Central India Regional Council The Institute of Chartered ...

Central India Regional CouncilThe Institute of Chartered Accountants of India

CIRC Newsletter(Set up by an Act of Parliament)

March, 2021

Sitting (L-R):

Standing (L-R):

Member, CA. Manu Agrawal- Council Member, CA. Anuj Goyal- Council Member, CA. Nilesh Gupta- Chairman CIRC, CA. Shashikant Chandraker- Secretary CIRC, CA. Satish Kumar Gupta- Council Member, CA. Prakash Sharma- Council Member, CA. Atul Agrawal- Vice Chairman CIRC.

CA. Churchill Jain- RCM, CA. Devendra Kumar Somani- RCM, CA. Atul Mehrotra- RCM, CA. Abhishek Sharma- RCM, CA. Abhisak Pandey - Chairman CICASA, CA. Mukesh Bansal - RCM, CA. Sachin Kumar Jain- RCM.

CA. Dinesh Kumar Jain Treasurer CIRC, CA. Pramod Kumar Boob- Council

New Team ofCentral India Regional Council of

The Institute of Chartered Accountants of India2021 - 2022

From the Desk of Chairman...CA. Nilesh Gupta

Chairman CIRC & Chief Editor

CIRC Newsletter

CIRC Newsletter

Respected Professional Colleagues,

Greetings of the day!!

“Everyone thinks of changing the world, but

no one thinks of changing himself.” Even if you

cannot change all the people around you, you

can change the people you choose to be

around. Life is too short to waste your time on

people who don't respect, appreciate, and

value you. Spend your life with people who

make you smile, laugh, and feel loved.

It is a great honour for me to be able to

address you through this column. Before my

pen journeys go further down the page, I

express my sincere gratitude to all members

of Regional Council and my fellow

professionals for reposing their trust and

faith in me and electing me as Chairman of

Central India Regional Council. Winning isn't

everything, it's the only thing. The trust and

confidence reposed in me by my colleagues in

the council and members fills me with

unparalleled joy and happiness. With pride,

coupled with a sense of responsibility, I pen

my first communication as Chairman.

At the same time, looking at the stalwarts who

have occupied this chair, I am inspired to carry

this torch forward and live up to the standards

set by illustrious past chairmen of CIRC. I am

confident that with your able support I shall

live up to the expectations.

Past year was a mass destruction due to the

novel corona virus (COVID-19) pandemic.

The cruelty of the global pandemic seems

limitless. So many broken promises, broken

connections, broken hearts. In the good old

days, which is now defined as any time before

March 2020, the most important thing you

could do after a death was show up. You

hugged and maybe held on for a few extra

moments that spoke volumes of care.

Sometimes, when there was a big crowd and

you didn't get a chance to hug or speak, eye

contact alone made the commitment tangible,

words were unnecessary.

Even at a time of perpetual Zoom gatherings

and virtual hugs, the grieving process

landscape has dramatically been altered. One

of sad effects of the corona virus is it's keeping

us from physically comforting others during

the times they are most desperate for a

compassionate touch. It has made it even that

more important to reach out and connect with

someone close to you.

To have a better understanding of the year

ahead to take us all forward, we shall focus on:

. Ensuring professional excellence by

constantly monitoring the environment to

respond appropriately;

. Finding innovative ways to disseminate

knowledge, boost professional development,

encourage networking, inspire sharing of

ideas, create stronger lines of communication

and collaboration, and ultimately look to

advance our profession with the use of

advanced technology;

. Discovering innovative ways to reach out to

members and students and encourage them

to think out of the box in order to take the

02 www.circ.icai.org

From the Desk of Chairman...

CIRC Newsletter

profession to the next level.

Napoleon Hill said that ideas are the beginning points

of all fortunes and hence, we would be happy to receive

constructive ideas from all of you for the benefit of the

profession.

I would like to wish everyone a very Happy Holi and

look forward to the year being as colourful and full of

life as the festival of colours.

I am sure that I will receive the support of all the

respected members and my dear students during the

year as we aspire to achieve the best.

Warm regards,

CA. Nilesh Gupta Chairman CIRC

[email protected]


CA. Nilesh Gupta

Chairman CIRC & Chief Editor

CIRC Newsletter

CA. Shashikant Chandraker Secretary CIRC

www.circ.icai.orgCIRC Newsletter

Respected Professional Colleagues,

Please accept my greetings!!

“Life is a series of natural and spontaneous

changes. Don't resist them; that only creates

sorrow. Let reality be reality. Let things flow

naturally forward in whatever way they like.”

The trust and confidence reposed in me by my

colleagues in the council and members fills me with

unparalleled joy and happiness. With pride,

coupled with a sense of responsibility, I pen my first

communication as Secretary CIRC. At the same

time, looking at the stalwarts who have occupied

this chair, I am inspired to carry this torch forward

and live up to the standards set by illustrious past

secretary of CIRC. I am confident that with your able

support I shall live up to the expectations.

'Powered by Professionalism. Driven by Values.'

These simple words carry with them a tremendous

promise – our commitment to professionalism

driven by integrity. I strongly believe in the words of

Thomas Jefferson, who said, "In matters of style,

swim with the current; in matters of principle,

stand like a rock". These words will go far in helping

us construct ideal role models for the upcoming

generation, ensuring that young students and

members understand how professional standards

and ethics can be used for the greater good.

It is said that, 'you never know what you have till

you miss it'. You also never know what you miss till

you meet it. However, what you're having often

prevents you from meeting what you've been

missing. When perception, thoughtfulness and

understanding do meet, we can fashion a range of

viable expectations and craft a world of

togetherness. If you have carefully examined

hundred people you met in your life journey, it

means that you have read hundred different books!

Every person you know is a book; world is full of

walking books; some are boring, some are

marvelous, some are weak, some are powerful,

but they are all useful because they all carry

different experiences of different paths!

“Sometimes we meet people and are so

symbiotic with them; it's as if we are one

person, with one mind, one destiny.”

Warm regards

CA. Shashikant ChandrakerSecretary CIRC

[email protected]; [email protected]

From the Desk of Secretary...

04

Pg. 02 - 03 From the desk of Chairman CIRC

From the desk of Chairman CICASA of CIRC

From the desk of Secretary CIRC

New Team CIRC

Pg. 04

Pg. 10 - 24

Pg. 34 - 35

Pg. 36 - 45

Pg. 53 - 69

Pg. 48 - 52

Pg. 47

Member’s Section

Student’s Section

INDEX

Editorial Board

CIRC Newsletter 05

By: CA. Rakesh Choudhary

Pg. 25 - 27

Pg. 28 - 33

Pg. 06 - 07

www.circ.icai.org

Announcements/ Students - Frequently Asked Questions

Pg. 70

Public Plans, Policies & Finance Budget 2021and Goods & Service Tax (GST) in India 2021

By: CA. Priyanka GuptaC- START UP

External Commercial Borrowings (ECBs) in India By: CA. Satish Agarwal

NIDHI COMPANY By: CA. Pooja Gurwani

Announcements

Events

www.circ.icai.orgCIRC Newsletter

2

Chairman Vice Chairman Secretary

Treasurer Chairman CICASA Regional Council Member

Regional Council Member Regional Council Member Regional Council Member

New Team CIRC

Regional Council Member Regional Council Member

CA.Devendra Kumar SomaniCA. Atul Mehrotra

CA. Dinesh Kumar Jain

CA. Shashikant ChandrakerCA. Atul Agrawal

CA. Abhisak Pandey CA. Abhishek Sharma

CA. Churchill Jain

CA. Mukesh Bansal

CA. Nilesh Gupta

CA. Sachin Kumar Jain

06

www.circ-icai.orgCIRC Newsletter

New Team CIRC

Sitting (L-R): Gupta- Chairman CIRC, CA. Atul Agrawal- Vice Chairman CIRC, CA. Abhisak Pandey - Chairman CICASA during election of new office bearers (2021-2022) of CIRC of ICAI.

CA. Dinesh Kumar Jain Treasurer CIRC, CA. Shashikant Chandraker- Secretary CIRC, CA. Nilesh

Election of new office bearers (2021-2022) of CIRC of ICAI.

07

CIRC Newsletter

ARTICLES


CIRC Newsletter 09

“Information combined with Knowledge isPower”, so goes an old saying, which remainsrelevant to Indian accountancy profession of thepresent times. And the knowledge multiplies anddisseminates by sharing. It is in the spirit that TheCIRC Monthly e-Newsletter is published everymonth.

To add a new sphere to this Newsletter reach,coverage and utility, it has been decided to put anew focus on profession-oriented knowledge,where a large number of members are giving theirservice in various capacities, including as CFOsand CEOs. As such, the CIRC members in industry,who have a knack for writing, are invited tocontribute in this e-Newsletter the articles specificto their Industry in Professional perspective.Such article, of not more than 2500 words (originaland not having been published or hosted anywhereelse) with executive summary and authorsp h o t o g r a p h s , s h o u l d b e s e n t a t T h eauthors are also required to give a declaration oforiginality and a brief profile along with the articles.

Invitation to Members to Contribute in Monthly E-Newsletter of CIRC of ICAI

CIRC Newsletter is the publication of the CIRC of ICAI and is sent to all members comes under Central Region.

There are many ways to be a part of the newsletter. Writing an article is a rewarding way to contribute to the members while enhancing your own professional development.

Readers often appreciate recommended resources, charts, checklists, case studies, tables or diagrams, quotations, or points highlighted for emphasis.

Members are encouraged to submit articles of interest to the Chartered Accountants for inclusion.

Accompanying photos and other artwork are strongly encouraged. All articles, transitions and photos are subject to editing, available space, and the acceptance policy.

Thanks & Regards

TEAM CIRC

Articles should be useful to Members

Should be between 1000 to 2500 words.

In Word and PDF format both.

Good if on the Current Topics.

PLEASE SUBMIT YOUR @

or at

ARTICLES [email protected]

[email protected]

Call for articles

www.circ.icai.org

CIRC Newsletter

Respected Members,

"Wishing all the Respected

Members of ICAI, A Very

Happy, Healthy & Prosperous

N a v r a t r i , D u r g a P u j a ,

D e e p ava l i , E i d , V i j aya

D a s h a m i , C h r i s t m a s ,

Prakash, Netaji Anniversary,

Republic Day & New Year 2021."

"The year 2020-21 has been a year of COVID-19

Pandemic Lockdown & Economic Downturn with

GDP growth going down by 10-25% and Economic

Growth expected to be around 4-5%, Growth-flation

being in the negative zone, Inflation at a high of 7%,

this has resulted in Higher Fiscal Deficit to 6.8%,

Government Expenditure has been high due to

COVID-19 in the Fiscal Year 2020-21, sustainable

economic resource benefits have been provided to

crores of Rural Area Migrant Families & Labourers

b e l o w p o v e r t y l i n e , l e a d i n g t o h i g h e r

Unemployment & Low Industrial Production which

will pick up by April 2021. The GOI is targeting a USD

5 Trillion economy as early as possible, it has to go

for a sustainable development cum employment

programme with increased capacities in Integrated

Development of Agriculture, Infrastructure,

Healthcare, Environment, Airlines, Railways,

Shipping, Industrial Corridors, MSME Cluster zones,

Integrated Housing cum Commercial Development,

Electronics, Computers, Geographical Information

Systems and Technologies, Defence, Trades in Goods

and Services, Exports, Smart Cities, Post Office,

Space Programmes, Telecom, Power etc. It has

planned an incremental capital investment cum

expenditure of INR 5, 54,236 Crores for the fiscal

year 2021-22, which will be an impetus for the

economic growth target of 11.5%. All the sick units,

NPA Assets and other weak companies should be

taken over by the Government and infuse capital in it

by reviving it and go for 26% divestments along with

setting up new Public sector units in India and

abroad as external investments.

"On 1st February 2021, Budget for the Fiscal Year

2021-22 was announced by the Finance Minister

Ms. Nirmala Sitharaman where the Country's

Growth for the fiscal year 2020-21 is around 4.5%

and for the fiscal year 2021-22 is estimated at 11%,

the Budgetary Outlay of INR 34,83,236 Crores,

Revenue Receipts of INR 17,88,424 Crores, Capital

Receipts of INR 16,94,812 Crores, where Recovery of

Loans being INR 13,000 Crores, Other Receipts of

INR 1,75,000 Crores Revenue Expenditures on

Revenue account of INR 29,99,000 Crores, on Capital

Account of INR 5,54,236 Crores, Interest Payments

of INR 8,09,701 Crores, Grants in Aid for creation of

Assets of INR 2,19,112 Crores, Tax Revenues of INR

15,45,396 Crores, Non Tax Revenue of INR 2,43,028

Crores, Borrowings of INR 15,06,812 Crores, Fiscal

Deficit of INR 15,06,812 Crores, Revenue Deficit of

INR 11,40,576 Crores, Primary Deficit of INR

6,97,111 Crores and Effective Revenue Deficits of

INR 9,21,464 Crores in Budget Governance &

Democracy. States Share of Revenue Receipts is

Budgeted at INR 6,65,563 Crores. Gross Domestic

Product (GDP) has been estimated at INR

222,87,679 Crores for the Budget Year 2021-22 with

an accelerated estimated Growth Rate of 11.5% post

COVID-19 Pandemic Economic Losses in the fiscal

year 2020-21."



