and has its Memorandum & Articles of Association. businessman is admittedly having difficulty to
The assessee is a limited company which is guarantee understand these enactments and the procedures they
by its Members. As per Articles, permanent members have introduced. It is important to note that
are deemed to be member of the club thereby meaning interpretation of taxing statutes should be done in a
that the permanent members are those who have a right way to facilitate business and inter-State trading, and
to elect the executive committee of the Club. not in a perverse manner which would result in
The services provided by the club can be exclusively impediment of the same by harassing business
by the said categories of the members of the club. In persons.
the above case, the assessee has itself declared that if it
sells any goods or services to non-members, they Now the data of the Turnover shown in the 3B will
would be paying the GST. be reflected in Income Tax website also so one must
TheAdvance Ruling is sought on the point as to: - take note of the same
(i) whether the services provided by the assessee to its

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Investment Corner

In recent time, Mutual funds are most popular Compiled by: CA. Pratik Modi
investment option for investors. Whenever the
word mutual fund comes in the mind of investors, box and Mutual funds exactly follows the same
they think that is it really “Mutual funds sahi hai”? philosophy. E.g You have Rs. 20,000/- and on the
Even though there are many advertisements on TV for basis own research or on the basis of
“Mutual fund sahi hai” presented by Sachin Tendulkar recommendation of your investment advisor, you
& Mahindra Singh Dhoni, there are some doubts can buy limited numbers of stocks i.e. if we
which arise in our mind i.e. Loss of investment or consider Reliance Industry than you can buy only
whatever being advertised on TV, is it really true? This 10 Nos of shares. However in case of Mutual fund,
types of doubts arise because many investors are not Rs.20,000/- will be invested in leading companies
aware about the facts of Mutual fund and How it of different sectors.
works?
- Risk. It is less risky compare to directly invest
What is Equity Oriented Mutual fund? in equity as your money will be invested in
For better understanding of what is Equity oriented more numbers of stocks of leading companies
Mutual fund, investors have to understand equity of different sectors compare to direct
market. There are three ways to invest in equity investment in equity.
market.
1. To do own Research and identify the stocks - Discipline. This is the best advantage of
Mutual fund, if you invest in mutual fund
and make investment in such stocks. through SIP basis (Systematic Investment
This option is more suitable for whom who have Plan). In SIP basis transaction, you are
good knowledge of equity market and have ability required to give mandate to your bank for
to identify good quality stocks. debiting particular amount on particular time.
On the basis of the bank mandate, the bank is
2. To consult investment advisor and on the basis debiting particular amount on particular time
of his/her recommendations invest in stocks. regularly. On other hand in direct investment
In this option you are required to invest in stocks in equity, this type of discipline is not being
as per the recommendation of investment advisor. maintained.
For such consultancy, Investor advisor charge the
fees. Disadvantages of Mutual Fund:
- Selection of fund
3. Investment in Equity through Mutual Funds.
In this option, the fund manager who manages the Many of the investors are doing investment in
funds of mutual fund is investing in equity market. mutual funds on the basis of the past
The main advantage of Mutual fund is that we can performance of the funds. But this is not the
get expertise of fund manager with nominal fees only way the investor should decide whether it
i.e. between 1% to 2% of your Investment amount. is good fund or not. Following factors must
This fees is called as expense ratio. also be considered while selecting the funds.
· Identify the object of investment.
How it Works? · Select those AMC where the fund
In Mutual fund, the AMC (Asset Management managers do not frequently change.
Company) collect the money from the investors. · Try to invest in those mutual funds
The fund manager who manages the funds of the where AUM of particular fund are in between
investors is investing the money in equity market Rs.5,000 to 10,000 crore so that it will be easy
on the basis of type of the funds i.e. Large cap, Mid for the fund manager to rebalance their
cap, Multi cap and Small cap. portfolio.
· Try to understand the philosophy of the
Advantages of Mutual Fund fund manager. (Remember in mutual fund, the
- Diversification. Basic concept of financial role of fund manager is very important as he is
management is that don't put all the eggs in one the sole decision maker to manage the funds of
the investors).

