Month: July 2019

Input tax credit in GST, As defined by section 2 (57) of the MGL (Model GST Law) and section 2 (1) (d) of the IGST Act, Input tax is related to a taxable entity which means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act is levied on every supply of goods or any services on the entity which is used by it or which is intended to to be consumed in the course of the business and subsumes the tax payable under sub-section (3) of section 7. In a simple way, input tax credit defines that an entity can reduce the taxes it paid on the inputs at the time of paying the taxes on output.

28th GST Council Meeting Updates on ITC

In the recent discussion it is stated that the ITC inclusion might be applicable soon on the other activities specified in the  Schedule III i.e., services by Courts, sale of land, actionable claims, vessels, aircraft, services by MP or MLAs and ITC on 13-seater vehicles, vehicles for transporting money; on maintenance or general insurance services for vehicles, goods or services provided to employees by employer as required by law. Also, there would be no interest in case of reversal of ITC payment on invoice beyond 180 days from the invoice date.

What is net Input tax credit (ITC)?

• Net ITC is the input tax credit which is availed by the taxpayer in his ITC ledger or for the month in which the taxpayer has sought. It is the amount of ITC taken by the taxpayer through the table 4 of his GSTR 3B returns of the tax period refund is sought for.

Now lets see, how to calculate input tax credit, for example, if a tax payable on the output is INR 450 and the tax paid on the input was INR 300, then the entity can claim an Input tax credit of INR 300 and the remaining amount of INR 150 will be needed to deposit in taxes.

How can Input Tax Credit be Claimed under GST?

For claiming input tax credit, one must occupy a tax invoice or a debit note which is issued by a registered dealer.

Second thing, which must be kept in mind is that one should have received goods and services, and the taxed purchases have been deposited or paid to the government authority by the supplier in form of cash or by claiming the input tax credit.

Then, it must be ensured that the supplier has filed for the GST returns.

How to Avail the Input Tax Credit via Different Routes?

• For making payments to IGST: Take input tax credit from the SGST, CGST and IGST which is paid on the purchases.
• For making payments to CGST: Take input tax credit from the CGST and IGST which is paid on the purchases.
• For making payments to SGST: Take input tax credit from the SGST and IGST which is paid on the purchases.

Note: As per current notification, the govt has modified some ITC set of rules under which the ITC for IGST is first used completely then the CGST & SGST will be used i.e.

• For making payments to IGST: Take input tax credit from the IGST and then CGST & SGST.
• For making payments to CGST: Take input tax credit from the IGST & CGST
• For making payments to SGST: Take input tax credit from the IGST and SGST.

Here is shown a GST input tax credit example which will clarify in a simple manner:

Assume that there is a seller Mr A and he sold his goods to Mr B. Now here Mr B which is a buyer will be eligible to claim the input tax credit on purchases based on the invoices. So,

Step 1: Accordingly, Mr A will be uploading the details of all the tax invoices issued in GSTR 1.

Step 2. All the details in accordance with the sales to Mr B will auto-populate in GSTR 2A, and the same data will be taken when Mr B will file GSTR 2 (i.e details of inward supply). (Currently, the GSTR 2 is suspended and not available on the portal, therefore, Mr. B can avail credit in the GSTR- 3B)

Step 3: Mr B will then accept the details that the purchase has been made and reported by the seller accurately and subsequently the tax on purchases will be credited to ‘Electronic Credit Ledger’ of Mr B and he can adjust it against future output tax liability and get the refund.

How GSTR Forms Operate & How they Reconciled?

The GST Council has appointed 2 types of forms which are mandatory to be filled in every month, namely GSTR 1 for all the sales done and GSTR 2 for all the purchases done. (Currently, GSTR 2 forms are not available on the portal)

The GSTR 1 form will have to be filled on the 10th of every month includes all the details regarding the sales done by the business unit. There is also GSTR form 1A (Currently, GSTR 1A forms are not available on the portal) included which is majorly for the importance of reconciliation. Basically, Details of outward supplies as added, corrected or deleted by the recipient in Form GSTR-2 (Currently, GSTR 2 forms are not available on the portal) will be made available to the supplier. The due date for the particular form is 20th of succeeding month.

Recommended: GST Forms: Return Filing, Registration, Rule, Refund, Challan, Invoice

Coming to the GSTR 2 form, it is for the details of inward supplies of taxable goods and/or services for claiming input tax credit. Addition (Claims) or modification in Form GSTR-2A should be submitted in Form GSTR-2. The due date to submit the form is 15th of succeeding month.

On the basis of this, a form GSTR 2A is available which emerges with Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier. The due date of this form is On 11th of succeeding Month.

Post GST era, the government allowed business entities file their GST returns on self- assessment basis in the starting two months. GSTR 3B is a return form for filing returns under the Goods and Services Tax Regime, TRAN I is the form in which business entities will be required to furnish all the information details of credit that they are claiming for the payment of taxes they had already paid before the implementation of the new tax regime.

According to the Finance Minister Arun Jaitley, “Transitional forms (TRANS 1) for claiming input tax credit is now available at GSTN portal, under the Goods and Services Tax Regime. A senior official of revenue department said, The transitional form is almost ready and we are working to upload it by 21st August so that businesses can start filing TRAN 1.” All normal taxpayers registered in the new tax regime are required to file July month returns by 25th August which was passed out.

Some Common ITC FAQs After GST Implementation

Q. Does the GST paid for motor vehicles used for office purpose is eligible for ITC?

• ITC is eligible for all the goods and services which are used within the business operations and course of furtherance, However, there are cases in which the ITC on goods and services has been restricted. And going by the laws the ITC is only permittable when the motor vehicle is acquired for resale or for transportation of passengers/ goods or for imparting training. Only the aforementioned causes make eligible for the ITC else all the causes may be dismissed for the ITC

Q. Ready-made garments attracting 5% and polyester yarn at 18% GST. How much credit will be available?

• Polyester Yarn will grant whole 18% tax credit

Q. Can a refund be claimed from the duty-free shop?

• There is no provision for ITC in the exempt free shops

Q. A manufacturing company providing canteen services to the workers. WIll it provide input tax credit?

• Section 17-5 of ITC does not provide input tax credit for such transactions

Q. Will credit be available for the imported stocks available until 30 June?

• If all the documents are there of the stocks, then the credit can be claimed

Q. A raw material trader can get ITC for the transportation of goods?

• The tax paid on transportation services can be availed for Input tax credit

Q. How to avail ITC on old stocks of medicine?

• If documents are complete than the ITC will be available but if in case, the documents are not there, then the product category with 18-28 percent will provide 60 percent CGST, while 5-12 percent tax items will give a CGST rate of 40 percent

Q. Do business with manufacturing and distribution will have to register again for the input distribution?

• Yes, there will be a separate registration for the ISD services

Q. Who will pay the GST of loading trucks GST which is capped at % percent?

• Whoever claims the goods will be paying the GST, and if in case he is unregistered dealer he may have to pay the GST to the transporter and will have to submit the GST to the reverse charge mechanism

Q. If in case, the registrant takes one PAN for two registration with two different verticals. will be there any tax on the transactions in between?

• Yes, the registration of both will be considered two separate entities so there will be a tax on the transaction on them. While there will be applicable for credit also

Q. What is the limitation for the registered dealer in transactions with the unregistered dealer?

• A registered dealer can transact with the unregistered dealers with the maximum limit of INR 5000 per day with one or more dealers

Q. If a composition dealer purchases from an unregistered dealer, will it have to pay under RCM?

• Yes, the reverse charge mechanism is applicable to the composition dealers also

Q. Will there be Cess input tax credit available?

• The credit of cess will be available but it can only be used in paying the Cess

Consumers Specific ITC FAQs

Q. What if 75 percent of apartment building work was completed before the GST. Is GST still applicable at the paid amount to the builder?

• The GST will be applicable on the amount paid after 1st July, still, the builder must reduce the further amount as the input credit benefits will be available to him

Q. Is there input tax credit available for the furniture and AC purchased for office purpose?

• Yes, there will be input tax credit available for all the purchases made for the office purpose

Q. When there is HSN code mismatch but the tax rate is similar, so is there any effect on input tax credit?

• No, there will be no difference in the input tax credit

Q. What if a hotel doing business under 10 lakh turnover, has contracts with online hotel booking portals which require GSTN number for further business?

• Yes, the registration is necessary to deal with registered online portals as it will affect their input claims further. It is also necessary to file taxes and necessary return on time

Traders Specific ITC FAQs

Q. What is the time limit for holding old stocks, and is there any GST applicable on it?

• There is no time limit for keeping old stock but if input tax credit is to availed on that old stock than there is a time limit of six months

Q. What if trader operates in other states even when its turnover is less than 20 lakh limit?

• The trader has to register under GST, as it is doing operations in other states also. He cannot opt for composition scheme either with all the invoice rules to be properly followed. But one can claim input credit if he pays input tax

Q. What is the case in bearing supply, as sometimes there is no issuance of invoice?

• There is an issue regarding the B2B supplies, as the invoice is a must for it. While it is also important to the input tax credit claim which requires an invoice. The invoice must also contain GST number and CGST SGST details

Q. Garments industry input is effected as INR 25 input gives only INR 15 output. Will there be any refund of remaining INR 10?

• No, according to the GST act refund provisions, there is no refund on the input. But the credit can be used elsewhere in the transaction chain

Q. Do single state transportation of goods with turnover less than 20 lakh requires GST number to be given to the transporters?