CA. Rakesh [email protected]

CIRC Newsletter 11 www.circ.icai.org

Budget Outlay- 2021-22 INR in Crores INR in Crores

1. Revenue Receipts17,88,424 2. Tax Revenue15,45,396 3. Non Tax Revenue 2,43,028

15,45,3962,43,028

17,88,424

4. Capital Receipts 16,94,8125. Recovery of Loans 13,0006. Other Receipts 1,75,0007. Borrowings & Other Liabilities 15,06,812

8. Total Receipts 34,83,2369. Total Expenditure 34,83,236

10. On Revenue Account, of which 29,29,00011. Interest Payments 8,09,70112. Grants in Aids for creation of Capital Assets 2,19,112 13. On Capital 5,54,236

Budgetary Deficits 14. Revenue Deficits (10-1) 11,40,576 (5.1% of GDP) 15. Effective Revenue Deficits (14-12) 9,21,464 (4.1% of GDP) 16. Fiscal Deficit ([9-(1+5+6)] 15,06,812 (6.8% of GDP) 17. Primary Deficit [16-11] 6,97,111 (3.1% of GDP) [Gross Domestic Product (GDP) –2021-22:- INR 222,87,379 Crores] [GDP- Previous Year 2020-21:- INR 194,81,975 Crores]

Fiscal Deficit - Sources of Financing INR in Crores1.Debt Receipts (Net)2.Market Borrowings (G-sec +T Bills) 9,67,7083.Securities against Small Savings 3,91,9274.State Provident Funds 20,0005.Other Receipts (Internal Debts and Public Account) 54,2806.External Debt 1,5147.Draw Down of Cash Balance 71,383 ---------------8.Fiscal Deficit Financing (Grand Total) 15,06,812 ---------------Tax Revenues

1.Gross Tax Revenues 22,17,0592.Corporation Tax 5,47,0003.Taxes on Income 5,61,0004.Customs 1,36,0005.Union Excise Duties 3,35,0006.Service Tax 1,0007.Goods and Service Tax 6,30,0008.Central Goods and Service Tax 5,30,0009.GST Compensation Cess 1,00,00010.Taxes on Union Territories 7,05911.Less:- NCCD transferred to NCCF/NDRF (-) 6,10012.Less:- State's Share (-) 6,65,563 ----------------13.Centre's Net Tax Revenue [1-(11+12)] 15,45,396 ----------------


CIRC Newsletter

"We, as Professionals need "Professional

Democracy" in Nation Building & Economic

Development of the Country, in Developing the

Professional Areas of Public Democracy, Public

Leadership, Public Plans, Public Policies, Public

Finance, Budgeting, Financial Reporting, Indian

Financial Reporting Standards, Standards on

Auditing, Tax Accounting Standards, Government

Accounting Standards & Government Auditing

Standards, Banking, Finance, Research Analytics,

Financial Services, Management Consulting,

Projects, Financial Information Systems &

Technologies, Corporate & Non Corporate Laws,

Direct Tax Laws, Corporate Social Responsibility and

other Global Professional Development Areas."

Goods and Service Tax in India 2020-21

"Global Public Democracy includes

Democracy of Trades in Goods & Services in

India and GST Revenue Collection for the month

of January 2021 in Gross Domestic Product &

Gross Value Added, has been at a high of INR

1,19,847 Crores, CGST collected was INR 21,923

crores, SGST collected was INR 29,014 crores,

IGST collected was INR 60,288 crores (including

INR 27,424 crores collected on Import of Goods),

Cess collected was INR 8,622 crores (including

INR 883 crores collected on import of Goods).

The GOI settled INR 24,531 Crores in CGST & INR

19,371 Crores in SGST from IGST as regular

settlement. The Total Revenue after settlement

or Adjustment being INR 46,454 crores in CGST &

INR 48,385 Crores in SGST, totaling to INR 94,839

Crores. The Total Trades in Goods & Services

from 1st April 2020 to 31st January 2021 being

INR 8,99,730 Crores. The Total GST revenues is

projected at around INR 11.5 lakh crores for the

fiscal 2020-21. The GOI has to unlock all the

remaining areas of Lockdown due to COVID-19,

s e t u p n ew p u b l i c s e c to r u n i t s w i t h

employments which will lead to increase in

domestic consumption with budgetary plans to

reduce debts and fiscal deficits, leading to

economic growth of the country. Goods & Service

Tax Collection will improve by March 2021.

Central Board of Indirect Tax & Customs (CBIC)

is going to introduce "Faceless Assessment" a

reformative Government Initiative in GST &

Customs."

The Government of India has set up a Special

Borrowing window to meet the estimated shortfall

of Rs.1.10 Lakh Crores in Revenue from GST. All the

28 States & 3 Union Territories with legislature have

decided in favour of it. The Government as on 28th

December 2020 through Ministry of Finance has

released Rs. 54,000/- Crores. In addition to

providing funds through the special borrowings

window, the Centre has granted additional

borrowing permission of 0.50% of the Gross State

Domestic Product (GSDP) to all the 28 States, entire

amount of Rs. 1,06,830 Crores (0.50% of GSDP) has

been granted to the State.

Trades in Goods & Services in India for the

month of December 2020 in Gross Domestic Product

& Gross Value Added, has been at a high of INR

1,15,174 Crores, 12% higher than in previous year,

CGST collected was INR 21,365 crores, SGST

collected was INR 27,804 crores, IGST collected was

INR 57,426 crores (including INR 27,050 crores

collected on Import of Goods), Cess collected was

INR 8,579 crores (including INR 971 crores



CIRC Newsletter

collected on import of Goods). The GOI settled INR

23,276 Crores in CGST & INR 17,681 Crores in SGST

from IGST as regular settlement. The Total Revenue

after settlement or Adjustment being INR 44,641

crores in CGST & INR 45,485 Crores in SGST, totaling

to INR 90,126 Crores. The Total Trades in Goods &

Services from 1st April 2020 to 31st December 2020

being INR 7,79,883 Crores.



GST Revenue Collections 2020-21 (INR in Crores) Month 2019-2020 2020-2021 Increase (+)/Decrease (-) Increase/Decrease (%) April 113865 32172 -81693 -71.75%

May 100289 62151 -38138 -38.03% June 99939 90917 -9022 -9.03% July 102083 87422 -14661 -14.36% August 98202 86449 -11753 -11.97% September 91916 95480 3564 3.88%

October 95379 105155 9776 10.25% November 103491 104963 1472 1.42% December 103184 115174 11990 11.62% January 2021 110818 119847 9029 8.15%

--------- - ---------- -----------

Total 10,19,166 8,99,730 -1,19,436 -11.72%

State wise Borrowings 2020-21 Sr. No. State Additional Borrowing of Amount of GST GST 0.50 percent allowed to Fund raised Fund Fund states through Receivable Receivable (Rs. in crores) special by by States window States (%) passed on to the states /UT (Rs. In Crores) 1 Andhra Pradesh 5051 1307.3 3743.7 74.12% 2 Arunachal Pradesh 143 0 143 100.00% 3 Assam 1869 562.6 1306.4 69.90% 4 Bihar 3231 2208.94 1022.06 31.63% 5 Chhattisgarh. 1792 677.04 1114.96 62.22% 6 Goa. 446 475.12 -29.12. -6.53% 7 Gujarat 8704 5217.08 3486.92 40.06% 8 Haryana 4293 2462.12 1830.88 42.65% 9 Himachal Pradesh 877 971.39 -94.39 -10.76% 10 Jharkhand 1765 637.80 1127.20 63.86% 11 Karnataka 9018 7019.23 1998.77 22.16%



12 Kerala 4522 1583.88 2938.12 64.97% 13 Madhya Pradesh 4746 2569.63 2176.37 45.86% 14 Maharashtra 15394 6766.23 8627.77 56.05% 15 Manipur. 151 0 151.00 100.00% 16 Meghalaya 194 63.29 130.71 67.38% 17 Mizoram 132 0 132.00 100.00% 18 Nagaland 157 0 157.00 100.00% 19 Odisha 2858 2162.29 695.71 24.34% 20 Punjab 3033 2296.12 736.88 24.30% 21 Rajasthan 5462 1909.72 3552.28 65.04% 22 Sikkim 156 0 156.00 100.00% 23 Tamil Nadu 9627 3531.02 6095.98 63.32% 24 Telangana 5017 818.16 4198.84 83.69% 25 Tripura 297 128.10 168.90 56.87% 26 Uttar Pradesh 9703 3398.37 6304.63 64.98% 27 Uttarakhand 1405 1310.46 94.54 6.73% 28 West Bengal 6787 1217.14 5569.86 82.07% Total (A) 106830 49033.16 57796.84 54.10% 1 Delhi NA 3318.01 3318.01 - 2 Jammu & Kashmir NA 1285.29 1285.29 - 3 Puducherry NA 363.29 363.29 - 4 Total (B) NA 4966.84 4966.84 - ---------- ------------ -----------

Grand Total 106830 54000.00 52830.00 49.45%

CBIC has been on a nationwide drive against evasion

of GST using fake invoices/bills, fraudulent ITC,

under/over Invoicing of purchases/sales, fake

purchases, fake inward/outward charges on

purchases/sales, under/overvalued GST rates, fake

e-way bills, GST rates not levied which has to be

levied, fake registration, fake PAN, Non Registration

etc. and arrest GST evaders, along with many

systemic changes for rapid economic recovery.

An Invoice Furnishing Facility (IFF) has been

initiated to taxpayers under QRMB Scheme

(Quarterly Filers of Form GSTR-1 and GSTR-3B) as

per Rule 59(2) of the CGST Rules 2017 for taxpayers

opting for Quarterly filings frequency (B2B) Invoices

only for the first two months of a Quarter (M1 & M2

respectively of a Quarter), to be avoided till 13th of

the subsequent month for the period from April to

June i.e. 13th May and from July to September i.e.

13th October. An Invoice Furnishing Facility (IFF) is

an optional facility to pass on ITC credit to their

recipients for M1 & M2 months of a quarter, Form

GSTR -1 for M3 months of the Quarter is mandatory.

An Invoice Furnishing Facility (IFF) records by the

supplier will reflect in Form GSTR- 2A/2B, of the

recipient and also through JSON file, Invoice

Furnishing Facility (IFF) is similar to Form GSTR -1,

allowing filing of details of B2B invoices, as follows:-(a) 4A, 4B, 4C, 6B, 6C – B2B Invoices(b) 9B – Credit/Debit Notes – CDNR(c) 9A – Amended B2B Invoice – B2BA(d) 9B – Amended Credit/Debit Notes (Registered) -

CDNRA

CIRC Newsletter

Due Date of GST Compliance in respect of Anti-

Profiteering

The Government has extended the due date of

compliance by any authority, and by any person for

specified, prescribed & notified actions in respect of

anti-profiteering measures under GST provisions,

which falls during the period from 20.3.2020 to

30.3.2021, till 31.03.2021.

[Source:- Notification No. 91/2020, CGST dated

14.12.2020]

Tax Invoice

Tax Invoice to have 8-Digit HSN Code on specified

products classifiable under various tariff items of

Chapter 28, 29, 38 & 39, of CTA (chemicals) and

specified chemicals falling under the tariff heading

amending principal Notification No. 12/2017-CGST

dated 28.6.2017.


1.12.2020]

Waiver of UIN

The GOI has allowed waiver from recording UIN on

the invoices for the months of April 2020 to March

2021, issued by the retailers/suppliers, pertaining

to the refund cases subject to the condition that the

copies of such invoices, are attested by the

authorized representative of the UIN, entity and the

same is submitted to the jurisdictional officer.

[Source:- Circular No. 144/14/2020 CGST dated

15.12.2020]

Extension of Due Date for GSTR 9CBIC has extended the filing of Annual Return –

Form GSTR 9, specified under Section 44 of the CGST

Act, 2017 for the financial year 2019-20 till 28th

February 2021.