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· Read factsheet of funds and make sure that the about the performance of fund manager. They
companies included in the fund portfolio are need to check only index that they selected
having low leverage. and tracking error ratio of such Index fund.
Lower the tracking error ratio of index fund,
This is not an easy task for a layman to check above better the performance of index fund.
factors regularly and identify the best fund. (Tracking Error ratio represents how well it
To eliminate above elements and for new investors, replicates the index. E.g. Axis Nifty 100 index Fund's
the better option would be to invest in Index fund. tracking error ratio is 1.14% as per fact sheet dated
31.10.2020 which represents that 1.14% of AUM
What is Index Fund? fails to replicate the Index.)
As explained earlier, Equity oriented mutual funds are
bifurcated in Large cap Fund, Mid cap Fund, Multi Disadvantages of Index Fund:
Cap Fund and Small cap Fund. The above categories - The performance of Active funds are better
of funds are further bifurcated in Active fund and
Passive fund. Active fund means the funds which are than Index funds and also such performance
actively manage by fund manager. Passive fund means may continue in near future because in India,
the funds which are not actively managed by the fund mutual fund industry is not yet fully matured
manager. All the index funds are known as Passive - In Index fund, there is a no downside limit to
fund where no fund managers are actively engaged. invest in under performing stocks as Index
E.g. Axis Bluechip Fund is large cap fund which is fund replicates the weightage index.
actively managed by fund manager. As per the SEBI E.g. As per the factsheet of HDFC Nifty50
guidelines, all the large cap funds are required to ETF for the Month of October, 2020, it
mandatorily invest in Large Cap companies i.e. (First includes stocks like ITC (2.87% weightage of
100 companies on the basis of market cap are large cap AUM), SBI (1.44% weightage of AUM)
companies). They are free to invest in any stock which have not performed in past compare to
without maintaining composition of index i.e. Bajaj Finance Ltd (1.75% weightage of
Reliance Industries Ltd weightage in nifty50 index is AUM), Bajaj Finserv Ltd (0.67 % weightage
13.24% as on 31.10.2020 but in Axis Bluechip fund of AUM) which performed very well in past,
weightage of Reliance Industries is 6.88% as per the still the holding of this stock is low compare to
factsheet dated 31.10.2020. ITC & SBI due to index composition.
On the other hand Index fund means the fund who As per the factsheet of Axis Bluechip fund for
invests the funds in Index (E.g. Nifty50 or Sensex). the month of October, 2020 which is active
They invest in the stocks of various companies in same Large cap fund, which includes Bajaj Finance
proportion which they carry in the index. There are (7.84% weightage of AUM) but does not
some popular indexes like Sensex (Sensex constitute include any holding in ITC & SBI. Now if we
30 Nos of Large Cap Stocks), Nifty50 (Nifty50 compare Axis Bluechip fund with the HDFC
constitute 50 Nos of Large Cap Stocks). Nifty50 ETF, the weightage of Bajaj Finance
is more in Axis Bluechip Fund. As Axis
Index Fund in India? Bluechip fund has more weightage in Bajaj
Index funds as of now are not much popular in India. Finance, it will perform better in comparison
This is because the Active funds are generating more to HDFC Nift50 ETF which lays more
returns compare to Passive funds i.e. Index Fund. weightage on under performing stocks.
However, proportion of investment in index fund is
increasing as the Mutual fund industry is gradually What should investor do?
maturing in India. The weightage of Index fund in - The Index funds are more suitable for those
India is less than 10% in comparison to USA, where investors who are new in the Equity market
the weightage of Index fund is more than 50%, as their and learning what is mutual fund and How it
market has attend maturity now. Once the more and works?
more investment in mutual fund is increasing in India, - Invest in those index funds which are
it is difficult for Fund managers of Active funds to replication of Nifty or Sensex.
generate higher return compare to Index funds. - The investor should not invest in Index fund
more than 10% of his/her equity portfolio as
Advantages of Index Fund: the Active funds are performing much better
- Expense ratio of Index funds are between 0.1% in comparison to index fund and will perform
to 0.5% which is very low as compare to better till the Indian Mutual fund industry will
actively managed Funds. fully matured.
- In Index Funds, Investors need not worry

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GST Quick Connect-1

Compiled by: CA. Kiran Tahelani

Whether ITC reversal necessary vis a
vis subsequent reduction in Tax Rate

When there is a change in rate of service or notification is as below:
change in conditions for availing ITC,
whether ITC taken on goods earlier, will
require reversal subsequently?

Let's understand the above question with an example.
There is a company providing Canteen Services to
factories or industries. The company received contract
and therefore the company bought various goods
before 27.07.2018 and availed eligible ITC on the
goods. At that time Notification No. 11/2017 CT
(Rate) dated 28.06.2017 was prevailing.

The relevant portion of the said notification is as
follows:

As per Explanation 1 to the Notification No. 13/2018
CT (Rate) dated 26.07.2018, it is clear that any
person giving canteen, mess, cafeteria or dining
space services to any institution such as a school,
college, hospital, industrial unit, office etc., all these
services from 27.07.2020 shall be charged @ 5%
and the ITC on goods and services shall not be
available.

This change leads us to the question - Whether the ITC
on Inputs, Input Services and Capital Goods taken
prior to 27.07.2020 will be liable to be reversed merely
due to changes in the conditions for taking ITC
subsequently?

For this, we need to go to section 18(4) of the CGST
Act, 2017.

