IMPORTANT UPDATES

 1. Income from PF Contribution Above Rs 2.5 Lakhs Limit to be Taxable From April 1, 2022. As per new rules a threshold limit of Rs 2.5 lakh has been set on tax-free contributions for non-government employees and Rs 5 lakh for government employees.

2. GST From April 1, e-invoice mandatory for firms with turnover of RS. 20 Cr+. E-invoicing will be compulsory for all businesses with a turnover higher than RS. 20 crore from April 1, with the Central Board of Direct taxes and Customs lowering the turnover threshold for electronic billing from RS. 50 crore. 

3. From the next fiscal year, taxpayers must generate invoices on their internal systems or billing software and then report them online to the invoice registration portal. This is required to avail of input tax credit (ITC).

4. GSTN has informed that following Improvements are going to be enabled in the interface of GSTR-1 at GST Portal:

•  Submit button shall be removed, two-step filing  process (‘Submit’ and ‘File) shall be replaced by one-step filing process (only ‘File Statement’).
• Now taxpayers can view a table-wise consolidated summary before filing of GSTR-1/IFF.

• The consolidated summary page will provide a recipient-wise summary containing the value of supplies and tax. Recipient-wise summary will be available for Table-4A, 4B, 6B, 6C, 9B.

Putin: How Would America React If Russian Missiles Were Placed At The Bo...

WHY TO BLAME MR.PUTIN?-USA IS THE BIGGEST CULPRIT FOR WORLD DISORDER:-READ THIS.

 

Until 1990: NATO had 16 members

Russia: Don't expand further

America: Okay we will not expand (verbally, not written)

1999: Poland, Hungary and Czech republic joined NATO

Russia: But you said you won't expand!
America: Where is the written document, so jack off

2004: Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia and Slovenia joined NATO

Russia: But you said you won't expand!
America: Where is the written document, so jack off

2009: Albania and Croatia joined NATO

Russia: But you said you won't expand

America: Where is the written document, so jack off

2017: Montenegro and North Macedonia joined NATO

Russia: But you said you won't expand!
America: Where is the written document, so jack off

2021: Bosnia and Herzegovina, Georgia and
Ukraine will join

Russia: Enough is enough, you are betraying us ever since 1990s, if we allow you, you will deploy missiles on our borders.

World: Russia is so aggressive, they are evil, they don't think about humanity, Russia is expanding. Putin is being unreasonable......

Hypocrite world!!!!!!

Putin's Speech about invasion:

https://youtu.be/W2Cugn8JZfk
2/26/22, 16:54 - Vinay Kapoor: Until 1990: NATO had 16 members

Russia: Don't expand further

America: Okay we will not expand (verbally, not written)

1999: Poland, Hungary and Czech republic joined NATO

Russia: But you said you won't expand!
America: Where is the written document, so jack off

2004: Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia and Slovenia joined NATO

Russia: But you said you won't expand!
America: Where is the written document, so jack off

2009: Albania and Croatia joined NATO

Russia: But you said you won't expand

America: Where is the written document, so jack off

2017: Montenegro and North Macedonia joined NATO

Russia: But you said you won't expand!
America: Where is the written document, so jack off

2021: Bosnia and Herzegovina, Georgia and
Ukraine will join

Russia: Enough is enough, you are betraying us ever since 1990s, if we allow you, you will deploy missiles on our borders.

World: Russia is so aggressive, they are evil, they don't think about humanity, Russia is expanding. Putin is being unreasonable......

Hypocrite world!!!!!!

Putin's Speech about invasion:

https://youtu.be/W2Cugn8JZfk

AN EXAMPLE AS TO HOW SOME INDIAN NEWS CHANNELS MANIPULATE THE NEWS JUST TO OPPOSE THE GOVERNMENT ONLY.IT IS ONLY IN INDIA THIS BULLSHIT REPORTING IS BEING ENJOYED UNDER THE COVER OF FREEDOM OF PRESS.

 

Why is the CA (Chartered Accountancy) course a big deal in India?

 Replied by CA Rucha Keni thru Quora

People have made Chartered Accountancy course a big deal!

Some time back there was a great misconception that cracking a CA exam will change your life for good.

Of course, it will! But it's not a one-time change.

I know a lot of CAs who have cracked all the levels with rank or minimum attempts. These people have not created any fuss about the course to begin with.

Now, let's come to different set of people who crib about the low passing percentage, the structure of the course, the attempts, articleship, basically everything that the course contains.

The difficulty level of this course lies in the environment in which you've grown up or how you do look at it.

When you decide to take up any course, you have to be well aware about its pros and cons and the future prospects.