30.12.2020]

GST Registration – Increase in Time Limit

[Amended Rule 9(1)]

The time limit for verification of registered

application and issue of notice in Form GST REG-03,

has been increased from 3 working days to 7

working days and for physical verification of places

of business, time limit for grant of Registration has

been increased from 7 days to 30 days.

Cancellation of Registration – New Criteria's

[Amended Rule 21]

Cancellation of Registration of suppliers through

amendment in Rule 21 of the CGST Rules 2017 are as

follows:-

1. If ITC is availed in violation of Section 16 of the

CGST Act 2017 or rules made thereunder;

2. If Outward Tax Liability declared in Form GSTR –

3B, is lower than the Outward Tax Liability declared

in GSTR – 1, for one or more tax periods.

3. If taxpayer violates Rule 86B of the CGST Rules.

Input Tax Credit (ITC) - Conditions for Claim

Restrictions of Claim of ITC in respect of

invoices/debit notes not furnished by the suppliers,

has now been reduced from 10% to 5%, of the

eligible credit available in GSTR – 2.



CIRC Newsletter

Blocking of GSTR -1 in case of Non-Filing of GSTR- 3B

[Inserted Sub Rule 59(5)

Non-Filing of GSTR-3B, for preceding two months

/tax periods will result in blocking of facility of filing

Form GSTR-1, or use Invoice Furnishing Facility

(IFF).

Restricted use of ITC [Rule 86B]

Rule 86B shall come into force from 1st January

2021, wherein restrictions has been placed on

setting off more than 99% of tax liability from ITC,

where the value of taxable services other than

exempt supply and zero rated supply exceeds

Rs.50.0 Lakhs in a month.

Government notifies 9 sections of the Finance Act

2020 w.e.f 1.1.2021

GOI has notified Sections 119, 120, 121, 122, 123,

124, 126, 127 and 131 of the Finance Act 2020

related to GST effective from 1st January 2021.


22.12.2020]

Notice in Form GSTR REG-31 for cancellation of

Registration of Suppliers [Rule 21A]

A new Form GST REG-31, has been initiated for

intimating suspension or notice for cancellation of

registration.


22.12.2020]

14th Amendment to CGST Rules 2020

Aadhaar Authentication for Registration

[Substituted Rule 8(4A)]

Every Application made under Rule (4) shall be

fo l l o we d by B i o - M e t r i c b a s e d A a d h a a r

authentication with photograph unless exempted

under Section 25(6D).

Exceptions

1. The Registered person have paid more than Rs. 1.0

Lakhs, as income tax in each of the last two financial

years from their due dates.

2. The Registered Person has received a refund

amount of more than Rs. 1.0 Lakh in the preceding

financial year on account of unutilized ITC U/S 54(3)

(i) and/or 54(3) (ii).

3. The Registered person has discharged his liability

towards output tax through electronic cash ledger

for an amount which is in excess of 1% of the total

output tax liability applied cumulatively, upto the

said month in the current financial year.

4. The Registered person is Government

department, Public Sector Undertaking, Local

Authority or a Statutory Body.


22.12.2020]

E-Way Bills

E-Way bill will now be valid for 1 day, for every 200

kms of travel, as against 100 kms earlier.

In cases other than over dimensional cargo or

multimodal shipment in which at least one leg

involves transport by ship, for every 200 kms or part

thereof therafter, one additional day will be allowed.



CIRC Newsletter

[Source:- Amended Rule 138]

Person whose registrations has been suspended

would not be allowed to furnish information in Part

A of Form GST EWB-01.

If registered person other than registered under

than registered under composition levy has not

furnished returns for a consecutive period of two tax

periods, will not be allowed to furnish information in

Part A of Form GST EWB-01.

Blocking & Unblocking of E-Way Bill

As per Rule 138E of the CGST Rules 2017, amended

vide Notification No. 79/2020-CT dt.15.10.2020; no

person shall be allowed to furnish the information in

Part A of Form GST EWB-01:-

1. Who has not furnished Form GST CMP-08 for two

consecutive quarters;

2. Non-Filing of two or returns in Form GSTR-3B for

the month's upto July 2020 to September 2020.

1st Proviso to Rule 138E

The Commission may on receipt of an application

from a registered person in Form GST EWB-05, on

sufficient cause being shown and for reasons to be

recorded in writing, by order in Form GST EWB 06,

allow furnishing of the said information in PART A of

GST EWB 01, subject to such conditions &

restrictions as may be specified by him.



Due Dates in GST Filings 2021Forms Due Dates1.GSTR-3B (Jan, 2021) Feb 20,22,24 20212.GSTR-3B (Jan-Mar, 2021) Apr 22,24 20213.GSTR-1 (Jan, 2021) Feb 11th, 20214.GSTR-1 (Jan-Mar, 2021) Apr 13th, 20215.GSTR-9 (2019-20) Feb 28th, 20216.GSTR-9C (2019-20) Feb 28th, 20217.CMP-08 (Jan-Mar, 2021) Apr 18th, 20218.GSTR-5 (Jan, 2021) Feb 20th, 20219.GSTR-5A (Jan, 2021) Feb 20th, 202110.GSTR-6 (Jan, 2021) Feb 13th, 202111.GSTR-7 (Jan, 2021) Feb 10th, 202112.GSTR-8 (Jan, 2021) Feb 10th, 202113.RFD-10 18 Months after the end of quarter for which refund is to be claimedNotifications 2020-21

02/2021-Central Tax dated 12.01.2021 Notifying amendment to jurisdiction of Central Tax officers.

01/2021-Central Tax dated 01.01.2021 Seeks to make amendment (2021) to CGST Rules, 2017.

95/2020-Central Tax dated 30.12.2020

Seeks to extend the time limit for furnishing of the annual return specified

under section 44 of CGST Act, 2017 for the financial year 2019-20 till

28.02.2021.

94/2020-Central Tax dated 22.12.2020 Seeks to make the Fourteenth amendment (2020) to the CGST Rules.2017.

93/2020-Central Tax dated 22.12.2020 Seeks to waive late fee for FORM GSTR-4 filing in UT of Ladakh for

Financial year 2019-20.



92/2020-Central Tax dated 22.12.2020 Seeks to bring into force Sections 119,120,121,122,123,124,126,127 and 131 of

Finance Act, 2020(12 of 2020).

91/2020-Central Tax dated 14.12.2020 Seeks to extend the due dates for compliances and actions in respect of anti-

profiteering measures under GST till 31.03.2021.

90/2020-Central Tax dated 01.12.2020 Seeks to make amendment to Notification no. 12/2017- Central Tax dated

28.06.2017.

89/2020-Central Tax dated 29.11.2020 Seeks to waive penalty payable for noncompliance of the provisions of

notification No.14/2020 – Central Tax, dated the 21st March, 2020.

88/2020-Central Tax dated 10.11.2020 Seeks to implement e-invoicing for the taxpayers having aggregate turnover

exceeding Rs. 100 Cr from 01st January 2021.

87/2020-Central Tax dated 10.11.2020 Seeks to extend the due date for furnishing of FORM ITC-04 for the period

July- September 2020 till 30th November, 2020.

86/2020-Central Tax dated 10.11.2020 Seeks to rescind Notification 76/2020-Central tax dated 15.08.2020.

85/2020-Central Tax dated 10.11.2020 Seeks to notify special procedure for making payment of 35% as tax liability

in first two month

84/2020-Central Tax dated 10.11.2020 Seeks to notify class of persons under proviso to section 39(1).

83/2020-Central Tax dated 10.11.2020 Seeks to extend the due date for FORM GSTR-1

82/2020-Central Tax dated 10.11.2020 Seeks to make the Thirteenth amendment (2020) to the CGST Rules.2017

81/2020-Central Tax dated 10.11.2020 Seeks to notify amendment carr ied out in sub-section (1), (2) and (7) of

section 39 vide Finance (No.2) Act, 2019.

80/2020-Central Tax dated 28.10.2020 Seeks to amend notification no. 41/2020-Central Tax dt. 05.05.2020 to extend

due date of return under Section 44 till 31.12.2020.

79/2020-Central Tax dated 15.10.2020 Seeks to make the Twelfth amendment (2020) to the CGST Rules.2017.

78/2020-Central Tax dated 15.10.2020 Seeks to notify the number of HSN digits required on tax invoice


Seeks to make filing of annual return under section 44 (1) of CGST Act for

F.Y. 2019-20 optional for small taxpayers whose aggregate turnover is less

than Rs 2 crores and who have not filed the said return before the due date.

76/2020-Central Tax dated 15.10.2020 Seeks to prescribe return in FORM GSTR-3B of CGST Rules, 2017 along

with due dates of furnishing the said form for October, 2020 to March, 2021


Seeks to prescribe the due date for furnishing FORM GSTR-1 by such class

of registered persons having aggregate turnover of more than 1.5 crore

rupees in the preceding financial year or the current financial year, for each

of the months from October, 2020 to March, 2021.


Seeks to prescribe the due date for furnishing FORM GSTR-1 for the

quarters October, 2020 to December, 2020 and January, 2021 to March,

2021 for registered persons having aggregate turnover of up to 1.5 crore

rupees in the preceding financial year or the current financial year.



73/2020-Central Tax dated 01.10.2020 Seeks to notify a special procedure for taxpayers for issuance of e-Invoices in

the period 01.10.2020 - 31.10.2020.

72/2020-Central Tax dated 30.09.2020 Seeks to make the Eleventh amendment (2020) to the CGST Rules.

71/2020-Central Tax dated 30.09.2020 Seeks to amend notification 14/2020- Central Tax to extend the date of

implementation of the Dynamic QR Code for B2C invoices till 01.12.2020.

70/2020-Central Tax dated 30.09.2020 Seeks to amend notification no. 13/2020-Central Tax dt. 21.03.2020.

69/2020-Central Tax dated 30.09.2020 Seeks to amend notification no. 41/2020-Central Tax dt. 05.05.2020 to extend

due date of return under Section 44 till 31.10.2020


Seeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-

10, subject to the condition that the returns are filled between 22.09.2020 to

31.12.2020.


Seeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-

4 for 2017-18 and 2018-19, subject to the condition that the returns are filled

between 22.09.2020 to 31.10.2020.

66/2020-Central Tax dated 21.09.2020 Seeks to give one time extension for the time limit provided under Section

31(7) of the CGST Act 2017 till 31.10.2020.


Seeks to amend notification no. 35/2020-Central Tax dt. 03.04.2020 to extend

due date of compliance under Section 171 which falls during the period from

"20.03.2020 to 29.11.2020" till 30.11.2020

64/2020-Central Tax, dated.

31.08.2020

Seeks to extend the due date for filing FORM GSTR-4 for financial year

2019-2020 to 31.10.2020


25.08.2020

Seeks to notify the provisions of section 100 of the Finance (No. 2) Act, 2019

to amend section 50 of the CGST Act, 2017 w.e.f. 01.09.2020


20.08.2020 Seeks to make Tenth amendment (2020) to CGST Rules


30.07.2020

Seeks to amend Notification no. 13/2020-Central Tax in order to amend the

class of registered persons for the purpose of e-invoice


30.07.2020 Seeks to make Ninth amendment (2020) to CGST Rules

59/2020-Central Tax, dt. 13.07.2020 Seeks to extend the due date for filing FORM GSTR-4 for financial year

2019-2020

58/2020-Central Tax, dt. 01.07.2020 Seeks to make eighth amendment (2020) to CGST Rules

57/2020-Central Tax, dt. 30.06.2020 Seeks to amend notification no. 52/2020-Central Tax in order to provide

conditional waiver of late fees for the period from July, 2017 to July, 2020.



56/2020-Central Tax, dt. 27.06.2020

Seeks to amend notification no. 46/2020-Central Tax in order to further

extend period to pass order under Section 54(7) of CGST Act till 31.08.2020

or in some cases upto fifteen days thereafter.

55/2020-Central Tax, dt. 27.06.2020

Seeks to amend notification no. 35/2020-Central Tax in order to extend due

date of compliance which falls during the period from "20.03.2020 to

30.08.2020" till 31.08.2020.

54/2020-Central Tax, dt. 24-06-2020

Seeks to extend due date for furnishing FORM GSTR-3B for supply made in

the month of August, 2020 for taxpayers with annual turnover up to Rs. 5

crore.

53/2020-Central Tax, dt. 24-06-2020

Seeks to provide relief by waiver of late fee for delay in furnishing outward

statement in FORM GSTR-1 for tax periods for months from March, 2020 to

June, 2020 for monthly filers and for quarters from January, 2020 to June,

2020 for quarterly filers

52/2020-Central Tax, dt. 24-06-2020

Seeks to provide one time amnesty by lowering/waiving of late fees for non-

furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and also

seeks to provide relief by conditional waiver of late fee for delay in

furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to

July, 2020.