Therefore as per the above notification, the company Section 18 (4) Where any registered person who has
was eligible to take ITC and discharge its services availed of input tax credit opts to pay tax under section
@12% or 18% and there was no restriction/condition 10 or, where the goods or services or both supplied by
for availing ITC. him become wholly exempt, he shall pay an amount,
by way of debit in the electronic credit ledger or
However, w.e.f. 27.07.2018, the rate of the services electronic cash ledger, equivalent to the credit of input
and the condition for availing ITC was changed vide tax in respect of inputs held in stock and inputs
Notification No. 13/2018 CT (Rate) dated contained in semi-finished or finished goods held in
26.07.2018. The relevant portion of the said stock and on capital goods, reduced by such

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percentage points as may be prescribed, on the day law that the ITC once validly taken is indefeasible and
immediately preceding the date of exercising of such vested right is accrued in favour of the registered
option or, as the case may be, the date of such person to utilize the same without any limitation.
exemption:
The same view has been taken in the decision of the
Provided that after payment of such amount, the Supreme Court in the case of Collector of Central
balance of input tax credit, if any, lying in his Excise, Pune v. Dai Ichi Karnataka Ltd, 1999 (112)
electronic credit ledger shall lapse. E.L.T. 353 (S.C.), wherein it is held that when credit
has been validly taken, its benefit is available to the
Therefore, it is very much clear that reversal of manufacturer without any limitation in time. The
proportionate credit is required only in case of goods credit is indefeasible.
or services, subsequently becoming exempt, however
in the given case the goods or services are not The Supreme Court also in the case of Eicher Motors
exempted; only the rate is reduced with the condition Ltd. v. Union of India, 1999 (106) E.L.T. 3(S.C.), held
of non-availment of ITC, which can be followed for that, for the proposition that a right accrued to the
future supplies. Moreover, such reduction of rate from assessee on the date when they paid the tax on the raw
18% to 5% is not an option; it is a rate applicable to materials or the inputs and that right would continue
everyone, without any exception. until the facility thereto gets worked out or until those
goods existed.
Further, the right to avail credit arose when the goods
were taxable and there was no restriction for availing Therefore, in my view the ITC taken on inputs is not
credit. Merely a subsequent change does not required to be reversed subsequently, when there is
retrospectively alter the right to avail and reverse the change in rate and condition for availing ITC. What
credit which is already taken. It is a settled principle of do you think?

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GST Quick Connect-2

Compiled by: CA. Parth Joshi

Quarterly Return Monthly Payment Scheme in GST

1. Introduction: The option to avail the QRMP Scheme is GSTIN wise
To facilitate trade and to ease the process of doing and therefore, distinct persons as defined in Section 25
business, the GST Council in its 42nd meeting held on of the CGST Act have the option to avail the QRMP
5th October, 2020, had recommended that registered Scheme for one or more GSTINs. In other words,
person having aggregate turnover up to Rs. 5 Crores some GSTINs for that PAN can opt for the QRMP
may be allowed to furnish return on quarterly basis Scheme and remaining GSTINs may not opt for the
along with monthly payment of tax. In connection to Scheme.
this measure, the Government has issued various
notifications on 10th November, 2020 for the 7. Is registered person required to exercise the
implementation of the Quarterly Return Monthly option of QRMP Scheme every quarter?
Payment Scheme (hereinafter referred to as “QRMP Registered persons are not required to exercise the
Scheme/ Scheme). option every quarter. Where such option has been
exercised once, they shall continue to furnish the
2. What is the effective date of Scheme? return as per the selected option for future tax periods,
New scheme will be effective from 1st January, 2021. unless they revise the said option.

3. Who is eligible to opt for QRMP Scheme? 8. Option to exercise QRMP Scheme:
A registered person who is required to furnish a return · Facility to avail the Scheme on the common
in FORM GSTR-3B, and who has an aggregate portal would be available throughout the year.
turnover of up to Rs. 5 Crores in the preceding · A registered person can opt in for any quarter
financial year is eligible for the QRMP Scheme. from first day of second month of preceding quarter to
[Notification No. 84/2020-Central Tax dated 10th the last day of the first month of the quarter. In order to
November, 2020] exercise this option, the registered person must have
furnished the last return, as due on the date of
4. Whether a newly registered taxpayer or exercising such option. [Rule 61Aof the CGST Rules]
registered persons opting out from paying tax under · For example: A registered person intending to
Section 10 can opt for QRMP Scheme? avail of the Scheme for the quarter 'July to September'
All persons who have obtained registration during any can exercise his option during 1st of May to 31st of
quarter or the registered persons opting out from July. If he is exercising his option on 27th July for the
paying tax under Section 10 of the CGST Act during quarter (July to September), in such case, he must have
any quarter shall be able to opt for the Scheme for the furnished the return for the month of June which was
quarter for which the opting facility is available on the due on 22/24th July.
date of exercising option.
9. First time opting for QRMP Scheme by
5. Am I eligible for QRMP Scheme, if my existing registered taxpayers:
aggregate turnover exceeds Rs. 5 Crores during a For the first quarter of the Scheme i.e. for the quarter
quarter in current financial year? January, 2021 to March, 2021, all the registered
A registered person, whose aggregate turnover crosses persons, whose aggregate turnover for the FY 2019-20
Rs. 5 Crores during a quarter in current financial year, is up to Rs. 5 Crores and who have furnished the return
shall opt for furnishing of return on a monthly basis, in FORM GSTR-3B for the month of October, 2020 by
electronically, on the common portal, from the 30th November, 2020, shall be migrated on the
succeeding quarter. In other words, in case the common portal as under:
aggregate turnover exceeds Rs. 5 Crores during any
quarter in the current financial year, the registered
person shall not be eligible for the Scheme from the
next quarter.

