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
- 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
NFRA
- 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
MARKET
- 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
GST
- 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
COMPANY ACT
- 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
SPACE
- Chandrayan moves from Earth towards the Moon’s orbit