51/2020-Central Tax, dt. 24-06-2020 Seeks to provide relief by lowering of interest rate for a prescribed time for

tax periods from February, 2020 to July, 2020.

50/2020-Central Tax, dt. 24-06-2020 Seeks to make seventh amendment (2020) to CGST Rules.

49/2020-Central Tax, dt. 24-06-2020

Seeks to bring into force Sections 118, 125, 129 & 130 of Finance Act, 2020 in

order to bring amendment to Sections 2, 109, 168 & 172 of CGST Act w.e.f.

30.06.2020.

48/2020-Central Tax, dt. 19-06-2020 Seeks to make sixth amendment (2020) to CGST Rules.

47/2020-Central Tax, dt. 09-06-2020

Seeks to amend Notification No. 40/2020 - Central Tax dated 05.05.2020 in

respect of extension of validity of e-way bill generated on or before

24.03.2020 (whose validity has expired on or after 20th day of March 2020)

till the 30th day of June.

46/2020-Central Tax, dt. 09-06-2020 Seeks to extend period to pass order under Section 54(7) of CGST Act.

45/2020-Central Tax, dt. 09-06-2020 Seeks to extend the date for transition under GST on account of merger of

erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli.

44/2020-Central Tax, dt. 08-06-2020 Seeks to give effect to the provisions of Rule 67A for furnishing a nil return

in FORM GSTR-3B by SMS



43/2020-Central Tax, dt. 16-05-2020 Seeks to bring into force Section 128 of Finance Act, 2020 in order to bring

amendment in Section 140 of CGST Act w.e.f. 01.07.2017.

42/2020-Central Tax, dt. 05-05-2020 Seeks to extend the due date for furnishing FORM GSTR-3B, Jan-March,

2020 returns for the taxpayers registered in Ladakh.

41/2020-Central Tax, dt. 05-05-2020 Seeks to extend the due date for furnishing of FORM GSTR 9/9C for FY

2018-19 till 30th September, 2020.

40/2020-Central Tax, dt. 05-05-2020

Seeks to extend the validity of e-way bills till 31.05.2020 for those e-way bills

which expire during the period from 20.03.2020 to 15.04.2020 and generated

till 24.03.2020.

39/2020-Central Tax, dt. 05-05-2020

Seeks to make amendments to special procedure for corporate debtors

undergoing the corporate insolvency resolution process under the Insolvency

and Bankruptcy Code, 2016.

38/2020-Central Tax, dt. 05-05-2020 Seeks to make fifth amendment (2020) to CGST Rules.

37/2020-Central Tax, dt. 28-04-2020 Seeks to give effect to the provisions of rule 87 (13) and FORM GST PMT-09

of the CGST Rules, 2017.

36/2020-Central Tax, dt. 03-04-2020 Seeks to extend due date for furnishing FORM GSTR-3B for supply made in

the month of May, 2020.

35/2020-Central Tax, dt. 03-04-2020

Seeks to extend due date of compliance which falls during the period from

"20.03.2020 to 29.06.2020" till 30.06.2020 and to extend validity of e-way

bills.

34/2020-Central Tax, dt. 03-04-2020

Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter

ending March, 2020 till 07.07.2020 and filing FORM GSTR-4 for FY 2020-21

till 15.07.2020.

33/2020-Central Tax, dt. 03-04-2020

Seeks to provide relief by conditional waiver of late fee for delay in

furnishing outward statement in FORM GSTR-1 for tax periods of

February, 2020 to April, 2020.

32/2020-Central Tax, dt. 03-04-2020

Seeks to provide relief by conditional waiver of late fee for delay in

furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to

April, 2020.

31/2020-Central Tax, dt. 03-04-2020 Seeks to provide relief by conditional lowering of interest rate for tax periods

of February, 2020 to April, 2020.

30/2020-Central Tax, dt. 03-04-2020

Seeks to amend CGST Rules (Fourth Amendment) in order to allow opting

Composition Scheme for FY 2020-21 till 30.06.2020 and to allow cumulative

application of condition in rule 36(4).

29/2020-Central Tax, dt. 23-03-2020

Seeks to prescribe return in FORM GSTR-3B of CGST Rules, 2017 along

with due dates of furnishing the said form for April, 2020 to September,

2020.



28/2020-Central Tax, dt. 23-03-2020

Seeks to prescribe the due date for furnishing FORM GSTR-1 by such class

of registered persons having aggregate turnover of more than 1.5 crore

rupees in the preceding financial year or the current financial year, for each

of the months from April,2020 to September, 2020.

27/2020-Central Tax, dt. 23-03-2020

Seeks to prescribe the due date for furnishing FORM GSTR-1 for the

quarters April, 2020 to June, 2020 and July, 2020 to September, 2020 for

registered persons having aggregate turnover of up to 1.5 crore rupees in the

preceding financial year or the current financial year.

26/2020-Central Tax, dt. 23-03-2020

Seeks to extend due date for furnishing FORM GSTR-3B of the said rules

for the months of July,2019 to September, 2019 for registered persons whose

principal place of business is in the erstwhile State of Jammu and Kashmir,

shall be furnished electronically through the common portal, on or before

the 24th March, 2020.

25/2020-Central Tax, dt. 23-03-2020

Seeks to extend due date for furnishing FORM GSTR-3B for the months of

October, 2019 , November, 2019 to February, 2020 for registered persons

whose principal place of business is in the erstwhile State of Jammu and

Kashmir on or before the 24th March, 2020.

24/2020-Central Tax, dt. 23-03-2020

Seeks to extend due date for furnishing FORM GSTR-1 for registered

persons whose principal place of business is in the erstwhile State of Jammu

and Kashmir, for the quarter July-September, 2019 till 24th March, 2020.

23/2020-Central Tax, dt. 23-03-2020



and Kashmir, by such class of registered persons having aggregate turnover

of more than 1.5 crore rupees in the preceding financial year or current

financial year, for each of the months from July, 2019 to September, 2019 till

24th March, 2020.

22/2020-Central Tax, dt. 23-03-2020



and Kashmir, and having aggregate turnover of more than 1.5 crore rupees

in the preceding financial year or current financial year, for the month of

October, 2019 and November, 2019 to February till 24th March, 2020.

21/2020-Central Tax, dt. 23-03-2020



and Kashmir or the Union territory of Jammu and Kashmir or the Union

territory of Ladakh for the quarter October-December, 2019 till 24th March,

2020.



20/2020-Central Tax, dt. 23-03-2020

Seeks to extend due date for furnishing FORM GSTR-7 for those taxpayers

whose principal place of business is in the erstwhile State of Jammu and

Kashmir for the July, 2019 to October, 2019 and November, 2019 to

February, 2020.

19/2020-Central Tax, dt. 23-03-2020 Seeks to specify class of persons, other than individuals who shall undergo

authentication, of Aadhaar number in order to be eligible for registration.

18/2020-Central Tax, dt. 23-03-2020 Seeks to notify the date from which an individual shall undergo

authentication, of Aadhaar number in order to be eligible for registration.

17/2020-Central Tax, dt. 23-03-2020 Seeks to specify the class of persons who shall be exempted from aadhaar

authentication.

16/2020-Central Tax, dt. 23-03-2020 Seeks to make third amendment (2020) to CGST Rules.

15/2020-Central Tax, dt. 23-03-2020

Seeks to extend the time limit for furnishing of the annual return specified

under section 44 of CGST Act, 2017 for the financial year 2018-2019 till

30.06.2020.

14/2020-Central Tax, dt. 23-03-2020

Seeks to exempt certain class of registered persons capturing dynamic QR

code and the date for implementation of QR Code to be extended to

01.10.2020

13/2020-Central Tax, dt. 23-03-2020 Seeks to exempt certain class of registered persons from issuing e-invoices

and the date for implementation of e-invoicing extended to 01.10.2020

12/2020-Central Tax, dt. 23-03-2020

Seeks to waive off the requirement for furnishing FORM GSTR-1 for 2019-

20 for taxpayers who could not opt for availing the option of special

composition scheme under notification No. 2/2019-Central Tax (Rate)

11/2020-Central Tax, dt. 23-03-2020

Seeks to provide special procedure for corporate debtors undergoing the

corporate insolvency resolution process under the Insolvency and

Bankruptcy Code, 2016

10/2020-Central Tax, dt. 23-03-2020 Seeks to provide special procedure for taxpayers in Dadra and Nagar Haveli

and Daman and Diu consequent to merger of the two UTs

09/2020-Central Tax, dt. 16-03-2020 Seeks to exempt foreign airlines from furnishing reconciliation Statement in

FORM GSTR-9C

08/2020-Central Tax, dt. 02-03-2020 Seeks to "Amend the CGST Rules, 2017 to prescribe the value of Lottery"

07/2020-Central Tax, dt. 03-02-2020

Notification issued to prescribe due dates for filing of return in FORM

GSTR-3B in a staggered manner.



06/2020-Central Tax, dt. 03-02-2020

Seeks to extend the last date for furnishing of annual return/reconciliation

statement in FORM GSTR-9/FORM GSTR-9C for the period from

01.07.2017 to 31.03.2018.

05/2020-Central Tax, dt. 13-01-2020 Seeks to appoint Revisional Authority under CGST Act, 2017.

04/2020-Central Tax, dt. 10-01-2020 Seeks to extend the one-time amnesty scheme to file all FORM GSTR-1 from

July 2017 to November, 2019 till 17th January, 2020.

03/2020-Central Tax, dt. 01-01-2020 Seeks to amend the notification No. 62/2019-CT dt. 26.11.2019 to amend the

transition plan for the UTs of J&K and Ladakh

02/2020-Central Tax, dt. 01-01-2020 Seeks to make amendment (2020) to CGST Rules.

01/2020-Central Tax, dt. 01-01-2020 Seeks to bring into force certain provisions of the Finance (No. 2) Act, 2019

to amend the CGST Act, 2017.

Wisdom

"Karma Governance is the Karma Gyan, Karma Niti, Karma Shastra, Karma Justice, Karma Trust, Karma Equity, Karma Truth, Karma Responsibility, Karma Accountability, Karma Transparency, Karma Disclosures, Karma Ethics, Karma Independence, Karma Performance & Karma Democracy as the Dharma Yagna of Public & Professional Philosophical Ideology being the Karma Niyati of Philosophy of Life." Quoted

"Social Equality & Social Respect" "Green India, Great India" "Stay at Home & Stay Healthy”"Green Environment & Green Earth”****************************************************************************CA Rakesh Choudhary B.Sc F.C.M.A F.C.A(A Subhas Adhya Memorial Award Winner from The Institute of Cost Accountants of India)Chartered Accountant in Practice E.Mail: [email protected], [email protected]

CIRC Newsletter

In the dynamic world of

S t a r t u p s , C h a r t e r e d

Accountants (CAs) have a

very critical role to play. As

professionals, CAs have the

power to execute an idea into

reality.

The successful execution of an idea not only requires

due compliance of various complex laws and

regulations, but also requires managing the finances

in order to keep the business in good health.Most

people think that 'managing finances' is limited to

saving money and avoiding expenses. However, it

encompasses all the decisions that aim to utilize

available funds in the best possible and profitable

As per Apple Co-founder Steve Jobs, “To me ideas are

worth nothing unless executed. They are just a

multiplier. Execution is worth millions”.

Right from the ideation to validation, it is good

consultation and recommendation that determines

the survival as well as growth of a startup.Having

invested so much time and money in a startup, it is

crucial to ensure thatall the legal and regulatory

compliances are duly adhered to, for your startup to

survive.

way, keeping in mind the Return on Investment

(ROI) of every penny spent. Efficient management of

finances is of great significance in order for your

start up to thrive and not just survive.

A Chartered Accountant is a highly capable

professional expertwell-equipped with all the

toolsto enable smooth sailing of a startup through all

these challenges.


C- START UP CA. Priyanka [email protected]

Idea Execution Business

CIRC Newsletter

Let us see, how CAs can add value to your

organization and reflect an ability to take you to

another level all together:

1.Cleaning all the mess of previous year- Ensuring

proper f inancial statements for various

stakeholders.– Help in keeping your house clean for

outsider inspection!

For instance, many failures have been noticed in

small businesses or startups due to lack of Proper

Accounting practices. Please know that companies

live and die by numbers. They are defined by

numbers, grow with numbers and even bleed with

numbers. Numbers define the health of your

business at any given time and over time. To be

successful, a startup must have a system to record,

classify, report, and analyze its numbers. No expert

other than a chartered accountant can establish

such a robust system of accounting.

2.Very clear understanding of cost benefit analysis -

They are real time DD ready. – so that you can grab

the right opportunity on time!

