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WE CLIMB THE HEIGHTS OF MOUNTAINS

The Institute of Chartred Accountants of India

For members circulation only

JODHPUR BRANCH OF CIRC OF ICAIJuly Edition Quaterly Edition (April-June)

INDEX

S.no Topic

1 CHAIRMAN MESSAGE

2 VICE CHAIRMAN MESSAGE

3 SECREATRY MESSAGE

4 CICASA CHAIRMAN MESSAGE

5 CENTRAL COUNCIL MEMBER MESSAGE

6 EXECUTIVE COMMITTEE

7 EXEMPTION UNDER GOODS & SERVICES ACT 2017

8 SUMMARY OF ANNUAL COMPLIANCE UNDER THE COMPANIES

ACT,2013

9 AVAILABILITY OF ITC OF COVID 19 ITEMS

10 रुक ना जाना कही – A MOTIVATIONAL ARTICLE

11 YOUTUBE KNOWLEDGE PORTAL

12 QUARANTINE TALENT SEARCH Selfie Contest Winner

13 QUARANTINE TALENT SEARCH Drawing Contest Winner

14 QUARANTINE TALENT SEARCH Article Contest Winner

15 JODHPUR BRANCH OF CICASA ENUMERATE

16 MEDIA COVERAGE

17 MIND EXERCISE

18 NEWSLETTER DESIGNER

19 THANK YOU

JODHPUR BRANCH OF CIRC OF ICAI 1

DearMembers , Hearty greeting to all of you !

I extend my heartfelt warm regards on the eve of Chartered Accountants’ Day, which we celebrate every year on 1st July. I wish all the members and students of the ICAI every success on this very auspicious and happy occasion. I compliment you for the high standards of professionalism that you have come to be known for. An Indian chartered accountant is recognized worldwide as being among the best and the brightest in the profession. This day also calls for celebrations of the spirit in our forefathers who had fought with a conviction for the dignity of accountancy profession. Let us start our celebrations by giving our sincere respect, credit and recognition to them. Let us remember those who were responsible for the birth and development of chartered accountants’ profession in India. It is because of them what we are, where we are and how we are. I also take the opportunity to wish you a Happy GST Day. As all we know that entire world is traversing through the difficult phase due to Global pandemic Covid-19, celebrations of this auspicious day are restricted to Three Days Virtual CA Summit, organized by our Institute from 29th June, 2020 to 1st July , 2020, except flag hoisting in morning as per practice. Since our profession is directly related to the economy and progress of the country at every juncture. COVID-19 has struck everyone hard and all economies across the world appear gloomy and has put everyone in a dilemma on the way ahead. At this juncture, the role of the Manufacturing and Services sector is pivotal to the economy. Hence, I suggest that we should think out-of-the-box to suggest ways and means for the industries and general public at large to put them on the path to recovery. Rather


than waiting for them, we Chartered Accountant should become proactive and take the initiative to guide our clients and customers. The economic impacts of the pandemic are far reaching and may go even beyond the current financial year. Under the given circumstances, our government has taken a series of steps to overcome the adverse times providing financial and non-financial stimulus package for survival in immediate term and growth subsequently. The stimulus is in the form of direct cash benefits, moratorium on loan payments, and relaxation on taxation front and so on. Efforts are being made to have Atmanirbhar Bharat (Self-Reliant India) with focus on five pillars – Economy, Infrastructure, System, Vibrant Demography and Demand. Packages are announced across sectors to drive India towards self-reliance comprehensively targets, cottage industry, MSMEs, laborers, middle class, and industries, among others. With the spread of Indian economy and employment generation capabilities, the Micro, Small and Medium Enterprises (MSMEs) are considered to be the backbone of the national economic structure. The major measures announced for the sector include; Change in definition of MSMEs while removing distinction between Manufacturing and Services, Investment limits revised upwardly with new criterion of turnover added and new paperless registration process under scheme Udyam Registration from 1st July, 2020. Also in view of the nation-wide COVID-19 pandemic a proactive measure for benefit and welfare of the students, an Important Announcement pertaining to “Opt-Out” of May 2020 Examinations and in lieu of it appear in November 2020 Examination has been further extended till 30th June, 2020. It gives me immense pride to share that ICAI pledges to contribute Rs 21 Crore towards Corona Relief. This solidarity of ours has been appreciated by our honorable Prime Minister Mr. Narendra Modi. My sincere thanks to all for your generous contribution towards this fund. I once again congratulate the Institute of Chartered Accountants of India and all of you on CA Day. I am also thankful to my team for continuously making efforts towards betterment of the members and students. I hope this adverse situation will soon end and we will come out of it stronger and brighter. Till then, take care of your health; eat healthy, exercise and most importantly ‘Stay Home, Stay Safe’.


Dear Professional Colleagues,

I feel extremely gratifying and blessing to take over as vice chairman of Jodhpur branch of

CIRC of ICAI. I take this opportunity to extend my worm wishes to all of my professional

colleagues. Within one month after taking charge by executive committee 2020-2021 every one

had to stay at his/her home only for some days due to corona virus Covid-19 pandemic national

wide lockdown.

However many of our professional colleagues had left their home to discharge bank

audit assignment responsibility during the ongoing Corona virus covid-19 lockdown which

shows our accountability as well as commitment to our national's economic well being. I hope

every member and his/her family were safe at his/her home during corona virus covid-19

lockdown. I am also fully hopeful that every enriched member his/her knowledge during the

lockdown period and also learnt many new things from corona virus covid-19 pandemic in daily

routine life. Our executive committee had held many online webinars on misc topics alone and

in joint with CIRC and ICAI committees’ to enrich member's knowledge during the lockdown

period too. I hope every member would have benefitted from online webinar hold by branch.

As all of you know that ICAl and the members and students of ICAI celebrate the

chartered Accountants Day on 1st July of every year which coincides with the foundation day of

the Institute. Like every year, this year we would also celebrate our CA Day on first July 2020

through webinar only due to corona virus covid-19 Situation. So I wish to a very hoppy CA Day to

all of you on occasion of 71th chartered Accountants Day.

