INTERESTING PIECE OF INDIAN HISTORY-STATE OF KERALA

 Did u know this part of the history of Kerala ?*

It happened when the biggest and the most valuable company in the history of the world was brought down (among other things) by a royal Malayali from India.

There was a moment in history when the Vereenigde Oost-Indische Compagnie (VOC) or simply the Dutch East India Company was the most well funded and powerful Business, military and naval force in the world.
Established in 1602, it had a virtual monopoly of the global spice trade for most of the 17th century and was the first truly multinational corporation in history.
It had a great run and was the Apple or Google of its day - only more successful, profitable- paying on average, an 18% dividend for almost 200 years.
Adjusted to inflation, it had the market capitalisation of over 7 Trillion Dollars (in today’s money)- making it perhaps the most valuable company in the history of companies.

The Dutch made most of their money from India - By the early 18th century, the Dutch economic and political power in southern India was at its peak. The Dutch had thrown the Portuguese out, defeated the Mighty Zamorins of Calicut and even sadly turned the powerful kingdom of Kochi into a Vassal State where the crown even bore the Dutch emblem of VOC.

The Dutch East India Company is dead today - in large parts, thanks to this patriotic powerful Indian from Kerala.

Among the many mistakes that ultimately lead to their downfall, perhaps the biggest was committed by Dutch Governor Gustaaf Willem Van Imhoff in 1739.

During the ensuing negotiations between Governor Imhoff and Marthanda Varma, the ruler of Travancore, regarding the Dutch interests in Kochi, when Governor Imhoff threatened Marthanda Varma, that his forces will rake Travancore down to dust.
In his reply - Varma quipped simply:
"With all due respect to you sir, then I will certainly invade Holland, mark my words ."

Obviously miffed, the Governor of the Mighty Dutch empire walked off from the meeting, determined to teach this local king of a small Indian kingdom a lesson.
Soon, a large contingent of Dutch artillery forces landed in Colachel, lead by Captain Eustachius De Lannoy. Their intention was to make a quick dash and capture the capital of Travancore- Padmanabhapuram.

On the 10th of August, 1741, both Armies met in the now famous Battle of Colachel.
Within no time, the Dutch faced a crushing and decisive defeat- most of their soldiers fled and their commander, Eustace De Lannoy was captured along with his deputy.

Marthanda Varma forced  the Dutch to sign a peace treaty, taking over most of the Dutch forts in the Malabar region of India and bringing to an end, the Dutch monopoly in the Spice Trade with India.
What’s more, Marthanda Varma even made Eustachius De Lannoy join his forces as a trainer and used him to modernise the Army of Travancore - which later became the Madras Regimentof Independent India.

The Dutch Black Pepper trade monopoly was taken over by the State of Travancore - which made them rich then and now!
In case you wonder how rich - Marthanda Varma re-consecrated an old Temple of Lord Padmanabhaswamy (Lord Vishnu) and regularly donated to it in his lifetime.

Recently, 5 of the 8 sealed chamber Vaults of this temple were opened by the authorities- which yielded a "smallish " treasure in Gold and Jewels, estimated to be worth a little over USD 22 Billion (making it the richest institution and place of worship in the world). Experts believe that the remaining sealed vaults hold treasures worth a Trillion dollars.

 *While Marthanda Varma, an Indian, had his life moment in world history- our disgraceful Indian Historians didn’t think of his achievements as important enough to even deserve a mention in our school textbooks.* 

If you care more and are an Indian with self respect and pride, irrespective of where you come from in India- spread this factual historical event far and wide!!

*Interesting piece of history.*🎯🎯🎯🎯🎯🎯

Recd.from my friend Mr.Devendra Chachra

AN ADVISORY ABOUT FEW MYTHS AND FACTS ABOUT AIR CONDITIONERS

 Subject: ACs : An Advisory

To: 


A Fwd.....

Dear All,

Wanted to share my two penny knowledge I have in this segment. One of my responsibilities in my current job is maintenance of ACs for my company.  Almost 350+ ACs of various capacities and makes are under my maintenance team.

Few myths and facts here.