Replied by CA Sruthilaya thru Quora

• It is a big deal because unlike other degrees/courses where you are guaranteed a degree/a certificate when you enroll, CA doesn’t make any such promises.
• It is a big deal because millions of aspirants appear for exams but very few taste success ( The pass percentage is always a meagre 5–15%)
• It is a big deal because it is the toughest professional examination in India by popular opinion.
• It is a big deal because even our Prime Minister thinks a signature of a CA matters more than the signature of the Prime Minister. A CA's signature is more powerful than that of a PM
  .
• It is a big deal because passing is based on merit, there is no other consideration at play.
• It is a big deal because it instills a lot of power but an even bigger responsibility.

Please do not fight in the comments section regarding the pass percentage or lack of reservation. These things are subjective and may not seem good to you. It is irrelevant to the question above.

PS - The views expressed here are completely mine and do not necessarily reflect the views of the organization I am employed with.

I agree that sometimes one fails by very low margin and blame goes again on the “Group structure”, low passing rate etc. But this is how it is unless some major changes are brought in the future.

ICAI must have had some vision when it designed the course and its passing percentage.

It's a professional degree, and you know if anyone could easily get a degree like doctor, CA, lawyer, architect, what mess it will create in the society.

This is not some post graduation degree.

This course needs to be taken seriously from the beginning itself. I've seen people doing articleship for the sake of it, their focus is just on finishing up the course.

The articleship gives you broader perspective of real world of CAs. One got to choose the firm wisely. There you explore, if you'd like to get into practice or get into industry or big4 or something completely different from all these options.

Many students just get the degree and there's a dead-end ahead them, because they have not been thinking about the future. Only CA tag won't get you money and better life.

This course developes your thought process, the way you analyse the problems and offer the solutions.

Let it be direct taxes, indirect taxes, auditing, accounting, internal controls, costing, financial management etc. This course covers all these subjects. But later it's up to you to choose in which one or two areas you would want to specialise.

I have seen many fresher CAs who are not able to decide on which area they'd like to specialise.

They go by trends or get fascinated by lucrative profiles. Everyone wants to get into IB/ corporate finance/ deals whatever name you call it. Then why did you chose CA?

I don't want to say that CAs can't do it, but you need some extra qualification after CA do get into these profiles— extra years, extra cost, extra efforts!

You can't totally blame the institute for not designing the course properly. They are giving you a taste of all subjects. One institute can't guarantee you that you'll be master of audits/ attestations, taxes, finance. It's your personal decision.

I've seen some big4 articles getting into industrial training in the 3rd year of their articleship. It's a game of merit and choices.

Of course when it comes to placements and pay-packages, changes need to be done.

However, CAs will always be in demand. Because there are lakhs of companies in India, they are required to get company audits and tax audits done, who has been given the authority to do these? Not even getting into other functions.

When you have skills and professionalism, you get the work.

Don't get carried away by wrong influences! All the best!

इतिहास मे पहली बार ऐसा हुआ FIRST TIME IN THE HISTORY OF CANADA

WHAT IS THE VALIDITY PERIOD OF INDIAN NON JUDICIAL STAMP PAPER? IMPORTANT TO KNOW

 

The validity of a Non Judicial stamp paper is not barred by Time Limitation as per the Apex court in relation to its use. The Apex court clearly stated that NOWHERE in the Indian Stamp Act it is mentioned about the validity of the Stamp papers. The INDIAN STAMP ACT clearly mentions that if any person possess a stamp paper of which he has no immediate use can return the Stamp paper to the collector (provided that it is not spoiled, rendered unfit or useless) for seeking refund of the value of the stamp paper PROVIDED IT WAS PURCHASED WITHIN THE PERIOD OF 6 MONTHS NEXT PRECEDING TO THE DATE OF SURRENDER..

 The stamp paper do not have any EXPIRY period. The stipulation period of 6 months is only for seeking refund of the value of the Stamp paper and NOT of it's use. There is no IMPEDIMENT FOR A STAMP PAPER PURCHASED MORE THAN 6 MONTHS PRIOR TO THE DATE OF EXECUTION TO BE USED FOR DOCUMENTATION.

In Pics | World's largest igloo cafe opens in Kashmir's Gulmarg An igloo cafe named ‘Snowglu’ in Kashmir’s Gulmarg has become a new tourist attraction recently. The cafe has been set up at the famous ski resort of Gulmarg. MONEYCONTROL NEWS FEBRUARY 07, 2022 / 02:22 PM IST

 

An igloo cafe named ‘Snowglu’ in Kashmir’s Gulmarg has become a new tourist attraction recently. The cafe has been set up at the famous ski resort of Gulmarg. Syed Wasim Shah, the creator of the igloo, claimed the structure to be the world's largest cafe of its kind. (Image: ANI)