"Best Wishes"


member enriched

72nd

“You don't have to be great to start, but your start have to be great."

It's been matter of pride for me to take the charge of the highly prestige institute of the world i.e. ' The Institute of

Chartered Accountant of India" being as a Secretary of Jodhpur Branch of CIRC of ICAI for the term 2020-2021. It gives

me an immense pleasure to ink down my first message and show heartfelt gratitude towards all the members of

Jodhpur Branch for entrusting me to take responsibility of Jodhpur Branch. I will put in 100% efforts to take the branch

at new level. I assure each and every member, managing committee members, fellow students and my branch staff to

stand in every ups and down situation they face.

Being in this managing committee, we promise to create the environment of professionalism for our esteem members

and hardworking students. Vision of our team is to stand integrate and determined with passion and courage to drive

our commitment to reach the level of expectation of all. I firmly believe that with the rigorous efforts of us will make all

the members and students to grow exponentially.

As now world is getting unlocking again after COVID-19 Lockdown effect, we should take this situation as an "Adversity

to Advantage" for our profession. We always keep on moving to achieve the success, as opportunity is usually disguised

as hard work, so most people don't recognise them. We have to keep moving for sustaining along with up gradation of

our intellectual to serve our profession at the best. We salute all our CORONA-Warriors who haven't kept aside their job

for sake of human lives. Along with health of country, uplifting of economy is also must and for this we the Chartered

Accountant have the key role to stabilise it.

As we all know we are going to celebrate our 72nd CA Day on 01st July 2020 and it is the matter of pride that we belong

to this fraternity. I wish from the core of heart to all the members, beloved students and all the readers a very happy CA

Day.

Branch is now regularly organising Virtual CPE Meeting (VCM) and Webinars on Online platform for our members as no

Physical gathering is allowed for organising Seminar and Conferences due to COVID-19. We have also organises various

fun Activities for members during the time of lockdown. I also thank CA Surendra Lunawat, Chairman and all committee

members for their guidance and to support in all the activities. I also thank CA Dhaval Kothari, CICASA Chairman for

organising various events and webinars for CA Students. We hope we coming with more events in coming future. We

assure all the members and student of our branch that we will achieve our one and only milestone to get shift in the

new Branch Building in our tenure.

"Jai Bharat, Jai ICAI"


Respected Professional Colleagues,

“Chartered Accountants are the ones who create economies, create finances to rely

on, create opportunities to grow.”

I wish you all a very Happy CA Day!!

I am pleased to communicate with you as a CICASA Chairman of Jodhpur Branch.

At the outset, I would like to thanks all my Committee members for unanimously

electing me for the said post. I am confident that under the zestful and motivating

leadership of Chairman CA. Surendra Ji Lunawat, I shall duly carry out my

responsibilities with utmost sincerity and allegiance to this noble profession with the

active support of branch staff.

During the first four months (March to June) of this term 2020-21, we all were facing

COVID-19 pandemic and lockdown situations. Looking to situation, we as a

CICASA Jodhpur did various activities for the students in a virtual mode. We did

Quarantine talent search, co-hosted online crash course for CA students (Final, Inter

and Foundation), webinar on motivational topics and webinar on technical subject.

In the month of March 2020, CICASA Jodhpur launched its first ever newsletter for

the students. We also launched YouTube Channel of CICASA Jodhpur.

In the upcoming months we will be bringing many more activities for students.

Great things never came from comfort zone.

Last but not least, your suggestions and feedback are pertinent to decide upon our

course of action.

Best Wishes to you and your family!


Dear Colleague

Let me wish you all HAPPY CA DAY. On 1st of July 1949, CA Profession came

into existence; therefore we celebrate 1st July as CA day every year amongst

the CA professionals.

Two alphabets CA are not simply two words. These represent independence,

trust, authenticity, sincerity, dedication, discipline and loyalty.

Since 1949 in more than last 70 years our profession is serving to the nation.

Our contribution in nation's development is significant. We have witnessed

several jolts time and again but we came out successfully and proved that we

are the best.

Under the dynamic and visionary leadership of our President CA Atul Kumar

Gupta ji , Vice President CA Nihar Jambusaria ji and council members , ICAI is

working 24/7 for the betterment of the profession and fraternity.

Committee for Members in Practice CMP of ICAI is also working on various

hand holding schemes for the betterment of small and medium practitioners.

We have made several arrangements with Insurance Companies providing

term insurance, mediclaim , professional indemnity insurance , office

protection shield insurance , motor insurance on reduced rates. Just try to

compare the premiums with market and you will be happily surprised. Likewise

we have made some arrangements with software companies providing

different kinds of softwares on attractive terms.

Friends apart from what benefits are available for the members as of now we

are working rigorously for other benefits for our members. These includes

term loan facility on very reasonable terms , credit card facility , practice


management software , external confirmation tool etc. One of the software

will be lifetime free for CA firm upto 4 users.

We at CMP have also floated tender for obtaining audit tool software’s

consisting all popular audit formats as of now like tax audit, gst audit, bank

audit and company audit. If almighty bless all of us, it will be dream fulfilment

of our council.

Apart from this on the agenda of CMPv, council has allowed networking meet

in specific national conferences organised by ICAI. This decision of council shall

go long way and shall empower our small and young firms providing them a

golden opportunity to become larger firm.

We are also going to organise orientation and leadership program for young

chartered accountants opting for practice. Curriculum of this residential

program has been crafted in such a way that by attending this program our

young member will be full of confidence keeping eyes on his goal like Arjuna

and shall achieve the desired dreams.

We are working on Mentorship program in which we wish to bring regular

guidance concept through which our young member will have the blessings of

one of the senior member for guiding his or her career.

CMP of ICAI has also organised certificate courses on drafting and

representation skills and on Wealth management on virtual mode on very

discounted prices. We have organised 6 batches and all were successful.

We at CMP are also planning to organise training programs and refresher

course to build the capacity of our SMPs. These courses will be covering new

verticals of our profession.

