Debashis Mitra

I imagined, what if...💭 The Institute of Chartered Accountants of India (#ICAI), the premier accounting body in India used Zoho’s suite of integrated products. This is not a promotion just a wild thought.. 🤔 I have no clue if ICAI actually uses any of these tools. Use Case 1: Streamlining Member Management Problem: Efficiently managing a large membership base and providing personalized services. Solution: Zoho CRM Using Zoho CRM, ICAI can send personalized event invitations and educational material recommendations to members based on their areas of specialization, such as auditing or taxation. Use Case 2: Enhancing Educational Program Delivery Problem: Managing and delivering a wide range of CPE educational programs and resources effectively. Solution: Zoho Learn ICAI can use Zoho Learn to offer interactive online courses on the latest accounting and auditing standards, tax laws etc. ensuring that members stay updated with continuing professional education (CPE) requirements. Use Case 3: Financial Management Problem: Handling complex financial operations, including membership fees, event registrations, and educational program costs. Solution: Zoho Books Zoho Books can automate the billing process for annual membership fees, track payments, and generate financial reports to provide insights into the financial performance of various programs and initiatives. Use Case 4: Document Management and Collaboration Problem: Managing a vast array of documents, including research papers, regulatory updates, and educational materials. Solution: Zoho WorkDrive ICAI can store all its research publications, standards updates, and educational materials in Zoho WorkDrive, making it easy for members to access and collaborate on documents as needed. Use Case 5: Custom Solutions for Specific Needs Problem: Adapting technology to meet unique organizational requirements and evolving challenges. Solution: Zoho Creator ICAI can create a custom app using Zoho Creator to manage and monitor the compliance status of its members, ensuring that all chartered accountants adhere to the latest standards and regulations. Use Case 6: Event Management Problem: Organizing and managing large-scale events such as conferences, seminars, and workshops. Solution: Zoho Backstage For an annual conference, ICAI can use Zoho Backstage to manage event registrations, create a dedicated event website, engage attendees with interactive sessions, and gather feedback to improve future events. Well, there is a gap. The solutions that have been built have not yet reached the problems that need them. Reimagining certain theories helps fit technology in such real life scenarios. #zoho

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Dismisses challenge to show cause notice premised on audit findings : HC Delhi Magicon Impex Private Limited Ruling : Delhi HC dismisses challenge to show cause notice (SCN) by holding that “SCN may be premised on the findings of the audit report, the same is within the statutory framework.”; Pursuant to an audit, SCN as per section 74 was issued; On receipt of multiple audit memos, the same not only indicated the findings of the auditors, but also called upon the assessee to pay tax as determined, along with the interest and penalties as applicable; Besides, clarifies that “Any irregularities in issuing the audit memos does not impinge the validity of the impugned SCN”; Thus, concluding that SCN cannot be set aside at ‘threshold stage’ disposes of the petition with a direction to Adjudicating Authority to consider the response to SCN, if filed by Assessee #GST #GSTLitigation #GSTUpdates #GSTCompliances #GSTNews

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• The NFRA fined M/s Venkatesh & Co ₹2 crore for professional misconduct in the 2019-20 Coffee Day Enterprises audit. • Auditors Dasaraty V and Desikan G were banned for 10 and 5 years, respectively. • Dasaraty was also fined ₹10 lakh, and Desikan ₹5 lakh. • The penalties stemmed from a Sebi report revealing a ₹3,535 crore fund diversion from Coffee Day subsidiaries to Mysore Amalgamated Coffee Estate Limited. • The auditors failed to report the fraud and protect public interest. • The order will take effect after 30 days. • In August, NFRA fined KPMG affiliate M/s BSR & Associates LLP ₹10 crore and debarred two auditors for lapses in the 2018-19 Coffee Day audit.

