In the Groove | MVC Arth

In the Groove, Manoj Vatsal & Co. Blog

Thought of the Day

Always remember, you can never cross the Ocean, until you have the courage to lose sight of the shore

News for the Day


  • ITR deadline remains 31st July for Salary earners, Directors, Pensioners, Unaudited Societies ,Unaudited Firms with Loss carry forward, ITR3,Presumptive Biz income, amongst others
  • ITR filed needs to be confirmed within 30 days
  • ITR can be revised before the ITR has been processed
  • NRI status can only be selected if stay in India has been less than 182 days( and other previous year conditions of stay in India)
  • All overseas assets have to be disclosed, including Pension funds, Fixed assets, Holdings, Shares listed overseas, Bank balances, Pensions received from  overseas, amongst others
  • NRI s could get notice if NRE deposits cannot be validated , for large deposit balances
  • Salary earners can expect Notices for HRA exemptions( when paid to parents)amongst others,80 C deductions, 80 CCD deductions(NPS),80 D deductions (medi-claim)Exempt incomes( LTC, Agricultural income, Gifts)
  • ITR filers could also get Notices for mismatch of ITR with 26AS and AIS information
  • Speculation loss can only be set off against Speculation gain
  • Trading income would not be the Total Turnover of Purchases and Sales, but the total net business income
  • ULIPs are taxable but are available for Indexation benefit
  • Crypto transactions have to be disclosed and non declaration is ILLEGAL
  • TDS Salary last date has not been extended and remains 31st July 2023


  • Auditors are not supposed to find Frauds ,but opinion must be substantiated after performing due diligence to all applicable Audit Standards
  • Expert opinion ( which was relied on by Management)needs to be cross examined and cannot be accepted at face value


  • Software service companies face headwinds
  • ITC demerger gets a cold reception
  • Steel manufacturers face competition for cheap Chinese exports
  • Markets continue to pull in funds with NIFTY and SENSEX scaling new HIGHS


  • Insurance Cos face large Demands on account of Dept. query for ineligible ITC credits and Cos have deposited against Appeals filed
  • Extension for filing Form 9 and Form 9C ,till 31st Audit 2023 for FY 2017.18 and 2018.19
  • Small Finance Banks and UCB face GST scrutiny for ITC credits


  • Last date for DPT 3( Loans& Deposits  in Companies) is 31st July 2023
  • ROC issues notices for Financial statements uploaded without Schedules

NEWS-its & bits

  • Twitter moves from the BIRD to X, as Musk changes the logo of TWITTER
  • Will THREADS worm past the BIRD, as Zuckerberg pushes in the challenge to Twitter
  • Will Zuckerburg( now a Brown Belt form Brazil) knock down Musk,if they duel in the Ring
  • What will the new Reliance baby( RELIANCE FINANCIAL) unsettle the NBFC


  • Chandrayan moves from Earth towards the Moon’s orbit