I have so much to tell but space is not permitting. In the last I wish you all again

Happy CA Day. Keep safe, take care of yourself, your family members and

friends from COVID 19 pandemic.

JAI HIND

JAI ICAI


Managing Committee 2020-21

Jodhpur Branch of CIRC of ICAI

CA Surendra Lunawat (Chairman)

CA Balveer S Gehlot(Vice Chairman & Treasurer)

CA Abhishek Soni(Secretary)

CA Dhaval Kothari(CICASA Chairman)

CA Ritesh Bhootra(Member)

CA Amit Patwa(Member)

CA Sudhir Maheshwari(Member)


Exemption under the Goods and services tax Act 2017. Contents

Key Words Goods or service tax GST GST Exemption GST Exemption Limit GST Exemption List gst exemption limit for service providers Exemption in GST NIL Rated Transportation of goods Exempt Supplies Business Entity Taxable Supplies

Particulars

Page no.

Power to grant exemption u/s 11

2

Goods exempt from tax

2

Services by government and government authority

3

Services to government and government authority

4

Transportation of passengers related exemption

4

Transportation of goods related exemption

5

Other Exemption

6

CA Jitendra Sikhwal


Exemption under the Goods and services tax Act 2017. Exempt supply means the supply of goods or services or with nil rate of tax, or which may be fully exempt from tax, or non-taxable supply. Non-taxable supply means the supply of goods or services or both which is not leviable to tax under the CGST Act or IGST Act Supply

Taxable supply o Normal rate (0%, 5% 12% 18% 28%) = ITC allowed o Composition tax rates (1%, 5% 6%) = ITC not allowed

Exempted supply

o Nil rate of tax = ITC not allowed o Wholly exempt from tax = ITC not allowed o Non-taxable supply = ITC not allowed

Power to grant exemption u/s 11 Section 11(1)= Government the recommendation of the council, by notification if satisfy it is necessary for the public interest may exempt generally either absolute or conditional exemption for goods or services or both (general Exemption) Two types of exemption 1) absolute exemption 2) conditional exemption. Section 11(2)= Government the recommendation of the council, by notification, if satisfied it is necessary in the public interest may exempt by passing special order goods or services or both in exceptional circumstances (Exemption by special order) Section 11(3)= The government may insert an explanation by notification within 1 year from the issue of notification u/s 11(1) or 11(2) Goods exempt from tax GST is a tax for the general public, goods which are goods by the general public are included in the list of exempted items Following goods are Exempted goods

1) Unbranded atta/maida/besan 2) Unpacked food gains 3) Milk 4) Curd 5) Eggs 6) Fresh vegetables 7) Indian national flag 8) Plastic bangles 9) Lassi 10) Fresh fruits


Goods imported by SEZ units/developers All goods imported by SEZ units/developers for authorized operations are exempted from the whole of the IGST leviable under section 3(7) of the customs tariff act,1975 read with section 5 of the IGST act 2017. Services exempt from tax

Services by government and government authority

1) Services provided by the central government, state government, union territory, local authority to another central government, state government, union territory, local authority.

2) Services provided by the central government, state government, union territory, local authority when the total consideration for such services is not more than Rs 5000. (If total consideration is more than 5000 no exemption) if the total consideration is equal to or less than 5000 exemption)

3) Services provided by the Central Government, State Government, Union territory, or a local authority by way of allowing a business entity to operate as a telecom service provider or use radio frequency spectrum during the period prior to the 1st April 2016, on payment of license fee or spectrum user charges.

4) Services provided by the Central Government, State Government, Union territory or a local authority by way of- (a) registration required under any law. (all type of registration fee is exempted) GST Registration service is also exemption) (b) testing, calibration, safety check, or certification relating to protection or safety of workers, consumers, or the public at large, including fire license, required under any law for the time being in force.

5) Services provided by the Central Government, State Government, Union territory, or local authority by way of issuance of passport, visa, driving license, birth certificate, or death certificate.

6) Services provided by the Central Government, State Government, Union territory, or a local authority by way of tolerating non-performance of a contract for which consideration in the form of fines or liquidated damages is payable to the Central Government, State Government, Union territory or local authority under such contract.

7) Services provided by the Central Government, State Government, Union territory or a local authority by way of assignment of the right to use natural resources to an individual farmer for the cultivation of plants and rearing of all life forms of animals, except the rearing of horses, for food, fiber, fuel, raw material or other similar products. (Right to use natural resources to individual farmer)

8) Services provided by the Central Government, State Government, Union territory or a local authority by way of assignment of the right to use any natural resource where such right to use was assigned by the Central Government, State Government, Union territory or local authority before the 1st April 2016: (right to use natural resources assigned by the government)


9) Services provided by the Central Government, State Government, Union territory by way of deputing officers after office hours or on holidays for inspection or container stuffing or such other duties in relation to import export cargo on payment of Merchant Overtime charges.

10) Services by the central government, state government, local authority, union territory, or a governmental authority by way of any activity related to municipality function.

11) Services by a governmental authority by way of any activity related to panchayat function. Services to government and government authority 1) Services provided to the Central Government, State Government, Union territory

administration under any training program for which total expenditure is borne by the Central Government, State Government, Union territory administration. (Total expenditure is borne by government)

2) Services provided to the Central Government, State Government, Union territory under any insurance scheme for which total premium is paid by the Central Government, State Government, Union territory. (Total premium is paid by the government)

Transportation of passengers related exemption 1) Transport of passengers, with or without accompanied belongings, by – a) air, embarking from or terminating in an airport located in the state of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, or Tripura or at Bagdogra located in West Bengal; (take off and lending to these state, another state taxable) Ex. The journey from Manipur to Jaipur = exempt The journey from Jaipur to Manipur = exempt The journey from Jaipur to Jodhpur = taxable The journey from Jodhpur to Sikkim = exempt The journey from Assam to Ahemdabad = exempt b) non-air conditioned contract carriage other than radio taxi, for transportation of passengers, excluding tourism, conducted tour, charter or hire; or (AC, Radio tax, tourism, conducted tour, charter or on hire is taxable) c) stage carriage other than air-conditioned stage carriage. (AC stage carriage is taxable) (Non-AC stage carriage is exempt) 2) Services provided to the Central Government, by way of transport of passengers

with or without accompanied belongings, by air, embarking from or terminating at an RCS (Regional Connectivity Scheme) airport, against consideration in the form of viability gap funding