• No, there is no requirement of GST number

Q. As a retailer with 50 lakh turnover, Which scheme must be taken under GST?

• Composition scheme seems to be more feasible for a retailer as it has a very less compliance in front of the general scheme. In a composition scheme where a retailer has to file 1 return in 3 months, the general scheme has 3 tax returns in one month. Also, there is no need to give invoice details, but in the composition scheme you cannot charge taxes and cannot take input credit

Q. What is the final date to apply for composition scheme?

• The government has extended the application of composition scheme till 16th of August

Q. Can a dealer opt for a composition scheme if he has old stock of inter state purchase?

• No, a dealer cannot ask for composition scheme if he has an interstate purchased stock

Q. How to obtain input tax credit in GST if GSTN number is not mentioned on the invoice?

• There must be GSTN number mandatory on all invoices regardless of mistakes

Q. Is there any provision to claim input tax credit and depreciation, if the office furniture and machine are purchased?

• One can claim input tax credit but cannot claim depreciation

Q. In an imitation jewellery business, is there a concept of claiming input tax credit?

• Yes, one can take input tax credit after paying all the due taxes

Q. Is there input tax credit available on the office stationery purchase?

• Yes, there is a provision of input tax credit on all the purchases of office stationery

Q. When a product is purchased on the basis of RCM and the due tax is duly deposited on 10th of August, so when will input credit be claimed?

• It can be claimed in July Returns But the returns to be filed before 20th of August

Q. What is the GST on cars?

• GST of 28% is levied on the cars while it also depends on Engine capacity and length of the cars. Less than 4 meters and engine capacity of 1200 cc is levied with 1% cess and an engine capacity of 1500 cc is having a 3% cess. While SUV and luxury cars will be applicable with 15% cess totalling 28% GST + 15% cess

The ITR-6 Form for Income Tax Return filing with the IT department of India is meant for only those companies that are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes)

Who can file ITR 6 Form?

ITR-6 can be used by companies that are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes).

Who are not eligible to file ITR 6 Form?

Taxpayers who are not liable to file for ITR-6 Form are mentioned below.

• Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person
• Companies that claim an exemption under section 11 (Income from property held for charitable or religious purposes)

What is the eligibility criteria for filing ITR-6 Form?

The companies which are registered under Indian Companies Act of 1956 or any other law are eligible to file ITR-6 Form even if they are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes)

Read Also: Complete Guide to File ITR 4 Sugam Form Online

What is the last date for filing ITR-6 Form?

30th September is the last date for filling ITR-6 form for AY 2019-20.

Let’s Go for Online ITR 6 Filing Guide

Part A-GEN General: Personal Information

• Name
• PAN
• Is there any change in the company’s name? If yes, please furnish the old name
• Corporate Identity Number (CIN) issued by MCA
• Flat/Door/Block No
• Name of Premises/Building/Village
• Date of incorporation
• Date of commencement of business
• Road/Street/Post Office
• Area/Locality
• Type of company
  • Domestic Company
  • Foreign Company
• Town/City/District
• State
• Pin code/Zip code
• If a public company write 6, and if private company write 7 (as defined in section 3 of The Companies Act)
• Office Phone Number with STD code/ Mobile No. 1
• Mobile No. 2
• Email Address-1
• Email Address-2

Filing Status

• Filed u/s (Tick)[Please see instruction ]
  • 139(1)- On or Before due date
  • 139(4)- After due date
  • 139(5)- Revised Return
  • 92CD-Modified return
• After condonation of delay Or filed in response to notice u/s
  • 139
  • 142
  • 148
  • 153
  • 153C
• If filed, in response to notice u/s 139(9)/142(1)/148/153A/153C or order u/s 119(2)(b), enter date of such notice/order, or if filed u/s 92CD enter date of advance pricing agreement
• Residential Status (Tick)
  • Resident
  • Non-Resident
• Whether opting for section 115BA? (Yes/No) (applicable on Domestic Company)
• Whether total turnover/ gross receipts in the previous year 2016-17 exceeds 250 crore rupees? (Yes/No) (applicable for Domestic Company)
• Whether assessee is a resident of a country or specified territory with which India has an agreement referred to in sec 90 (1) or Central Government has adopted any agreement under sec 90A(1)?
• In the case of non-resident, is there a Permanent Establishment (PE) in India
• Whether assesses is required to seek registration under any law for the time being in force relating to companies?
• Whether the financial statements of the company are drawn up in compliance to the Indian Accounting Standards specified in Annexure to the companies (Indian Accounting Standards) Rules, 2015
• Whether assesses is located in an International Financial Services Centre and derives income solely in convertible foreign exchange?
• Whether the assesses company is under liquidation
• Whether you are an FII / FPI? Yes/No If yes, please provide SEBI Regn. No.
• Whether the company is a producer company as defined in Sec.581A of Companies Act, 1956?
• Whether this return is being filed by a representative assesses? If yes, please furnish following information
• Whether you are recognised as start up by DPIIT

Audit Information

• Whether liable to maintain accounts as per section 44AA?
• Whether liable for audit under section 44AB?
• If (b) is Yes, whether the accounts have been audited by an accountant?
• Are you liable for Audit u/s 92E?
• If liable to furnish other audit report under the Income-tax Act, mention the date of furnishing the audit report?
• Mention the Act, section and date of furnishing the audit report under any Act other than the Income-tax Act

Holding Status

• Nature of company (select 1 if holding company, select 2 if a subsidiary company, select 3 if both, select 4 if any other)
• If subsidiary company, mention the details of the Holding Company
• If holding company, mention the details of the subsidiary companies

Business Organisation

• In case of amalgamating company, mention the details of amalgamated company
• In case of amalgamated company, mention the details of amalgamating company
• In case of demerged company, mention the details of resulting company
• In case of resulting company, mention the details of demerged company

Key Persons: Particulars of Managing Director, Directors, Secretary and Principal officer(s) who have held the office during the previous year.

• S.No.
• Name
• Designation
• Residential Address
• PAN
• Director Identification Number (DIN) issued by MCA, in case of Director

Shareholders Information: Particulars of persons who were beneficial owners of shares holding not less than 10% of the voting power at any time of the previous year.

• S.No.
• Name and Address
• Percentage of shares held
• PAN (if allotted)

Ownership Information

• In case of unlisted company, particulars of natural persons who were the ultimate beneficial owners, directly or indirectly, of shares holding not less than 10% of the voting power at any time of the previous year
  • S.No.
  • Name Address
  • Percentage of shares held
  • PAN (if allotted)
• In case of foreign company, please furnish the details of ultimate parent company
  • S.No
  • Name
  • Address
  • Country of residence
  • PAN (if allotted)
  • Taxpayer’s registration number or any unique identification number allotted in the country of residence
• In case of Foreign company, please furnish the details of immediate parent company.
  • S.No
  • Name
  • Address
  • Country of residence
  • PAN (if allotted)
  • Taxpayer’s registration number or any unique identification number allotted in the country of residence

Nature of Company and Its Business

• Whether a public sector company as defined in section 2(36A) of the Income-tax Act
• Whether a company owned by the Reserve Bank of India
• Whether a company in which not less than forty percent of the shares are held (whether singly or taken together) by the Government or the Reserve Bank of India or a corporation owned by that Bank
• Whether a banking company as defined in clause (c) of section 5 of the Banking Regulation Act,1949
• Whether a scheduled Bank being a bank included in the Second Schedule to the Reserve Bank of India Act
• Whether a company registered with Insurance Regulatory and Development Authority (established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999)
• Whether a company being a non-banking Financial Institution
• Whether the company is unlisted? If yes, please ensure to fill up the Schedule SH-1 and Schedule AL-1
• Nature of business or profession, if more than one business or profession indicate the three main activities/ products (Other than those declaring Income under section 44AE)

Part A-BS: Balance Sheet as on 31st Day of March, 2019 or as on the Date of Amalgamation

• I Equity and Liabilities:
  • Shareholder’s Fund
  • Share Application Money Pending Allotment
  • Non-current Liabilities
  • Current Liabilities
• II Assets
  • Non-current Assets
  • Current Assets

Part A-BS – Ind AS: Balance Sheet as on 31st Day of March, 2019 or as on the Date of Business Combination [applicable for A Company Whose Financial Statements Are Drawn Up in Compliance to the Indian Accounting Standards Specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015] (Fill Items Below in a Case Where Regular Books of Accounts Are Maintained, Otherwise Fill Item Iii)

• I Equity and Liabilities
  • Equity share capital
  • Other Equity
  • Total Equity (Aiv + Biii)
• II Liabilities
  • Non-current liabilities
  • Current liabilities
  • Current Tax Assets (Net)
  • Other current assets
• III In a case where regular books of account of business or profession are not maintained – (furnish the following information as on 31st day of March, 2019, in respect of business or profession)

Part A: Manufacturing Account: Manufacturing Account for the financial year 2018-19 (fill items 1 to 3 in a case where regular books of accounts are maintained, otherwise fill items 61 to 64 as applicable)

• Opening Inventory
• Closing Stock
• Cost of Goods Produced – transferred to Trading Account (1F – 2)

Part A-Trading Account: Trading Account for the financial year 2018-19 (fill items 4 to 12 in a case where regular books of accounts are
maintained, otherwise fill items 61 to 64 as applicable)

• Revenue from operations
• Closing Stock of Finished Stocks
• Total of credits to Trading Account (4D + 5iv )
• Opening Stock of Finished Goods
• Purchases (net of refunds and duty or tax, if any)
• Direct Expenses (9i + 9ii + 9iii)
• Duties and taxes, paid or payable, in respect of goods and services purchased
• Cost of goods produced – Transferred from Manufacturing Account
• Gross Profit from Business/Profession – transferred to Profit and Loss account (6-7-8-9-10xii11)
• Turnover from Intraday Trading
• Income from Intraday Trading

