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Suman Gyawali & Associates

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Suman Gyawali & Associates

Suman Gyawali & Associates, Chartered Accountants deals with Domestic and International Laws,Audit &

15/07/2023

10 Mistakes Taxpayer make while filing Income Tax Returns

1. Wrong ITR

Selecting the wrong ITR may lead to notices and later revision. Many Salaried file ITR 1, however, they are liable to file ITR 2

2. Not claiming Interest Deductions

Few Miss to claim 80TTA and 80TTB deductions

3. Two salaries- Disclose only 1

In a few cases when you have received a salary from more than one employee, you need to disclose all your salary income

4. Forget to disclose Shareholding/Directorship Pvt. Ltd

Holding Shares in Private Limited or Directorship needs to be Disclosed

5. Not disclosing foreign a/c shares etc.

Disclosure of foreign assets in ITR is mandatory for resident taxpayers who own specified foreign assets

6. Not checking AIS/TIS Reconciliation

A few times Income as per AIS / TIS income additional details are not checked and updated

7. Not claiming Senior citizen Medical expense

Senior Citizens who do not have Mediclaim Insurance can claim a 50k deduction on expenditure incurred on Medical Treatment

8. Deduction not claimed in Form 16 can be claimed while ITR filing

80C, 80D to 80U can be claimed. HRA can be Claimed but LTA cannot. Be sure of what can be claimed and what cannot

9. Not verifying ITR-30 days

ITR uploaded but not Verified within 30 days makes it Invalid

10. Maintain documents and evidence-10 years

Its good practice to maintain all exemption and deductions claimed documents as evidence for 10 years

03/07/2023

Important Announcement-The results of the Chartered Accountants Final & Intermediate Examination held in May 2023 are likely to be declared on Wednesday, 5th July 2023 & the same can be accessed by candidates on the website icai.nic.in

03/07/2023

गुरु ब्रह्मा गुरु विष्णु
गुरु देवो महेश्वरः
गुरु साक्षात परब्रह्म
तस्मै श्री गुरुवे नमः🙏

24/06/2023

Kind Attention PAN holders!

While linking PAN with Aadhaar, demographic mismatch may occur due to mismatch in:
• Name
• Date of Birth
• Gender

To further facilitate smooth linking of PAN & Aadhaar, in case of any demographic mismatch, biometric-based authentication has been provided and can be availed of at dedicated centers of PAN Service Providers (Protean & UTIITSL).

For details, please check the website of Service Providers.

24/06/2023

CA Intermediate and CA final MAY, 2024 exams onwards shall be held in new scheme.
ICAI has, dated 23rd June, 2023, made official announcement about New scheme of education and training applicable wef 1st July, 2023. Accordingly, they have specified important cut off dates also.
Detailed notification has been hosted at lnkd.in/dew4WarG
Source: ICAI

Important points to be noted:

☆From July 1, 2023, all new registrations will be done in the New scheme. Existing students will be converted to new scheme from same date. (Detailed procedure will be shared by ICAI, no guesswork till then, please)

☆ May, 2024 exams will be held in new scheme. As subjects are reduced (8 to 6), there should not be much concern. New study material will be released by BOS, ICAI soon. Studying that for all subjects should be beneficial for the students because new questions as per the pattern suggested in the scheme may be asked from the material.

☆ For CA final, self paced modules should also be cleared by the students. Clearing those 4 self paced modules will require time and efforts. Plan accordingly.

☆ Students currently undergoing 3 year training in existing scheme will continue the same and appear in CA final during last 6 months of training only.

Now, there is no room for speculation and in due course things will be more clear. Till then, concentrate on studies.
If you have done a particular subject in existing syllabus, you need to revise the common concepts and questions already done, study additional topics and go through the upcoming study material of ICAI.

There is sufficient time if utilised properly. There is no need to be tensed. Try to get an idea about approx hours you still have, to be devoted to studies and make plan for individual subjects accordingly.
For example:

■CA Final students having May, 2024 exams have to study around 6 months with practical training( say, approx daily 3 hours on weekdays and 7.5 hours on weekend. It makes 30 hours of weekly study) and 4 months study leave ( 70 hours of weekly study) I am intentionally taking 25 weeks and not 26 in 6 months, let that 1 week be for anything but studies.

30 hr×25 weeks= 750 hrs
70 hr×16 weeks= 1120 hrs
TOTAL 1870 Hrs. Should be sufficient with whatever syllabus one has done till date. Only thing required is to have dedication to study at lesst 2-3 hours with office work. Think, plan carefully and execute diligently!!

■For Nov, 2024 exams just add 25 more weeks to above: 1870+750= 2620 hrs.

