What to do when you are leaving India for Job overseas ?

Are you Resident ? Non Resident ? Not Ordinary Resident ?

Query in your mind ? What to do ?

You have been living in india, since your birth. Going for Job Abroad ? What are you now ? Resident or not Resident

What does the bank Say ? what does the Chartered Accountants recommend ? What is the ICAI guidelines ? What are the Income tax Law and Rules ?

Relax. First of all, Relax, You are safe in both Conditions, Nothing to worry

See Rule 1 : 182 days or more outside India ?

If you are leaving for “employment” outside India, then …….  you get the wonderful benefit….. you become a pure “non resident”…. as soon as you do 182 days or more outside India in that year .

Means : if you leave Indian airport / Seaport etc in any month from April to August… to even upto 30th Sept , then you surely cannot do 182 days in India

and in that situation == you are validly a PURE NON RESIDENT FOR THAT YEAR

What if I leave India on 15th OCTOBER ?

or anytime between October to March of the year ? then am I a resident or non resident ?

In that case .. yes, you do not get the benefit of that “exemption” . and detailed calculation to be seen

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Contact us page click here

www.mlgassociates.org and www.mlgassociates.in

Very Imp Decisions taken in 50th GST council meeting today. 11-7-2023

Brief given below

1. Transporters will not be required to file declaration for paying GST under forward charge every year

MLG Comment = Yes, ok for transporters who want to give ITC credit to us. Good step

2. No RCM on services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company

MLG Comment = Yes, Good Relief. Good step

3. Relief for taxpayer, Govt extended the special procedure regarding mismatch in ITC availed in GSTR-3B and 2A for two more years i.e 2019-20 and 2020-21

MLG Comment = Yes, Good for all in the Industry

4. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023

MLG Comment = Yes, Very Good. Please file immediately, if not yet done. Else your penalties may go into lakhs of Rupees 

5. To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant

MLG Comment = Yes, Good. Especially if u are taking registration in a second state that is not your home state  

6. Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23

MLG Comment = Yes, Good. ok. as long it is so, good.  

other points ( lower importance )

7. System-based intimation to the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B

8. Supply of food and beverages in cinema halls is taxable at 5%

( interesting News for Movie Goers )

9. If the sale of cinema ticket and supply of food and beverages clubbed together then gst rate of cinema ticket will apply

10. 28% GST on the value of the chips purchased in casinos

11. 28% GST on the full value of the bets placed in Online Gaming

12. GST Appellate tribunal will be started in a phased manner

13. To provide for physical verification in high risk cases even where Aadhaar has been authenticated.

14. No GSTR-9 for turnover upto 2 crores

15. Input Services Distributor (ISD) mechanism is not mandatory for distribution of input tax credit of common input services procured from third parties to the distinct persons as per the present provisions of GST law. Amendment may be made in GST law to make ISD mechanism mandatory prospectively

16. Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during warranty period

17. Refund of accumulated input tax credit (ITC) to be restricted to ITC appearing in FORM GSTR-2B

18. Only Name of state on tax invoice, not the name and full address of the recipient, in cases of supply of taxable services by or through an ECO

This is new mandatory return (called SURVEY) for all IT & ITES companies

No Govt fees
but required BY BOTH company and non-companies
provisional figures

pls discuss
in case you have any queries

and file this

https://taxguru.in/rbi/annual-survey-computer-software-information-technology-enabled-services-exports-ites.html

Annual Survey on Computer Software & Information Technology Enabled Services Exports (ITES) is conducted by the Reserve Bank on a yearly basis.

The survey collects data from software and ITES/BPO/LLPs exporting companies regarding their computer software and IT enabled services exports as of the end of March of the latest Financial Year. The survey results are used to compile external sector statistics and provide a comprehensive account of the country’s international financial transactions.

Participation in the survey is mandatory for companies engaged in the export of computer software and IT enabled services. The survey schedule can be obtained from the RBI website, and respondents are advised to carefully read the instructions before filling and submitting the survey.

The deadline for submission is July 15th of each year. The survey data should be reported in Indian Rupees (INR) and confidentiality of the company-wise information is ensured. Annual Survey on Computer Software & Information Technology Enabled Services Exports (ITES) (Updated as on June 01, 2023) General Instructions The Reserve Bank conducts the survey on Computer Software & Information Technology Enabled Services (ITES) Exports annually. \

The survey collects information from software and ITES/BPO/LLPs exporting companies on their computer software and IT enabled services exports as at end-March of the latest Financial Year (FY). The survey results are released in the public domain to raise the confidence of the international financial system in the country’s economy besides being used for compilation of related external sector statistics which provide comprehensive account of the country’s international financial transactions and exposures, in a globally comparable statistical framework.

Read more at: https://taxguru.in/rbi/annual-survey-computer-software-information-technology-enabled-services-exports-ites.html
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Stock Audit Report Format — Ready to use…..

Click the Google Drive link below,  to use the MLG Suggested user friendly format of the Stock Audit

https://drive.google.com/drive/folders/1RKFROjhgbtCpMcCjTEcPBrrffaeg1XtG?usp=share_link

Stock Audits –

How, we can help the industry, in efficiency, True stocks, More reliability in information, and more profits in business

What the New Generation must know regarding the Stock Audits, … why are they important… This was a Session in our office – meant for our outstation teams on site audits, and in industrial trainings – for Practical Knowledge on Stock Audits –

True stocks, help in more business continuity, reliable information, better decisions, and growing India.

Link to this channel : https://youtube.com/@sangeet.gupta.CA.Faridabad

Mission to help all customers adhere to the most basic stores practice.. that the Stock value report must be correct and must be from their ERP.

This requires correct Quantity, and Correct Rates. Saves time at year end saves time at every month end makes reports reliable, makes planning reliable makes you safe in GST and income tax laws makes your bank stock audits as easy as a cool breeze of spring season. Come let us make things better. Clean your ERP. Your company should sort of win awards for best clean systematic Stores. Yes it will give you many direct and indirect benefits.

See another video by Mr Sangeet Gupta and Mr Virender Singh on Stock Audits :

We welcome CA Students, on Deputation, for Industrial Training Assignments… CA Articles,CA in Faridabad,Training of CA articleship, Things to cover in CA Articleship,What to learn in Ca articleship,Stock Audit,Physical verification of Stocks,how to do stock audit,importance of stock audits,Industrial training in CA

Stock Audits, Physical verification of Stock, How CA’s can add value in Stock , Inventory, Finsys Making Business better Stock Audit physical verification CA

Click the Google Drive link below,  to use the MLG Suggested user friendly format of the Stock Audit

https://drive.google.com/drive/folders/1RKFROjhgbtCpMcCjTEcPBrrffaeg1XtG?usp=share_link

Contact us at Contact page