3) Service of transportation of passengers, with or without accompanied belongings, by— (a) railways in a class other than first class, or an air-conditioned coach. (1st class and

AC coach is taxable) (b) metro, monorail or tramway; (c) inland waterways; (d) public transport, other than predominantly for tourism purpose, in a vessel between places located in India; and (Tourism purpose journey is taxable) (e) metered cabs or auto rickshaws (including e-rickshaws). Transportation of goods related services 1) Services by way of transportation of goods by road and by inland waterways.

except for the services of a goods transportation agency; (GTA) and a courier agency; (GTA and courier agency service is taxable)

2) Services by way of transportation of goods by an aircraft from a place outside

India up to the customs station of clearance in India. (outside India to India is exempt and India to outside India is taxable)

3) Services by way of transportation by rail or a vessel from one place in India to

another of the following goods – (a) relief materials meant for victims of natural or man-made disasters, calamities, accidents or mishap; (b) defense or military equipment; (c) newspaper or magazines registered with the Registrar of Newspapers; (d) railway equipment or materials; (e) agricultural produce; (f) milk, salt and food grain including flours, pulses and rice; and (g) organic manure.

4) Services provided by a goods transport agency, by way of transport in a goods carriage of – (a) agricultural produce; (b) goods, where consideration charged for the transportation of goods on a consignment transported in a single carriage does not exceed Rs.1,500; (c) goods, where consideration charged for transportation of all such goods for a single consignee does not exceed Rs. 750; (d) milk, salt and food grain including flour, pulses, and rice; (e) organic manure; (f) newspaper or magazines registered with the Registrar of Newspapers; (g) relief materials meant for victims of natural or man-made disasters, calamities, accidents or mishap; or (h) defense or military equipment.


5) Services by way of giving on hire – (a) to a state transport undertaking, a motor vehicle meant to carry more than 12 passengers; or (equal to or less than 12 passengers is taxable) (b) to a goods transport agency (GTA), a means of transportation of goods.

Other Exemption 1) Transmission or distribution of electricity by an electricity transmission or distribution

utility. 2) Services by the Reserve Bank of India (RBI) but services to RBI is taxable. 3) Services received by the RBI, from outside India in relation to the management of

foreign exchange reserve. 4) Services by the Employees’ State Insurance Corporation (ESI) to persons

governed under the Employees’ State Insurance Act, 1948, (But service by ESI is exempt but services to ESI corporation is taxable)

5) Services provided by the Employees Provident Fund Organisation (EPFO) to the persons governed under the Employees Provident Funds and the Miscellaneous Provisions Act, 1952, (services by EPFO is exempt But services to EPFO is taxable)

6) Services provided by the Insurance Regulatory and Development Authority (IRDA) of India to insurers under the Insurance Regulatory and Development Authority of India Act, 1999, (service by IRDA is exempt But services to IRDA is taxable)

7) For the protection of the interests of investors in securities and to promote the development of, and to regulate, the securities market, services by Securities and Exchange Board of India (SEBI) is exempt, (services by SEBI is exempt but services to SEBI is taxable)

8) Services by way of a collection of contributions under the Atal Pension Yojana. 9) Services by way of a collection of contributions under any pension scheme of the

State Governments. 10) Services by a veterinary clinic in relation to health care of animals or birds. 11) Services by way of collecting or providing news by an independent journalist, Press

Trust of India, or United News of India. 12) Services by an organizer to any person in respect of a business exhibition held

outside India. 13) Services by way of slaughtering of animals. 14) Services by a foreign diplomatic mission located in India. 15) Services by way of public conveniences such as the provision of facilities of

bathroom, washrooms, lavatories, urinal, or toilets. 16) Services by way of admission to a museum, national park, wildlife sanctuary, tiger

reserve, or zoo. 17) Services provided by a tour operator to a foreign tourist in relation to a tour

conducted wholly outside India. 18) Services by way of transfer of a going concern. 19) Services by way of renting residential dwelling use for residence. 20) Services by hotel, inn, guest house, a club for residential or lodging purpose, having

declared tariff of a unit below Rs 1000 per day or equivalent. (Conditional exemption)

21) Services by way of access to a road or a bridge on payment of toll charges. 22) Services by way of loading, unloading, packing, storage, warehousing of RICE.


CA Lucky Nanwani

Summary of Annual Compliances under the Companies Act, 2013

A Changing Perspective of Compliances under the Companies Act, 2013

Since the introduction of the new Companies Act, 2013, the Governing Body, Ministry of Corporate Affairs has made amendments in the Rules relating to Company law for about More than 200 times. Issuance of 200+ amendment rules in a short span of 7 years is very considerable as every amendment rule contains many mechanical alterations in the implementation of the law. Considering the same as a tool for “Ease of Doing Business”, the ratio of amendments / Changes is quite lower as Compared to the Blaster GST Law.

Presently, the Companies are required to make compliance of various provisions of the Companies Act, 2013 on Periodic basis. An Attempt has been made to sum up the same and to provide a ready to use Date Chart as under

Annual Compliance Calendar for Companies

S. No.

Title Section Forms

Particular of Compliance Due Date

1. Receipt of MBP-1 (Offline Filing)

184(1) MBP- 1

DISCLOSURE OF DIRECTORS INTEREST IN OTHER ENTITY Every Director of the Company in First Meeting of the Board of Director in each Financial Year shall disclose his interest in other entities. Every Director is required to submit with the Company a fresh MBP-1, whenever there is change in his interest from the earlier given MBP-1.

First Board Meeting

2. Receipt of DIR- 8 (Offline Filing)

164(2) 143(3)(g)

DISCLOSURE OF NON-DISQUALIFICATION OF DIRECTORS Every Director of the Company in each Financial Year will file with the Company disclosure of non-disqualification.