(a) Brand Value of AC Vs Quality Perception. Fact (1). Most of the ACs sold in India are manufactured by contracted manufacturers like Amber Enterprises. The same Amber factory manufactures ACs for almost every company. 55% of ACs sold in India are manufactured by Amber. Check out Amber website. This is how flipkart and Amazon also own a AC brand without having a factory.  Rest now you can conclude on brand value Vs quality of AC.
Fact(2), is check out BEE site. Many reputed brands like O general, Hitachi, Samsung, Panasonic, etc are wrongly labeling their product as 5star, but these ACs failed energy efficiency tests at BEE. BEE has put out caution notices and warning public not to fall for such dubious propaganda. Rest you can conclude on brand Vs Quality Perception. 

(b) Inverter Vs Non Inverter. Want to give a caution/warning to all of you here. Yes Inverter ACs save power, but the Inverter ACs come with problem. I.e they have a special power board which keeps failing and cost of power board is between 11k to 15k based on AC brand and tonnage. This is almost 25 to 30% of cost of the AC. And in my experience I have seen power boards of Inverter ACs failing in 2yrs to 3.5yrs of life. More than money saved in power consumption, we end up spending more money on power board replacement. AC companies print in large bold font that the warranty on AC is 5yr. But this warranty is on the AC compressor. Power boards being electronic component, are generally supported by warranty beween 6m to 1year. 

(c) Sell More than the Requirement to Customer.  This is a known tactic by almost every FMCG company.  Most of us require 1ton AC. But companies want to sell 1.5tr AC so they make more profit with each customer in his life time. As per theoritical calculations and as per practical experience, following are the thumb rule capacities of ACs in residential segment. 
    (i) upto 100sft room 0.8TR AC is sufficient.
    (ii) upto 150sft room 1TR is sufficient.
    (iii) upto 250sft room 1.5TR is sufficient. 
    (iv) upto 400sft room 2TR is sufficient.

But AC manufacturers don't want to sell lower capacity ACs. Almost every company say they either don't have 0.8tr and 1tr in stock or they make sure the price difference between 1tr and 1.5tr is almost peanuts which will propel a consumer to buy 1.5tr. Same is with price strategy of Inverter and non inverter  AC, which makes consumer to buy a inverter AC. This is an unfortunate situation where consumer will yeild and end up buying inverter AC due to the price strategy. A rightly sized AC as per the requirement will give more power savings than to buy a high end inverter AC which is too big in capacity for the given room.

(d) Star Ratings Change. This is another fact that star ratings by BEE keep changing. Last year's 5star rating is now 3star rating. So last year 5star AC on an old model/old stock cannot be compared with this year's 5star rated AC.

(e) Portable AC. Never buy portable AC without an expert consultation. Portable ACs are meant for few specific applications and cannot work with good efficiency. Only in an inevitable situation should we buy portable ACs.

(f) Window Vs Split. Decision would be based on frequent shifting of home and security of window area if the home is unattended for long times and in ground floors.

(k) Small Bedroom is Better. Make your AC more efficient and save power by making your bedrooms smaller. Use following techniques. 

  (i) Make separate room for cupboards, dressing area, etc. Don't have cupboards in bedrooms and keep cooling them unnecessarily. Better if this new partition/ room is between bedroom and attached bathroom. Push every item of your bedroom into this new space / room. Just have your bed in your bedroom. It will also stop humidity ingress from bathroom. This is a very good idea with lot of other advantages. But your bedroom may look cosy and small which is against the perception of luxury.

 (ii) Use False Ceiling. If you can reduce the room height from 10ft to 8ft, u will save 20% of electricity, which is way higher than a 5star AC.

I hope this gives us a good amount of info to make a right decision. 

A Retd Naval officer sent this



Vinay Kapoor

cTIME ZONES VAST COUNTRY USA

 *cTime Zones Vast Country USA*

USA is spread over 80 degrees longitude : East to West 
 I degree longitude = 
  - 4 minutes time difference
  - 111 kms or 60 miles. 