Part A-P& L: Profit and Loss Account for the financial year 2018-19 (fill items 13 to 60 in a case where regular books of accounts are maintained, otherwise fill items 61 to 64 as applicable)

• Gross profit transferred from Trading Account
• Other income
• Total of credits to profit and loss account (13+14xii)
• Freight outward
• Consumption of stores and spare parts
• Power and fuel
• Rents
• Repairs to building
• Repairs to machinery
• Compensation to employees
• Insurance
• Workmen and staff welfare expenses
• Entertainment
• Hospitality
• Conference
• Sales promotion including publicity (other than advertisement)
• Advertisement
• Commission
• Royalty
• Professional / Consultancy fees / Fee for technical services
• Hotel, boarding and Lodging
• Traveling expenses other than on foreign traveling
• Foreign travelling expenses
• Conveyance expenses
• Telephone expenses
• Guest House expenses
• Club expenses
• Festival celebration expenses
• Scholarship
• Gift
• Donation
• Rates and taxes, paid or payable to Government or any local body (excluding taxes on income)
• Audit fee
• Other expenses (specify nature and amount)
• Bad debts (specify PAN of the person, if available, for whom Bad Debt for amount of Rs. 1 lakh or more is claimed and amount)
• Provision for bad and doubtful debts
• Other provisions
• Profit before interest, depreciation and taxes [15 – (16 to 21 + 22xi + 23v + 24 to 29 + 30iii + 31iii + 32iii + 33 to
• 43 + 44x + 45 + 46iii + 47vii + 48 + 49)]
• Interest
• Depreciation and amortisation
• Net profit before taxes (50 – 51iii – 52)
• Provision for current tax
• Provision for Deferred Tax and deferred liability
• Profit after tax (53 – 54 – 55)
• Balance brought forward from previous year
• Amount available for appropriation (56 + 57)
• Appropriations
• Balance carried to balance sheet (58 – 59vi)
• COMPUTATION OF PRESUMPTIVE INCOME FROM GOODS CARRIAGES UNDER SECTION 44AE
• In case of Foreign Company whose total income comprises solely of profits and gains from business referred to in sections 44B, 44BB, 44BBA or 44BBB, furnish the following information

Part A: Manufacturing Account Ind-AS: Manufacturing Account for the financial year 2018-19 [applicable for a company whose financial statements are drawn up in compliance to the Indian Accounting Standards specified in Annexure to the companies (Indian Accounting Standards) Rules, 2015] (fill items 1 to 3 in a case where regular books of accounts are maintained, otherwise fill items 61 to 64 as applicable)

• Opening Inventory
• Closing Stock
• Cost of Goods Produced – transferred to Trading Account (1F – 2)

Part A-Trading Account Ind-AS: Trading Account for the financial year 2018-19 [applicable for a company whose financial statements are drawn up in compliance to the Indian Accounting Standards specified in Annexure to the companies (Indian Accounting Standards) Rules, 2015] (fill items 4 to 12 in a case where regular books of accounts are maintained, otherwise fill items 61 to 64 as applicable)

• Revenue from operations
• Closing Stock of Finished Stocks
• Total of credits to Trading Account (4D + 5iv )
• Opening Stock of Finished Goods
• Purchases (net of refunds and duty or tax, if any)
• Direct Expenses (9i + 9ii + 9iii)
• Duties and taxes, paid or payable, in respect of goods and services purchased
• Cost of goods produced – Transferred from Manufacturing Account
• Gross Profit from Business/Profession – transferred to Profit and Loss account (6-7-8-9-10xii11)
• Turnover from Intraday Trading
• Income from Intraday Trading

Part A-P& L Ind-AS: Profit and Loss Account for the financial year 2018-19 [applicable for a company whose financial statements are drawn
up in compliance to the Indian Accounting Standards specified in Annexure to the companies (Indian Accounting Standards) Rules, 2015]
(fill items 13 to 60 in a case where regular books of accounts are maintained, otherwise fill items 61 to 64 as applicable)

• Gross profit transferred from Trading Account
• Other income
• Total of credits to profit and loss account (13+14xii)
• Freight outward
• Consumption of stores and spare parts
• Power and fuel
• Rents
• Repairs to building
• Repairs to machinery
• Compensation to employees
• Insurance
• Workmen and staff welfare expenses
• Entertainment
• Hospitality
• Conference
• Sales promotion including publicity (other than advertisement)
• Advertisement
• Commission
• Royalty
• Professional / Consultancy fees / Fee for technical services
• Hotel, boarding and Lodging
• Traveling expenses other than on foreign traveling
• Foreign travelling expenses
• Conveyance expenses
• Telephone expenses
• Guest House expenses
• Club expenses
• Festival celebration expenses
• Scholarship
• Gift
• Donation
• Rates and taxes, paid or payable to Government or any local body (excluding taxes on income)
• Audit fee
• Other expenses (specify nature and amount)
• Bad debts (specify PAN of the person, if available, for whom Bad Debt for amount of Rs. 1 lakh or more is claimed and amount)
• Provision for bad and doubtful debts
• Other provisions
• Profit before interest, depreciation and taxes [15 – (16 to 21 + 22xi + 23v + 24 to 29 + 30iii + 31iii + 32iii + 33 to 43 + 44x + 45 + 46iii + 47vii + 48 + 49)]
• Interest
• Depreciation and amortisation
• Net profit before taxes (50 – 51iii – 52)
• Provision for current tax
• Provision for Deferred Tax and deferred liability
• Profit after tax (53 – 54 – 55)
• Balance brought forward from previous year
• Amount available for appropriation (56 + 57)
• Appropriations
• Balance carried to balance sheet (58 – 59vi)
• A Items that will not be reclassified to P&L
• Total Comprehensive Income (56 + 61A + 61B)
• COMPUTATION OF PRESUMPTIVE INCOME FROM GOODS CARRIAGES UNDER SECTION 44AE
• IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED,furnish the following information for previous year 2018-19 in respect of business or profession – (OTHER THAN COVERED U/S 44AE)

Part A- OI Other Information (mandatory, if liable for audit under section 44AB, for other fill, if applicable)

• Method of accounting employed in the previous year
• Is there any change in method of accounting
• Increase in the profit or decrease in loss because of deviation, if any, as per Income Computation Disclosure Standards notified under section 145(2) [column 11a(iii) of Schedule ICDS]
• Decrease in the profit or increase in loss because of deviation, if any, as per Income Computation Disclosure Standards notified under section 145(2) [column 11b(iii) of Schedule ICDS]
• Method of valuation of closing stock employed in the previous year
• Amounts not credited to the profit and loss account, being
• Amounts debited to the profit and loss account, to the extent disallowable under section 36 due to nonfulfilment of condition specified in relevant clauses
• Amounts debited to the profit and loss account, to the extent disallowable under section 37
• Amounts debited to the profit and loss account, to the extent dis-allowable under section 40
• Any amount disallowed under section 40 in any preceding previous year but allowable during the previous year
• Amounts debited to the profit and loss account, to the extent disallowable under section 40A
• Any amount disallowed under section 43B in any preceding previous year but allowable during the previous year
• Any amount debited to profit and loss account of the previous year but disallowable under section 43B
• Amount of credit outstanding in the accounts in respect of
• Amounts deemed to be profits and gains under section 33AB or 33ABA or 33AC
• Any amount of profit chargeable to tax under section 41
• Amount of income or expenditure of prior period credited or debited to the profit and loss account (net)
• Amount of expenditure disallowed u/s 14A

Similar: Common Questions and Answers While Filing Income Tax Return

Part A – QD Quantitative details (mandatory, if liable for audit under section 44AB)

• In the case of a trading concern
• In the case of a manufacturing concern

Part A – OL Receipt and payment account of company under liquidation

• Opening balance
• Receipts
• Total of opening balance and receipts 3
• Payments
• Closing balance
• Total of closing balance and payments (4vi + 5iii)

Schedules To The Return Form (Fill As Applicable)

Schedule HP: Details of Income from House Property (Please refer instructions) (Drop down to be provided indicating ownership of property)

• Address of property 1
• Address of property 2
• Pass through income if any
• Income under the head “Income from house property” (1k + 2k + 3) (if negative take the figure to 2i of schedule CYLA)
• Note:
  • Furnishing of PAN of tenant is mandatory, if tax is deducted under section 194-IB.
  • Furnishing of TAN of tenant is mandatory, if tax is deducted under section 194-I.