First Board Meeting

3. Half Yearly Return (Online Filing)

Section 405 MSME-1

DELAY IN PAYMENT TO MSME VENDOR Company have to file this return half yearly in respect of pending payments to MSME vendors as at end of half year.

HY1 – 30th Oct. HY2 –30th April

4. Annual Forms (Online Filing)

Section 73 Rule 16 DPT-3

RETURN OF DEPOSITS Company is required to file this form every year on or before 30th June in respect of return of Deposit and Particulars not considered as Deposit as on 31st March. For the same, company need to finalise its Balance Sheet and 269SS and 269T workings.

29th June


S. No.

Title Section Forms


5. Event Based Form (Online Filing)

Section 90 BEN-2

DISCLOSURE OF SIGNIFICANT BENEFICIAL OWNER: Company shall file BEN-2 within 30 days of receipt of BEN-1 from Share holder. Note: On regular basis company have to check whether there is any SBO in company due to change in its shareholding or due to change in shareholding of body corporate members. Further Company itself has to review its shareholders list to identify the SBO.

30 Days within BEN-1

6. Board Meetings (Offline Filing) however some resolution to be filed online)

173 Minutes of the Board Meeting

Board shall meet at least four times in a Year and the Maximum gap between 2 meetings shall not be more than 120 Days. Quorum: - 1/3rd of the total strength of Directors subject to a minimum 2(two). Also subject to the Articles of Association of the Company.

Regular

7. Annual Form (Online Filing)

Rule 12A DIR-3 KYC

KYC OF DIRECTORS All the Directors of company shall file this form on or before 30th September every year for all the directors of the Company.

30th September

8. Preparation of Financial Statements and Audit thereof (Online Filing)

129 Schedule III

Financial Statements and Audit thereof Every Company is required to prepare its Financial Statements and get the Audit of the same done by a Practising Chartered Accountant in such timeframe that the AGM Can be held within prescribed course of action. The Financial Statements should be in compliance with the accounting standards notified under section 133.

21 Clear Days Before AGM

9. Directors’ Report

134 Directors Report Directors ‘Report shall be prepared by mentioning all the information required for Company under Section 134 read with relevant rules and relevant provisions of other Act.


10. Circulation of Financial Statement & Directors Report

129, 134 Company will send to the members of the Company approved Financial Statement, Directors’ Report and Auditors’ Report at least 21 clear days before the Annual General Meeting.


11. Sending of Notice of AGM (Offline Filing)

101 The notice calling the annual general meeting shall be accompanied by the following documents, namely : – (a) the agenda of the annual general meeting ; (b) the names of candidates for election, if any, to the office of director including a statement of qualifications in respect of each candidate; (c) the audited balance-sheet and profit and loss accounts of the Company and its subsidiary, if any etc


12. Holding of Annual

96 Every Company shall in each year hold an Annual General Meeting and not more than 15 months shall elapse between

30th September


S. No.

Title Section Forms


General Meeting (Online Filing)

the dates of one Annual General Meeting to the next. A general meeting shall be called by giving not less than 21 days prior notice in writing

13. Appointment of Auditor (Online Filing)

143 E-form ADT-1

Auditor will be appointed for 5 (Five) years and form ADT-1 will be filed for 5-year appointment within 15 days of Annual General Meeting.

Periodic

14. Financial Statement Filing (Online Filing)

129 E-form: AOC-4

Financial Statement: Company is required to file its Balance Sheet along with Statement of Profit and Loss Account, Cash flow statement, Directors’ Report and Auditors’ Report in this form within 30 days of holding of Annual General Meeting.

29 October or 30 Days from AGM whichever is earlier

15. Annual Return Filing (Online Filing)

92 E-form: MGT-7

Annual Return: Every Company will file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.

29 November Or 60 Days from AGM, whichever is earlier

Above mentioned 15 (Fifteen) Compliances are mandatory compliances for Every Company. Besides above 15 (Fifteen), there may be event-based compliances as well.

Classifying the Compliances All the Above compliances are basically divided in to two streams; one is with reference to Filing with the Regulatory Authority, i.e. Ministry of Corporate Affairs (Registrar of Companies) while the other is with respect to maintenance of requisite records by the Company, the classification of these compliance can be understood by below image:

Disclaimer: The entire contents of this article have been prepared on the basis of relevant provisions and as per the information existing at the time

of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no

responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the

information agrees that the information is subject to change without notice. I assume no responsibility for the consequences of use of such

information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF

OR IN CONNECTION WITH THE USE OF THE INFORMATION.


As we all know that government of India has announced lockdown from March 24th, 2020 due to COVID-19 and from June 2020 month offices, factories etc. are now open with few terms and conditions as issued by Ministry of Home affairs and state government and non-compliance of which entails imprisonment and/or monetary penal action upon the part of corporate/employer. One of the basic condition to reopen workplace is to use COVID-19 protection related items like Face mask, Sanitizer, Hand-wash, Hand Gloves, Cleaning Items, Medicines, Thermal Scanner are necessary as per Home Ministry Order.

Now the biggest question arise is whether these that ITC of that

items are Eligible under GST or not due to Section 17(5)(b)/(h).

To reach the conclusion we need to understand this in following

manner:-

First of all Sec. 16. (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner

Availability of ITC of COVID-19 Related items:-

CA Bhavesh Agarwal


specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.