6. Is the option to avail QRMP Scheme, GSTIN
Wise?

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succeeding such month. While generating the
challan, taxpayers should select “Monthly payment
for quarterly taxpayer” as reason for generating the
challan.

13. Methods for monthly payment of tax:
The registered person can use any of the following two
options/methods provided below for monthly
payment of tax during the first two months –

Above default option has been provided for the (a) Fixed Sum Method: A facility is being made
convenience of registered persons based on their available on the portal for generating a pre-filled
anticipated behaviour. However, such registered challan in FORM GST PMT-06 for an amount
persons are free to change the option as above, if they equal to 35% of the tax paid in cash in the
so desire, from 5th December, 2020 to 31st January, preceding quarter where the return was furnished
2021. quarterly; or equal to the tax paid in cash in the last
· The taxpayers who have not filed their return month of the immediately preceding quarter
for October, 2020 on or before 30th November, 2020 where the return was furnished monthly.
will not be migrated to the Scheme. They will be able
to opt for the Scheme once the FORM GSTR-3B as For easy understanding, the same is explained
due on the date of exercising option has been filed. by way of illustration in table below:

10. Furnishing of details of outward supplies (i) In case the last return filed was on quarterly
u/s 37 of the CGSTAct: basis for Quarter Ending March, 2021:
The registered persons opting for the Scheme would
be required to furnish the details of outward supply in
FORM GSTR-1 quarterly as per the Rule 59 of the
CGST Rules.

11. Option to upload details of outward supply (ii) In case the last return filed was monthly for
in Invoice Furnishing Facility (IFF): the tax period March, 2021:
· For each of the first and second months of a
quarter, a registered person will have the facility Monthly tax payment through this method would
(Invoice Furnishing Facility- IFF) for continuously not be available to those registered persons who
uploading the B2B invoices, as he may consider have not furnished the return for a complete tax
necessary, between the 1st day of the succeeding month period preceding such month. A complete tax
till the 13th day of the succeeding month. The facility of period means a tax period in which the person is
furnishing details of invoices in IFF has been provided registered from the first day of the tax period till
so as to allow details of such supplies to be duly the last day of the tax period.
reflected in the FORM GSTR-2A and FORM
GSTR-2B of the concerned recipient. (b) Self-Assessment Method: The said persons,
· The said details of outward supplies shall, in any case, can pay the tax due by considering the
however, not exceed the value of Rs. 50 Lakhs in each tax liability on inward and outward supplies and
month. the input tax credit available, in FORM GST
· It may be noted that after 13th of the month, PMT-06. In order to facilitate ascertainment of the
this facility for furnishing IFF for previous month ITC available for the month, an auto-drafted input
would not be available. tax credit statement has been made available in
· The details of invoices furnished using the IFF FORM GSTR2B, for every month.
facility in the first two months are not required to be
furnished again in FORM GSTR-1. The registered person is free to avail either of the two-
tax payment method above in any of the two months of
12. Monthly payment of tax:
The registered person under the QRMP Scheme would
be required to pay the tax due in each of the first two
months of the quarter by depositing the due amount in
FORM GST PMT-06, by 25th day of the month

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the quarter. payable as per the provisions of Section 50 of the

CGST Act for the tax liability net of ITC.

Moreover, in case the balance in the electronic cash Illustrations:

ledger and/or electronic credit ledger is adequate for the 1. A registered person, who has opted for the Scheme,

tax due for the first month of the quarter or where there had paid a total amount of Rs. 100/- in cash as tax

is nil tax liability, the registered person may not deposit liability in the previous quarter of October to

any amount for the said month. Similarly, for the December. He opts to pay tax under fixed sum

second month of the quarter, in case the balance in the method. He therefore pays Rs. 35/- each on 25th

electronic cash ledger and/or electronic credit ledger is February and 25th March for discharging tax liability

adequate for the cumulative tax due for the first and the for the first two months of quarter viz. January and

second month of the quarter or where there is nil tax February. In his return for the quarter, it is found that

liability, the registered person may not deposit any liability, based on the outward and inward supplies,

amount. for January was Rs. 40/- and for February it was Rs.

