TaxLiner | Summarizing Laws

2021-06-02 20:28:01 “GST started as a good idea, BJP converted it into a bad law. It was notified with horrendous rates of tax. The law was applied as though tax-collecting officers were hounds hunting foxes. Every businessperson was suspected to be a tax evader”.

“The GST Council was reduced to a talking shop. The GST Implementation Committee (consisting of officers) became the tail that wagged the dog,”

“The FM treats the GoM as an extension of the NDA and its supporting parties. All FMs who express a contrary view are treated as errant schoolboys. The idea of GST: RIP,” he said.

From Mr. Chidambaram

@HubofCA ओपन / कमेंट

2021-06-02 19:40:02 100CR per year as a salary: Does it seem realistic?

That's how much Zerodha founders and director Nithin Kamath, Nikhil Kamath, and Seema Patil can earn up to in a year

But many would-be like, 100Cr salary? Isnt that too much?

Absolutely not!

Here is why it completely makes sense :

1. Zerodha has been scaled to a freaking unicorn without raising a single rupee.
Do you think they were not able to raise money? They choose not to. The founders

2. Zerodha is a startup that actually makes a profit. Yes, not revenue but profit.
FY20 they made a profit of Rs 442 crore ( 16% YoY Growth )
Btw most of the super highly funded startup founders make a salary of 3-10CR annually,
The fruits of staying persistent with the idea of bootstrapped are yielding long-term results.
Thank you for making Bootstrapped business cool again

I have nothing but, Respect.

@HubofCA ओपन / कमेंट

2021-06-02 14:54:36 Moneycontrol Market Reports
Taking Stock | Sensex, Nifty end flat amid volatility, small midcaps outperform

@HubofCA ओपन / कमेंट

2021-06-02 14:53:13 Vaccination Camp by ICAI

Link: Here

@HubofCA ओपन / कमेंट

2021-06-02 12:00:49 GST Updates

The retrospective amendment in Section 50 of CGST Act, 2017 which requires payment of interest only on net cash liability is notified with effect from 01 June 2021. This puts the entire controversy to rest and the department can recover interest only on the cash component of liability. In other words, no interest is payable by the taxpayer for the liability paid through ITC.

@HubofCA ओपन / कमेंट

2021-06-02 11:30:05 Tri-Weekly Summarized #Statutory News By Team, Join @HubofCA for Regular Updates:

• The Central Board of Direct Taxes (CBDT) has notified Nodal officers of the State Police Agencies of Assam, Chhattisgarh, Punjab, Uttar Pradesh, West Bengal amp; Delhi Police as an Authority under section 138(1)(a)(ii) in connection with sharing of information through National Intelligence Grid (NATGRID) platform.

• To further facilitate ‘relocation’ foreign funds to International Financial Services Centre , the SEBI has decided that a FPI may approach its DDP for approval of a one-time ‘off-market’ transfer of its securities to the ‘resultant fund’.

• Based on the representation received from AMFI, the SEBI has decided to extend the implementation date of the provisions of disclosure related to mutual fund to September 1, 2021.

• The Government has notified that IGST would not be levied on imported goods which are meant for free distribution for COVID relief by the Central Government, State Government, or a relief agency as recommended by the nodal authority.

• The Government has exempted custom duty on import of Black Fungus Medicine "Amphotericin B" till 31.08.21. Earlier the exemption was granted to oxygen equipments and several Covid-19 medicines till 31.07.21 and that exemption is also extended till 31.08.21. ओपन / कमेंट

2021-06-02 06:30:06 CBIC relaxes Interest Rates on delayed filing of GSTR-3B Return

GST Returns: Govt notifies Due Date Extension for GSTR-3B, GSTR-1, GSTR-4

CBDT releases instructions to Income Tax Return forms for AY 2021-22

ED files chargesheet against Hyderabad Jewellers, CAs for depositing Demonetized Notes

No Addition to be made merely on basis of Dumb Documents: ITAT

CA Fresher bags Rs.15.04 lacs per annum in ICAI Campus Placement Programme amid COVID-19 Pandemic

Levy of Penalty in event of Turnover escaping Assessment not Automatic, AO to be satisfied of Escapement: Orissa HC grants relief to NALCO

Provision related to Revision of Orders Prejudicial to Revenue can’t be invoked for Computational Error: ITAT

Join @HubofCA for Daily One-Liner Top Stories #StatNews ओपन / कमेंट

2021-06-02 05:30:05 Exclusive IncomeTax Updates:

• Writ petition assailing auction of property for recovering tax arrears, is not maintainable, where auction has not yet taken place: HC

• AO cannot make addition purely on basis of statement given u/s 132(4) without showing any incriminating material found during course of search that has e direct nexus with income declared u/s 132(4): ITAT

• Action u/s 263 can be taken only when twin conditions of the order being erroneous and prejudicial to interest of Revenue are satisfied: ITAT

• At stage of invoking jurisdiction u/s 147 it is not required to test whether material would conclusively prove escapement of income: ITAT

• Power of revision cannot be exercised in respect of a non est order: ITAT

Join @HubofCA for Exclusive #IncomeTax News ओपन / कमेंट

2021-06-01 18:24:01 Small Tips for CAs for generating leads on LinkedIn.

1. Optimize your profile
This is the first thing that you want to do because when someone wants to connect with you they will first see your profile
And if your profile is not optimized you will not be able to position yourself as an expert and people will not accept your connection requests

2. Start writing regularly on LinkedIn.
Write at least 3 posts a week. And as the LinkedIn organic reach is great now. Your post can reach thousands of people daily

3. Always send connection requests with a message
It will build goodwill around your name as hardly anyone does this. Also people will definitely check your profile and as your profile is optimized, there are chances that the prospect will message you asking for your services

You might get hundreds of high paying clients and speaking gigs

@HubofCA ओपन / कमेंट

2021-06-01 17:41:53 Notification No.69/2021 [F.No. 225/53/2020-ITA.II/] / S.O. 2098(E)
https://www.incometaxindia.gov.in/communications/notification/notification_69_2021.pdf

Publish Date : Monday, May 31, 2021 ओपन / कमेंट