Now on analysis of section 16(1) we found that credit of input tax charged on any supply of Goods or services or both to him which are used or intended to use in the course or furtherance of his business. So whether ITC related to COVID-19 protection items are

consider for the purpose of “used in the course or furtherance of his business” or not ? Now question is this whether business can run without that protective item? The answer is No, because as per guideline of MOH if any business wants to continue its operation then needs to follow the guidelines and need to use that protection for all the employees during working. So here we are clear that COVID-19 protection related items are related to “used in the course or furtherance of his business”. Further one more relevant section to be referred is 17(5)(b)/(h) which is here under:- 17(5)(b)(i) food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery except where an inward supply of goods or services or both of a particular category


is used by a registered person for making an outward taxable supply of the same category of goods or services or both or as an element of a taxable composite or mixed supply; Whether ITC of COVID-19 related items are covered under “Health service” or not? On analysis we found that ITC related to COVID-19 protection items are eligible because these are not health service and provided by employer to employee due to instruction of MOH and non-compliance of same is penal due to breach of Disaster Management Act. So if any goods purchased for our or staff or employee safety is necessary for business running. We need to refer following landmark cases for availment of ITC as discussed above:-

01. The DB of Karnataka High Court in CCE Vs. Millipore India Pvt. Ltd. [reported in MANU/KA/2672/2011: (2012) 26 STR 514, held that Environmental Laws expect the employer to keep the factory without contravening any of those laws, that the concept of corporate social responsibility is also relevant and that when the employer spends money to maintain their factory, to discharge a statutory obligation, in an eco-friendly manner, certainly, the tax paid on such services would form part of the costs of the final products and, therefore, the Court held that


the Tribunal was right in holding that the service tax paid in all those cases would fall within the definition of 'input services' and is entitled to benefit of Cenvat. The above decision was followed by the Madras High Court in CST Vs. Rane TRW Steering Systems Ltd MANU/TN/1727/2015.

02. MANU/SC/0300/1988: 1988 (36) ELT 201 (SC),

03. The Madras High Court in CCE vs. Brakes India Ltd. MADHC) : MANU/TN/7514/2018

04. The DB Karnataka High Court in CCE vs. Stanzen Toyotetsu India (P) Ltd. : MANU/KA/0835/2011

05. Essel Propack Ltd. vs. CGST, MANU/CM/0156/2018 06. The Ministry of Corporate Affairs has issued COVID-19 related

Frequently Asked Questions (FAQs), as follows, on Corporate Social Responsibility (CSR) - 10.04.2020: cited as MANU/DCAF/0057/2020

07. Contribution made to 'PM CARES Fund' shall qualify as CSR expenditure under item no (viii) of Schedule VII of the Companies Act, 2013 and it has been further clarified vide Office memorandum F. No. CSR-05/1/2020-CSR-MCA dated 28th March, 2020. Conclusion:- on the basis of above analysis of Section 16(1),17(5) and mentioned case studies, we reached on a conclusion that ITC related to COVID-19 related items are Eligible. I would like to clarify here that above mentioned article are for study purpose only not for litigation.


, सफर त

स र , श र त ।

र र त स ए स

स र , स र त ।

स

त , त सर त ।

च च र

रत र श र, र र त ।

र स र र

फस ई, सर त ।

- complete

श र- tree

स र- morning

र - one who gives orders

CA Bhagya Shree


Now also

on

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How economy could be recovered after pandemic situation? It is widely acknowledged the pandemic Covid 19 has drastically shattered the

economies of developing, under developing as well as developed countries far more than the global economic crisis of 2008. However, talking about the present situation of India, even after 15 days of complete lockdown, the number of positive patients of corona virus is increasing rapidly.

However, a harsh and extension of lockdown is vital and certain to slow down the disease. The

latest UN report shows that in last two months, developing countries have taken an enormous hit in terms of capital outflows, growing bond spreads, currency depreciations and lost export earnings, including from falling commodity prices and declining tourist revenues.

Few are some of the measures that should be adopted by the Government in reviving India’s economy at a faster pace-

1. Promote Make In India- Encouragement of the Make in India programme is very important for revitalizing economic growth of India as it aims at utilising the existing Indian talent base, creating additional employment opportunities and empowering secondary and tertiary sector.

2. Cut in the GST rates- Indirect taxes like GST are paid by everyone irrespective of their income levels and are considered regressive. Therefore, I truly believe that instead of cutting income tax rates, the government should cut the GST rates. A GST rate cut is a better option in the short-term to boost consumption.

3. Driving investments by private sector is vital- Private investments by the corporate sector are critical to higher growth rates and economic development. More investment creates a multiplier effect in the economy by generating both direct and indirect employment, boosting consumption and fostering further development. Public-private partnerships need to channel private sector funds into crucial areas of development

CA Preksha Jain

1


4. Liquidity enhancement measures and reduction in interest rates- The central bank should further cut its policy rates in FY2020/21 for monetary easing, increase the money supply, which increases liquidity and gives banks more money to lend. As a result, mortgage and other interest rates decline. With cheaper credit, consumers can borrow and spend more, allowing businesses to expand to meet the increased demand.

5. Increase in Government Spending- In my view, purchases by the government cause a chain reaction of spending. That is, when the government buys $1 worth of goods and services, people who receive that $1 will save some of the money and spend the rest, and so on. This theory suggests that the “government spending multiplier” is greater than 1, meaning that the government’s spending of $1 leads to an increase in gross domestic

6. product (GDP) of more than $1. Thereby increasing the government spending by surpassing fiscal deficit target for next 18 months can help in upliftment of economy in longer term.

7. LTCG tax has been an eyesore for the capital markets for the last two years, without any substantial tax accruals for the government. Removing this small bump will help improve the investor sentiment and drive flows into the capital markets.

8. A small effort by every person can make a huge difference; we should trust government policies and provide our dedicated efforts towards it for boosting up economy.


Recovery of Economy After Pandemic Situation– Corona Epidemic

“Covid–19,a pandemic upheaval the whole world. The

word NOVEL CORONAVIRUS knock up a terrible terror

among the human beings. It has dreadful smash not only

on the wellbeing of living species but also on each and

every sector of the globe. The developed countries like

Italy, Spain, China and

U.S.A are facing critical situation due to such irresistible

pandemic. Today every human being has a question

about the recovery of economy after the pandemic

situation. The author throws his perspective on this

question through this research paper.”

