NICAI UPDATES

NICAI Updates: 1.  ICAI Council has decided to extend the grace period to generate UDIN from 15 days to 30 days as a one time measure for certificates / Reports issued till 31st December 2019. 2.  ICAI Membership Fees due date for payment of ICAI Membership fee including COP fee is extended upto 30th November, 2019. So many other forms filling due date also extended upto 30th November, 2019. 3.  Finance ministry has notified on 12th September 2019 the e-assessment scheme 2019 for conducting faceless scrutiny assessment of income tax returns (ITR). 10 Pointers on E-assessment Scheme, 2019: 4.  The scrutiny notice will be issued to the individual u/s 143(2) if he has under-reported his income or over-stated losses. 5.  The individual will have to reply within 15 days from the date of receipt of notice. The notice issued will be sent electronically on the taxpayer's account on the e-fling website, to the registered email address of the taxpayer or on the mobile app of the income tax department which has the registered mobile number. 6.  Individual will have to respond to the notice or order received through the registered account only. 7.  Individual taxpayers would not be required to appear either personally or through authorised representative in relation to the proceedings related to the scheme. 8.  All the communication between the department and taxpayer would be done electronically. Even all the internal communication within the income tax department will be electronic. 9.  The e-assessment scheme will be fully automated. Under the scheme, the National e-assessment centre can assign the scrutiny case to any regional e-assessment centre through an automated allocation system. 10. If the regional assessment required assistance from verification unit or technical assistance from technical unit, then such requests will be processed through automated allocation system. 11.  If the regional assessment unit wants further information or documents from the taxpayer, then such request first has to be made to the National e-assessment centre. 12. The regional assessment unit will make a draft assessment order and send it to the National e-assessment Centre. 13.  The National e-assessment Centre will examine the draft received in accordance with the risk management strategy specified by the CBDT. SOURCE :-CA RAJ CHAWLA