NORTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA e-newsletter. VOL. XLVI, No. 6 September 2018

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1 NORTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA e-newsletter VOL. XLVI, No. 6 September 2018

2 From the Desk of the Chairman... ; Chartered Accountancy: A profession that teaches us that, There is no magic to achievement. It's really about hard work, choices and persistence. Dear Professional Colleagues, Greetings for the day!! The ultimate measure of a person is not where he stands in moments of comfort and convenience, but where he stands at the times of challenges and controversy. You have to believe in yourself, challenge yourself and push yourself until the very end; that s the only way we all can succeed. In the past month, the profession has seen immense pressure in the shape of various GST and Tax audit returns. The schema of various Income Tax Forms kept on changing which was a major hindrance in timely filing of returns.being the first Financial Statement after implementation of the GST law, reconciliation of the statement with the GSTIN data was a major task for the assessees. Matching the information as per GST Form no. 2A was practically difficult as various mismatches arose due to quoting of wrong GST number by their respective suppliers. Though deferring of various points

3 of tax audit report relating to GAAR, GST etc. by the Board was a much sorted relief for the professionals. The Institute has the onerous responsibility of ensuring and enhancing the quality of services provided by its members to clients and other stake holders. So to ensure that the tax audits are held in an effective manner, ICAI played an integral role in making representation at various forums to the Central Board of Direct Taxes and Ministry of Finance for the extension of the due date which was the need of the hour.icai pertinently brought to the notice that due to substantial occupation of time with the filing of GST returns till 20th September, 2018, members and tax payers require time for statutory compliances under the Income Tax law. Considering the hardships of the tax payers and tax auditors, the request was well heard by the Board and the Ministry of Finance the date has been extended to 15th of October, w i d e C i r c u l a r n u m b e r 225/358/2018/ITA.II dated butas per the notification due date for the purpose of interest u/s 234A was not extended which saw a major resentment amongst the tax payers and professionals. Various writ petitions are still pending in High Courts seeking further extension of few days and not charging of interest u/s 234A. The utilities of the income tax forms kept on changing even after the notice of extension leading to further delay in submission of Tax Audit report and Income tax return.even after 15 days extension being granted time constrain still remains as GST returns are to be reconciled with the financial statements so that the true and fair view of the Balance Sheet can be drawn. We are all aware that the formats of tax audit reports were issued very late i.e and despite the same, all efforts are being made by ICAI, as a partner in nation building, to bring awareness amongst the auditors and auditees. Implementation guides, webcasts and awareness programs have been organised by ICAI. Even while facing the challenging times, My Friends let s not forget that the uniqueness and the professional ability of a Chartered Accountant is our individuality and our life experiences mould us into fascinating professionals for the young generation.. I hope we can embrace that. I pray we may all challenge ourselves to delve into the deepest resources of our hearts to cultivate the atmosphere of understanding, acceptance, tolerance and compassion. We are all in this testing time together. Let s surround ourselves with good people, with positivity and people who are going to challenge us to make us better. As we remember the father of nation, Mahatma Gandhi ji in this month so I will like to end this message by his inspiring words Live as if you were to die tomorrow. Learn as if you were to live forever. There are two days in a year when we cannot do anything yesterday and tomorrow. So let s make today worthwhile and let s make the best of it. Date: 05 October, 2018 Place: Ludhiana CA. Pankaj Periwal, Chairman, NIRC of ICAI

4 Ind AS 20 / IAS 20: Accounting for Government Grants and Disclosure of Government Assistance Differences between AS-12 Accounting for Government Grants and Ind AS 20 AS-12 Ind AS 20 It does not cover Government assistance (AS-12)It covers Government assistance. (Ind AS-20) Such Government assistance should be disclosed. CA. Ravinder Singh Pawar rpawar2001@yahoo.com Read Full article at l.ead.me/bay5wk ORGANISATION MANAGEMENT- - INTERNAL CONTROL STRUCTURE- Standards and Limitations Internal Control is defined as An integral component of an organisation s management that provides reasonable assurance that the following objectives are being achieved: A. Effectiveness and efficiency of operations; B. Reliability of financial and operational reporting; and C. Compliances with applicable Laws and Regulations The internal control structure is the plan of an organisation, including management's attitude, methods, procedures, and other measures that provide reasonable assurance on promoting orderly, economical, efficient, and effective operations and quality products and services consistent with the organisation's mission; safeguarding resources against loss due to waste, abuse, mismanagement, errors, and fraud and other irregularities; CA Surinder Kumar Gujral Gujral_sk@yahoo.com Read Full article at l.ead.me/bay5w0 4

5 Impact & Reporting under GST Act If Goods Destroyed in Flood After the implementation of Goods and Service Tax Act, treatment and compliance part has increased in day to day business scenario. So many doubts arise in the mind of assessee according to situation/cases. This article discusses the impact under the GST law in case of goods destroyed in flood. This is one of the situation for which assessee wants clarity about the treatment and compliance which have to be done under Goods and Service Tax Act. CA NAVEEN Impact on Input Tax Credit The Goods and Service Tax Act allows a registered person to take credit of input tax charged on supply of goods and services if they are used in the course of furtherance of his business. There is a negative list of goods or service under section 17(5) of the CGST Act in respect of which ITC can t be allowed. CA ROOPSHIKHA Read Full article at l.ead.me/baygca 5

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7 Forthcoming Seminars of NIRC of ICAI Seminar on GST Audit Saturday, 20th October, (Six). Hotel The Royal Plaza, C. P. New Delhi Seminar on Block Chain Saturday, 27th October, AM PM 4 (Four). The Indian Society Of International Law, Bhagwan Das Road V.K. Krishna Menon Bhawan, 9, New Delhi No fees for Annual Members of NIRC (All Study Group). Seminar on Income Tax Assessment Saturday, 03rd November, (Six). Hotel The Park, New Delhi. Seminar on AS/Internal Audit+CAG Swift Audit Saturday, 10th November, (Six). Hotel The Park, New Delhi. 7

8 Forthcoming Seminars of NIRC of ICAI Sub Regional Conference of Ludhiana Branch of NIRC Saturday, 17th November, (Six). ICAI Bhawan Ludhiana Branch Seminar on GST Saturday, 24th November, (Six). Hotel The Royal Plaza, C. P. New Delhi Seminar on Company Law NCLT Saturday, 01st December, (Six). Hotel The Park, New Delhi. 8

9 Seminar on Tax Audit reports-recent updates and impact of ICDS organised by Gurugram Branch Seminar on Tax Audit organised by Chandigarh Branch of NIRC of ICAI Seminar on Tax Audit Report organised by Amritsar Branch of NIRC of ICAI NICASA Team of Amritsar Branch of NIRC ICAI President CA. Naveen N.D. Gupta Addresses at the Occasion of Student Festival Held at Amritsar Seminar on "Recent Changes in Tax Audit" organised by Ludhiana Branch of NIRC of ICAI Seminar on GST Audit Report organised by J & K Branch of NIRC of ICAI 9

10 September, 2018 Ǽ CA. Pankaj Periwal, Chairman, NIRC of ICAI Mob CA. Rakesh Makker Member, NICASA Mob CA. Deepak Garg Member, NICASA Mob CA. Rajesh Kr. Agrawal Member, NIRC of ICAI Mob , CA. Swadesh Gupta Member, NIRC of ICAI Mob CA. Yogita Anand(Mrs.) Member, NIRC of ICAI Mob Foundation, Intermediate Both & Final Classes of NIRC of ICAI 10