The cafe is inspired by the Switzerland hotel concept. It is 37.5 feet tall and 44.5 feet in diameter. "It's world's largest Igloo cafe. We've applied for World record, process on. The last world record is from Switzerland in 2016, we've surpassed that," said Mahur, member, Igloo Cafe. The cafe has ten dining tables and can accommodate 40 guests. (Image: AFP)

The café is divided into two sections – one for seating and one for art space. “There are two sections here. One for seating and one for art space, wall carvings. We have used sheep's skin as seat covers. It took us 2 months to complete its construction. Visitors can enjoy traditional Kashmiri cuisine here,” said Mahur. (Image: AFP)

The cafe built of snow is the country's first and Asia's biggest Igloo Cafe. Started by the Kolahoi Green Group of Hotels and Resorts the first-ever Igloo Cafe in India is a one-of-a-kind experience and the ice restaurant is winning the hearts of visitors. (Image: AFP)

USED HERE FOR EDUCATIONAL PURPOSES ONLY

TATA-THE GREAT

 

Russian diplomat thanks India, China for being 'brave' to 'withstand US hand-twisting' before UNSC vote on Ukraine

 

By PTI

UNITED NATIONS: As India, Kenya, Gabon abstained and China voted against a procedural vote in the UN Security Council ahead of a meeting on the Ukraine situation, a Russian diplomat at the UN thanked the four nations for being “brave” to “withstand US hand-twisting before the vote.

”India abstained on the procedural vote taken in the Security Council ahead of a meeting to discuss the tense situation on the Ukraine border.

INDIAN UNION BUDGET 2022 KEY HIGHLIGHTS

The Hon’ble Finance minister of India presented the Union Budget for the Financial Year 2022-23, being the fourth budget of the BJP government in the second face of their services.

Here are the Key highlights of the Union Budget 2022:

1. Crypto currency to be taxed at 30 % special rate, no deduction allowed.
   Online digital assets to be taxed @ 30%. No deductions or set off of losses. Flat tax at 30% will be levied without any deduction. No deduction except cost of acquisition. TDS at 1% to be deducted on transaction value. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition
2. Corporate surcharge to be reduced from 12% to 7%
3. Health and Education Cess and Surcharge shall not be allowed as business expenditure
4. Propose to cap surcharge for AOPs at 15%. Also cap surcharge on LTCG arising from transfer of assets at 15% to give a boost to startup community
5. No Change in Slab Rates for Individuals and others
6. If undeclared income detected during search, no deduction will be allowed on such additional income
7. Propose a provision to file an updated return with payment of additional tax to correct any errors in assessment. Assesses can declare income that may have been missed out previously. New provision introduced to file updated ITR within 2 years in case of any omission or mistake
8. To reduce surcharge on co-operative societies to 7% from 12% for income between Rs 1 cr to Rs 10 cr
9. FM said despite of Covid Pandemic GST collection has touched all time high from it’s inception. FM gave credit to the recovering economy and administrative measures taken by the revenue department. Gross GST collection in Jan 2022- 1,46,986 cr. Highest since inception of GST
10. Persons with disability – Parents and Guardians can avail annuity even in their life time
11. Tax Deduction limit for state govt employees to NPS raised to 14% from 10%
12. Incentives for startups: period of incorporation extended by a year to 2023 to avail of tax benefits. For corporates, Extension also granted for new companies to setup manufacturing facilities to 2024 from earlier 2023
13. Section 115BAB the date for setting up business increased by one year to 2024. Incentive for newly incorporated manufacturing industry a concessional tax rate of 15% was introduced
14. Issuance of E-passports will be ruled out in 2022-23 to enhance convenience for citizens
15. India Economic Growth in FY22 to be at 9.2%. Economic growth estimated at 9.2%
16. Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy
17. Children mostly in Govt schools have lost 2 years of formal education. High quality e content will be developed in regional languages. A digital university will be setup. Will be built on a network hub-spoke model
18. Teachers will be equipped with digital tools. Digital University will be set up
19. Public issue of LIC is expected shortly. Others are also expected shortly. This budget will continue to provide impetus for growth- futuristic & inclusive
20. Speed in coverage of vaccination has helped in economic recovery
21. Budget to focus on 4 pillars – productivity, climate action, financing investments & PM Gati Shakti plan
22. PLI in 14 Sectors to create 50 lakh new jobs and additional production of Rs 30 lakh Cr
23. We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we’ll continue with strong growth
24. This Budget (2022-23) will benefit, youth, women, farmers, SC, ST… ; shall be guided by PM Gati Shakti master plan
25. Contracts for 4 multimodal logistics parks in PPP mode will be awarded in 2022-23
26. The National Highway network will be expanded by 25,000 kms in 2022-23
27. MSMEs: ECLGS has provided much needed credit. Scheme to extended to March 2023, cover to be expanded by 50,000 cr to 5 lakh cr. With the additional amount earmarked for hospitality sector
28. Rs 20000Cr to boost Transport Infra
29. Rs 2.73 lakh Cr as Public Procurement/MSP for Wheat &Paddy
30. Drones for Agriculture
31. ECLGS till March 2023,with total cover of Rs 5 lakh Cr
32. Unified Logistics Interface Program for JIT Inventory Management
33. Railways to fuel Logistics for Small Farmers
34. 2000km under Kawach 400
35. Vande Bharat Trains
36. 100 Cargo Terminals
37. Productivity-linked incentive schemes in 14 sectors have received excellent response; received investment intentions worth Rs 30 lakh crore
38. Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers& Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts
39. Emergency Credit Line Guarantee Scheme (ECLGS) extended till March 2023. Guarantee cover for ECLGS will be expanded by Rs 50,000 cr to a total of Rs 5 lk cr.
40. MSMEs such as Udyam, e-shram, NCS & Aseem portals will be interlinked, their scope will be widened… They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial opportunities
41. National tele mental health program to be launched, steered by NIMHANS, National Tele Mental Health Centres of Excellence to be launched
42. Will promote startups for drone manufacturing
43. Data exchange among all-mode operators to be brought on Unified Logistics Interface Platform, designed for API will enable, Efficient movement of goods, Reduce logistics costs and time, Assist Just In Time inventory management and Eliminate tedious documentation
44. PM E-Vidya to be Expanded to 200 TV channels in Regional Languages with focus on High quality e-content
45. 2 Lakh Anganwadis to be Upgraded
46. 8.7Cr Households have access to Har Ghar Jal,with
47. 5.5Cr getting Drinking Tap Water
48. Rs 50000Cr to cover 3.8Cr Households in 2022-23,under Har Ghar Jal
49. 80 Lakh Beneficiaries identified under PM Awas Yojana, for 40000Cr
50. Propose to setup 75 digital banking units in 75 districts by scheduled commercial banks
51. Rs 6,000 crore programme to rate MSMEs to be rolled out over 5 years
52. 1.5 lakh post offices to be connected to core banking
53. A network of 23 tele mental health centres of excellence with Nimhans being the nodal centre and IIIT Bangalore providing technology support
54. Push for EVs by Battery swapping policy will be brought out and interoperability standards will be formulated
55. Accelerated Corporate Exit for voluntary winding of company from current 2yr to less than 6months
56. Digital university to be set up to provide education; to be built on a hub and spoke model
57. High level committee of urban planners, economists & others will be set up to facilitate reforms. Necessary amendments in IBC to be made for more efficient resolution; to also enable cross border insolvency resolution
58. Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers
59. 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation
60. Spectrum auctions will be conducted in 2022 to roll out 5G services. Scheme for design led manufacturing in 5G to be launched as part of PLI scheme
61. Special economic zone policy to be replaced with a new legislation
62. Battery Swapping Policy will be brought out & inter operational service will be formulated. Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency in the EV ecosystem
63. ‘One Nation, One Registration’ will be established for anywhere registration to facilitate ease of living & doing business:
64. Implementation of Ken Betwa Linking project at est. cost of Rs. 44,605 Cr. to be taken irrigation benefits to 9.0 lakh hectare farm land
65. 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Atma Nirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal
66. Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand
67. SEZ Acts will be replaced with a New Act. SEZ (Special Economic Zones) Act will be replaced with new legislation…for the development of enterprise and hubs… It will cover the existing industrial enclaves and enhance the competitiveness of exports
68. To achieve 280 GW of solar power by 2030, Additional allocation of Rs 19,500 towards solar PLI for mfg of high efficiency modules
69. Amendments for the Bankruptcy Code – IBC amendments to enhance efficiency of resolution process – Facilitate cross-border insolvency resolution – To speed up voluntary winding up of companies
70. Modern building by-laws will be introduced
71. Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) to be revamped with required fund infusion Will facilitate additional credit of Rs. 2 lakh crore for Micro and Small Enterprises and expand job opportunities
72. Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP: Public expenditure needed to pump prime demand and crowd in private investment
73. 5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of Rs 250 cr
74. Sovereign green bonds will be used to finance green projects
75. To setup an expert committee to examine holistic regulatory framework for VCs, PEs and look at areas of friction
76. Capital Expenditure to increase 35.4% from ₹5.54 lakh crore to 7.50 lakh crore
77. Total expenditure is estimated at Rs39.45 lakh cr Receipts are estimated at Rs22.84 lakh cr. FY’23 fiscal deficit target at 6.4% of GDP vs 6.9% (RE)
78. Rs 1 lakh crore financial assistance to states to be provided in 2022-23 to catalyse investments 

Source:-CA Dr.Raj Chawla