Before the U.S. had time zones, how did people traveling across the country know what time it was ? 
    Until invention of the railway, it took such a long time to get from one place to another, that local "sun" time could be used. When traveling to the east or to the west, a person would have to change his or her watch by one minute every 12 miles in order to always have the correct time.
When people began traveling hundreds of miles in a day by train, calculating the time became a problem. Railroad lines needed to create *schedules* for departures and arrivals, but *every city had a different time* ! 

_*4 Standard Time Zones for Continental U.S. Introduced*_ 
     :    November 18, 1883    : 
At first the railroad managers tried to address the problem by establishing 100 different railroad time zones. With so many time zones, different railroad lines were sometimes on different time systems, and scheduling remained confusing and uncertain.

Finally, the railway managers agreed to use four time zones for the continental United States: *Eastern, Central, Mountain, and Pacific*. _Local times would no longer be used by the railroads_.   
 Difference between each 2 of the 4 adjacent Time Zones was kept as an hour : total time difference in zones located in extremity in the country is now 3 hours. 
  U.S. Naval Observatory, responsible for establishing the official time in United States, agreed to make the change. At 12 noon on November 18, 1883, the U.S. Naval Observatory began signaling the change. 

As Greenwich Mean Time (the official time used by U. S. Naval Observatory) was transmitted by telegraph, authorities in major cities and managers of the railroads reset their clocks.  
    All over the United States & Canada, people changed their clocks and watches to match the time for the zone they lived in. Quickly, the confusion caused by the many different standards of time was resolved.

New GST Rule From 1 May 2023, Biz With Over Rs 100 Cr Turnover Must Know This In order to provide sufficient time for taxpayers to comply with this requirement, this new format would be implemented from May 1, 2023. Source ZEENEWS April13, 2023

 

New Delhi: Businesses with turnover of Rs 100 crore and above will have to upload their electronic invoices on IRP within 7 days of the issue of such invoice with effect from May 1, GST Network has said.

Currently, businesses upload such invoices on Invoice Registration Portal (IRP) on the current date, irrespective of the date of issue of such invoice.

In an advisory to taxpayers, GST Network (GSTN) said the government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with aggregate annual turnover greater than or equal to Rs 100 crore.

"To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting," GSTN said.

In order to provide sufficient time for taxpayers to comply with this requirement, this new format would be implemented from May 1, 2023.

This restriction will apply to invoice, and there will be no time restriction on reporting debit/credit notes, it added.

Giving example, the GSTN said if an invoice has a date of April 1, 2023, it cannot be reported after April 8, 2023.

The validation system built into the invoice registration portal will disallow the user from reporting the invoice after the 7-day window.

Hence, it is essential for taxpayers to ensure that they report the invoice within the 7-day window provided by the new time limit, the GSTN said.

As per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP.

AMRG & Associates Senior Partner Rajat Mohan said this technological change would arrest backdating of e-invoices by large companies.

"After successfully implementing this for large taxpayers, government is expected to roll out these changes for all taxpayers in a phased manner," Mohan added.

Currently, businesses with turnover of Rs 10 crore and above are required to generate electronic invoice for all B2B transactions.

Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore effective January 1, 2021.

From April 1, 2021, companies with turnover of over Rs 50 crore were generating B2B e-invoices, and the threshold was brought down to Rs 20 crore beginning April 1, 2022. From October 1, 2022, the threshold was further lowered to Rs 10 crore.

EY Tax Partner Saurabh Agarwal said implementation of timelines for reporting invoices on IRP would help in administering compliances and is an another great move towards digitalisation.

EY calls off plan to split audit, consulting units Read more at: https://economictimes.indiatimes.com :-April 12,2023

 

Accounting firm EY has called off a plan to break up its audit and consulting units, slamming the brakes on a proposed overhaul of its businesses that was meant to address regulatory concerns over potential conflicts of interest.

The company, which is one of the Big Four accounting giants, announced its plans for a split in September after regulators voiced concerns that the audit arm would not do its job fairly for its client if it also employed EY as a consultant.

But the plan, code-named "Project Everest", faced resistance from some of EY's partners. The company said its U.S. Executive Committee decided not to move forward with the split.