Schedule BP: Computation of income from business or profession

• From business or profession other than speculative business and specified business
• Computation of income from speculative business
• Computation of income from specified business under section 35AD
• Income chargeable under the head ‘Profits and gains from business or profession'(A38+B44+C50)
• Intra head set off of business loss of current year

Schedule DPM: Depreciation on Plant and Machinery (Other than assets on which full capital expenditure is allowable as deduction under any other
section)

• Block of assets Plant and machinery
• Rate (%) 15 30 40
• Written down value on the first day of previous year
• Additions for a period of 180 days or more in the previous year
• Consideration or other realization during the previous year out of 3 or 4
• Amount on which depreciation at full rate to be allowed (3 + 4 -5) (enter 0, if result is negative)
• Additions for a period of less than 180 days in the previous year
• Consideration or other realizations during the year out of 7
• Amount on which depreciation at half rate to be allowed (7 – 8) (enter 0, if result is negative)
• Depreciation on 6 at full rate
• Depreciation on 9 at half rate
• Additional depreciation, if any, on 4
• Additional depreciation, if any, on 7
• Additional depreciation relating to immediately preceding year on asset put to use for less than 180 days
• Total depreciation (10+11+12+13+14)
• Depreciation disallowed under section 38(2) of the I.T. Act (out of column 15)
• Net aggregate depreciation (15-16)
• Proportionate aggregate depreciation allowable in the event of succession, amalgamation, demerger etc. (out of column 17)
• Expenditure incurred in connection with transfer of asset/ assets
• Capital gains/ loss under section 50 (5 + 8 -3 – 4 -7 -19) (enter negative only, if block ceases to exist)
• Written down value on the last day of previous year* (6+ 9 -15) (enter 0, if result is negative)

Schedule DOA: Depreciation on other assets (Other than assets on which full capital expenditure is allowable as deduction)

• Block of assets Land Building (not including land), Furniture and fittings, Intangible assets Ships
• Rate (%) Nil 5,10,40,10,25,20
• Written down value on the first day of previous year
• Additions for a period of 180 days or more in the previous year
• Consideration or other realization during the previous year out of 3 or 4
• Amount on which depreciation at full rate to be allowed (3 + 4 -5) (enter 0, if result is negative)
• Additions for a period of less than 180 days in the previous year
• Consideration or other realizations during the year out of 7
• Amount on which depreciation at half rate to be allowed (7-8) (enter 0, if result is negative)
• Depreciation on 6 at full rate
• Depreciation on 9 at half rate
• Total depreciation (10+11)
• Depreciation disallowed under section 38(2) of the I.T. Act (out of column 12)
• Net aggregate depreciation (12-13)
• Proportionate aggregate depreciation allowable in the event of succession, amalgamation, demerger etc. (out of column 14)
• Expenditure incurred in connection with transfer of asset/ assets
• Capital gains/ loss under section 50* (5 + 8 -3-4 -7 -16) (enter negative only if block ceases to exist)
• Written down value on the last day of previous year* (6+ 9 -12) (enter 0 if result is negative)

Schedule DEP: Summary of depreciation on assets (Other than on assets on which full capital expenditure is allowable as deduction under any other
section)

• Plant and machinery
• Building (not including land)
• Furniture and fittings(Schedule DOA- 14v or 15v as applicable)
• Intangible assets (Schedule DOA- 14vi or 15vi as applicable)
• Ships (Schedule DOA- 14vii or 15vii as applicable)
• Total depreciation ( 1d+2d+3+4+5)

Schedule DCG: Deemed Capital Gains on sale of depreciable assets

• Plant and machinery
• Building (not including land)
• Furniture and fittings ( Schedule DOA- 17v)
• Intangible assets (Schedule DOA- 17vi)
• Ships (Schedule DOA- 17vii)
• Total ( 1d+2d+3+4+5)

Schedule ESR: Expenditure on scientific Research etc. (Deduction under section 35 or 35CCC or 35CCD)

• Sl No
• Expenditure of the nature referred to in section
• Amount, if any, debited to profit and loss account
• Amount of deduction allowable
• Amount of deduction in excess of the amount debited to profit and loss account (4) = (3) – (2)

Schedule CG: Capital Gains

• Short-term Capital Gains (STCG) (Sub-items 4 & 5 are not applicable for residents)
• Long-term capital gain (LTCG) (Sub-items 5, 6, 7, 8 & 9 are not applicable for residents)
• Income chargeable under the head “CAPITAL GAINS” (A10 + B13) (take B10 as nil, if loss)
• Information about deduction claimed against Capital Gains
• Set-off of current year capital losses with current year capital gains (excluding amounts included in A7 & B9 which is chargeable under DTAA)
• Information about accrual/receipt of capital gain

Schedule OS: Income from other sources

• Gross income chargeable to tax at normal applicable rates (1a+ 1b+ 1c+ 1d + 1e)
• Income chargeable at special rates (2a+ 2b+ 2c+ 2d + 2e)
• Deductions under section 57 (other than those relating to income chargeable at special rates under 2a, 2b & 2d )
• Amounts not deductible u/s 58
• Profits chargeable to tax u/s 59
• Net Income from other sources chargeable at normal applicable rates (1 – 3 + 4 + 5) (If negative take the figure to 4i of schedule CYLA)
• Income from other sources (other than from owning and maintaining race horses) (2 +6 )) (enter 6 as nil, if negative)
• Income from the activity of owning race horses
• Income under the head “Income from other sources” (7 + 8e) (take 8e e as nil if negative)
• Information about accrual/receipt of income from Other Sources

Schedule CYLA: Details of Income after Set off of current year losses

• Sl.No
• Head/ Source of Income
• Income of current year (Fill this column only if income is zero or positive)
• House property loss of the current year set off
• Business Loss (other than speculation or specified business loss) of the current year set off
• Other sources loss (other than loss from race horses and amount chargeable to special rate of tax) of the current year set off
• Current year’s Income remaining after set off

Schedule BFLA: Details of Income after Set off of Brought Forward Losses of earlier years

• Sl.No
• Head/ Source of Income
• Income after set off, if any, of current year’s losses as per 5 of Schedule CYLA)
• Brought forward loss set off
• Brought forward depreciation set off
• Brought forward allowance under section 35(4) set off
• Current year’s income remaining after set off

Schedule CFL: Details of Losses to be carried forward to future years

• Sl.No
• Assessment Year
• Date of Filing (DD/MM/YYYY)
• House property loss
• Loss from business other than loss from speculative business and specified business
• Loss from speculative business
• Loss from specified business
• Short-term capital loss
• Long-term Capital loss
• Loss from owning and maintaining race horses

Schedule UD: Unabsorbed depreciation and allowance under section 35(4)

• Sl No
• Assessment Year
• Amount of brought forward unabsorbed depreciation
• Amount of depreciation set-off against the current year income
• Balance carried forward to the next year
• Allowance under section 35(4)
• Amount of brought forward unabsorbed allowance
• Amount of allowance set-off against the current year income
• Balance Carried forward to the next year

Schedule ICDS: Effect of Income Computation Disclosure Standards on profit

• Accounting Policies
• Valuation of Inventories (other than the effect of change in method of valuation u/s 145A, if the same is separately reported at col. 4d or 4e of Part A-OI)
• Construction Contracts
• Revenue Recognition
• Tangible Fixed Assets
• Changes in Foreign Exchange Rates
• Government Grants
• Securities (other than the effect of change in method of valuation u/s 145A, if the same is separately reported at col. 4d or 4e of Part A-OI)
• Borrowing Costs
• Provisions, Contingent Liabilities and Contingent Assets
• Total effect of ICDS adjustments on profit (I+II+III+IV+V+VI+VII+VIII+IX+X) (if positive)
• Total effect of ICDS adjustments on profit (I+II+III+IV+V+VI+VII+VIII+IX+X) (if negative)

Schedule 10AA: Deduction under section 10AA

• Sl
• Undertaking
• Assessment year in which unit begins to manufacture/produce/provide services
• Sl
• Amount of deduction

Schedule 80G: Details of donations entitled for deduction under section 80G

• Donations entitled for 100% deduction without qualifying limit
• Donations entitled for 50% deduction without qualifying limit
• Donations entitled for 100% deduction subject to qualifying limit
• Donations entitled for 50% deduction subject to qualifying limit
• Total donations (Aiv + Biv + Civ + Div)

Schedule 80GGA: Details of donations for scientific research or rural development

• S.No.
• Relevant clause under which deduction is claimed (drop down to be provided)
• Name and address of donee
• PAN of Donee
• Amount of donation
• Eligible Amount of donation

Schedule RA: Details of donations to research associations etc. [deduction under sections 35(1)(ii) or 35(1)(iia) or 35(1)(iii) or 35(2AA)]

• Name and address of donee
• PAN of Donee
• Amount of donation
• Eligible Amount of donation

Schedule 80-IA: Deductions under section 80-IA

• Deduction in respect of profits of an enterprise referred to in section 80-IA(4)(i) [Infrastructure facility]
• Deduction in respect of profits of an undertaking referred to in section 80-IA(4)(ii) [Telecommunication services]
• Deduction in respect of profits of an undertaking referred to in section 80-IA(4)(iii) [Industrial park and SEZs]
• Deduction in respect of profits of an undertaking referred to in section 80-IA(4)(iv) [Power]
• Deduction in respect of profits of an undertaking referred to in section 80-IA(4)(v) [Revival of power generating plant] and deduction in respect of profits of an undertaking referred to in section 80-IA(4)(vi) [Crosscountry natural gas distribution network]
• Total deductions under section 80-IA (a1 + a2 + b1 + b2 + c1 + c2+ d1 + d2+ e1 + e2)

Schedule 80-IB: Deductions under section 80-IB

• Deduction in respect of industrial undertaking located in Jammu & Kashmir [Section 80-IB(4)]
• Deduction in respect of industrial undertaking located in industrially backward states specified in Eighth Schedule [Section 80-IB(4)]
• Deduction in respect of industrial undertaking located in industrially backward districts [Section 80-IB(5)]
• Deduction in the case of multiplex theatre [Section 80-IB(7A)]
• Deduction in the case of convention centre [Section 80-IB(7B)]
• Deduction in the case of company carrying on scientific research [Section 80-IB(8A)]
• Deduction in the case of undertaking which begins commercial production or refining of mineral oil [Section 80-IB(9)]
• Deduction in the case of an undertaking developing and building housing projects [Section 80-IB(10)]
• Deduction in the case of an undertaking operating a cold chain facility [Section 80-IB(11)]
• Deduction in the case of an undertaking engaged in processing, preservation and packaging of fruits, vegetables, meat, meat products, poultry, marine or dairy products [Section 80-IB(11A)]
• Deduction in the case of an undertaking engaged in integrated business of handling, storage and transportation of food grains [Section 80-IB(11A)]
• Deduction in the case of an undertaking engaged in operating and maintaining a rural hospital [Section 80-IB(11B)]
• Deduction in the case of an undertaking engaged in operating and maintaining a hospital in any area, other than excluded area [Section 80-IB(11C)
• Total deduction under section 80-IB (Total of a1 to m2)

