NICAI-UPDATES

1.. Taxpayers awaiting income tax refunds for the financial year 2017-18, 2018-19 and 2019-20 can expect payment by January 31, 2024. A recent order by the Income Tax department addressed glitches and other issues hindering income tax return (ITR) processing for these years. 

2. The department assured that refunds will be issued soon if the calculation in the ITR aligns with their assessment. Even belated ITRs for the mentioned financial years are eligible for refunds, the order said. The department mentioned that before refund is credited to the bank account, an intimation notice will be dispatched to the registered email ID..

(a) Guidelines for E-Stamping

• Members in practice are allowed to take license of e-stamping service to their clients and other chartered accountants. 
• Members in service are not allowed to take license of e-stamping service

(b) Such service will be provided from the office of the CA Firm only. 

 

(c) The members engaged in E-stamping shall not advertise such service or the fact that he is holding a license of E-stamping. Chartered Accountants in practice are required to observe embargo prescribed under clause 6 and 7 of Part I - Schedule I. This aspect should also be observed for e-stamping activity 

 

(d) The members engaged in E-stamping should not mention about e-stamp activity on visiting card, professional stationery, etc. except invoice and receipt for such services 

(e) The Quantum of revenue received from e-stamping activity shall not be reckoned for the purpose of determining audit turnover for multi-purpose empanelment or for any such purpose 

 

(f) Rules of government and any other authority in this behalf should be followed.

(g) Separate accounts should be kept of e-stamping activity and a list of persons to whom e-stamping service is provided should be maintained.

(h) Any information or documents called by the Institute about e-stamping service should be provided in a timely manner. 

(i) Unless otherwise provided in Govt rules and regulations: (I) members shall not put any hoarding, board outside firm premises mentioning stamp vendor. (II) providing service to persons who are not clients for any other

3. Benefits of provisions of delayed payments as per MSMED Act, 2006 available to MSMEs viz-a-viz Traders related Vide OM No. 5/2(2)2021-E/P&G/Policy dated 2.7.2021 issued by this office, Retail and Wholesale Trades have been included as MSMEs, allowing them to be registered on Udyam Registration Portal and benefits to Retail and Wholesale trade MSMEs are to be restricted to Priority Sector Lending only.

4. In this context, some MSEFCs have been approached by Traders to get the benefits of provisions of delayed payments as per MSMED Act, 2006 available to MSEs. It is clarified that as mentioned in the aforesaid OM, the benefits to Retail and Wholesale trade MSMEs are restricted upto Priority Sector Lending only, and any other benefits, including provisions of delayed payments as per MSMED Act, 2006, are excluded. 

CA (Dr) Raj Chawla