Had the split been ratified, it would have been the biggest overhaul in the accounting sector since the 2002 collapse of Arthur Andersen, the auditor that was mired in the Enron scandal and whose downfall reduced the Big Five to Big Four.

UK auditing and accounting regulator, the Financial Reporting Council, had asked the Big Four firms in 2020 to separate auditing as a standalone business in Britain by June 2024.

EY's latest move was first reported by the Financial Times.

Read more at:
https://economictimes.indiatimes.com/news/international/business/ey-scraps-break-up-plan-after-months-of-internal-dissent-report/articleshow/99415550.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

GST UPDATES

 

1. This is to apprise you regarding various notifications issued by the Central Board of Indirect Taxes and Customs on 31-03-2023.

 

Notification No. 02/2023 – Central Tax dated 31.03.2023

·         Late fees for FORM GSTR-4 (Composition Taxpayers) for the periods ranging from July-2017 until F.Y 2021-22 will be waived completely in case of NIL returns.

·         For non-NIL returns, the late fees will be reduced to Rs 500/-. However, these benefits will only be applicable if the returns are filed between 01.04.2023 and 30.06.2023.

Notification No. 03/2023 – Central Tax dated 31.03.2023

·          Taxpayers whose GSTIN number was cancelled due to non-filing of returns on or before 31st December 2022 now have a one-time option to apply for its revocation up to 30th June 2023.

·         However application for revocation can only be made after filing all the returns along with the payment of Tax, interest and late fees upto the effective date of cancellation of registration.

 Notification No. 04 & 05/2023 – Central Tax dated 31.03.2023

·         In case of taxpayers opting for authentication by way of Aadhaar Number, the date of submission of application for GST registration will be the earlier of the following dates -

·         Date of authentication or

           Expiry of 15 days from the date of submission of Part B in application

 

Notification No. 06/2023 – Central Tax dated 31.03.2023

·         Registered persons who have undergone assessment under Section 62 of the Act on or before 28.02.2023 and have not furnished a valid return within 30 days of the assessment order may avail the amnesty scheme.

·         Such persons should furnish the said return on or before 30.06.2023 with payment of interest and late fees.

 Notification No. 07/2023 – Central Tax dated 31.03.2023

·         Amnesty scheme has been provided for individuals who have not submitted their annual returns for FY 2017-18 to 2021-22 but do so between 01.04.2023 to 30.06.2023. Late fees in these cases will be limited to Rs.20,000.

·         Further late fees on GST Annual Return has been rationalized from F.Y.2022-23 onwards as 

·         T/O upto 5 Cr                                Rs.50/- per day subject to 0.04% of T/O

·         T/O 5cr to 20 Cr                            Rs.100/- per day subject to 0.04% of T/O

·         T/O greater than 20 Cr                  Rs.200/- per day subject to 0.5% of T/O

Notification No. 08/2023 – Central Tax dated 31.03.2023

 

·         An amnesty scheme is now available for the Final Return in FORM GSTR-10. If the return is furnished between 01.04.2023 to 30.06.2023, the maximum late fee payable will be Rs 1000/-.

 

Notification No. 09/2023 – Central Tax dated 31.03.2023

·         Government has extended the time limit for issuing orders under section 73 of the Act for recovery of tax not paid, short paid or ITC wrongly availed or utilized, invoking Section 168A

2. The new due dates are as under:

FY 2017-18: Upto 31st December 2023

           FY 2018-19: Upto31st March 2024

           FY 2019-20: Upto 30th June 2024

 

3. The time limit to issue Show Cause Notice (‘SCN’) for respective financial years shall also stand extended which is at least three months prior to above due dates, which means, now the earlier due date for issuing order becomes the new due date for issuance of SC. 

Dr.CA Raj Chawla.

SOMETIMES HONESTY IS TOO HILARIOUS

 

A man doing market research knocked on a door and was greeted by a young woman with three small children running around at her feet.

He says, "I'm doing some research for Vaseline. Have you ever used the product?"

She says, 'Yes. My husband and I use it all the time.'