42/-. No interest would be payable for the lesser

14. Quarterly filing of Form GSTR-3B: amount of tax (i.e. Rs. 5 and Rs. 7 respectively)

· Registered persons would be required to discharged in these two months provided that he

furnish FORM GSTR-3B, for each quarter, on or before discharges his entire liability for the quarter in the

22nd or 24th day of the month succeeding such quarter. FORM GSTR-3B of the quarter by the due date.

In FORM GSTR-3B, they shall declare the supplies

made during the quarter, ITC availed during the quarter 2. A registered person, who has opted for the Scheme,

and all other details required to be furnished therein. had paid a total amount of Rs. 100/- in cash as tax

· The amount deposited by the registered person liability in the previous quarter of October to

in the first two months shall be debited solely for the December. He opts to pay tax under fixed sum

purposes of offsetting the liability furnished in that method. He therefore pays Rs. 35/- each on 25th

quarter's FORM GSTR-3B. However, any amount left February and 25th March for discharging tax liability

after filing of that quarter's FORM GSTR-3B may for the first two months of quarter viz. January and

either be claimed as refund or may be used for any other February. In his return for the quarter, it is found that

purpose in subsequent quarters. total liability for the quarter net of available credit

· In case of cancellation of registration of such was Rs. 125 but he files the return on 30th April.

person during any of the first two months of the quarter, Interest would be payable at applicable rate on
he is still required to furnish return in FORM GSTR-3B Rs. 55 [Rs. 125 – Rs. 70 (deposit made in cash
for the relevant tax period.
ledger in M1 and M2)] for the period between due

15. Interest on delayed payment: date of quarterly GSTR 3B and 30th April.

(b) For registered person making payment of
(a) For registered person making payment of tax by opting Self-Assessment Method:
tax by opting Fixed Sum Method:
Interest amount would be payable as per the provision
(i) If while furnishing return in FORM GSTR-3B, of Section 50 of the CGST Act for tax or any part
it is found that in any or both of the first two months thereof (net of ITC) which remains unpaid / paid
of the quarter, the tax liability net of available credit beyond the due date for the first two months of the
on the supplies made /received was higher than the quarter.
amount paid in challan, then, no interest would be

charged provided they deposit, system calculated 16. Late Fees:
amount for each of the first two months and Late fee is applicable for delay in furnishing of return /
discharge their entire liability for the quarter in the details of outward supply as per the provision of the
FORM GSTR-3B of the quarter by the due date. CGST Act. As per the Scheme, the requirement to
(ii) In case such payment of tax by depositing the furnish the return under the proviso to sub-section (1)
system calculated amount in FORM GST PMT-06 is of Section 39 of the CGST Act is quarterly.
not done by due date, interest would be payable at Accordingly, late fee would be the applicable for delay
the applicable rate, from the due date of furnishing in furnishing of the said quarterly return / details of
FORM GST PMT-06 till the date of making such outward supply.
payment.

Further, in case FORM GSTR-3B for the quarter is Moreover, no late fee is applicable for delay in
payment of tax in first two months of the quarter.
furnished beyond the due date, interest would be

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Direct Tax Quick Connect

Compiled by: CA. Kushal Reshamwala

This article explains Loss from Business/profession [Section 72], Loss from a
house property [Section 71B], Loss from capital gains (Section 70 – 74) and

Loss under the head 'Other sources' (Section 71).

Loss from Business/profession [Sec 72] * It can be set off against any income in the year the
loss is incurred. If the loss could not be set off in the
* Any loss under the head, 'profit and gain of business,' year loss was incurred it can be carried forward up to 8
other than speculation loss and depreciation can be set Assessment Years and loss will be allowed to set off
off against any other business income or any other against income under the head House Property.
head of income, except salary income, in the same
assessment year. * In case in any Assessment Year, the assessee has
* After such setting off, if the resultant figure is yet a house property loss, then he is entitled to set off such
loss (business loss): If the loss in greater than income loss against income under other head upto a limit of
from any other business or income from any other Rs. 2 lakh per annum. The balance, if any, shall be
head, then such loss can be carried forward up to eight carried forward.
assessment years. On carrying forward to subsequent
years, this loss can be set off only against business Loss from capital gains (Section 70 – 74)
income and not against any other head of income.
* Speculation loss can be set off only against * Short-term capital loss can be set off against any
speculation profit in the same assessment year. But capital gain income, long term or short term, in the
even after such setting off if the resultant figure is a same assessment year. It should be noted that such loss
loss, then it can be carried forward for set off in can be set off only against capital gain income and not
subsequent years up to four assessment years. In against any other head of income. Balance short-term
subsequent years, setting-off of the loss is allowed capital loss if any can be carried forward up to eight
only against speculation profit [Section 73]. assessments years. In the subsequent years also, it can
be set off against any capital-gain income.
Transactions in derivatives entered into on recognised
stock exchange through a broker or a Securities and * Long-term capital loss can be set off in the same
Exchange Board of India (SEBI)-recognised assessment year as well as in subsequent assessment
intermediary and supported by a time-stamped years (in case of carry-forward) only against long-
contract note is excluded from the definition of term capital gain income. Carry-forward of loss is
speculative transaction [Section 43(5)(d)]. Thus, such allowed up to eight assessment years.
loss is to be treated in the same manner as 'non
speculative business loss'. Loss under the head 'Other sources' (Section 71)