For instance, in the startup world, the entrepreneurs

are too optimistic about how easy it will be to

acquire customers. They assume that because they

will build an interesting web site, product, or

service, the customers will beat a path to their door.

That may happen with the first few customers, but

after that, it rapidly becomes an expensive task to

attract and win customers, and in many cases the

cost of acquiring the customer (CAC) is actually

higher than the lifetime value of that customer

(LTV). As such, an expert like CA can help in cost

benefit analysis of all business decisions.

3.PresentingMIS periodically – Maintaining and

managing crucial business data for assisting in

complex decision-making by the management.–

Someone to show you mirror!

For instance, the advantages of periodical MIS and

data analytics to enterprises of all sizes are well

documented. It has already had a profound impact

on organizations' ability to better evidence their

decision making, pinpoint areas to cut costs, and

drive profits. It can help uncover hidden

opportunities, identify trends and patterns,

problem areas and successes, that might not be

ascertainable otherwise.

4.Active Compliance of Law of land: Ensuring

compliance of various laws like Labor laws,

Company Law, Direct and Indirect Tax compliances.

So that you can sleep peacefully at night!


C- START UP

CIRC Newsletter

For instance, BlueGape was one of the funded

startups which closed down due to Copyright issues

and other legal challenges. A startup generally

evolves from a simple idea and enters a world of

legal complexities, that if not complied with, can

ultimately shut it down. In an everchanging legal

environment, a CA is well equipped to keep a tab on

latest amendments and ensure active compliance of

all laws & regulations.

5.Creation of Dashboard for every department -

Helps in understanding which areas of your

business are performing poorly – so that there is no

shadowboxing in any department!

For instance, dashboards for every departments

help in timely identification of problem areas and

pinpointing areas to cut cost. Such identification can

be critical for any business, especially at an early

stage.

6.Active involvement in business strategy and

decision-making - Well equipped to understand

ripple impact of the decisions taken. – So that you are

ready for sharp turn ahead the curve!

For instance, most startups have specific goals in

mind that they want to achieve with every decision.

However, with the fast-changing online landscape,

these plans might need to be re-visited, and having a

team that cannot adapt to these changes will lead to

failure. So, experts like CAs are well suited to be part

of such core decision-making team.

7.Budget and forecasting – Assessing possible

outcomes for the business and facilitating correct

planning and scheduling.– So that you know Dilli

Door Hai!

For instance, revenue forecasting is one of the most

critical elements of a business plan. Accurate

forecasting can help you validate the business case

for your new product or service and help you build

trust among future investors and partners. Poor

forecasting, on the other hand, can sabotage your

business before it even gets off the ground. And yet,

many startups don't give their forecast the attention

it deserves. They end up getting the numbers wrong

…by a long shot. Revenue forecasts are one of the

most overlooked areas of the , yet an

accurate and realistic forecast is vital to the health

and longevity of a business.

The statistics show that most of startups that failed

either had no CAs as CFO or it was too late to realize

the need of one!

Accordingly, a CA is a vital resource to a startup and

it is imperative to hire CA at a very early stage, rather

than waiting for a few crores to get burnt in order to

realize the need to hire Cas.

At the same time, I want to urge all CAs to work

passionately, use startups as an opportunity to

unlock all your potential,implement all you have

learnt and CONVERT DREAM into REALITY.

business plan


C- START UP

https://www.score.org/resource/business-plan-template-startup-business

CIRC Newsletter

External Commercial Borrowings (ECBs) in India CA. Satish [email protected]


1. Introduction on the ECBs

(i) ECBs are permitted as

' c o m m e rc i a l ' l o a n s fo r

'commercial' purposes as to

be received by the eligible

Indian borrowers from the

recognized non-resident

lenders in accordance to

updated guidelines as issued by the RBI from time-

to-time.

(ii) ECBs are permitted in 'any' convertible foreign

currency and also in Indian Rupee(both)

(iii) ECBs are permitted in the followings modes

as :-

(a) Bank loans

(b) Floating or fixed rates Notes Bonds Non-

Convertible Debentures (NCDs).

(c) Trade Credits (TCs) for the minimum period of 3

years

(d) Foreign Currency Convertible bonds (FCCBs)

(e) Foreign Currency Exchangeable bonds (FCEBs)

(f) Long Term Financial Lease

(iv) ECBs are permitted under the automatic and

approval route (both)

(v) ECBs are also permitted from the foreign equity

holder in Indian company where

(a) 'Directly' holding minimum 25% equity capital in

Indian borrowing company

(b) 'Indirectly' holding minimum 51% equity capital

in Indian borrowing company

(vi) ECBs are 'not' permitted in real estate

activities like :

(a) Buying, selling & renting of commercial and

residential properties

(b)Working as agent for buying, selling & renting

(vii) However ECBs are permitted in construction

/development of industrial parks, townships and

SEZ

(viii) Limit and Leverage for the ECBs under

Automatic route (a) Maximum ECBs are

permitted up to USD 750 million 'per' financial

years 'per' eligible borrowers under 'automatic'

route.

(b) Maximum ECBs liability - equity share ratio is

permitted up to 7:1 under 'automatic' route. Ratio is

'not' required where existing plus proposed (both)

ECBs are 'not' exceeding USD 5 million (c) However exceeding beyond these maximum

limits under the Para (a) and (b) are permitted

under 'approval' route

2. Eligible Borrowers:

(i) Definition of the eligible Indian borrowers is to

include 'all' type of entities where FDIs are

permitted in India under the automatic and

approval route (both) for borrowing the ECBs in

foreig n cu rren cy den omin a ted a n d I NR

denominated (both).

(ii) And also to includes the followings entities

CIRC Newsletter

External Commercial Borrowings (ECBs) in India


'additionally' for foreign currency denominated and

INR denominated (both).

(a) Port Trusts

(b) Units in SEZ

(c) SIDBI

(d) EXIM Bank

(e) 'Registered' entities those are engaged in micro-

finance activities like

(ea) Registered as not for profit companies

(eb) Registered as societies, trusts, cooperatives and

non-government organizations (NGOs).

3. Recognized Lenders

(i) Recognized Lenders should be the residents of

Financial Action Task Force (FATF) complaint

member's countries/territories or resident of

International Organizat ion of Securit ies

Commissions (IOSCO) compliant member's

countries/territories only.

(ii) Multilateral and Regional Financial Institutions

where India is member country

(iii) Individuals where they are foreign equity

holders in Indian borrowing company

(iv) Foreign branch/subsidiary 'Outside' India of an

Indian bank

4. Minimum Average Maturity Period (MAMP)

(i) MAMP is 'specifically' permitted for minimum

period of 1 year where ECBs are to be received by the

manufacturing companies up to USD 50 million 'per'

financial year only.

(ii) (a) MAMP is 'generally' permitted for minimum

period of 3 years where ECBs are to be received for

'non' specific purpose by Indian borrowing

companies.

(b) Hence MAMP is permitted for minimum period

of 1, 5, 7 or 10 years for 'specific' purpose by Indian

borrowing companies as mentioned under the Para

4(i), (iii) to (v)

(iii) MAMP is 'specifically' permitted for minimum

period of 5 years where ECBs are to be received from

foreign equity holder of Indian borrowing company

and also are to be utilized for 'specific' purposes like

: (a) Working capital

(b) General Corporate

(c) Repayment of rupee loans

(iv) MAMP is 'specifically' permitted for minimum


repayment of INR loan as availed for capital

expenditures.

(v) MAMP is 'specifically' permitted for minimum


(a) Working capital

(b) General corporate purposes

(c) Repayment of INR loan for 'non' capital

expenditures purpose

(vi) ECBs are 'not' permitted from foreign branches

CIRC Newsletter



or subsidiaries of the Indian banks where MAMP is

5, 7 or 10 years.

5. Maximum All-in-cost / 'other' cost , Hedging

Provisions and Legal Compliances

(i) Maximum All-in-cost / 'other' cost for the ECBs

(a) Maximum All-in-cost is permitted @ LIBOR

(Bench mark rate) Plus 450 bps (4.5%) per annum

(b)Maximum prepayment charge or penal interest

for default or breach of contract is permitted @2%

per annum over and above maximum all-in-cost as

abovementioned

(ii) Hedging Provisions for the Borrowers

(a) Minimum mandatory hedging is required @70%

of principal plus interest (both) of the ECBs where

MAMP is less than 5 years.

(b) Minimum hedging tenor is required for 1 year

thereafter to be rollover till expiry of the ECBs.

(iii) Legal Compliances for the Borrowers

(a) Borrowers are required to compliance the RBI's

guidelines as applicable for the ECBs in India

otherwise liable for the penalties.

(b) Borrowers are required to submit an 'one time'

report regarding signing of loan agreement with the

lender for obtaining Loan Registration Number

(LRN) within 7 days of signing it to the RBI in form

'ECB'.

(c) Borrowers are required to submit 'monthly'

return regarding actual ECBs transactions in form

'ECB-2' to the AD Category- I bank within 7 days

from closed of the month.

6. Not Permitted (Negative End-uses) ECBs for

the Investments in :-

(a) Real estate activities

(b) Capital market

(c) Equity shares of the 'other' companies

(d) Working capital purpose 'except' from the

(da) Foreign equity holders of the Indian borrowing

company

(db) or where MAMP is 10 years

(e) General corporate purposes 'except' from the

(ea) Foreign equity holders of the Indian borrowing

company

(eb) or where MAMP is 10 years

(f) Repayment of Rupee loans 'except' from the

(fa) Foreign equity holders of the Indian borrowing

company

(fb) or where MAMP is 7 years and loan was availed

for capital expenditures

(fc) or where MAMP is 10 years and loan was availed

for 'non' capital expenditures

(g) On-lending activities 'except' where ECBs are to

be received by the NBFCs

7. Delegated Powers by the RBI to AD Category-I

Bank for the ECBs

(i) Change in the AD Category-I Bank

CIRC Newsletter



Ÿ Now AD Category-I bank is permitted to change the

existing AD Category-I Bank after obtaining a NOC

from the existing AD Category-I bank

(ii) Cancellation of the LRN

Ÿ Ad Category-I Bank is permitted to approach to the

DSIM-RBI for cancellation of the LRN where ECBs

are fully paid and also 'all' monthly ECB-2 returns

have already been submitted to the DSIM-RBI.

(iii) Refinancing of the Existing ECBs

(a) AD Category-I bank is permitted to allow for

refinancing against the existing ECBs where new

ECBs is having 'all-in-cost' lower than the existing

ECBs and also existing borrower of ECBs is still

eligible borrower at the time of fresh ECBs

(b) AD Category-I bank is 'generally' permitted to

allow for refinancing of the ECBs to the 'AAA rated

corporates' and for Maharatna or Navratna public

sector undertakings (PSUs) only

(iv) Conversion of the ECBs into Equity Shares

(a) Ad Category-I bank is permitted to allow to

convert the ECBs into equity shares where activity of

borrowing entity is covered under the 'automatic'

route for the FDIs or permitted under 'Govt.

approval' route for the FDIs and also Govt approval

has already been obtained for such conversion of the

ECBs.

(b) Conversion is permitted with the lender's

consent and without any 'additional' cost and also

conversion should not be contravented the 'sector

cap' for the FDIs if any applicable.

(c) 'Pricing' guidelines for the valuation of the equity

shares are to be obeyed in conversion from ECBs to

the equity shares.

(d) Borrower of the ECBs is required to inform to the

RBI for partial or full conversion into equity shares

in form FC-GPR for the FDIs and also in form ECB-2

for the ECBs.

(e) Applicable prudential guidelines for the ECBs are

to be compliance by the borrower.

(f) Borrower is required to inform to 'other' lenders

also if any conversion from the ECBs to equity

shares.

(g) Prevailing 'exchange' rate of the foreign currency

and 'fair' value of equity shares are to be worked out

as on date of conversion from ECBs to the equity

shares.

(v) Security for Raising of the ECBs

Ÿ AD Category-I bank is permitted to allow creation

or cancellation of charge on the immovable assets,

movable assets, financial securities and issue of

corporate and/or personal guarantee in favor of

overseas lender or security trustee to secure the

ECBs after satisfaction of the following conditions :-

(a) Underlying ECBs should be in accordance to the

ECBs guidelines.

(b) NOC is 'already' obtained from the existing

lender where refinancing of the ECBs is desired.

(c) Loan agreement should have security clause to

create or cancel charge in favor of lender on the

assets.

CIRC Newsletter



8. Late Submission Fee (LSF) for delay in the

Reporting

Ÿ All ECBs borrowers are permitted to get regularize

the followings delays by payment of the LSF.