'And if you don't mind me asking, what do you use it for?'

'We use it for sex.'💋💄👙

The researcher was a little taken back.

 'Usually people lie to me and say that they use it on a child's bicycle chain or to help with a gate hinge.

But, in fact, I know that most people do use it for sex. 

I admire you for your honesty. Since you've been frank so far, can you tell me exactly
how you use it for sex?'

The woman says, 'I don't mind telling you at all...

My husband and I put it on the door knob so it gets slippery and the kids can't open the door!'

OUT OF 100,ONLY 8 LIVE >65 YEARS OF AGE:-VERY GOOD ANALYSIS OF POPULATION WORLD WIDE.

_Read On for Good News_ ......

*Out of 100, Only 8 live >65 years of age.*

Hats off to whoever has compiled this statistics! Read and understand how lucky we are!!_ 

The current population of Earth is around 7.8 billion.
For most people, it is a large figure, that is all.

 However, someone has condensed the 7.8 billion in the world into 100 persons, and then into various percentage statistics. The resulting analysis is relatively much easier to comprehend.

*Out of 100 persons:*
11 are in Europe
5 are in North America
9 are in South America
15 are in Africa
60 are in Asia

*Out of 100 persons:*
49 live in the countryside
51 live in towns/ cities

*Out of 100 persons:*
77 have their own houses
23 have no place to live.

*Out of 100 persons:*
21 are over-nourished
63 can eat full
15 are under-nourished
1 ate the last meal, but did not make it to the next meal.

*Out of 100 persons:*
The daily cost of living for 48 is less than US $2.

*Out of 100 persons:*
87 have clean drinking water
13 either lack clean drinking water or have access to a water source that is polluted.

*Out of 100 persons:*
75 have mobile phones
25 do not.

*Out of 100 persons:*
30 have internet access
70 do not have conditions to go online

*Out of 100 persons:*
7 received university education
93 did not attend college.

*Out of 100 persons:*
83 can read
17 are illiterate.

*Out of 100 persons:*
33 are 
22 are Muslims
14 are Hindus
7 are Buddhists
12 are other religions
12 have no religious beliefs.

*Out of 100 persons:*
26 live less than 14 years
66 died between 15 - 64 years of age
*8 are over 65 years old*.

*Out of100 persons in the world, only 8 can live or exceed the age of 65.*

*Conclusion*
If you have your own home,
Eat full meals and drink clean water,
Have a mobile phone,
Can surf the internet, and
have gone to college,
You are in the miniscule privileged lot. 
(in the less than 7% category)

*If you are over 65 years old. Be content and grateful.  Cherish life, grasp the moment.*

*You did not leave this world before the age of 64 years like the 92 persons who have gone before you. You are already the blessed amongst mankind.*

Take good care of your own health because nobody cares more than you yourself!

*“Thank God for all the Blessings”*

🙏
*Cherish every Moment*

SENIOR CITIZENS' SAVINGS SCHEME.

For Guaranteed income

Senior Citizens' Savings Scheme (SCSS) offers an interest rate of 8.2 per cent for the April-June quarter of 2023. Here are all you need to know about the Senior Citizens' Savings Scheme

SCSS: Who can invest?

Anyone individual who is above the age of 60 can invest in this scheme. Senior citizens can open an SCSS account at an authorized bank or a post office.

Senior Citizens' Savings Scheme interest rate

The interest rate of the Senior Citizens' Savings Scheme (SCSS) has been hiked from 8 per cent to 8.2 per cent for the April-June quarter of 2023. Do remember once the investment is done the interest rate remains the same throughout the tenure. 

Senior Citizens' Savings Scheme investment limit


Senior citizens can start an SCSS account with a minimum of Rs 1,000. The investment limit of SCSS has been increased from Rs 15 lakh to Rs 30 lakh in Budget 2023.

Senior Citizens' Savings Scheme: Quarterly pay-out

The Senior Citizens' Savings Scheme pays interest quarterly. Guaranteed pay-out at the end of each quarter has made SCSS one of the most popular fixed-income products among senior citizens. 