Speculative business loss can be set off against only * Any loss under the head, 'Other sources' can be set off
speculative business income. But non-speculative in the same assessment year against income from any
business loss can be set off against any business other source or income from any other head. The loss
income (whether speculative or non speculative) . cannot be carried forward for set-off in future.

* Depreciation can be set off in the same assessment * Loss from owning and maintaining race horses
year as well as in the subsequent assessment years [Section 74A] Any loss arising from owning and
against business income or any other head of income maintaining race horses can be set off against income
except salary income. Further, depreciation can be from such activity only in the same assessment year or
carried forward indefinitely for set-off in subsequent in subsequent assessment years (in case of carry-
years [Section 32(2)]. forward). In case of this loss, it is allowed to be carried
forward up to four assessment years.
As unabsorbed depreciation can be carried forward for Loss under any head can be set off against
any number of years. In subsequent years, one must speculative income, capital gain income, income
first set off current year's depreciation, then brought from maintaining race horses. But the reverse is not
forward business loss and then the unabsorbed possible. Loss from speculation, loss under capital
depreciation. gain and loss from maintaining race horses can be
set off only against the respective specific income. In
* Continuity of business is now not necessary for the other words, loss from speculation can be set off
purpose of set-off and carry-forward. only against speculation income. Loss from capital
gain can be set off only against capital gains income
Loss from a house property [Sec 71B] and so on.

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RERA Updates

Compiled by: CA. Mahadev Birla

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

Niranjan Dashpute and Ors V/s Rajkumar N Saste and Ors

This article attempts to discuss the issues in possession of such flat without occupancy certificate
respect of the maintainability of the complaint or the completion certificate
and right of land owner to stop the work due to Maharashtra Municipal corporation act prohibits the
dispute arises between the land owner and developer. occupation of the building without occupancy or
completion certificate and it is offence.
Issues: In the matter of M/s Sion Kamgar Co-Operative
Whether the complaint filed by the complainant is Housing Society Ltd v/s Municipal Corporation of
maintainable under the RERA as complainant is filed Greater Mumbai- writ petition number 829 of 2013 it
by the developer? was held by the Hon'ble Bombay High Court that
Whether Land owner can stop the construction work occupying the building without occupancy or
due to non-compliance of terms and conditions of certificate can not be permitted in Law.
development agreement executed between the land
owner and developer. Fact of the Case:
Whether the developer is liable to rectify the defects in In the present case the complaint was filed by the
construction work? developer with the allegation that land owners are
obstructing the developer from completing the project
Provisions: and for fitting the fire safety system therefore the
As per Section 31 (1) Any aggrieved person may file a occupancy certificate/completion certificate has not
complaint with the Authority or the adjudicating been granted by the planning authority. While the
officer, as the case may be, for any violation or landowner being a respondent has alleged that
contravention of the provisions of this Act or the rules complainant being a developer has not transferred the
and regulations made thereunder against any promoter title of the unit allotted to landowner and even parking
allottee or real estate agent, as the case may be. is also not allotted as per agreed terms. Further it was
brought to the notice of the Hon'ble authority that the
Explanation. —For the purpose of this sub- complainant has used the poor quality of material in
section "person" shall include the association of the project, the defect in the construction work is not
allottees or any voluntary consumer association rectified and the amenities in the project is also not
registered under any law for the time being in force provided to the 45 customers who has taken a
As per provision of Section 14(1) of the RERA, it is the possession in the project.
duty of the promoter to developed and complete the
project as per the plan sanction and project Conclusion:
specification. The present complaint filed is maintainable under
Section 31 of RERA.
Provision of Section 11(4)(b) put a responsibility on It was held that landowner is also the co-promoter as
promoter to obtain occupancy certificate /completion per provision of section 2(zk) and co-promoter is also
certificate. equal liable for compliance of RERA provision
therefore landowner cannot obstruct the construction
As per Section 14(3) of RERA, if any structural defect work of project.
or other defect in workmanship, quality or provision of It was held that developer being a promoter are liable
service or other obligation as per agreement to sale to complete the project and to provide the amenities as
bring to the notice of promoter than the such defect per sanctioned plan and to rectify the construction
will be rectify by the promoter within 30 days form defect without any charges.
such notice. The RERA Authority shall bring the matter to the
Section 3(2)(i) of Maharashtra Ownership of Flat Act, notice of learned Municipal Commissioner for taking
1963 prohibits the promoter from inducting any legal action against the offender according to law.
person without completion certificate into the flats and
it's also prohibits the buyer from entering into