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Importance of checking AIS and TIS While filing incometax Return Checking the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) is crucial while filing income tax returns for several reasons: 1. **Accuracy and Completeness**: AIS and TIS provide a comprehensive summary of all financial transactions reported to the Income Tax Department. By reviewing these statements, taxpayers can ensure that all their income sources are accurately reported in their tax return, reducing the risk of errors and omissions. 2. **Matching Information**: The information in AIS and TIS should match the details provided in the tax return. Any discrepancies between these documents and the tax return can lead to scrutiny, notices, or reassessment by the tax authorities. 3. **Identifying Missing Income**: AIS includes details of various incomes like salary, interest, dividends, capital gains, etc. Reviewing this information helps taxpayers identify any income that may have been missed or forgotten while preparing the tax return. 4. **Claiming Deductions and Exemptions**: TIS provides a summary of income, deductions, and exemptions. Checking this summary ensures that all eligible deductions and exemptions are claimed, optimizing the tax liability. 5. **Avoiding Penalties**: Accurate reporting of income and timely filing of tax returns help in avoiding penalties for underreporting or non-reporting of income. AIS and TIS act as tools to cross-verify the information before submission. 6. **Facilitating Rectifications**: If any discrepancies are found between AIS/TIS and the taxpayer’s records, they can be rectified before filing the tax return. This proactive approach minimizes the chances of future litigation and compliance issues. #incometaxreturn #AIS #TIS #Duedate #31stJuly

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🌟 ICAI's Commitment to Stress Management & Work-Life Balance 🌟 In today's high-pressure work environment, stress management and work-life balance are more important than ever. The Institute of Chartered Accountants of India (ICAI) is committed to the well-being of its members by introducing initiatives to promote mental and physical wellness. Key initiatives include: ✅ Mindfulness & Meditation Programs ✅ Work-Life Balance Workshops ✅ Personalized Counseling Services ✅ Health & Fitness Campaigns ICAI's dedicated group, led by Mrs. Seema Gerotra, is working to implement comprehensive support measures, from wellness webinars to industry collaboration for flexible work models. We remain committed to fostering a resilient, productive, and balanced professional community. #ICAI #StressManagement #WorkLifeBalance #CharteredAccountants #MentalHealth #WellBeing #Motivation #Inspiration #PersonalDevelopment #Success #Goals #Leadership #Management #creativity #HumanResources #recruitment #Innovation #Entrepreneurship #Finance #Investing #Economy #VentureCapital #Markets #Linkedin #personalbranding #HR #employeengagement #talentacquisition #fakihivf

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GSTR-9 Mismatch Alert: Table 8A vs 8C for FY 2023-24! GSTR-9 auto-populates ITC from GSTR-2B in Table 8A, but Table 8C needs manual entries for ITC claimed in the next FY. ⚠️ Key Points to Avoid Discrepancies: 1️⃣ Late Invoices – Report ITC in Tables 8C & 13. 2️⃣ Reclaimed ITC – Declare in the subsequent FY (e.g., FY 2024-25). 3️⃣ Goods Not Received – Include ITC in Tables 8C & 13. 4️⃣ Prior Year ITC – Exclude from FY 2023-24. 5️⃣ Same-Year Reclaim – Use Table 6H to avoid duplication in Table 7. 📊 Stay compliant and ensure accurate reporting! #GST #GSTR9 #ITC #TaxCompliance #CharteredAccountants #IndirectTax

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GST Technical Update # 9 🚨 Important Update for Taxpayers: Change in Table 8A of GSTR-9 for FY 2023-24 🚨 The reporting mechanism for Table 8A of GSTR-9 has undergone a significant shift for FY 2023-24. Here’s what you need to know: 📌 What’s New? • Data for Table 8A will now be auto-populated from GSTR-2B, instead of GSTR-2A. • This change marks a transition from a dynamic report (GSTR-2A) to a static, fixed report (GSTR-2B). 📌 Key Action Points for Taxpayers ✅ Coordinate with Suppliers: Ensure your suppliers file their GSTR-1 on time to include all eligible ITC in your GSTR-2B for the relevant period. ✅ Reconcile Regularly: Align ITC claimed in GSTR-3B with GSTR-2B to avoid discrepancies in Table 8A and subsequent audits. ✅ Monitor ITC Deadlines: The last date to claim ITC for FY 2023-24 is 30th November 2024 (filing of GSTR-3B for October 2024). This change brings greater clarity and reduces disputes but demands better compliance and tracking from taxpayers. 💡 Pro tip: Start reconciling ITC monthly using GSTR-2B to streamline your annual return filing process. Are you prepared for this shift? Share your thoughts and experiences below! ⬇️