SCSS: Income Tax Benefit

Senior citizens can claim a deduction of up to Rs 1.5 lakh under section 80C of the Income-tax Act, 1961 for investing in the Senior Citizens' Savings Scheme. 

Senior Citizens' Savings Scheme: Interest is taxable

Do remember interest paid by the scheme is taxable in the hands of the investor based on the income tax slab. In case the interest amount earned on the SCSS is more than Rs 50,000 in a financial year, Tax Deducted at Source (TDS) is applicable to the interest earned. However, senior citizens have the option to claim a deduction of up to Rs 50,000 from the total interest earned on fixed deposits during a financial year under section 80TTB of the Income-tax Act. 

Senior Citizens' Savings Scheme premature withdrawal rule

A premature withdrawal option with penalties is allowed after completion of one year from the date of opening the account. For premature withdrawal after one year, an amount equal to 1.5 percent of the deposit is deducted as a penalty. In case of premature withdrawal on or after the second year, an amount equal to 1 per cent of the deposit is deducted.

NEW PROVISIONS FROM APRIL 1,2023

 

1. Tax Provisions From April 1, 2023: Several regulations are expected to roll in from 1st April, 2023. We list some of the key changes that will impact individuals and businesses. 

2. For INDIVIDUALS New Tax Regime: The new income tax regime will become the default option. Individuals will have the option to choose the older regime.

3. Home Loan Rates: Special home loan rates offered by SBI, HDFC will come to an end, leading to higher interest rates.

4. Senior Citizen FD: SBI’s ‘We Care’ deposit scheme offering 50 basis points more for senior citizens over the standard rates will end. HDFC Bank & IDBI Bank schemes will cease as well.

5. Costlier Cars: New Vehicles have to comply with the phase 2 of BS6 emission norms and this is likely to lead to a hike in prices among auto majors.

6. Debt MFs: Debt mutual funds with less than 35% investment in equity shares will be taxed according to slab rate – indexation benefits end.

7. Senior Citizen Savings Scheme: Maximum deposit limit for senior citizen saving scheme will be increased to Rs 30 Lakh from Rs 15 lakh.

8. Tax Rebate: Rebate under section 87A will be hiked to Rs 25000 for taxable income up to Rs 7 lakh. So if you opt for the new regime, you will pay zero tax if income is under Rs 7 lakh.

9. Leave Encashment: Limits for tax exemption on leave encashment on retirement of non- govt. employees increase to Rs 25 lakh from Rs 3 lakh.

10. Insurance Investment: Insurance policies (other than ULIP’s) with annual premiums exceeding Rs 5 lakh will become taxable on maturity.

11. Capital Gain Exemption: For HNIs availing high-value capital gain exemption by reinvesting in luxury apartments, tax deduction will be capped at Rs 10 crore.

12. For BUSINESS Online Gaming: Online gaming cos must deduct tax at source on net winnings of users at a rate of 30% on every winning.

13. Audit Trail: Accounting software used by companies to maintain books of accounts must have mandatory audit trail facility with features to create edit logs of each change made.

14. Insurance Commissions: Life, general and health insurance cos will get the flexibility to pay commissions to agents according to board- approved policies within the overall expenses of management ceiling.

15. Home Loan Capital: Home loan providers need to provide more capital on their portfolio, Earlier, RBI had rationalized risk weight to give a fillip to the sector.

STATUTORY AND TAX COMLIANCE CALENDAR FOR APRIL 2023

 

1. Income Tax TCS Liability Deposit Mar-23 7-Apr-23 Due date of depositing TCS liabilities under Income Tax Act, 1961 for previous month.

2. Income Tax  TDS Deposit Mar-23 7-Apr-23 Due date for deposit of Tax deducted by an office of the government for the month of March, 2023. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.

3. GST GSTR-7- TDS return under GST Mar-23 10-Apr-23 GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST.

4. GST GSTR-8- TCS return under GST Mar-23 10-Apr-23 GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.

5. GST GSTR-1 Mar-23 11-Apr-23

• GSTR-1 by registered person with aggregate turnover exceeding INR 5 Crores during preceding  year.
• GSTR-1 by Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP

6. GST GSTR-1-QRMP Jan-Mar, 2023 13-Apr-23 GSTR-1 of registered person with turnover less than INR 5 Crores during preceding year and who has opted for quarterly filing of return under QRMP.