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Excel in Excel

Compiled by: CA. CS. Hemlata Dewnani

Dashboard Series

1- Waterfall Chart in Excel 2016 or Higher version

We are working on Presentation in Excel so
lets Learn a series, shortcuts and Tips for
the Same.

The Waterfall chart, also known as a cascade chart or 3. Excel will create the chart based on your data and
a bridge chart. This kind of chart illustrates how put the chart in the middle of the spreadsheet.
positive or negative values in a data series contribute
to the total, such as how income and expenses result
in a net balance in your bank account.

It can be used for various MIS such as Turnover
verfication ,Stock Summary, Share Market price
variations etc

The steps below show you how to create a Waterfall 4. Move or resize the chart as necessary by dragging
chart, whether you want to visualize financial it.
statements, analyze inventory or sales trends, or see
how other values update through a period of time. 5. Style and format the chart as you would other Excel
1. Select the data you want to create the waterfall charts. You can format the chart the same way you
chart from. In this example, we're using a simple would other charts in Excel--editing the chart title,
monthly profit/Loss for the company choosing a different font, and formatting the
gridlines, for example. If you head to the Design tab,
you can also quickly change the chart's style to one of
the preformatted options.

In this we can easily compare the Same with
begning,Levels ,Negaive- Positive and strategy to
Different Levels

2. Navigate to the Insert tab and click the Waterfall Waterfall charts are a great way to see how individual
chart button (it's the one with the bars going both pieces of data contribute to the whole. In previous
above and below the horizontal axis) and then the versions of Excel, you couldn't automatically create
Waterfall chart type. Waterfall charts and had to jump through hoops to
make them manually.

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Excel in Excel

Compiled by: CA Karan Raghani

Data Consolidation

Consolidate feature in Excel is used to 1. Open all three workbooks
consolidate worksheets (located in one 2. Open a blank workbook. On the Data tab, in
workbook or multiple workbooks) into one the Data Tools group, click Consolidate.
worksheet. The Excel consolidate function lets you (Shortcut Key :Alt+A+N)
select data from various locations and creates a table
to summarize the information.

For example, we have sales data of various product 1. Choose the sum function to sum the data.
for each quarter. We need to consolidate this data and 2. Click in the Reference box, select the range
present a product wise summary for each region. (Q1A2:E7) in the Quarter 1 workbook, and clickAdd
3. Repeat step 4 for the Quarter 2, Quarter 3 and
There are four worksheets per quarter – i.e. Quarter 4 workbook.
worksheets with name Quarter 1, Quarter 2, Quarter 4. Check Top row, Left column and Create links
3, Quarter 4. Each worksheet has same layout, to source data.
representing the details of region wise product sale. 5. Click OK.
You need to consolidate the data product wise.
Quarter 1

Quarter 2

Quarter 3 Note:
1. We have to check Top row and Left column as
As we can see, the worksheets are not identical. our worksheets are not identical, we want Excel to
However, the beauty of the consolidate feature is that sum cells that have same name labels
it can easily sum, count, average, etc. this data by 2. If we check Create links to source data, Excel
looking at the labels. creates a link to source data and consolidated data
Steps for consolidation will be updated if the source data changes.

Consolidate feature can be used to consolidate of
financial statement of branch into company-wide
financial statement, combining budgets from various
departments into company-wide budget etc.

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Important Due Dates

Compiled by: CA. Mahavir Shah

FOR COMPLIANCE FOR DECEMBER - 2020

Sr. No. Act Compliance Due Date

1 GujRERA In case of Promoter : Quarterly Return for Project having original due date of 7th Sep, 2020 7-Dec-20

2 Income Tax Tax Deducted/Collected (TDS / TCS) during the month of November-20 to be deposited 7-Dec-20

3 GST GSTR-7 for the month of November-20 for persons required to deduct TDS under GST 10-Dec-20

4 GST GSTR-8 for the month of November-20 for e-commerce operator required to collect TCS 10-Dec-20
under GST

5 GST GSTR-1 for the month of November-20 11-Dec-20

6 GST GSTR-6 for the month of November-20 for Input Service Distributor (ISD) 13-Dec-20

7 Income Tax Payment of 3rd Instalment of Advance Tax for the F.Y. 2020-21 / A.Y. 2021-22 15-Dec-20

8 PF / ESIC Payment of PF / ESIC for the month of November-20 15-Dec-20

9 GST GSTR-5 & 5A by Non-resident taxable person & OIDAR for the month of November-20 20-Dec-20

10 GST Payment of GST & Filing of GSTR-3B for the month of November-20, for taxpayers having 20-Dec-20
turnover of morethan Rs.5 Crore in preceeding financial year