Schedule 80-IC or 80-IE: Deductions under section 80-IC or 80-IE

• Deduction in respect of undertaking located in Sikkim
• Deduction in respect of undertaking located in Himachal Pradesh
• Deduction in respect of undertaking located in Uttaranchal
• Deduction in respect of undertaking located in North-East
• Total deduction under section 80-IC or 80-IE (a + d + c + dh)

Schedule VI-A Deductions under Chapter VI-A

• Part B- Deduction in respect of certain payments
• Part C- Deduction in respect of certain incomes
• Total deductions under Chapter VI-A (1 + 2)

Schedule SI: Income chargeable to tax at special rates [Please see instruction Number-7(ii) for section and rate of tax] SPECIAL RATE

• 111A (STCG on shares/equity oriented MF on which STT paid)
• 115AD (STCG for FIIs on securities where STT not paid)
• 112 proviso (LTCG on listed securities/ units without indexation)
• 112(1)(c)(iii) (LTCG for non-resident on unlisted securities)
• 115AB (LTCG for non-resident on units referred in section115AB)
• 115AC (LTCG for non-resident on bonds/GDR)
• 115AD (LTCG for FII on securities)
• 112 (LTCG on others)
• 112A (LTCG on sale of shares or units on which STT is paid)
• STCG chargeable at special rates in India as per DTAA
• LTCG Chargeable at special rates in India as per DTAA
• 115B (Profits and gains of life insurance business)
• 115AC (Income of a non-resident from bonds or GDR purchased in foreign currency)
• 115BB (Winnings from lotteries, puzzles, races, games etc.)
• 115BBD (Dividend received from specified foreign company)
• 115BBE (Income under section 68, 69, 69A, 69B, 69C or 69D)
• 115A(1)(b) (Income of a foreign company from Royalty)
• 115BBF (Tax on income from patent)
• 115BBG (Tax on income from transfer of carbon credits)
• Income from other sources chargeable at special rates in India as per DTAA
• Pass Through Income in the nature of Short Term Capital Gain chargeable @ 15%
• Pass Through Income in the nature of Short Term Capital Gain chargeable @ 30%
• Pass Through Income in the nature of Long Term Capital Gain chargeable @ 10%
• Pass Through Income in the nature of Long Term Capital Gain chargeable @ 20%
• Pass through income in the nature of income from other source chargeable at special rates

Schedule EI: Details of Exempt Income (Income not to be included in Total Income or not chargeable to tax)

• Interest income
• Dividend income
• 3
  • i Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules)
  • ii Expenditure incurred on agriculture
  • iii Unabsorbed agricultural loss of previous eight assessment years
  • iv Agricultural income portion relating to Rule 7, 7A, 7B(1), 7B(1A) and 8 (from Sl. No. 40 of Sch. BP) iv
  • v Net Agricultural income for the year (i – ii – iii + iv) (enter nil if loss)
  • vi In case the net agricultural income for the year exceeds Rs.5 lakh, please furnish the following details (Fill up details separately for each agricultural land)
• Other exempt income including exempt income of minor child (please specify)
• Income not chargeable to tax as per DTAA
• Pass through income not chargeable to tax (Schedule PTI)
• Total (1+2+3+4+5+6)

Schedule PTI: Pass Through Income details from business trust or investment fund as per section 115UA, 115UB

• Sl.
• Name of business trust/investment fund
• PAN of the business trust/ investment fund
• Sl.
• Head of income
• Amount of income
• TDS on such amount, if any

Schedule MAT: Computation of Minimum Alternate Tax payable under section 115JB

• Whether the Profit and Loss Account is prepared in accordance with the provisions of Parts II of Schedule III to the Companies Act, 2013 (If yes, write ‘Y’, if no write ‘N’)
• If 1 is no, whether profit and loss account is prepared in accordance with the provisions of the Act governing such company (If yes, write ‘Y’, if no write ‘N’)
• Whether, for the Profit and Loss Account referred to in item 1 above, the same accounting policies, accounting standards and same method and rates for calculating depreciation have been followed as have been adopted for preparing accounts laid before the company at its annual general body meeting? (If yes, write ‘Y’, if no write ‘N’)
• Profit after tax as shown in the Profit and Loss Account (enter item 56 of Part A-P&L) )/ (enter item 56 of Part A- P&L Ind AS) (as applicable)
• Additions (if debited in profit and loss account)
• Deductions
• Book profit under section 115JB (4+ 5n – 6l)
• Whether the financial statements of the company are drawn up in compliance to the Indian Accounting Standards (Ind-AS) specified in Annexure to the companies (Indian Accounting Standards) Rules, 2015. If yes, furnish the details below:-
• A. Additions to book profit under sub-sections (2A) to (2C) of section 115JB
• B. Deductions from book profit under sub-sections (2A) to (2C) of section 115JB
• Deemed total income under section 115JB (7 + 8e – 8j)
• Tax payable under section 115JB

Schedule MATC: Computation of tax credit under section 115JAA

• Tax under section 115JB in assessment year 2019-20 (1d of Part-B-TTI)
• Tax under other provisions of the Act in assessment year 2019-20 (2f of Part-B-TTI)
• Amount of tax against which credit is available [enter (2 – 1) if 2 is greater than 1, otherwise enter 0]
• Utilisation of MAT credit Available [Sum of MAT credit utilised during the current year is subject to maximum of amount mentioned in 3 above and cannot exceed the sum of MAT Credit Brought Forward ]
• Amount of tax credit under section 115JAA utilised during the year [enter 4(C)xiii]
• Amount of MAT liability available for credit in subsequent assessment years [enter 4(D)xiii]

Schedule- DDT: Details of tax on distributed profits of domestic companies and its payment

• Section Under which dividend is being declared
• Date of declaration or distribution or payment, whichever is earliest, of dividend by domestic company (DD/MM/YYYY) (DD/MM/YYYY) (DD/MM/YYYY)
• Rate of dividend, declared, distributed or paid
• Amount of dividend declared, distributed or paid
• Amount of reduction as per section 115-O(1A)
• Tax payable on dividend declared, distributed or paid
• Interest payable under section 115P
• Additional income-tax and interest payable (6d+7)
• Tax and interest paid
• Net payable/refundable (8-9)
• Date(s) of deposit of dividend distribution tax
• Name of Bank and Branch
• BSR Code
• Serial number of challan
• Amount deposited

Schedule- BBS: Details of tax on distributed income of a domestic company on buy back of shares, not listed on stock exchange

• Date of payments of any consideration to the shareholder on buy back of share
• Amount of consideration paid by the company on buy-back of shares
• Amount received by the company for issue of such shares
• Distributed Income of the company (2 – 3)
• Tax payable on distributed income
• Interest payable under section 115QB
• Additional income-tax and interest payable (5d + 6)
• Tax and interest paid
• Net payable/refundable (7-8)
• Date(s) of deposit of tax on distribution income
• Name of Bank and Branch
• BSR Code
• Serial number of challan
• Amount deposited

Schedule FSI: Details of Income from outside India and tax relief

• Sl.
• Country Code
• Taxpayer Identification Number
• Sl.
• Head of income
• Income from outside India (included in PART BTI)
• Tax paid outside India
• Tax payable on such income under normal provisions in India
• Tax relief available in India (e)= (c) or (d) whichever is lower
• Relevant article of DTAA if relief claimed u/s 90 or 90A

Schedule TR: Summary of tax relief claimed for taxes paid outside India

• Details of Tax relief claimed
• Total Tax relief available in respect of country where DTAA is applicable (section 90/90A) (Part of total of 1(d))
• Total Tax relief available in respect of country where DTAA is not applicable (section 91) (Part of total of 1(d))
• Whether any tax paid outside India, on which tax relief was allowed in India, has been refunded/credited by the foreign tax authority during the year? If yes, provide the details below
• a Amount of tax refunded
• b Assessment year in which tax relief allowed in India

Schedule FA: Details of Foreign Assets and Income from any source outside India

• Details of Foreign Depository Accounts held (including any beneficial interest) at any time during the relevant accounting period)
• Details of Foreign Custodial Accounts held (including any beneficial interest) at any time during the relevant accounting period
• Details of Foreign Equity and Debt Interest held (including any beneficial interest) in any entity at any time during the relevant accounting period
• Details of Foreign Cash Value Insurance Contract or Annuity Contract held (including any beneficial interest) at any time during the relevant accounting period
• Details of Financial Interest in any Entity held (including any beneficial interest) at any time during the relevant accounting period
• Details of Immovable Property held (including any beneficial interest) at any time during the relevant accounting period
• Details of any other Capital Asset held (including any beneficial interest) at any time during the relevant accounting period
• Details of account(s) in which you have signing authority held (including any beneficial interest) at any time during the relevant accounting period and which has not been included in A to D above.
• Details of trusts, created under the laws of a country outside India, in which you are a trustee, beneficiary or settlor
• Details of any other income derived from any source outside India which is not included in,- (i) items A to F above and, (ii) income under the head business or profession

Schedule Sh-1: Shareholding Of Unlisted Company (Other Than A Start-Up For Which Schedule Sh-2 Is To Be Filled Up)

• If you are an unlisted company, please furnish the following details;-
• Details of shareholding at the end of the previous year
• Details of equity share application money pending allotment at the end of the previous year
• Details of shareholders who is not a shareholder at the end of the previous year but was a shareholder at any time during the previous year

