Home Business Accounting Updates that Matter (UTM – No. 42)

Updates that Matter (UTM – No. 42)

July 23, 2020

We are pleased to update you vide UTM’s (Key Update Alerts). Please find hereunder our “Updates that Matter (UTM # No. 42)”,

A. GST –Guajarat AAR recently has held that Sale of Developed Plots is rendering of Service and Liable to GST.

B. Income Tax: -New Version of Form 26AS. Here are the Changes that you Must Know.

C. GST: List of Upcoming Key Changes of GST Portal.

D. Corporate Law: – ICAI Launches Technical Guide on Easy Incorporation of Companies Via SPICE+

E. IFRS: -Deloitte Launched an Extensive E-book for Professionals on Handling COVID-19 IFRS adjustments.

F. Markets: -Policy Bazaar IPO will soon hit the Streets

G. International : -Last Date to Upload FLA Return for FY 2019-20 is 31st July,2020. Procedure has changed with this year.

H. Audit: -NFRA Debars Deloitte’s ILFS Audit Engagement Partner for Seven Years.

Recently the Gujarat AAR – GST in case of Shri Dipesh Anil Kumar Nayak In re Advance Ruling No. GUJ/GAAR/R/2020/11 dated 19-05-2020] surprisingly has held that sale of developed plot as Liable to GST.

Key Points :-

AAR is not binding on All Assessees but Department can use it to pursue further.
Earlier SC’s Judgement in Case of M/s Narne Constructions have been Relied upon by AAR. Importantly the basis was Consumer Protection Act.
We believe that the judgement is untenable in Law and high chances of Quash in Upper forum. Detailed analysis is in E-Book Below.

https://bit.ly/2E5fxw8

2. New Form 26AS shall become operational w.e.f 1^st June. Here are the Changes

PAN, email ID and Aadhaar number.
Date of incorporation if the taxpayer is a company, LLP.
Information relating to TDS and tax collected at source.
Information relating to payment of taxes, demand and refund.
Details of pending as well as completed tax proceedings, if any.

Details of specified financial transactions.

Registrar of Properties must report transactions for an immovable property exceeding Rs 30 lakh.
Receipt above Rs 10 lakh for acquiring units of a mutual fund scheme.
Amount exceeding Rs 10 lakh as a consideration against buyback of shares.
Receipts exceeding Rs 10 lakh for acquiring bonds, debentures or shares.
Payments in cash exceeding Rs 10 lakh or more in a financial year
Cash deposits or withdrawals worth Rs 50 lakh or more in one or more current accounts.
Deposits exceeding Rs 10 lakh in non-current accounts
One or more time deposits exceeding Rs 10 lakh

3. Following Changes shall soon be available on GSTN Portal

GSTR-2A will reflect return filing status (GSTR-1 and GSTR-3B) of vendors
Matching tool for comparison of system drafted purchase register and own purchase register
Facility to create vendor master / HSN master on taxpayer dashboard
Communication channel between buyer and supplier for missing invoices
Status of amendment of invoice will be shown with month.
– Flow of ITC due to IGST paid on import from ICES to GST system.
– Linking of GSTR-1 with 3B, PDF of 3B will be sent over email.
– Linking of GSTR-2A/2B and ICEGATE data with GSTR-3B.

4. ICAI Launches Technical Guide for Easy Incorporation of Companies Via SPICE+

https://resource.cdn.icai.org/60342clcgc49153.pdf

5. Deloitte Launched E-Book on COVID-19 IFRS Adjustments

https://www.dropbox.com/s/7zeeitfzbleimrz/IFRS%20in%20Focus%20-%20COVID-19%20-%2016%20June%20Update.pdf?dl=1

6. Policybazaar IPO To Soon Hit the Markets

PolicyBazaar is the online insurance platform backed by SoftBank Group, which intends to go public in 2021 with a mega valuation of $3.5 billion, probably becoming India’s first mega startups to debut with an initial public offering (IPO).

PolicyBazaar Aiming $3.5 Billion Valuation in IPO of 2021

7. RBI FLA Returns Filing Last Date is 31^st July,2020

This deadline is already after extension from usual deadline of 15^th July, 2020. This time around, one is not required to email at fla@rbi.gov.in but now a Login Registration is required at the FLA Portal. Once login, you need to upload the Financial Information.

8. NFRA Debars Deloitte’s IL&FS Audit Engagement Partner For Seven Years

India’s audit watchdog has debarred Udayan Sen—Deloitte’s engagement partner in the audit of IL&FS Financial Services Ltd.—for a period of seven years and has imposed on him a penalty of Rs 25 lakh for his alleged professional misconduct and serious lapses while discharging duties as an auditor of the non-bank lender.

https://www.bloombergquint.com/law-and-policy/nfra-debars-deloittes-ilfs-audit-engagement-partner-for-seven-years

If you have any queries, comments or suggestions, please let us know.

—

Thanks & Regards,

Team Charteredonline

Please consider your environmental responsibility. Before printing this e-mail message, ask yourself whether you really need a hard copy.

DISCLAIMER: This paper is provided purely for your information only and you should check other information sources before taking any action based on any of the content in this paper. Neither the authors nor website hosting the paper make any warranty as to the quality or currency of the information contained in any of the site’s articles. This paper is meant for informational purpose only and does not purport to be advice or opinion, legal or otherwise, whatsoever. Author does not intend to advertise its services through this update. Author or its associates are not responsible for any error or omission in this update or for any action taken based on its contents.