[CA Debayan Patra] Professional Updates

*Practical FAQs on Input Tax Credit - First Edition : July, 2021* *Link to Download:* https://idtc-icai.s3.ap-southeast-1.amazonaws.com/download/pdf21/Practical-FAQs-on-ITC-15july.pdf

Sharing a compliance calendar I came across. This might be useful. So, I thought of sharing with you all.

A Firm wants to hire: They are looking to recruit for their Audit & Assurance practice at following levels - Associate ( fresh qualified ) Senior Associate ( 1 to 2 years experience) and Assistant Manager ( 3 to 4 years experience). The requirement is for their Kolkata office. Send your cv at suhasmitra@bdo.in

Requirement from one of our Member: Urgent requirement for CA having experience in Accounts finalisation and Internal Audit and statutory filings. Pls mail resume at vishnu@budhaaditya.in. Contact:8013418799

Registration link: https://pmny.in/hrF0yc4jLqyk

*Dear Professional Colleague,* Please find posted herewith the  *Guidance Note on Accounting for Derivative Contracts (Revised 2021) - July, 2021 edition.* Regards, *CA Debayan Patra* Secretary, EIRC of ICAI 9331016968, 9903956968 https://t.me/DebayanPatra

*EIRC Members' Ready Referencer 20-21 Published In Feb,21* _Link to the Referencer:_ https://drive.google.com/drive/folders/18hD88Ne3I5cg-Cv4jbj47pNB3hDNDh_A?usp=sharing Regards, *CA Debayan Patra* Chairman Research Committee of EIRC of ICAI

Audit Quality Maturity Model (Version 1.0) Dear Professional Colleague, The Audit Quality Maturity Model -Version 1.0 (AQMM v1.0) is a capacity building measure initiated by ICAI and the objective of this Evaluation Matrix is for sole proprietors and Audit firms to be able to self-evaluate their current level of Audit Maturity, identify areas where competencies are good or lacking and then develop a road map for upgrading to a higher level of maturity.  In the Council meeting held on January 9, 2021 it was decided that the both the Peer Review Board and the Centre for Audit Quality (CAQ) would need to develop the ecosystem which is acceptable to both and such collaborative approach would have the advantage of the CAQ developing the quality standards and Peer Review Board testing the said standards. Using the above-mentioned collaborative approach, the AQMM v1.0 would be recommendatory initially and after 1 year the Council will review the date from which it would become mandatory. Please find posted herewith the detailed Audit Quality Maturity Model (Version 1.0) issued by the Centre for Audit Quality, ICAI. Regards, CA Debayan Patra Secretary, EIRC of ICAI 9331016968, 9903956968

Compliance Calendar affected due to COVID-19 for July-21 📙 INCOME TAX *TDS* ▪️01st July 2021- TDS u/s 194Q if deductor’s L.Y. Turnover exceeds 10crores then to deduct TDS @ 0.1 percent of purchase of goods of more than Rs.50lacs from resident seller ▪️07th July 2021- TDS deducted /TCS collected for the month of July, 2021 ▪️15th July 2021- extended due date for furnishing TDS return for Qtr 4 (Jan’21-Mar’21) ▪️31st July 2021- Furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194-IB/194M for the month of June, 2021 ▪️31st August 2021- Due date for uploading form 15G/H (for non deduction of TDS) for Quarter 1(April- June’21) *IT RETURN* ▪️30th Sept 2021 - Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) (extended from 31st July) ▪️30th Nov 2021 - Businesses (Requiring Audit) (extended from 31st October 2021) ▪️31st Jan 2021 - Belated or Revised Return (extended from 31st Dec 2021) *Audit* ▪️031st Oct 2021 - Audit report under Income Tax Act ▪️030th Nov 2021 - Audit report for transfer pricing cases *Advance Tax* ▪️15th Sept 2021 – Second advance tax installment for FY 2021-22 *Other* ▪️31st August 2021- Payment of tax under the Direct Tax Vivad se Vishwas Act, 2020 without additional charge and due date for payment of amount with additional charge is 31/10/2021 ▪️31st August 2021- Extended Due date for re-registration of Trust or Society u/s 12AB . ▪️30th Sept 2021- Extended Due date for linking of Aadhaar number with PAN 📙 GST ▪️11th July 2021-Due date of filling GSTR-1 by registered person having a turnover above Rs. 5 Crores in the previous Financial Year and not opting QRMP for the month of June, 2021 (for Maharashtra and Chattisgarh state) ▪️13th July 2021-Due date of filling GSTR-1 by registered person having a turnover upto Rs. 5 Crores in the previous Financial Year for the quarter 1 (April- June’21) ▪️18th July 2021-Due date of filling GSTR CMP-08 for composition dealer for quarter April-June’21. ▪️20th July 2021-Due date of filling GSTR-3B by registered person having a turnover above Rs. 5 Crores in the previous Financial Year for the month of June, 2021 (for Maharashtra and Chattisgarh state) ▪️20th July 2021-Due date of filling GSTR-3B by registered person having a turnover upto Rs. 5 Crores in the previous Financial Year and not opting QRMP for the month of June, 2021 (for Maharashtra and Chattisgarh state) ▪️22nd July 2021-Due date of filling GSTR-3B by registered person having a turnover upto Rs. 5 Crores in the previous Financial Year and opting QRMP for the quarter April- June, 2021 (for Maharashtra and Chattisgarh state) ▪️25th July 2021- GST Payment for the month of June 2021 under QRMP Scheme. ▪️26th July 2021-Due date of filling GSTR-1 for the month of May- 2021 who does not opt QRMP (Quarterly Return Filing and Monthly Payment of Taxes) Scheme under GST. 📙 ESI/PF ▪️15th July 2021- Due date for payment of Provident Fund, ESI contribution for employers who have paid wages to their employees for June 2021. Instant Finance Updates - Telegram Channel ▪️25th July 2021- Due date of filing of return for month of June. Note: If not paid within due date disallowed under income tax act. 📙 PROFESSIONAL TAX ▪️31st July 2021- Due date for payment of PT for the month of July where tax liability is more than Rs.100,000/-. 📙 ROC *LLP* ▪️31st July 2021- LLP Form 11-LP Annual Filing- Details of LLP and/or Company in which partner/designated partner is director/partner. *Company* ▪️31st August 2021- Extended due date for DPT-3 form for details of Public deposits by Company. Have a great day ‐---------------------

Guidelines on partnership firm taxation under section 9B and sub-section (4) of section 45 of the Income-tax Act, 1961 *Circular 14* Link: https://www.incometaxindia.gov.in/communications/circular/circular_14_2021.pdf Regards CA Debayan Patra

Trading business will be included in list of beneficiaries of MSME