Schedule Sh-2: Shareholding of Start-Ups

• If you are a start-up which has filed declaration in Form-2 under para 5 of DPIIT notification dated 19.02.2019, please furnish the following details of shareholding;-
• Details of shareholding as at the end of the previous year
• Details of share application money pending allotment as at the end of the previous year
• Details of shareholder who is not a shareholder at the end of the previous year but was a shareholder at any time during the previous year

Schedule AL-1: Assets and liabilities as at the end of the year (mandatorily required to be filled up by an unlisted company) (other than a start-up for which Schedule AL-2 is to be filled up)

• Details of building or land appurtenant there to, or both, being a residential house
• Details of land or building or both not being in the nature of residential house
• Details of listed equity shares
• Details of unlisted equity shares
• Details of other securities
• Details of capital contribution to other entity
• Details of Loans & Advances to any other concern (If money lending is not assessee’s substantial business)
• Details of motor vehicle, aircraft, yacht or other mode of transport
• Details of Jewellery, archaeological collections, drawings, paintings, sculptures, any work of art or bullion
• Details of liabilities

Schedule AL-2: Assets and liabilities as at the end of the year (applicable for start-ups only)

• Details of building or land appurtenant there to, or both, being a residential house acquired since incorporation
• Details of land or building or both not being a residential house acquired since incorporation
• Details of Loans & Advances made since incorporation (If lending of money is not assessee’s substantial business)
• Details of capital contribution made to any other entity since incorporation
• Details of acquisition of shares and securities
• Details of motor vehicle, aircraft, yacht or other mode of transport, the actual cost of which exceeds ten lakh rupees acquired since incorporation
• Details of Jewellery acquired since incorporation
• Details of archaeological collections, drawings, paintings, sculptures, any work of art or bullion acquired since incorporation
• Details of liabilities

Schedule GST: Information Regarding Turnover/Gross Receipt Reported For GST

• Sl. No.
• GSTIN No(s).
• Annual value of outward supplies as per the GST return(s) filed

Schedule FD: Break-up of payments/receipts in Foreign currency (to be filled up by the assessee who is not liable to get accounts audited u/s
44AB)

• Payments made during the year on capital account
• Payments made during the year on revenue account
• Receipts during the year on capital account
• Receipts during the year on revenue account

Part B – TI Computation of total income

• Income from house property ( 4 of Schedule-HP) (enter nil if loss)
• Profits and gains from business or profession
• Capital gains
• Income from other sources
• Total of head wise income (1 + 2v + 3c + 4d)
• Losses of current year to be set off against 5 (total of 2xvii, 3xvii and 4xvii of Schedule CYLA)
• Balance after set off current year losses (5 – 6) (total of column 5 of schedule CYLA + 4b + 2iv)
• Brought forward losses to be set off against 7 (total of 2xvi, 3xvi and 4xvi of Schedule BFLA)
• Gross Total income (7 – 8) ( 5xvii of Schedule BFLA + 4b + 2iv)
• Income chargeable to tax at special rate under section 111A, 112, 112A etc. included in 9
• Deductions under Chapter VI-A
• Deduction u/s 10AA (c of Sch. 10AA)
• Total income (9 – 11c – 12)
• Income chargeable to tax at special rates (total of (i) of schedule SI)
• Income chargeable to tax at normal rates (13 – 14)
• Net agricultural income( 3 of Schedule EI)
• Losses of current year to be carried forward (total of xi of Schedule CFL)
• Deemed total income under section 115JB (9 of Schedule MAT)

Part B – TTI Computation of tax liability on total income

Tax Payments

• 1
  • a Tax Payable on deemed total Income under section 115JB (10 of Schedule MAT)
  • b Surcharge on (a) above (if applicable)
  • c Health and Education Cess @ 4%on (1a+1b)
  • d Total Tax Payable u/s 115JB (1a+1b+1c)
• Tax payable on total income
• Gross tax payable (higher of 1d and 2f)
• Credit under section 115JAA of tax paid in earlier years (if 2f is more than 1d)( 5 of Schedule MATC)
• Tax payable after credit under section 115JAA [ (3 – 4)]
• Tax relief
• Net tax liability (5 – 6c) (enter zero if negative)
• Interest and fee payable
• Aggregate liability (7 + 8e)
• Taxes Paid
• Amount payable (9 – 10e) (Enter if 9 is greater than 10e, else enter 0)
• Refund (If 10e is greater than 9) (Refund, if any, will be directly credited into the bank account)
• Details of all Bank Accounts held in India at any time during the previous year (excluding dormant accounts) (In case of non-residents, details of any one foreign Bank Account may be furnished for the purpose of credit of refund)
• Do you at any time during the previous year

15 Tax Payments

• Details of payments of Advance Tax and Self-Assessment Tax
• Details of Tax Deducted at Source (TDS) on Income [As per Form 16 A issued or Form 16B/16C furnished by Deductor(s)]
• Details of Tax Collected at Source (TCS) [As per Form 27D issued by the Collector(s)]

Verification

I,__________________ son/ daughter of _____________, solemnly declare that to the best of my knowledge and belief, the information given in the return and the schedules thereto is correct and complete is in accordance with the provisions of the Income-tax Act, 1961. I further declare that I am making this return in my capacity as ________________ (drop down to be provided and I am also competent to make this return and verify it. I am holding permanent account number (if allotted) (Please see instruction). I further declare that the critical assumptions specified in the agreement have been satisfied and all the terms and conditions of the agreement have been complied with. (Applicable, in a case where return is furnished under section 92CD).
Date: __________ Sign here: ________

By generating employment for 100 million people, MSME is the biggest job opportunities creator in the nation besides contributing essentially in the National economy with its deep-rooted power and potential to flourish. But MSMEs in India have been addressing numerous issues such as the sub-optimal scope of operations, outmoded technology, disorganised and inept supply chain, fund deficiency, alteration in manufacturing strategies, unstabilised market scenario and rising competition at domestic and global, which got summed up when the GST regime hit the ground running.

The commencement of GST further complicated the survival and competition of MSME with large and global enterprise as the time, cost and energy compliance is much bigger for MSMEs than the bigger companies under GST.

Read also: Brief Procedure of MSME Registration with Key Benefits

In such an arena, to ensure seamless surge & advancement of MSME and to help them deal with sudden changes and compliance challenges the government provides some relaxation benefits to the MSMEs, in the form of Threshold exemptions, Uninterrupted ITC in the supply chain , Composition levy schemes, Quarterly filing of GST returns, Special invoice provisions, Exemption from Compulsory Audit by CA, Special return filing provisions, and take measures like increment from ₹1 Crore to ₹1.5 Crore in the upper limit of turnover for opting for composition scheme, simplified filing of nil returns, and so on.

To know more about MSME and the relaxations provided to them by the GOI, click here

More than 200,000 new registrations under Goods and Services Tax (GST) were registered in Haryana since its nationwide inception in July 2017.

Haryana is faring forward and performing well under the GST regime since its commencement in 2017 and this can apparently be claimed again when the total count of newly added registration swelled to 2 lakhs.

During the transformation from the VAT tax system to GST mechanism, the base of 2.25 lakh payer was capitulated by VAT to GST. After that over 2 lakh, new individuals also got their feet wet in the GST pond.

According to Haryana Finance Minister Captain Abhimanyu, more than two lakh new registrations have been added since the outset of GST. Watchful eyes were kept on the breakthrough of GST implementation in Haryana right from its starting point in July 2017 along with the organization of extensive training programmes on a regular basis to train the stakeholders.

“Workshop, seminars, conferences and interactive sessions with the taxpayers regularly organised. The State has particularly stressed upon the expansion of the tax base,” an official statement quoted Capt Abhimanyu.

Haryana has contributed remarkably in the GST collection with a total collection of INR 36,815 crore and INR 55,231 crore under State GST, CGST, IGST and cess for the eight months of GST implementation during 2017-18 and for the financial year 2018-19 respectively.
This implies the collection of INR 4,601 crore per month on an average for the initial eight months and an average monthly collection of INR 4,602.56 crore for the financial year 2018-19.

Read Also: No Need for State-wise GST Registration for Importers: AAR

As far as state collections under GST are concerned, it reached to INR 10,178 crore which also includes provisional IGST settlement in the financial year 2017-18.

According to Capt Abhimanyu, the protected revenue of Haryana for the year 2017-18 was INR 13,200 crore and the total deficiency of the state GST revenue after considering the recoveries of former VAT and CST in the financial year 2017-18 was INR 1,933 crore. The state received INR 1,199 crore and INR 667 crore from compensation and provisional IGST settlement respectively during this period.

Haryana’s total collection of INR 55,231 crore under GST against INR 11,77,370 crore collection by all the states of India is a handsome contribution.

As per the recently updated GST tax regime, the dealers would be obliged to pay 18% GST on the post-sale discount, if it is passed to them by their companies as a part of promotional activities to benefit the end consumers. If the company has necessarily asked the dealers to pass on this benefit to end customers, then they would have to pay 18% GST.

Although, if the discount was passed to dealers without any obligation by the companies, then they will not be required to pay any GST on it. Such kind of discounts can be generally seen in fast moving consumer goods (FMCG), automobiles, consumer durables, and pharmaceutical products to lure more customers.

Further, the dealers would be eligible to claim ITC against the overall GST paid for the post-sale discounted products. The same has also been confirmed by the Central Board of Indirect Taxes and Customs (CBIC) department last Friday, i.e., 28th June 2019, via a clarification statement.

To offer more clarity on these changes, Abhishek Jain, partner at EY, stated, let’s suppose a car has been sold to a dealer by the company for INR 10 lakh, on which, the dealer has been received a discount of INR 50,000 from the company. No obligation on dealer has been put by the company to pass this benefit to the customers. In such a scenario, the dealer would not be required to pay any GST on Rs 50,000. Although, if the company has asked the dealer to pass this discount to end consumers via some promotional activity, then the dealer would have to pay GST on INR 50,000 too.