1. Covid – 19 – Dawning and its bump The Covid 19 was firstly reported and out broke in China in the month of December 2019 and proliferate the world. Due to non existence of appropriate medicine and vaccine and to break off the plurality of this disease, the only measure left is ‘lockdown’. Lockdown means “the state of isolation or restricted

access instituted as a security measure”. As the consequence, lockdown ceases the business and service sectors like, tourism, transportation, real estate etc., which are currently in miserable condition. All these are having severe bang on the global economy.

2. Recuperation of economy– The write up illustrated for recovery of economy during the pandemic situation, which is elaborated below:

The pandemic may knock up the situation of INFLATION. Invariability in the prices of products may not catch the sight of inflation or deflation. Monetary equilibrium will erect a unbiased state and put the screws on upswing of economy.

Make in India theory may bear fruits. During this pandemic, ‘two way street’ approached. One is to innovate ourselves in a way which prune outpost over imported products at zenith. Secondly the shoot up in exertion of domiciliary product will bestow for countrywide headway. Although it is deep rooted postulation but solicitation of such theory will ‘be on the crest of a wave’

CA Abhishek Lohiya

2


Since ‘every cloud has silver lining’, we may have positive gaze too. The urging of FMCG, Medical, Insurance and IT sectors will hike and capture squandering of bucks. This will fabricate equipoise affairs in ups and downs of the various sectors swaying the economy.

Due to the pandemic, the employment sector is highly infectious. Employment sustainability and surety will add positive vibes to the economy.

The government should ‘fill someone’s shoes’ by articulating simplified and untroubled taxation structure. This handiwork will clip in optimum for healing of economy and hatch optimism among the businessmen.

In this streaming synopsis, the government should kingpin on smaller projects which indulge people of rural area, villagers and impoverished families. This will ‘sharp all edges of a blade’ i.e it will employ the rural people which in turn boost cash liquidity in the market which has footprint over inflaming demand and all these aftermath augmentation in investments. Such cycle will nurture the reclamation of economy.

3. Wordsmith’s assumption

On this contemporary earth, looming global economy is not at positive side. Instigation of aloft assert moves forecast positivity and shining stars. The peculiar C’s “contribution, credence and crutch” from government as well as from the communal if entailed in simultaneous and synchronized way, the healthier and healed GDP will be accomplished and soon, the economic state will grip in momentum again with flying colors.


HOW ECONOMY COULD BE RECOVER AFTER

PANDEMIC SITUATION

Article by: CA NEETU SUKHWANI

The entire world is facing the threat of COVID-19

virus, also called as CORONA VIRUS and it is feared

that if the spreading of this fatal disease is not

controlled, it can prove to be threat to the very

existence of humanity on this Earth. It is common

Hindi Proverb that “Pehla Sukh Nirogi Kaya” and

so following the same, the entire country has been

locked down by implementing section 144 of the

Code of Criminal Procedure, 1973. The decision of complete lockdown is a very

grave step taken by the government as it would have adverse impact on the

economy of the country. The challenge in the present times is not only to fight

the battle with corona virus but also face the steep downfall in the economy of

the country after the restriction of lockdown is lifted.

The adverse impact of lockdown would be on all the sectors of the economy

whether it is real estate sector, manufacturing sector, automobiles sector,

hospitality sector including tourism sector or the industrial sector. As we all

know that it is the responsibility of the government to ensure that the

livelihood of daily wage earners, labourers or workers is not hampered and so

various measures have been taken for meeting their essential needs for which

substantial amount of funds have also been diverted. The government also

needs funds for fulfilling the heath care requirements of COVID-19 victims.

Consequently, expecting tax rebates and exemptions cannot be the only

solution for recovery of the economy. It is the responsibility of the citizens of

the country to contribute for recovery of the economy. One of the biggest

contribution of citizens can be using Indian Brands for various necessities and

luxuries of life so that the products manufactured by domestic companies are

promoted rather than foreign brands. This will have dual benefit as the

domestic companies would flourish and also the government revenue in the

form of indirect taxes would increase thereby leading to the situation of

3


recovery. We as the citizens should give priority to products manufactured by

Indian Companies and change our brand loyalty towards domestic products. To

illustrate- we can give preference to cars manufactured by Tata Motors over

Ford/Morris Garages.

Another suggestion is for the Export Oriented Units, Special Economic Zones

and other units specifically entrusted for export of products. The objective of

such units should be to achieve ‘Net Positive Foreign Exchange’ meaning that

the export proceeds should exceed the imports made thereby encouraging

exports from India so that foreign exchange is earned and discouraging

imports. The proportion of exports should be higher than imports for any

economy to flourish.

Lastly, startups are indicator of growth as they generate new employment

opportunities in the country. The establishment of startups should be

promoted and these may also operate at small levels, not only providing

employment opportunities but also contributing in the overall rejuvenate of

the economy. One of the examples that is worth quoting is the startup of IIT-

Delhi alumni named ‘Nanoclean’ manufacturing masks for doctors, nurses

treating COVID-19 patients so that the shortage of masks is recouped in the

present pandemic crisis. Launch of startups with innovative ideas to enable the

country to face the difficult times is the need of the hour.


S.no Program Name Date

1 CICASA E-Newsletter “Sambhav” 4 March

2 CICASA YouTube Channel Launch 28 March

3 CICASA First QTS “Quarantine Talent Search” 3 April

4 Student Collage Activity For Covid Awareness 9 April

5 First Video of CICASA Students For Covid Awareness 10 April

6 CICASA Second QTS 2.O 15 April

7 Online Crash Course For Old & New Course Students in Association

with Satara Branch 15 April

8 Motivational Video For Student – Speaker CA Surendra Lunawat &

Shushil Choudhary 19 April

9 Webinar On GSTR – 9 – Speaker CA Shashank Mittal & Special

Address By CA Atul Agrawal (CICASA CHAIRMAN CIRC) 21 April

10

Webinar On GSTR – 9C – Speaker CA Arpit Haldia & Special

Address By CA Dinesh Kumar Jain (Secretary, CIRC) in association

with Lucknow Branch

22 April

11 CICASA Celebrate 562 Jodhpur Foundation Day 12 May

12 Webinar On “Student Life After Covid” – Speaker Sushil Choudhary 30 May

13 Webinar On “Excel Tips & Tricks “ - Speaker Er. Mohibur Rehman

& Akshay Nair 4 June

14 CICASA Jodhpur Branch Celebrate World Environment Day 5 June

15 Webinar On “Smart Way To Face CA Exam” -Speaker CA Ritika

Mehta, CA Dheeraj Kasat & CA Ragini Shrimal 7 June

16

Webinar On “Income Tax Amendment” – Speaker CA Parchi Parekh

& Special Address By CA Atul Agarwal (CICASA CHAIRMAN

CIRC)

