A R A P & Co

07/02/2023

Vacancy for Article Assistant at our CA office in Guwahati on immediate joining basis. Prior experience in GST, audit and accounting will be preferred. If interested, candidate can drop their CV at [email protected] or contact on 9401911899 or 7002741346.

03/02/2023

Some “not-so-noticed” catches of Union Budget 2022 regarding tax:-

1. There is no change of Tax slab (and rebate u/s 87A) in the old regime where one can take deductions of Investments.
2. Unlike previous year, now (A.Y 2024-25 onwards), one has to opt out of New scheme to select old scheme. Once selected (for assessee having business income), he can again select new regime for only once in lifetime and then can’t go back to old regime again!
3. If an assessee hasn’t made payment against any bill which is raised by an MSME within due date , then that expenditure shall be added back to his income. This is a new inclusion in section 43B.
4. Conversion of gold into EGRs shall not fall under capital gain.
5. Now section 44AD has three slabs!
a. Assessee having turnover up to 2crores can opt for it.
b. Assessee having turnover between 2-3 crores can opt for it, if at least 95% of its receipt are through banking channel.
c. Assessee can opt for it if his turnover is between 3crores to 10crores and 95% of his receipts as well as payment are made through banking channel.

6. GSTR 1, 3B, 9, 8 can’t be filed after expiry of 3years from its due date.

13/12/2022

1 year of A R A P & Co. Guwahati branch completed

04/08/2022

need a CA article for our guwahati branch

14/04/2022

25/12/2021

We are taking pride to announce our presence at Guwahati. From this december we at A R A P & Co , shall be providing services to our clients from Both Sonari and Guwahati.
Sharing some glimpses of our new workspace😀
Special thanks to KLAY Interior Studio for decorating our office so beautifully.

01/02/2021

Key Budget Highlights from Today's speech of the FM:-
1. AMC and ARC to be set up for resolution of stress Asset.
2. Recapitalization of PSU by injecting 200bn Rupees.
3. Introduction of Voluntary Vehicle scrapping policy: 20yrs for private vehicle, 15yrs for commercial
4. Power sector: Revamped reforms scheme for discoms.
5. Seven textiles parks to come up in 3years.
6. West Bengal and Assam:-
A. 95,000 crore for road development in WB; 19,000 crores worth of work already undergoing in Assam for Roas development. Furthermore 34,000 crore rs worth of work time be allocated to cover more than 1300 km of highways in Assam.
B. Rs. 1,000 crore for welfare of tea workers (especially for women and children) of Assam and WB
7. Rs. 1.1lakhs crore outlay for railway.
8. Pipelines of GAIL, IOCL, HPCL will be monetized
9. 2lakhs crore to states and autonomous bodies to meet capital expenditures.
10. LIC's IPO to come in FY 2021-22; all other disinvestments to be completed within 2022.
11. Definition of Small company changed: paid up capital limit- 2crores, turnover limit- 20crores.
12. Restriction for OPC to in growing business removed. It can now grow without the need of being converted. Also, norms for residential status of its director relaxed.
13. Gold Exchange to be formed. SEBI to regulate.
14. FDI in insurance sector raised from 49% to 64%.
15. Reopening of Assessment: time limit reduced from 6yrs to 3yrs (except for serious fraud cases: 10years)
Direct Tax:-
1. Relief to sr citizen in filing ITR. No need to file ITR, if only pension and interest income.
2. Faceless dispute resolution committee to be set up. Anyone having less than Rs. 50l income and 10l disputed income may apply.
3. Faceless ITAT proceedings.
4. Tax audit limit for digital transactions enhanced from 5crore to rs. 10 crore.
5. Advance tax liability on dividend only after declaration of dividend.
6. Deduction of 1.5l for loan taken against affordable housing scheme to be available till 31.03.22
7. Prefilled return to include: salary, savings interest, capital gain from listed security etc.
8. Audit limit for Trust increased to Rs. 5crores from 1crore.
9. Late deposit of employee's contributions to EPF not to be claimed as deduction

Indirect Tax-
1. Custom duty on stainless steel, copper, nylon , nails, gold and silver reduced.
2. Custom duty on Solar Panel, auto parts, cotton, silk yarn increased.
3. Exemption on leather import withdrawn. Agri infra development cess n certain products.

24/10/2020

Considering the challenges faced by people in complying with statutory requirements due to Covid-19 pandemic, the Ministry of Finance has further extended the due dates of filing Income Tax returns for the FY 2019-20.
Those, who need to get their books of accounts audited under the Income Tax Act, 1961 (including their partners if any), shall now be required to file their return of Income within 31/01/2021. Meaning thereby , due date for submission of Tax Audit report shall be 31/12/2020.
Other assessee need to file their ITR before 31/12/2020 to avoid fees u/s 234F.

It comes as a great relief for professionals working in finance in this festive season.

24/10/2020

In view of number of representations being made before the GoI for extending the due dates of filing GSTR 9 and GSTR 9C for the FY 2018-19, CBIC has made a press release to state that due dates for the same has now been extended to 31st December , 2020. Formal notification to follow soon.

13/08/2020

Key highlights from today's speech of PM

26/07/2020

Some important dates not to be confused with earlier dates!!