One must also note that if the company has asked the dealer to give benefit to the end customer, then the dealer always has to pay GST on the higher value item, not the amount at which he sold the car. For example, in the previous case, if the dealer has a margin of INR 25,000 on the car priced at INR 10 lakh along with INR 50,000 discount, but he has sold the car at INR 9.75 lakh, then he has to pay GST on higher value, i.e., INR 10.25 lakh.

Read Also: GST: Hundreds of Fake Companies Playing on the Name of ITC Claim

The CBIC has further made it crystal clear for dealers that they would be eligible to claim input tax credit (ITC) against the whole amount of taxes paid if a post-sale discount is prevalent. Although, this clarification shows dissimilarities with the judgment given by Maharashtra authority for advance ruling (AAR) in MRF Tyres case recently.

Jain, partner at EY said, “This clarification is quite welcome for businesses. However, other clarifications would obligate businesses to re-look at their current tax positions and legally re-evaluate the GST positions.”

The circular also notified that GST would be applied on the calamity cess imposed by Kerela, starting from next month for rehabilitation works to improve the post-flood state conditions.

With the royal ceremony in the central hall of Parliament, GST was implemented in its full swing on 30 June 2017 and was effective from 1 July 2017. On the occasion of the second anniversary of GST in India, today the finance ministry will introduce further new changes for good in the indirect tax system with the launch of new policies in return system, rationalization of cash ledger system and a single refund paying system as well.

Decisions will be taken in an event in the presence of Minister of State in Finance and Corporate Affairs Mr. Anurag Thakur along with other important members and officials from different departments.

Two years back, implementation of GST changed the whole scenario of Indian Economy but there was a vision behind changing the whole system, multi-layered and complex indirect tax system became simple and the whole tax administration became transparent and technology-directed.

Ministry said, the new GST tax reforms will be implemented from 1 July 2019 on trial basis to record the consequences of the changes and will become mandatory from 1 October 2019.

In its new cash ledger system, the government will merge 20 heads into 5 major heads to avoid complexities. There is only one cash ledger for tax, interest, fee, penalty, and others.

The ruling will be a single refund-assigning system where the government which sanctions the refunds will disburse four major returns namely, CGST, IGST, SGST, and cess.

The Event Concluded with the Following:

• As per the decision of the state threshold limit of Rs 40 Lakhs will be offered to the Suppliers of Goods.
• The compensation scheme is introduced for small service providers up to the annual turnover of Rs. 50 Lakhs with a tax rate of 6%.
• For B2B transactions electronic invoicing system are proposed to be introduced in a phase-wise manner.
• GST Appellate Tribunals are being established in various state head branches and area branches as well.

GST has brought together India as a single common market by breaking all the obstacles to inter-state trade and commerce. The government has brought business to ease by reducing the cost of the transaction, eliminating the streaming of taxes and pushing forward “Make in India” campaign.

It was further revealed that, in the event, the book on GST for MSME will be released and The Central board of Indirect Taxes and Customs officers will be awarded for the hard work and dedication in the implementation of GST, with the GST Commendation Certificate by Mr Anurag Thakur.

Some expectations are yet left to be fulfilled, some issues are yet left to be settled down! Some pending petitions, some harsh provisions and some new steps in the digital world are halting our journey towards full stabilization and uniformity under GST.

GST system is the biggest reform in the taxation system which rolled out with a motto of “One Nation One Tax”. This system has been adopted by a few developed countries and its implementation in India is itself a remarkable measure to bring uniformity in the taxation system.
The inauguration of the GST regime brought many complications for the taxpayers and traders because they were not on board with this new system neither they were fully conversant with the procedures and acts under GST.

With the passage of time, amendments in law and 35th GST Council Meetings, some charities and stabilisation were yielded and some are yet left to achieve. Some of the issues are ironed out, some are on the verge of resolvement and some needs to be sorted at the earliest. Here we have spelt out the past, present and future scenario of GST era.

GST Return Filing

Initially, the filing of GST returns was troublesome and baffling for the taxpayer but some stability can be now be seen. However, the implementation of the new proposed return filing system should be postponed until the time comes when the businessmen, professionals and the departmental authorities become well-acquainted with the same. Change in the return filing process in between the financial year becomes inconvenient as accounting systems need to be altered to get attuned with the same.

Read also: Old GST Return vs New GST Return Filing

GST Refund

Initially, the defiance (absence) of GST refund created havoc in the minds of the exporter and stagnated their working capital. Now direct refunding to the exporter of goods and 90% instant refund to the exporter of services marks the smooth and up-to-date refund process. But the recent notification about verification of all refund claims by the authorities has again accosted a tense atmosphere for the exporters.

Introduction of Cess

Initiation of Kerala Calamity Cess has become a matter of concern as people of other states are dreadful that they may also have to pay cess introduced by the state for some other welfare schemes.

Notices for Reconciliation

Periodic notices for variations in Input Tax credit claimed by the trader and as reflecting in the GSTN network before the completion of a year puts traders and industry cumbersome situation. Business and professionals get more bewildered when they get to encounter the difference between figures reflecting in their GST Return, GSTR 2A on GSTN network and figures specified in the government notice.

A Call for Centralised Assessment

Business operating from different places/locations are facing complications in appearing for assessment before authorities in different states. Usually, large organizations follow a centralised system of accountancy and taxation. So, an awaiting demand of the trader with locations in multiple states for assessment or inquiries in the main state would be a worth appreciating step.

E-Invoicing for Business

Initiation of e-invoicing is a digital move in the digital era but it has summed up the compilation of GST because of the absence of clarity regarding the process of its generation in the situation of system breakdowns.

Fitful Changes

The traders and professionals are combating with the fitful and frequent changes and notifications issued since the beginning of the GST regime before two years. Although the alterations and amendments are needed for clarity, major amendments affect the decision taking potential of the industry. Real Estate sector is an apparent example that showcases how the imposition of conditions for a new scheme and old scheme of taxes on builders and developers have brought them into a quandary to opt between the schemes and how they are affected by a loss of past and future ITC.

Cross charging of expenses between offices in different states
A bothersome situation and court intervention are anticipated in the absence of any precise guidelines for cross charging of expenses between offices in various states. The latest ruling in the case of Columbia Hospitals which cross charged the employees cost of head office has raged the matter further. Appropriate clarity is highly needed ASAP.

Writ Petitions

There are many orders laying pending before the High Courts. Initially, the issues regarding the system, transitional credit and so on were enlisted as the writ petitions questioning the sections and procedures. Now the issues like allowing ITC on the construction of malls, Detention of goods, RCM on Import Ocean Freight, Interest on Gross Liability and not after the ITC adjustment, Liability on Mineral Rights Rate on Solar Equipments, etc are also writ petition which needs to be resolved ASAP.

Input Tax Credit

ITC eligibility has been a matter of argument between trade and authorities from the pre-GST era. In the present scenario, if a vendor does not pay GST or file returns, he/she becomes ineligible to claim ITC, this provision is tough and so should be revised at the earliest.

Imprisonment under GST Regime

Different stances by different High Courts and bail approval for illegal acts under GST has led to the formulation of the special bench under the Supreme Court to resolve the issue to avert the conditions of uncertainty in such cases.

Recommended: Complete Guide to File GST Returns Online

After two years of GST regime, a balanced scenario with smooth GSTN network and minimum changes in the law is something we expect but it is quite apparent that we are straddling the fence and there is much left to be achieved for authorities and businesses. Meanwhile, the emphasis should be on broadening the tax base, curbing the tax evasion and simplifying the procedures and GSTN system.

• 

Just like every year, SAG Infotech is happy to bring exclusive discounts on its wide range of software solutions designed for CA professionals and experts. On the 70th occasion of CA (Chartered Accountant) day on July 1, 2019, the company will be offering a flat 50% discount on select software products, including Genius, Gen GST, Gen Payroll (Desktop), Gen Payroll (Online), Gen CompLaw (With XBRL), Gen CompLaw (Without XBRL), XBRL, and CA Portal. 

Do not miss this amazing opportunity. Buy the most popular accounting & taxation software at half the price under this limited-period offer (1st July to 6th July 2019.) The registration for CA day offer will start on 1st July 2019. 

There are a total of 6 modules on which the company is providing discount namely

Genius Software (Income Tax + TDS + Balance Sheet)

Genius tax software is a complete package for all the company tax needs including Gen IT, Gen CMA, Gen TDS, Gen FM, Gen BAL, and Gen AIR. Gen income tax files all the income tax returns of the taxpayer with the given tax data and also uploads it on the govt portal. While the Gen TDS is used for tax deductions eligible for the TDS on payment to the supplier. Gen balance sheet prepares a complete balance sheet of the company as per the companies ACT 2013 regulation. Apart from it, other tax solutions are always technically ready to provide instant solutions to the taxpayer.

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Gen GST Software for Complete GST Solution

Gen GST a one-stop solution for the goods and services tax compliance of the taxpayers and business units. The software provides a solution of GST return filing along with billing, e-waybill generation, registration and printing etc.

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Gen Payroll Software for HR & Employees Database Management

The Gen Payroll is the best software for payroll management required by the human resource department of every company. The Gen Payroll software is the best attendance marking and salary management software in India with up to date system accuracy and active data showcase at the time of login and request.

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Gen XBRL Software for Preparing XBRL Sheets

The Gen XBRL is a perfect tool for all the chartered accountants to Validate & Prepare XBRL Sheets For MCA. The software is well updated and technically accurate for all the details and perfectly import/export of XML from any year. XBRL format files are now simple and easy to understand with GEN XBRL tool by SAG Infotech.