■For May, 2025 exams, add 25 more weeks to above: 2620hrs +750 hrs = 3370 hrs.
Ample time if we start now with 2-3 hour of focused study daily and 7-8 hours on weekends.

Concentrate on daily targets, be consistent... every hour of self study now will help preventing the pressure building later.
Make best use of the available time.

Be happy, Stay blessed.

01/04/2023

Important Announcement - Postponement of Chartered Accountants Exams scheduled to be held on 10th May 2023 (Wednesday) at Examinations Centres in State of Karnataka due to the General Election to the Legislative Assembly in the State of Karnataka.

25/03/2023

Important Announcement - Implementation of Know your Member(KYM) Form which is to be filed annually through ICAI Self-Service Portal (SSP) by ICAI Members mandatorily.
FAQs: icai.org/post/faqs-kym-…
Queries Email at cromemfee@icai.in/Call 9997599975

02/02/2023

Important Announcement
- The results of ICAI Chartered Accountancy Foundation Examination held in December 2022 is likely to be declared on Friday, 3rd February 2023.

06/01/2023

IMPORTANT ANNOUNCEMENT - The results of Chartered Accountants Final & Intermediate Exam held in November 2022 are likely to be declared on Tuesday, 10th January 2023 .

31/08/2022

Important Announcement - Extension of Date for Submission of Online Examination Application Forms for Chartered Accountants Examinations - November 2022

23/06/2022

Important Announcement - Postponement of Chartered Accountants Foundation Examd scheduled to be held on 24th & 26th June 2022 at Silchar (Assam) Examination Center only to mitigate the hardships caused to students due to ongoing situation.

08/02/2022

Important Announcement - Results of the Chartered Accountants Final Examination(Old Course & New Course) & Foundation Examination held in December 2021 are likely to be declared on Thursday, 10th February 2022(evening)/Friday, 11th February 2022

01/02/2022

*MOST RELEVANT BUDGET AMMENDMENT 2022* for professionals

👉 *ITR RIVISION -2Y*
Income tax return can be REVISED within *2 Years* from end of Relavant AY

👉 *AMT @15% Society*
Alternative Minimum Tax rate reduced from from *18.5% to 15%* for the *Co-Operative Societies*

👉 *Surcharge Rate reduced to 7%* from 12% on Co-Operative societies where total income is between *1cr to 10Cr*

👉 *NPS Rate 14%*
For the state govt employees NPS deduction Rate increased from 10% to 14%

👉 *Startup Incentive*
Startup incorporated in India get benefits of incentive for its benefits allowed to *extended upto 31-3-2023*
(Earlier 31-3-2022) )

👉 *Commencement of manufacturing extended to 1 More year* for the Section 115 BAB

👉 *VIRTUAL DIGITAL ASSETS*
- TDS Rate @1% of consideration amount
-Expenses are not allowed
- Losses are not allowed
- Rate of Tax at 30%
- Virtual digital assets are taxable

👉 *AOP Surcharge Rate- 15%*
Surcharge Rate reduced from 37% to *15%* in case of *AOP*

👉 *Health & Education Cess* on income tax not allowed as business expense.

👉 *Set off & carried forward* of loss are not allowed against
Undisclosed income during search and survey.

👉 *TDS on Benefits transferred to Agent* for promotion of business strategy if value of benefit exceeding *Rs. 20000* during the FY

👉 *TAX RELIEF FOR DISABLED*
Persons with disability can get Tax relief for annuity payment to differently abled dependents when parents attaining age of *60 years*

👉 *Surcharge on Long Term Capital Gains* on any assets to be capped at 15%

29/12/2021

*MCA UPDATE*

Relaxation on levy of additional fees is given till 15.02.2022 for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and 28.02.2022 for MGT-7/MGT-7A for the financial year ended on 31.03.2021.

09/11/2021

Important Announcement - Extension of Last Date For submitting Multipurpose Empanelment Form(MEF) for the year 2021-22 From 10th November 2021 To 20th November 2021.

15/09/2021

Noble gesture by ICAI
Thank you ICAI.

10/09/2021

Results of the PQC Exams i.e. Information Systems Audit [ISA] Assessment Test, Insurance & Risk Management & International Taxation Assessment Test are likely to be declared on Monday, 13th September 2021(evening)/Tuesday, 14th September .

10/09/2021

Important Announcement - Results of the Chartered Accountants Final Examination(Old course & New Course) & Foundation Examination held in July 2021 are likely to be declared on Monday, 13th September 2021(evening)/Tuesday, 14th September .

Address

D-1/4, Third Floor, Palam Extension, Sector-7
Delhi
110077

Opening Hours

Monday	10am - 5pm
Tuesday	10am - 5pm
Wednesday	10am - 5pm
Thursday	10am - 5pm
Friday	10am - 5pm
Saturday	10am - 5pm

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