Payment of GST & Filing of GSTR-3B for the month of November-20 for taxpayers having

turnover upto Rs.5 Crore in preceding F.Y. for following State - Chhattisgarh, Madhya

11 GST Pradesh, Gujarat , Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra 22-Dec-20

Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry,

Andaman and Nicobar Islands and Lakshadweep

Payment of GST & Filing of GSTR-3B for the month of November-20 for taxpayers having

turnover of upto Rs.5 Crore in preceding F.Y. for following States - Himachal Pradesh,

12 GST Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, 24-Dec-20
Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha

or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi

13 GST GSTR-9 Annual Return for FY 2018-19 31-Dec-20

14 GST GSTR-9A Annual Return for FY 2018-19 for taxpayers under Composition Scheme 31-Dec-20

15 GST GSTR-9C Annual Audit and Reconciliaton Statement for FY 2018-19 31-Dec-20

16 Guj VAT Payment of Installment of Vera Samadhan Yojana of Guj. VAT 31-Dec-20

17 GujRERA Filing of GujRERA Audit Report in Form 5 31-Dec-20

Filling of Audit Report u/s 44AB for A.Y. 2020-21 for following assesses-

18 Income Tax i. Corporate Assessees 31-Dec-20

ii. Non-corporate Assessees whose books needs to be Audited

19 Income Tax Filing of Declaration under Vivad Se Vishvas Scheme (VSVS) 31-Dec-20

Filling of Income Tax Returns for A.Y. 2020-21 for all assessees other than -

i. Corporate Assessees

20 Income Tax ii. Non-corporate Assessees whose books needs to be Audited 31-Dec-20

iii. Working Partner of Firm whose accounts needs to be Audited

iv. Assessee who is required to furnish report u/s 92E

21 Income Tax Filling of Report u/s 92E in respect of international / specified domestic transactions for A.Y. 31-Dec-20
2020-21

22 Income Tax Furnishing of Challan-cum-Return for Tax Deducted (TDS) u/s 194IA, 194IB and 194M 31-Dec-20
during the month of November-20

23 MCA Availing benefits of Company Fresh Start Scheme – 2020 31-Dec-20

24 MCA Extended due date for filing Form-8 Annual Statement of Accounts & Solvancy and Form-11 31-Dec-20
Annual Return for LLP

25 MCA Extended due date for filing of various forms with MCA : 31-Dec-20
- DIR-3 KYC, DPT-3, MSME-1, INC-22A

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Motivational Story

Compiled by: CA. CS. Hemlata Dewnani

Upgrade Skills

Arjun realized that the differences with Kauravs only does this preparation take a lot of time, effort
would only result in a war. Neither would and sweat, it also comes at a price. The price of
Kauravs give in nor could the Pandavs live all losing sleep, sacrificing our comfort zones and
their lives in exile. Having experienced and lived with more often than not, giving something in return. In
the bitter realities of life for years, Arjun decided to some cases being prepared also comes at the price
make the most of the years in exile to upgrade his skills of living with uncomfortable situations.
as an archer. He knew the war with Kaurav's would be
a tough one, with many a mighty warriors on their Following are Some of benefits:
side, though only a handful could stand a chance in 1 Become a global professional and recognized
front of an archer like Arjun. Arjun, the finest archer 2 Stand out from the crowd
who had now mastered all the skills of archery known 3 Compete in a global economy and with a
to mortals, now set out on his quest for divine weapons Change
– spending months in meditation to please the Gods! 4 Improve productivity and enhance business
Arjun's mediation bore fruit with Shiva and other performance
Gods blessing Arjun with their special divine 5 Step up the corporate ladder, Contacts and Team
weapons. Arjun did not stop at that. He visited his God Building
father Indra in heaven to get more divine weapons and 6 Keep one step ahead of technologies
trained further on their use. Indra asked Arjun to fight 7 Can Handle a Difficult situation with Ease
and eliminate demons as a fee for this training.
In conclusion, training and skill up gradation
Even the finest need to constantly upgrade. offers immense benefits to professionals across job
Howsoever good we may be at what we do or know, roles, industries and geographies and Every
we need to be cognizant of the bigger challenges Practicing or Business oriented Person will have
that lie ahead and prepare to overcome them. Not Extra feather.

So let's Go and upgrade it now……………..

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