(a) Delay in reporting against drawdown of ECBs

proceeds before obtaining Loan Registration

Number (LRN)

(b) Delay in filing of the Form ECB-2 as monthly

returns

(c) Penalty for delay in filing of the Form ECB-

2/Form ECB is Rs. 50,000 and Rs. 1,00,000 'per' year

where delay in filing is 'not' exceeding 3 years and

exceeding 3 years respectively

(d) 'Non' payment of LSF is treated as FEMA

contravention and required compounding

(e) Delay in filing of ECB and ECB-2 will 'separately'

treated reporting contraventions and liable for LSF

'or' compounding

9. Guidelines for Lending and Borrowing Banks

Ÿ Lending and borrowing by Indian banks through

their branches/subsidiaries 'outside' India are

required to obey the prudential guidelines as issued

by the Department of Banking Regulation of the

Reserve Bank of India.

10. Special Eligible Borrower for the ECBs

(i) For Resolution Applicants under Corporate

Insolvency Resolution Process (CIRP)

(a) Now Resolution Applicants under CIRP are also

permitted as 'eligible' borrowers to receive the ECBs

from the 'recognized' lenders for resolution under

CIRP for repayment of the domestic rupees loans,

other liabilities or creditors etc.

(b) These ECBs are permitted under 'approval' route

only

(c) These borrowers are 'not' permitted to receive

ECBs from the branches or subsidiaries of Indian

bank as located 'Outside' India

(ii) For Startups

(a) An entity recognized as startup by the central

Govt. is permitted to receive the ECBs.

(b) MAMP is required for a minimum period of 3

years

(c) Foreign branches/ subsidies 'outside' India of

Indian banks are not permitted to give ECBs to the

Startups

(d) ECBs are permitted up to USD 3 million per

financial year

(e) ECBs are permitted 'without' any restriction on

all-in-cost

(f) ECBs are permitted 'without' any restriction on

End-uses

(g) ECBs are permitted 'without' any restriction on

Securities as to be provided

(h) ECBs are permitted 'without' any restriction on

Conversion into equity shares

(iii) For Borrowers under Investigations/

Adjudication/Appeal under FEMA, 1999

CIRC Newsletter



(a) ECBs are permitted 'without' any restriction on

borrowings

(b) However borrower is required to inform AD

Category –I bank/RBI

(iv) For Oil Marketing Companies (OMCs)

(a) MAMP is required for a minimum period of 3

years

(b) ECBs are permitted for working capital purposes

(c) ECBs are permitted under automatic route

(d) ECBs are permitted 'without' hedging's

11. Conclusion on the ECBs

(i) ECBs are permitted as 'commercial' loans for

'commercial' purposes as to be received by the

'eligible' Indian borrowers from the 'recognized'

non-resident lenders.

(ii) ECBs are permitted in 'any' convertible foreign

currency and also in Indian Rupee(both)

(iii) ECBs are permitted under the automatic and

approval route (both)

(iv) Maximum All-in-cost is permitted @ LIBOR

(Bench mark rate) Plus 450 bps (4.5%) per annum

(v) Minimum mandatory hedging is required @70%

of principal plus interest (both) of the ECBs where

MAMP is less than 5 years.

(vi) Borrowers are required to compliance the RBI's

guidelines as applicable for the ECBs in India

otherwise liable for the penal provisions

(vii) An entity recognized as startup by the central

Govt. is permitted to raise the ECBs.

Ÿ Disclaimers:

(I) Despite our best efforts taken to avoid any error

or omission, there may still be chances for such

errors and omissions to be crept in inadvertently.

Author shall not be responsible for any damage or

loss in whatever manner, consequent to any action

taken on the basis of contents of this article, caused

to any person, whether a reader or not.

(II) The text of this email may contain information,

which is proprietary and/or confidential or

privileged in nature belonging to Satish Agarwal The

recipient if not the addressee should not use this

message if erroneously received and access to this

email by anyone other than the addressee is

unauthorized. The recipient if not the intended

addressee should delete the message. The recipient

acknowledges that Satish Agarwal may be unable to

exercise control or ensure or guarantee the integrity

of the text of the email message and the text is not

warranted for completeness and accuracy and is

subject to change without notice. The recipient

further acknowledges that the views contained in

the email message are those of the sender and may

not necessarily reflect those of Satish Agarwal

CIRC Newsletter

Brief Introduction

A Nidhi Company, Nidhi is a

Hindi word, but its meaning

in English is “Treasure”, it is a

c o m p a n y w h o s e c o r e

business is borrowing and

lending money between

their members. The basic

concept of Nidhi Company is "Principle of

Mutuality". These companies are recognized under

section 406 of the .

They are also known as Permanent Fund, Benefit

Funds, Mutual Benefit Funds and Mutual Benefit

Company, because their dealing is restricted only to

the members and Membership is limited to the

individuals.Nidhi means a company which has been

incorporated with the object of developing the habit

of thrift and reserve funds amongst its members and

also receiving deposits and lending to its members

only for their mutual benefit.

These companies are governed by Nidhi Rules, 2014.

They are incorporated in the nature of Public

Limited Company and hence, they have to comply

with two set of norms, one of Public limited company

as per Companies Act, 2013 and another is for Nidhi

rules, 2014.No separate registrations to be done

under RBI for a Nidhi company, though RBI has the

power to issue directives to them.

Basic Requirements

1.A Nidhi Company can be started with an minimum

initial capital of Rs.5 lakh

2.It requires at least seven people to start with

Companies Act, 2013

(minimum 7 members) out of which 3 members

would be directors.

3.Such companies must apply “Nidhi Limited” after

its name.

4.Every nidhi company must ensure within a period

of one year from the commencement that it has not

less than 200 members.

5.Nidhi company must have a minimum of Rs. 10

lakh of net-owned funds.The net owned fund ratio of

Nidhi Company cannot be more than 1:20. That

means you invest 1 rupee and you will get a deposit

of 20 rupees.

6.Companies registered under Nidhi company will

be a public company.

Benefits of Nidhi Company

1.The Nidhi Companies are formed, managed and

provides benefits only to their members.

2.The outsider will not be allowed to intervene in

Nidhi on any ways. Be it working of the Nidhi

companies or depositing money with them or even

avail credit from Nidhi.

3.Nidhi Company works with the objective of

increasing savings of its members.

4.The loans given to the members at a lower rate

compared to the market rate hence it attracts the

members to do more savings.

5.A Nidhi Company is free to make a private

placement to any number of persons and it shall not


NIDHI COMPANY CA. Pooja [email protected]

https://en.wikipedia.org/wiki/Companies_Act,_2013

CIRC Newsletter

be deemed to be an offer to the public.

Restrictions on Nidhi Company

1.A Nidhi Company shall not open its current

account with its members.

2. Restriction on issue of Preference Debentures or

Shares.

3.To undertake the business of hire purchase, chit

fund, leasing finance, acquisition of securities or

insurance.

4.Restricted to accept, lend or deposit money to any

individual other than its members.

5.Promising any of the assets submitted by the

company members as security.

6.To enter into any kind of agreement or pay

brokerage to implore any kind of deposits.

7.A minor shall not be admitted as a member of

Nidhi


NIDHI COMPANY

CIRC Newsletter

IMPORTANT ANNOUNCEMENT’S


www.circ-icai.orgCIRC Newsletter 38

Committee for Members in Practice (CMP)The Institute of Chartered Accountants of India

Invitation for Expression of interest (EOI) from the Product/Service provider Companies for providing the Products/Services beneficial to the Practitioners & CA Firms of ICAI by 31st August, 2020

The Committee for Members in Practice (CMP) of the Institute of Chartered Accountants of India (ICAI) is meant to build the Capacity of our Members in Practice so as to provide the Chartered Accountants, so as to provide for them, a base of reference in terms of knowledge, expertise, skills and assistance in their professional growth, simultaneously pursuing the goal of providing newer opportunities to the practitioners & CA Firms. The Committee as an initiation to provide the various Products/Services beneficial for the Members in Practice.

The CMP invites Expression of Interest from the various Product/Service Provider Companies who are interested to provide the provide Free of cost/discounted/subsidized/Special priced Products/Services during the period of MOU to all the Members of ICAI all over India with three years’ duration relevant to the Practitioners & CA Firms of ICAI by August 31, 2020.

The intending PRODUCT/SERVICE PROVIDER COMPANY are required to send a formal request letter with the following details to Dr. Sambit Kumar Mishra, Secretary, Committee for Members in Practice (CMP), The Institute of Chartered Accountants of India, ICAI Bhawan, A-29, First Floor, Administrative Block, Sector-62, Noida (U.P.), P.C.- 201409, Telephone: 0120-3045994, Mobile: 09312085025. Sending proposals by email at [email protected] is preferred:

1. Brief profile of the Company2. Specific experience and expertise in the Product/Service relevant to the Practitioners & CA Firms of ICAI they

offer. 3. Proposed coverage of the Product/Service relevant for Practitioners & CA Firms of ICAI 4. Details about the Product/Service relevant for Practitioners & CA Firms of ICAI 5. Modalities for the arrangement about the Product/Service relevant for Practitioners & CA Firms of ICAI

It may be noted that mere submission of the Expression of Interest shall not entitle the applicant PRODUCT/SERVICE PROVIDER COMPANY to enter into an arrangement with CMP, ICAI for its Product/Service. CMP, ICAI reserves the right to invite similar proposal from any other PRODUCT/SERVICE PROVIDER COMPANY though they may not have offered their expression of interest in this regard. CMP change/alter/modify in terms & conditions of the aforesaid EOI at any point of time. No communications will be entertained from the applicant Vendor Companies in this regard. Only selected vendors will be individually communicated. CMP, ICAI reserves the right to reject the Expression of Interest received from the applicant Vendor Companies without assigning any reason therefore. CMP, ICAI also reserves the right to cancel the aforesaid announcement of EOI without assigning any reason thereof.

ChairmanCommittee for Members in Practice(CMP), ICAI

Vice-ChairmanCommittee for Members in Practice(CMP), ICAI

Invitation for Expression of interest (EOI)

CIRC Newsletter

Objective

The objective for which the fund is established is to provide financial assistance for maintenance, education or any other similar purpose to necessitous persons being:-

(a) persons who are or have been members of the Institute, whether subscribers to the fund or not; or(b) wives and children of persons who are or have been members of the Institute, whether subscribers to the fund or not.(c) widows and children of deceased persons who have been members of the Institute whether subscribers to the fund or not.(d) relatives or others who were dependent for support on a person who has been a member of the Institute, whether subscriber to the fund or not; and who has died without leaving a widow or child.Procedure for becoming a member of the CABF :There are two categories of members :-

(a) Life Member: A single payment of Rs. 10000/- shall make a person eligible to be admitted as a life member of the fund w.e.f. 1st January, 2020. Thereafter he shall not be liable to pay any amount on account of subscription and shall be styled as a 'Life Member'.

(b) Ordinary members: All other members shall be described as 'Ordinary Members' and shall have to pay an annual subscription of Rs. 1000/-. Apart from this any member can subscribe for 'Voluntary Contribution'.

Procedure for making payment

Membership subscription to the Chartered Accountants Benevolent Fund can be paid along with annual membership fee online.

Application format

The application for enrolment as a member of the fund shall be made in form 'A' .Extent of assistance available :

Monthly Assistance

Maximum monthly assistance available to a member or persons eligible to receive the assistance is from Rs.15000/- to Rs.25000/- per month according to the circumstances of the use renewable after one year. This is for maintenance of family of members/widow/relatives of deceased members.

Financial assistance will be given only to the

members/widows/relatives whose monthly family income is not more than Rs. 25000/- pm.

Ex-gratia financial assistance of Rs.150000/- is provided to the legal heir of deceased member in case of accidental death/ unnatural death at the age below 55 years against claim.

Procedure for availing assistance

Application for financial assistance should be made in prescribed format along with all relevant supporting documents mentioned therein. The application must be recommended by any Central Council Member or Chairman/Vice Chairman/Secretary of any Regional Council or Branch/

Ex-President/Chairman/Vice-Chairman and Member Secretary/Member of Managing Committee of CABF /Member of Managing Committee of Regional Council.

ŸCABF-SummaryŸChartered Accountants Benevolent Fund-OverviewŸApplication form for Life Membership of the FundŸApplication Form-Life Member of CABFŸApplication Form-Ordinary Member of CABFŸApplication Form-Voluntary Contribution of CABFŸApplication Form for Ex- Gratia Financial Assistance from CABFŸApplication Form for Financial Assistance from CABF for Medical TreatmentŸApplication Form for grant of Monthly Financial Assistance From CABF.