13 June

17 Webinar On “LLP Formation & Company Audit Reporting” Speaker

CA Lucky Nanwani 14 June

18

Webinar On “Communication Skills Key To Success” – Speaker CA

Sanjiv Bhootra & Special Address By – CA Sachin Kumar Jain

(RCM , CIRC)

17 June

19 Webinar On “Mental Health” – Speaker Yogacherya Deep Chouhan

& Neeti Manihar 20 June

20 Webinar On “Women Through Ages” - Speaker CA Ashima Sukhani

& Dr. Shweta Pareek, Special Address By CA Kemisha Soni (CCM) 28 June

21 YouTube Videos Prepared by Students on various subject related

topics (10 Videos published till date)

From 28

March

JODHPURBRANCH OF CICASA ENUMERATE


Media Coverage


Managing Committee 2020-21Media Coverage


CA CROSSWORD CHALLENGE – I (To Be Filled Alphabetically i.e No Numeric Allowed)

S.No Across (Horizontally) [1-32] (Words Count) 1 The ____ Concern assumption is the fundamental principle of

accounting

5

2 A salaried PCA under a PCA or firm shall be ______ for the limited

purpose of training articled assistant

20

3 A ______ is type of bilateral or multilateral parties agreement expressing convergence of will (Abbreviation)

3

4 The management of ICAI is vested with the _____ of ICAI 7

5 Professional skepticism is being _____ to condition which may

indicate possible misstatements

5

6 Schedule II, Part I, Clause I of CA Act 1949 states that every PCA

should follow _______ principle while performing audit

15

7 The full form of SAE is standards on ______ engagement 9

8 Any Person who is granted membership of ICAI becomes an _______ Chartered Accountant

9

9 The 3rd

Clause of memorandum of association of company which

states business to be carried on is called ________ clause

6

10 SQC-1 states that assembly of final audit file shall be done within

_____ days of completion of audit(date of auditor’s report)

5

11 The engagement standards that provide guidance on auditors professional responsibilities when he undertakes agree upon

procedures regarding. (Abbreviation)

3

12 ______ is intentional false presentation or concealment of material facts or deception

5

13 _____ is unique 21-digit alphanumeric number provided to all

companies for identification (Abbreviation)

3

14 __________ refers to any shareholder meeting called by a company other than its scheduled annual meeting to discuss urgent matters

(Abbreviation)

3

15 _______ means to scrutinize or inspect v/s 133 A and 133 B of Income Tax Act, 1961

6

16 Form ________ I of companies ( cost records and audit) rules ,2014

presecribed format of cost records to be maintained

3

17 ___________ is an indirect tax india on supply of goods and services (Abbreviation)

3

18 __________ is an operation under income tax act conducted on

business or residential premise of assessee to unearth undisclosed income

4

19 Audit Documentation preservation time as per SA-230 5

20 A ________ statement defines what an organisation is, why it exists, business goals & philosophy

7

21 A private company mandatory should have minimum _________

members

3

22 The Apex Bank of India (Abbreviation) 3

23 Every Audit _________ shall minimum have 3 directors as its

members in which majority shall be independent directors.

9


S.No Down (Vertically) [33-48] (Words Count) 33 Sec 88 of companies Act 2013 states to maintain _______ by every

company indicating details of members of the company.

17

34 __________ limited was set up in 1991 as an independent and professional investment information and credit rating agency

(Abbreviation)

4

35 Auditor expression opinion on financial statements whether they are

giving ________ and fair view.

4

36 Every banking company is required to transfer at least ______ % of its

current profit to statutory reserve.

10

37 ________ - 3 is an e-form for application for allotment of DIN also used

to update KYC norms of all directors

3

38 True and Fair gives substantial accuracy on financial statements where as

True and ______ give arithmetical accuracy

7

39 Set of principle issued by CA Act 1949 governing behaviour , do’s and dont’s to be followed by every CA

18

40 Section _______ company is a company licensed having main object of

promoting research , social welfare ,education etc.

5

41 __________ is a quasi judicial body in India that adjusting issues relating

to Indian companies. (Abbreviation)

4

42 Section 10 of Income Tax provides ______ reducing tax burden on

assesse

9

43 _________ is established by central government containing 5 members

from council of ICAI to improve quality of services and adhere to

regulatory requirements

18

44 ______ and auditor general of India is an authority to perform

government audit in India

11

45 ________ is an authorised representative of members of company to

attend and vote at the share holder meeting on his behalf.

5

46 __________ audit is conducted to check compliance with provisions of

laws , rules, reputation usually done by PCS.

11

47 Critical assessment of audit evidence gathered by being vigilant is called

professional _______

10

48 ________ of corporates affairs is primarily concerned with administration

of companies

8

24 ______ is examination of all books and documents of entity to

express an opinion usually done by a CA

5

25 Auditor has to gather sufficient and appropriate audit _______

while performing audit as per SA – 500

9

26 _______ is an administrative body of companies and limited liability partnership in India (Abbreviated)

3

27 ________ units are units which is found at end of financial year to

have incurred accumulated losses equal / exceeding its entire Net

worth

4

28 ______ of association contains rules and regulation of a company 8

29 _______ charge is a mechanism in which recipients instead of

provider is liable to pay tax

7

30 ______ is a software standard to accumulate , compile , share the

financial data (Abbreviation)

4

31 _________ are standards issued by ICAI is prepared uniform financial data in accordance with (GAAP)

19

32 _____ is an immovable property on which deprecation does not

apply

4


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