7. GST GSTR -6 Mar-23 13-Apr-23 Due Date for filing return by Input Service Distributors

8. Income Tax  TDS Certificat Feb-23 14-Apr-23 Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S in the month of February, 2023.

Note: Applicable in case of specified person as mentioned under section 194S.

9. Income Tax Form No. 15CC  Jan-Mar, 2023 15-Apr-23 Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2023.

10. Income Tax Form No. 3BB Mar-23 15-Apr-23 Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2023.

11. Labour Law Provident Fund / ESI  Mar-23 15-Apr-23 Due Date for payment of Provident fund and ESI contribution for the previous month.

12. GST GST CMP-08 Jan-Mar, 2023 18-Apr-23 Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who has opted for composition levy.

13. GST GSTR - 3B Mar-23 20-Apr-23

• GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year.
• Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.

14. GST GSTR -5 Mar-23 20-Apr-23 GSTR-5 to be filed by Non-Resident Taxable Person for the previous month.

15. GST GSTR -5A Mar-23 20-Apr-23 GSTR-5A to be filed by OIDAR Service Providers for the previous month.

16. GST GSTR-3B Jan-Mar, 2023 22-Apr-23 GSTR-3B of registered person with turnover less than INR 5 Crores during preceding year and who has opted for quarterly filing of return under QRMP.

17. GST GSTR-3B Jan-Mar, 2023 24-Apr-23 GSTR-3B of registered person with turnover less than INR 5 Crores during preceding year and who has opted for quarterly filing of return under QRMP.

18. GST GST ITC-04 Oct-Mar, 2023 25-Apr-23 GST ITC-04 is filed to report goods sent to job worker and goods received back from Job workers. Registered person having aggregate turnover of more than 5 crores during preceding year is required to file the same on a half yearly basis.

19. GST GST ITC-04 2022-23 25-Apr-23 Registered person having aggregate turnover of upto INR 5 crores during preceding year is required to file GST ITC-04 on yearly basis.

20. GST GSTR-4 2022-23 30-Apr-23 GSTR 4 is an annual return form containing the details of inward and outward supplies of a composition dealer.

21. Income Tax Form 24G Mar-23 30-Apr-23 Due date for furnishing of form 24G by an office of the government where TDS/TCS for the month  of March, 2023 has been paid without the production  of a challan.

22. Income Tax Form. 15G/15H  Mar-23 30-Apr-23 Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2023.

23. Income Tax TDS Challan cum Statement Mar-23 30-Apr-23 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194-M and 194S in the month of March, 2023.

Note: Applicable in case of specified person as mentioned under section 194S

24. Income Tax  TDS Deposit Mar-23 30-Apr-23 Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2023.

25. Income Tax TDS Liability Deposit Jan-Mar, 2023 30-Apr-23 Due date for deposit of TDS for the period January 2023 to March 2023 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.

26. Income Tax  Form No. 61 Oct-Mar, 2023 30-Apr-23 Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2022 to March 31, 2023.

BY Dr.CA Raj Chawla

HELLO CHENNAI-A UNIQUE CITY OF INDIA

 Hello Chennai !

Chennai is the only city in India which will have 3 international ports, Chennai port, Ennore port, third one coming up at kaattupalli.

Chennai is the only city where ROYAL ENFIELD bikes are manufactured, in the world.

Chennai has the longest beach in india, 12kms urban beach, 2nd longest in the world.

Chennai is the only city which houses a national park within city limits. The Guindy national park.

Chennai is the only city which has three rivers flowing through it, adai aaru(adayar), coovum aaru, kottralai(kosasthalai) aaru. Aaru — river.

Chennai's Old Mahabalipuram Road is the single largest IT corridor in india.

Chennai is the single largest automobile manufacturer in Asia. Fondly called the Detroit of Asia.