CA Benevolent Fund

ANNOUNCEMENTS


What are other

words for benevolent?

philanthropic, charitable,

kindly, beneficient, kind

generous, compassionate,

sympathetic & eleemosymary

CIRC Newsletter

ANNOUNCEMENTS


CIRC Newsletter

ANNOUNCEMENTS


The Finance Bill, 2021 has introduced a spate of proposals on business taxation and personal taxation as well as proposals relating to assessment and dispute resolution. The significant proposals on direct taxes are briefed hereunder -

BUSINESS TAXATION

Expansion of scope of deduction under section 80-IBA and extension of outer time limit for obtaining approval

Under section 80-IBA, 100% deduction of the profits and gains derived from business of developing and building affordable housing project is allowable, subject to fulfilment of certain conditions specified therein. One of the conditions is that the project should be approved by the competent authority after the 1.6.2016 but on or before 31.3.2021. Taking into consideration the interest of migrant labourers, this deduction proposed to be extended to rental housing project notified by the Central Government (CG), subject to such conditions as specified in the said notification. Moreover, the outer time limit for getting the approval is also proposed to be extended by one year i.e., upto 31.3.2022. The said time limit would be applicable for affordable rental housing project as well.

Safe harbour limit increased from 10% to 20% under section 43CA and 56(2)(x) for specified transfers to boost real estate sector

Section 43CA provides that where the value adopted or assessed or assessable by the authority for the purpose of payment of stamp duty does not exceed 110% of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration. Likewise, section 56(2)(x), provides that where the

assessee receives any immovable property for a consideration and the stamp duty value of such property exceeds 10% of the consideration or Rs.50,000, whichever is higher, the stamp duty value of such property as exceeds such consideration shall be charged to tax under the head “Income from other sources". In order to uplift the real-estate sector and to help the real-estate developers liquidate their unsold inventory at a lower rate to home buyers, the safe harbour threshold of 10% under section 43CA is proposed to be increased to 20%, if -

- the transfer of residential unit takes place during the period from 12.11.2020 to 30.06.2021

- the transfer is by way of first time allotment of the residential unit to any person

- the consideration received or accruing as a result of such transfer does not exceed Rs. 2 crore. Correspondingly, the safe harbour limit under section 56(2)(x) is also proposed to be increased from 10% to 20% in cases where transferor is subject to tax under section 43CA and conditions specified above are satisfied.

Increase in threshold limit for tax audit in case of businesses receiving and making payments digitally or through account payee cheque/bank draft

The threshold limit to get the books of accounts audited under section 44AB, for a person carrying on business is proposed to be increased from Rs. 5 crores to Rs. 10 crores rupees subject to the following existing conditions -

(I) aggregate of all receipts in cash during the previous year does not exceed 5% of such receipt; and

(ii) aggregate of all payments in cash during the previous year does not exceed 5% of such

SIGNIFICANT DIRECT TAX PROPOSALS IN THE FINANCE BILL, 2021

CIRC Newsletter

ANNOUNCEMENTS


payment.

LLP not eligible to opt for presumptive income provisions under section 44ADA

Section 44ADA proposed to be amended to clarify that the presumptive taxation for professionals would apply to an assessee, being an individual, HUF or partnership firm, not being an LLP, being a resident in India engaged in a profession referred to in 44AA(1) and whose total gross receipts do not exceed Rs. 50 lakhs in a previous year. Consequently, LLPs would not be eligible to opt for presumptive income provisions under section 44ADA.

Goodwill not eligible for depreciation

In order to provide certainty, section 32 proposed to be amended to clarify that goodwill of a business or profession would not be considered as a depreciable asset and no depreciation would be allowed on goodwill. However, in case depreciation is already being claimed by the assessee in relation to goodwill purchased by an assessee, the depreciation so claimed by the assesse shall be reduced from the amount of the purchase price of the goodwill and considered as cost of acquisition for the purpose of computation of capital gains under section 48.

Extension of date of incorporation for eligible start for deduction under section 80-IAC and for investment to avail capital gains exemption under section 54GB

The eligible start-up is required to be incorporated between 1.4.2016 and 31.3.2021 in order to be eligible for deduction under section 80-IAC.

or HUFs can claim exemption under section 54GB from capital gain arising from the transfer of a long-term capital asset, being a residential property (a house or a plot of land), if net consideration from transfer is utilised for subscription in the equity shares of an eligible start-up, before the due date of furnishing of return of income under section 139(1). This benefit is available only when the residential property is transferred on or before 31.3.2021. To

order to give a fillip to eligible start-ups, the outer time limit for incorporation is proposed to be extended from 31.3.2021 to 31.3.2022, for the purpose of deduction under section 80-IAC. Moreover, the outer date of transfer of residential property for availing capital gains exemption is also proposed to be extended from 31.3.2021 to 31.3.2022.

PERSONAL TAXATION

Advance tax liability on dividend income

So far, interest under section 234C is not attracted where the shortfall in the advance tax instalment or the failure to pay the same on time is on account of income by way of capital gains, winnings from lotteries, casual incomes etc. and the assessee has paid full tax in subsequent advance tax instalments.

This provision is to protect the taxpayers from payment of interest under section 234C in cases where accurate determination of advance tax liability is not possible due to the intrinsic nature of the income. Since dividend income also falls in the said category of income, the same is proposed to be included in the above list, so that the advance tax liability arises only in the installment(s) which fall subsequent to receipt of dividend. However, such dividend does not include deemed dividend under section 2(22)(e).

Extension of outer time limit for sanction of loan for availing deduction under section 80EEA

Deduction of up to Rs. 1,50,000 is allowed under section 80EEA to an individual, being a first time home buyer, in respect of interest on loan taken for a residential house property from any financial institution, subject to the condition inter alia that the loan has been sanctioned during the period 1.4.2019 and 31.03.2021. To further facilitate first time home buyers, the outer time limit for sanction of loan is proposed to be extended from 31.3.2021 to 31.3.2022.

Exemption from filing return of income-tax to specified senior citizens

New section 194P is proposed to be inserted to

CIRC Newsletter

ANNOUNCEMENTS


require specified banks to compute total income of specified senior citizens and deduct tax at source thereon, after giving effect to deductions under Chapter VI-A and rebate, if any, allowable u/s 87A. The provisions u/s 139 requiring filing return of income would not be applicable to such specified senior citizens. Specified senior citizens have been defined to mean an individual, resident in India,

(I) who is of the age of 75 or more during the previous year;

(ii) has pension income and no other income. However, in addition to such pension income he may also have interest income from the same bank (specified bank as notified by the Government) in which he is receiving his pension income;

(iii) has furnished a declaration to the specified bank. The declaration shall be containing such particulars, in such form and verified in such manner, as may be prescribed.

Taxability of proceeds of high premium Unit Linked Insurance Plan (ULIP)

A cap of ` 2.5 lakh has been fixed on the annual premium of ULIP in respect of policies taken on or after 01.02.2021. Accordingly, if the annual premium exceeds Rs.2.50 lakhs in respect of such policies, exemption u/s 10(10D) in respect of maturity proceeds would not be available. Further, such ULIPs would be treated as a capital asset and where any amount is received by the unit holder from ULIP, profits and gains therefrom would be chargeable to tax as capital gains u/s 112A. However, the amount received on death shall continue to remain exempt without any limit on the annual premium.

Taxabi l i ty of Interest on Employees contribution to provident funds exceeding specified threshold

Tax exemption for the interest income earned on the employees’ contribution to various provident funds proposed to be restricted to annual contribution by an employee to the extent of ` 2.5 lakh. This restriction shall be applicable only for the

contribution made on or after 01.04.2021.

P R O C E D U R A L A N D C O M P L I A N C E PROVISIONS

Higher rate of TDS/TCS on persons not filing return of income

New section 206AB is proposed to be inserted to deduct tax at higher rate of the following, on any sum or income or amount paid, or payable or credited, by a person to a specified person -

- twice the rate specified in the relevant provision of the Act; or

- twice the rate or rates in force; or

- the rate of 5%

However, this provision would not be applicable where the tax is required to be deducted under sections 192, 192A, 194B, 194BB, 194LBC or 194N of the Income-tax Act, 1961. Similarly, it is proposed to insert new section 206CCA to collect tax at source at higher of the following on any sum or amount received by a person from a specified person

- twice the rate specified in the relevant provision of the Act; or

- the rate of five percent

If the provision of section 206AA or section 206CC regarding non furnishing of PAN is also applicable to such specified person, the tax shall be deducted at higher of the two rates provided in section 206AA and section 206AB or section 206CC and section 206CCA.

Specified person means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted or collected, for which the time limit of filing return of income under section 139(1) has expired; and the aggregate of tax deducted at source and tax collected at source in his case is Rs. 50,000 or more in each of these

CIRC Newsletter

ANNOUNCEMENTS


two previous years. However, a non-resident who does not have a permanent establishment in India will not be a specified person.

TDS on purchase of goods exceeding a specified threshold

Tax is to be deducted under new section 194Q by a buyer responsible for paying to any resident for purchase of goods of the value or aggregate of such value in excess of Rs.50 lakhs in any previous year. The TDS provisions would be applicable only to a buyer whose turnover is more than Rs.10 crore during the financial year immediately preceding such financial year in which purchase is carried out. Tax is to be deducted at source @0.1% of such sum exceeding Rs.50 lakhs, at the time of crediting the amount or at the time of payment of such amount, whichever is earlier. In case of non-furnishing of PAN, tax @5% is required to be deducted at source. Time limit for filing belated return and to revise original return reduced The belated return u/s 139(4) and revised return u/s 139(5) can be filed on or before the end of the assessment year or before the completion of the assessment, whichever is earlier. In the faceless and jurisdiction-less assessment regime, the time taken to conduct and complete the assessment has greatly reduced. Therefore, it is proposed that the last date for filing of belated or revised returns of income, as the case may be, be reduced by three months.

Provision for Faceless Proceedings before the Income-tax Appellate Tribunal (ITAT) in a jurisdiction less manner

In order to provide transparent tax appellate mechanism, it is proposed to the make the Income Tax Appellate Tribunal faceless and jurisdiction-less. A National Faceless Income-tax Appellate Tribunal Centre is to be established and all the communication between the Tribunal and the appellant is to be made electronically. Wherever personal hearing is needed, it shall be done through video-conferencing.

Income escaping assessment and search assessments

In order to reduce compliance burden, the time-limit for re-opening of assessment is being reduced to 3 years from the current 6 years from the end of the

relevant assessment year. Re-opening up to 10 years is proposed to be allowed only if there is evidence of undisclosed income of ̀ 50 lakh or

more for a year. Further, it is proposed to completely remove discretion in re-opening and henceforth re-opening shall be made only in cases flagged by system on the basis of data analytics, objection of C&AG and in search/survey cases.

Further, in order to bring certainty in income tax proceedings at the earliest, it is also proposed to reduce the time limits for general assessment or processing of income tax return by three months and also for filing of returns.

OTHER PROVISIONS

Threshold limit of annual receipts of university or educational institution or hospital or institution for availing exemption enhanced

Section 10(23C)(iiiad) and (iiiae) provides exemption to university or educational institution or hospital or medical institution subject to the condition that the annual receipts of such university or educational institution or hospital or institution do not exceed the annual receipts of Rs. 1 crore. The threshold limit of annual receipts for the purpose of exemption under these sub-clauses of section 10(23C) is proposed to be increased from Rs. 1 crore to Rs. 5 crores. However , Rs.5 crores would be the aggregate limit for an assessee.

Constitution of Dispute Resolution Committee for small and medium taxpayers

In order to reduce litigation and to provide tax certainty to small and medium taxpayers, new section 245MA is proposed to be inserted providing for constitution of a Dispute Resolution Committee by the Central Government. A taxpayer having taxable income up to Rs.50 lakh and disputed income up to Rs.10 lakh shall be eligible to approach the Committee. For ensuring eff ic iency, transparency and accountability, the procedure of the Committee is proposed to be conducted in a faceless manner. Consequently, the Settlement Commission would be discontinued from 01.02.2021. However, the pending cases shall be decided by an Interim Board if opted by the applicant.

CIRC Newsletter

ANNOUNCEMENTS


1. Addressing mismatch in taxation of income from notified overseas retirement fund [Section 89A]

Proposed section 89A seeks to provide relief from double taxation due to mismatch of taxation on income from withdrawal of retirement benefit account maintained by a specified person in a notified country on account of the amount being taxable in the notified State on receipt basis while being taxable in India on accrual basis (hereinafter referred to as "Specified Account"). The details of the application of the provision are to be prescribed by the Central Government.

This amendment is proposed to take effect from 1st April, 2022 and will accordingly apply to assessment year 2022-23 and subsequent assessment years.