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Gen Comp Law Software for ROC, MCA & XBRL Filing

The Gen Comp law, MCA filing software with XBRL is the best solution for the ROC e-Forms, XBRL, Resolutions, Minutes, Registers and multiple MIS reports. The software helps in all the statutory compliance of the company act. Also, it is one of the best MCA e filing tools in India.

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CA Portal for CA Website Solution

One of the most acclaimed and quality service providers in chartered accountant and other legal professionals websites is the CA Portal. SAG Infotech offers CA Portal to cater all the online presence needs of the tax and legal professionals. The website is designed according to all the requirements and template base of ICAI and other authorized chapters of the profession.

Current Price	After 50% Discount	Where to Go?
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The History Behind The Foundation Of CA Day

Established on 1 July 1949, by the parliament on India, Institute of Chartered Accountant of India (ICAI) is one of the most prestigious and oldest professional institutions in the country. India is proud to have ICAI as it is the second largest professional and financial body in the world.

ICAI is the only regulatory body which is licensed for the regulation of financial audits and the accountancy profession. Currently, the organization accumulates the total number of 2.5 lakh members, which itself is a great number.

It is such an honour for every member to be a part of this renowned institution, since decades, every year on the occasion of ICAI foundation, i.e. 1 July,  CA Day is started.

A Glimpse On The Origin Of ICAI

CA Profession Prevailed Days Before Independence – Regime of CA profession could be traced in decades much before Independence. Companies Act issued by the British Raj in 1913 had a detailed list of rules every company coming under the act must follow. Under the act, it was mandatory for the companies to maintain and manage books of accounts. Further mentioned in the act, it was important for the companies to appoint an auditor for the inspection of those account books.

Diploma Course in Accountancy – In 1918, “Government Diploma in Accountancy” was started by the British government in Mumbai. The syllabus was somehow the same as per the present CA course, with a training period of three years. Candidates who successfully completed this three-year training were eligible to practice profession on an Auditor, throughout India. 

Government Recognised Accountants –  Later in 1930, a register consisting of the names of accountants was maintained by the new Government Of India (GOI). Accountants whose names were listed in the register were counted under professional accountants.

1949 – Introduction of Chartered Accountant Act and ICAI – Prevailing norms were not enough to effectively manage the profession of accountancy, this called for an expert committee in 1948. The committee suggested the formation of an autonomous body to enhance the regulation of this profession. So, in 1949, the Chartered Accountants Act was passed under which ICAI was formed. 

The Designation Title Changed from Registered Accountant to Chartered Accountant – By the time, many Indians were already members of the Institute of Chartered Accountants of England and Wales (ICAEW) and were designated under the name “Chartered Accountants”. In 1949, when the Chartered Accountants Act was passed and ICAI started operating, the term Chartered Accountant was preferred over Registered Accountant and thus it retained. 

Since then, every year 1 July is celebrated as ICAI foundation day or CA Day all over the country.

Significance of CA Day in 2019

ICAI is the renowned institution all over the world and a CA passed with the degree from this organization is recognized worldwide. ICAI has strict codes of conduct which every CA is bound to follow.

A Chartered Accountant is a crucial person in all industries whether it is small or big, domestic or international. He is the one who is responsible for effective financial planning, tax filing on behalf of the company and maintaining the financial records of the company.

To enlighten the significance of this profession and to honour all the CAs of the country every 1 July is known as CA Day.

Just like every year, SAG Infotech is happy to bring exclusive discounts on its wide range of software solutions designed for CA professionals and experts. On the 70th occasion of CA (Chartered Accountant) day on July 1, 2019, the company will be offering a flat 50% discount on select software products, including Genius, Gen GST, Gen Payroll (Desktop), Gen Payroll (Online), Gen CompLaw (With XBRL), Gen CompLaw (Without XBRL), XBRL, and CA Portal. 

Do not miss this amazing opportunity. Buy the most popular accounting & taxation software at half the price under this limited-period offer (1st July to 6th July 2019.) The registration for CA day offer will start on 1st July 2019. 

There are a total of 6 modules on which the company is providing discount namely

Genius Software (Income Tax + TDS + Balance Sheet)

Genius tax software is a complete package for all the company tax needs including Gen IT, Gen CMA, Gen TDS, Gen FM, Gen BAL, and Gen AIR. Gen income tax files all the income tax returns of the taxpayer with the given tax data and also uploads it on the govt portal. While the Gen TDS is used for tax deductions eligible for the TDS on payment to the supplier. Gen balance sheet prepares a complete balance sheet of the company as per the companies ACT 2013 regulation. Apart from it, other tax solutions are always technically ready to provide instant solutions to the taxpayer.

Current Price	After 50% Discount	Where to Go?
INR 10,000*	INR 5,000*	More Info | Get Free Trial | Buy Now

Gen GST Software for Complete GST Solution

Gen GST a one-stop solution for the goods and services tax compliance of the taxpayers and business units. The software provides a solution of GST return filing along with billing, e-waybill generation, registration and printing etc.

Current Price	After 50% Discount	Where to Go?
INR 5,000*	INR 2500*	More Info | Get Free Trial | Buy Now

Gen Payroll Software for HR & Employees Database Management

The Gen Payroll is the best software for payroll management required by the human resource department of every company. The Gen Payroll software is the best attendance marking and salary management software in India with up to date system accuracy and active data showcase at the time of login and request.

Current Price	After 50% Discount	Where to Go?
INR 15,000*	INR 7500*	More Info | Get Free Trial | Buy Now

Gen XBRL Software for Preparing XBRL Sheets

The Gen XBRL is a perfect tool for all the chartered accountants to Validate & Prepare XBRL Sheets For MCA. The software is well updated and technically accurate for all the details and perfectly import/export of XML from any year. XBRL format files are now simple and easy to understand with GEN XBRL tool by SAG Infotech.

Current Price	After 50% Discount	Where to Go?
INR 15,000*	INR 7500*	More Info | Get Free Trial | Buy Now

Gen Comp Law Software for ROC, MCA & XBRL Filing

The Gen Comp law, MCA filing software with XBRL is the best solution for the ROC e-Forms, XBRL, Resolutions, Minutes, Registers and multiple MIS reports. The software helps in all the statutory compliance of the company act. Also, it is one of the best MCA e filing tools in India.

CompLaw Without XBRL	After 50% Discount	Where to Go?
INR 15,000*	INR 7500*	More Info | Get Free Trial | Buy Now

CompLaw With XBRL	After 50% Discount	Where to Go?
INR 20,000*	INR 10,000*	More Info | Get Free Trial | Buy Now

CA Portal for CA Website Solution

One of the most acclaimed and quality service providers in chartered accountant and other legal professionals websites is the CA Portal. SAG Infotech offers CA Portal to cater all the online presence needs of the tax and legal professionals. The website is designed according to all the requirements and template base of ICAI and other authorized chapters of the profession.

Current Price	After 50% Discount	Where to Go?
INR 10,000*	INR 5000*	More Info

The History Behind The Foundation Of CA Day

Established on 1 July 1949, by the parliament on India, Institute of Chartered Accountant of India (ICAI) is one of the most prestigious and oldest professional institutions in the country. India is proud to have ICAI as it is the second largest professional and financial body in the world.

ICAI is the only regulatory body which is licensed for the regulation of financial audits and the accountancy profession. Currently, the organization accumulates the total number of 2.5 lakh members, which itself is a great number.

It is such an honour for every member to be a part of this renowned institution, since decades, every year on the occasion of ICAI foundation, i.e. 1 July,  CA Day is started.

A Glimpse On The Origin Of ICAI

CA Profession Prevailed Days Before Independence – Regime of CA profession could be traced in decades much before Independence. Companies Act issued by the British Raj in 1913 had a detailed list of rules every company coming under the act must follow. Under the act, it was mandatory for the companies to maintain and manage books of accounts. Further mentioned in the act, it was important for the companies to appoint an auditor for the inspection of those account books.

Diploma Course in Accountancy – In 1918, “Government Diploma in Accountancy” was started by the British government in Mumbai. The syllabus was somehow the same as per the present CA course, with a training period of three years. Candidates who successfully completed this three-year training were eligible to practice profession on an Auditor, throughout India. 

Government Recognised Accountants –  Later in 1930, a register consisting of the names of accountants was maintained by the new Government Of India (GOI). Accountants whose names were listed in the register were counted under professional accountants.

1949 – Introduction of Chartered Accountant Act and ICAI – Prevailing norms were not enough to effectively manage the profession of accountancy, this called for an expert committee in 1948. The committee suggested the formation of an autonomous body to enhance the regulation of this profession. So, in 1949, the Chartered Accountants Act was passed under which ICAI was formed. 

The Designation Title Changed from Registered Accountant to Chartered Accountant – By the time, many Indians were already members of the Institute of Chartered Accountants of England and Wales (ICAEW) and were designated under the name “Chartered Accountants”. In 1949, when the Chartered Accountants Act was passed and ICAI started operating, the term Chartered Accountant was preferred over Registered Accountant and thus it retained. 

Since then, every year 1 July is celebrated as ICAI foundation day or CA Day all over the country.

Significance of CA Day in 2019

ICAI is the renowned institution all over the world and a CA passed with the degree from this organization is recognized worldwide. ICAI has strict codes of conduct which every CA is bound to follow.

A Chartered Accountant is a crucial person in all industries whether it is small or big, domestic or international. He is the one who is responsible for effective financial planning, tax filing on behalf of the company and maintaining the financial records of the company.

To enlighten the significance of this profession and to honour all the CAs of the country every 1 July is known as CA Day.