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📜 Key CGST Rules You Need to Know* Here’s a quick rundown of some essential CGST rules that every business should keep in mind for smooth GST compliance: 1. Rule 37: ITC Reversal on Non-Payment – If the recipient fails to pay the supplier within 180 days, the ITC claimed must be reversed. 2. Rule 37A: Reversal of ITC for Excess Availment – In cases of mismatch between GSTR-1 and GSTR-3B, excess ITC claimed must be reversed by the taxpayer. 3. Rule 39: Distribution of ITC by ISD – Input Service Distributors (ISD) must distribute ITC to the respective branches or units in the correct proportion. 4. Rule 42: ITC Reversal for Inputs & Input Services – Apportionment of ITC in case of common credit used for both taxable and exempt supplies. 5. Rule 43: ITC Apportionment for Capital Goods – ITC related to capital goods used for both taxable and exempt supplies needs to be proportionately reversed. Stay updated with these rules for better tax management and avoid non-compliance penalties! #GST #CGSTRules #ITC #TaxCompliance #Business

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India celebrates ACCOUNTING STANDARDS DAY on 21st April every year. ICAI is organising a program on the said occasion this year on 22nd April 2024. Plz join to understand the importance of Accounting Standards for the financial reporting in the country #ICAI #ACCOUNTING #STANDARDS #ACCOUNTINGSTANDARDS

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🚨 ICAI Launches Stress Management Initiatives for CAs 🚨 ICAI has introduced stress management initiatives in response to the tragic deaths of chartered accountants due to work pressure. Key points: 1. ICAI will set up a counseling help desk and develop strategies for better work-life balance. 2. Collaboration with health institutions and industry partners to promote flexible work models. 3. Enhanced grievance redressal system for empathetic resolutions. ICAI President Ranjeet Kumar Agarwal stresses the importance of balanced work policies. Source: https://lnkd.in/gDe9vCQS What do you think? #ICAI #StressManagement #WorkLifeBalance #MentalHealthMatters #EmployeeWellbeing

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We celebrated CA Day yesterday. Today, we explore the rich history of accountancy in India, from the Companies Act of 1913 to the establishment of ICAI on 1st July 1949. What else do you know? Let us know in the comments. . . . #ca #CA #CADay #ICAI #CharteredAccountant #charteredaccountantfirm #KPCA

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Update on Continuing Professional Education (CPE) Requirements📚 Dear Members, The Institute of Chartered Accountants of India (ICAI) has introduced significant changes to the Continuing Professional Education (CPE) requirements. Please note the following key points: - Mandatory CPE hours: 2 CPE hours each on "Code of Ethics" and "Standard on Auditing" were mandatory till 2023. These are now recommendatory from 2024 onwards. 📝 - Consequential Provisions: Applicable from January 1, 2025, for non-compliance arising from 2024. ⏰ - CPE Statement 2023: Available on the ICAI portal: portal https://lnkd.in/eA8EzrTP 📊 - CPE Learning Activities: Categorized into Structured Learning Activities (SLAs) and Unstructured Learning Activities (ULAs). Advisory available at: https://lnkd.in/emK9Mb7q 📚 - Digital Learning Hub: Earn CPE hours through the ICAI e-Learning platform: https://icai.org/elearning 📱 - CPE Portal: View your updated CPE hours status at: http://www.cpeicai.org 📊 Action Required: - Complete and claim your CPE hours requirements (structured/unstructured) for 2024 by December 31, 2024. 📆 - Submit your Self-Declaration Form for Unstructured hours (ULA) by December 31, 2024. 📝 Avoid any hardship and ensure compliance with the Continuing Professional Education Statement, 2023. Thanks & Regards, CA Abhishek Kothari Chairman Jalgaon Branch of ICAI #ICAI #CPE #WIRC #Elections #Accounting #CA #Finance #Taxation #Auditing #FinancialAdvice #ProfessionalAccounting

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I will speaking on Key Considerations in Audit of Non-Corporate Entities at a webinar organized by #AASB of Institute of Chartered Accountants of India #audit #icai #ca #charteredaccountant

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📢 New ITC 16(4) Relief Procedure 📢 🌟 Quick Analysis by CA Umesh Sharma 🌟 The latest update on ITC 16(4) issuea of past years is here! 💼 Simplified for every professional, with a step-by-step relief procedure guide. Don't miss out on this exclusive quick analysis! Stay informed and ensure your compliance is on point! 💡 🎥 Watch the video now and stay ahead with expert insights!   🔗 https://lnkd.in/dwSRHK6A

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