Chennai is the 2nd city in the world to become a municipal corporation next to London, in the year 1688.

Chennai houses the largest bus terminus in Asia at koyambedu.

Chennai is the birth place of 'Chicken 65' @ Hotel Buhari.

Chennai has the largest library in Asia, Arignar Anna centenary library.

Chennai's vandalur zoo is the largest zoo in India.

Chennai's Guindy engineering college the oldest in india, 1794.

Two of the top ten engineering colleges in India located in a single road, IIT Madras, CEG(college of engineering — Guindy/Guindy engineering college), at Sardar Patel road, Chennai.

Chennai houses the oldest shopping mall in India, Spencer plaza, 1863.

Oldest human habitat, in the world found at Athirambakkam, Chennai

The Madras High court is the world's second largest court complex.

Chennai is the only Indian city attacked during world war.

Chennai, city of flyovers, largest number of flyovers in india.

Kathipara flyover, is the largest clover leaf flyover in Asia.

Chennai is the Indian city with most number of foreign visitors annually.

Chennai is the health capital of India, with most number of foreign and domestic foot falls.

Chennai has the highest number of Grandmasters in chess.

Royapuram railway station, is the oldest functioning railway station in india.

Integral Coach Factory(ICF), Chennai is the world's largest rail coach manufacturer.

Madras Medical college, the oldest medical college and oldest hospital in india, 1664.

The first ever flight in Asia flew in and around Chennai, 1910.

Oragadam is the largest automobile hub in South Asia, with 22 Fortune 500 companies.

Chennai has the highest number of cinema theatres in India. Quite obvious, Tamil film industry has given 4 Chief ministers to the state.

Chennai has the oldest race tracks in india, both horse race, motor race(obviously, being the auto capital of Asia).

Madras school of art is the oldest fine arts institute in india(1850).

Higginbothams, Mount road, chennai is the oldest book store in India(1844).

EID parry, chennai is the oldest company in India (1780).

MRF, chennai is the largest tyre manufacturer in india.

Madras regiment is the oldest infantry regiment of Indian army(1750).

AVM studio is the oldest surviving film production house in India.

St. George's Anglo Indian higher secondary school is the oldest school in India(1715).

Chennai is also the only city in the world where all forms of surface transport are manufactured... From bicycles, 2 wheelers, cars, trucks, armored personal carriers, locomotives, railway coaches, main battle tanks... the entire range of surface transport. Not even Detroit can boast of this wide range of surface transport.

KEY HIGHLIGHTS OF INDIA'S FOREIGN TRADE POLICY 2023

1.  It is Foreign Trade Policy 2023 (and not 2023-28). There is no end date for the policy.

2.  The FTP would be dynamic and would be changed on a need based.

3.  No Incentive (MEIS/SEIS) but only remission (like RoDTEP) would continue (which is WTO compliant)

4.  Advance Authorization/DFIA/EPCG would continue

5.  1 day approval for approval (AA, EPCG), revalidation and extension of export obligations. (instead of 3 days to 1 months time).

6.   Lower fees for MSME for application for some scheme.

7.   Lower Threshold limits for Star Exports house

8.   INR Trading to continue

9.  Focus on Merchant Trading (buying from a third country and selling to a third country without touching the borders). (However, RBI FEMA regulations should be relaxed. This       needs to be seen).

10.  4 additional towns of excellence (apart from earlier 39 towns of excellence)

11.  Sectors like Textile/Dairy/Green sectors are focused.

12.  Special Advance authorization for certain sectors.

13.  Self-ratification for 2 star export houses for input output norms.

14.  Boost to E-commerce. Courier exports limits increase from Rs. 5 lakhs to Rs.10 lakhs.

15.  There should be an E-commerce Export hub and training for small E-commerce exporters. Tech support for E-commerce to link with Banks for financing.

16.  District Export Promotions committee to facilitate exports headed by DC of the district coordinated by the Regional Office of DGFT.

17.  Amnesty scheme for default of Advance authorization/EPCG. Interest limited to 100% of Basic Customs Duty and No interest on Additional Customs Duty and SAD.