2. Rationalisation of the provision concerning withholding on payment made to Foreign Institutional Investors (FIIs) [Section 196D]

It is proposed to insert a proviso to 196D(1) to provide that in case of a payee to whom an agreement referred to in 90(1) or 90A(1) applies and such payee has furnished the tax residency certificate referred to in section 90(4) or section 90A(4) of the Act, then the tax shall be deducted at the rate of 20% or rate or rates of income-tax provided in such agreement for such income, whichever is lower.

This amendment is proposed to take effect from 1st April, 2021

3. Constitution of the Board for Advance Ruling

The Authority for Advance Rulings (AAR) is proposed to be substituted by the Board for Advance Ruling. The Board to consist of two members, each being officer not below the rank of Chief Commissioner of Income Tax, which will ensure continued functioning. This and other proposed changes are stated to impart greater

efficiency, transparency and accountability.

These amendments are proposed to take effect from 1st April, 2021.

4. Proposed Rationalization of provisions of Equalization Levy

Proviso is proposed to be inserted in Section 163 (Extent, commencement and application) to clarify that consideration received or receivable for specified services and for e-commerce supply or services shall not include consideration taxable as royalty or fees for technical services in India under the Income-tax Act read with the agreement notified by the Central Government under section 90 or section 90A of the Income-tax Act.

Ÿ Explanation in Section 164(cb) (Definitions) (Certain Activities to constitute e-commerce supply or service) is proposed to be inserted to define activities, such as acceptance of offer for sale, placing/acceptance of the purchase order, payment of consideration and supply of goods or provision of services , partly or wholly, taking place online to be considered as "online sale of goods" and "online provision of services".

Ÿ Section 165A (Charge of Equalization Levy)(Meaning of Consideration received or receivable inserted) is proposed to be amended by inserting sub-section (3) to provide that consideration received or receivable from ecommerce supply or services shall include:

(i) consideration for sale of goods irrespective of whether the e-commerce operator owns the goods;

(ii) consideration for provision of services irrespective of whether service is provided or facilitated by the e-commerce operator

These amendments are proposed to take effect retrospectively from 1st April, 2020.

5. Section 10(50) is proposed to be amended to

HIGHLIGHTS OF THE UNION BUDGET-2021 -22 Tax proposals- International Taxation

CIRC Newsletter

ANNOUNCEMENTS


give effect to the above mentioned amendments.

These amendments are proposed to take effect from Assessment year 2021-22 and subsequent assessment years.

6. Proposed insertion of definition of "Liable to tax" (Section 10(29A))

It has been proposed to define Liable to tax in relation to a person, means that there is a liability of tax on such person under any law for the time being

in force in any country, and shall include a case where subsequent to imposition of tax liability, an exemption has been provided.

These amendments are proposed to take effect from Assessment year 2021-22 and subsequent assessment years.

7. Proposed insertion of new section 206AB

TDS/TCS on non-filer at higher rates not applicable to non-resident who does not have permanent establishment in India.

CIRC Newsletter 45

The COVID-19 pandemic marks an unprecedented time in modern history that will require the best of humanity to overcome. Little would have we realised the unfolding of epidemic like this, which situation is yet unfolding, and have brought the economic momentum to a much lower trajectory. Situation like this would need support to collaborate with the government initiatives to scale up governmental efforts to help those in distress. At this moment, the affected people in India will need help to tide over the viral disease, and in this scenario, ICAI has decided to stand with our distressed fellow countrymen, and actively participate in the national effort to support them at this difficult time. Due to the ongoing lockdown, much needed on the ground of social distancing and therefore ‘stay home’ advisory from the government; some of our fellow countrymen will need extensive support from the government. Further, we need to contribute to the government initiatives to bolster necessary infrastructure and human ware to fight this epidemic.

To provide much-needed relief for the people affected by the viral disease and those who are in distress; ICAI appeals to all its Members and Students to donate generously for this noble cause through the link (click here)

.

Donations can be made through Demand Draft, Cheque, RTGS and online mode; offline collections in form of cheques/demand draft should be given in the name of “ICAI COVID 19 Relief Fund”. All such offline contributions can be made in the ICAI Bank Account having the following details:

Bank: HDFC BankAccount No.: 50100098409265IFSC No: HDFC0000590

The collected amount will be given to PRIME MINISTER’S NATIONAL RELIEF FUND/PM CARES FUND. All contributions towards this Fund are eligible for deduction from Income Tax under Section 80G. Further, the date for claiming deduction u/s 80G under IT Act has been extended by the government and now the donation made up to 30.06.2020 shall also be eligible for deduction from income of FY 2019-20. The donors are requested to give their name, membership number /Student /Firm registration number, address, amount and date of contribution, PAN details (if any) so that receipts could be obtained from Prime Minister’s National Relief Fund/Pm CARES Fund for onward transmission to the donors. The letter/email can be sent to:

The Additional SecretaryM&C-MSSThe Institute of Chartered Accountants of IndiaICAI BhawanA-29, Sector-62Noida-201309Email: [email protected]

https://www.icai.org/covid19/

Appeal

www.circ.icai.org

CIRC Newsletter

The Institute of Chartered Accountants of India (Set up by an Act of Parliament)

Central India Chartered Accountants Students Association

STUDENT’S SECTION


From the Desk of Chairman CICASA... CA. Abhisak PandeyChairman CICASA of CIRC

CIRC Newsletter

Dear Students,

“Before you act, listen. Before you react,

think. Before you spend, earn. Before you

criticize, wait. Before you quit, try.”

Every single word in this quote is relevant in

today's times not just personally but also

professionally. You are bombarded with

“information” from all sides across different

media and especially social media. All these

terabytes of data floating around on your

smart devices and in your head do not help but

hinder you from reaching your goal. It is easy

to get lost in the data and get distracted from

your true purpose which is to focus on your

studies and become the best finance

professional you can be by qualifying as a

Chartered Accountant.

It gives me immense pleasure to interact with

you all as the Chairman – CICASA of CIRC of

ICAI. At the outset I would like to convey my

warm greetings to one and all on the occasion

of Holi. I hope this auspicious occasion brings

you positive energy, and the optimism to

achieve success.

Central India Chartered Accountants

Students Association (CICASA) is the

student's wing of Central India Regional

Council of Institute of Chartered Accountants

Association. It is this association which

provides students a platform to learn, share,

participate and perform.

Students can focus on making the most of this

time and get ahead in every sense of the word

by using the time on hand to get ahead in their

studies. In fact, you can use the time right now

in a constructive manner so as to be more

relaxed as your exam time comes closer

allowing you to approach your exams in a

more relaxed and better frame of mind. In fact,

this time can make all the difference between

qualifying as a Chartered Accountant this year

itself or attempting again next year. You know

the right choice, now step up and make things

happen.

As I write to you, I remember my own days as a

Chartered Accountant student and realise that

building on your strengths is the only way to be

successful. The trick is to listen to your instinct,

grab the opportunity when it presents itself

and then give it your all. You need to keep an

open mind because you will stumble and fall,

you will experience both disappointments and

success, sometimes in the same day, but it's

really important to remember that neither

disappointments nor successes last forever.

They both pass and a new day arrives. Just try

to make that new day count.

You may lack motivation sometimes, but don't

focus on what you can't do, take a look at what

you are capable of. Start off with what you can

do and go forward from there. The trick is to

keep at it and before you know it you'll have

finished a lot of your portion. Successful and

unsuccessful people do not vary greatly in

their abilities. They vary in their desires to

reach their potential.

Healthy and fun-filled Happy, Holi!

Wishing you all a fulfilling career,

Warm Regards,

CA. Abhisak PandeyChairman CICASA of [email protected]


CIRC Newsletter

Opportunities to acquire additional under graduate and post graduate qualification


CIRC Newsletter

Student Activity Portal


The Board of Studies has developed a Student

Activity Portal to help its students to get themselves

registered from anywhere anytime for various

students’ programmes being organised by Regional

Councils and Branches.

The students can login from time to time to register

for events like, Student Seminars, Student

Conferences, Mock Tests, Workshop, Special

Counselling Programme for CA Students, CA Students

Talent Search, CA Students festival, Sports

Competition etc. To register, the students can login

using their credentials and pay the required

registration fees online (through Debit Card/Credit

Card/ Net Banking) on student’s activity portal itself.

After successful registration, the student will be

eligible to attend the event.

T h e s t u d e n t s a r e a d v i s e d t o v i s i t :

and login with the

below mentioned details in order to activate their

account and register for the events from time to time.

https://bosactivities.icai.org/


Invitation to Students to Contribute ARTICLES in MonthlyE-Newsletter of

CICASA of CIRC of ICAI

Articles should be useful to StudentsShould be between 1000 to 2500 words.In Word and PDF format both.Good if on the Current Topics.

Please send articles at:[email protected]

[email protected]

CIRC Newsletter

Students - Frequently Asked Questions


FAQs - BoS

FAQs for Assessment during Practical Training

FAQs in respect of Revised Scheme of Education and Training

FAQs for Provisional Admission to Foundation Course

https://resource.cdn.icai.org/45555bos35643faq.pdf

https://resource.cdn.icai.org/54948bosfaq-mcq.pdf

https://resource.cdn.icai.org/50659bosfaqapt.pdf

https://www.icai.org/post/faqs-provisional-admission-to-foundation-course

WeTried Our BestCan’t Say Anything Right Now !

CIRC Newsletter 53

EVENTS

www.circ.icai.org

CIRC Newsletter

EVENTS


CENTRAL INDIA REGIONAL COUNCIL

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

CA. Nilesh Gupta Chairman CIRC meeting with Hon’ble CM of MP Shri Shivraj Singh ji... discussed various issue related to uplifment of economy with the participation of CA’s. Also discussed direct appointment of CA’s in govt dept. and PSU’s... he assured for all...

CIRC Newsletter

EVENTS




Visit of Chairman CIRC CA. Nilesh Gupta to Bhopal Branch of CIRC

Visit of Chairman CIRC CA. Nilesh Gupta to Bhopal Branch of CIRC

CIRC Newsletter

EVENTS




Visit of Chairman CIRC CA. Nilesh Gupta to Indore Branch of CIRC

Visit of Chairman CIRC CA. Nilesh Gupta to Ujjain Branch of CIRC

CIRC Newsletter

EVENTS



Glimpses ofSeminar on Professional Opportunities and Challenges in faceless

assessment & appeals. Analysis of Major Amendments in Income Tax Act held on

27th Feb 2020 at Kanpur


L-R: CA. Nilesh Gupta, Chairman CIRC, CA. Atul Agrawal, Vice Chairman CIRC, CA. Shashikant Chandraker, Secretary CIRC, CA. Devendra Kumar Somani, RCM, CA. Atul Mehrotra, RCM, CA. Dinesh Kumar Jain, Treasurer CIRC, CA. Narendra Kapoor & CA. Manu Agrawal, CCM

CIRC Newsletter

EVENTS




Glimpses ofCIRC Annual Award ceremony held on


CIRC Newsletter

EVENTS






CIRC Newsletter

EVENTS




Glimpses of

Visit of Chairman CIRC CA. Nilesh Gupta to Varanasi Branch during one day seminar on Bank Audit

Visit of Chairman CIRC CA. Nilesh Gupta to Varanasi Branch during one day seminar on Bank Audit

CIRC Newsletter

EVENTS




Glimpses of

Visit of Chairman CIRC CA. Nilesh Gupta to Ratlam Branch during seminar on Bank Audit

Visit of Chairman CIRC CA. Nilesh Gupta to Indore Branch during seminar on Bank Audit

CIRC Newsletter

EVENTS




Glimpses of

Meeting of Chairman CIRC CA. Nilesh Gupta with executive director of Audhugik Kendra Vikas Nigam(AKVN) of MP Mr. Rohan Saxena and proposed FINTECH city at Indore with dedicated space for Ca’s.

He immediately proposed 70 Acre land.

Meeting of Chairman CIRC CA. Nilesh Gupta with Member of Parliament from Indore Shri Shankar Lalwani

CIRC Newsletter

EVENTS




Glimpses of41st Regional Conference of CIRC at Udaipur on 20th & 21st February 2021

CIRC Newsletter

EDITORIAL BOARD

Disclaimer :

The views and opinions expressed or implied in this e-Newsetter are those of the authors and do not necessarily reflect those of CIRC of ICAI

Address : CIRC of ICAI, ICAI BHAWAN, 16/77 B, Civil Lines, Kanpur-208001

Phones : (0512) 2396502 * 2396503 * 2396501

E-mail : [email protected]* Website: www.circ.icai.org

CA. Nilesh Gupta

Editor-in-Chief


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