How you make your career on GST

• Career Opportunities

GST created a huge employment opportunities in Accounting, Taxation, Audit, Compliance and Finance sector. Number of registered businesses and taxpayers are increasing every month; so huge demand for tax practice & consulting.

• What we do

We bridge the gap between Academics to Industry. Students are trained and developed by Chartered Accountants & Industry Professionals through practical training & internship.

• Are you eligible

Any graduate or pursuing (fresher or experienced) is eligible to be professional in this field.

• Who am I

Ace Business Academy is in 32 years in this profession since 1988. The training certified by Netaji Subhas Open University.  We have our own accounting division KeepBooks- the Digital Accountants of India (www.keepbooks.in), Servicing in Accounts, GST, P Tax, PF, ESIC, ROC, Internal Audit sector. Students get practical training and opportunity to work with us.

Check our Instagram and Facebook pages regularly if you wish to stay updated.

GST-Career

Ace Business Academy

Address- 86D, Dr Suresh Sarkar Road, Moulali, Kolkata- 700014

Contact No- 9073323071/9073323073

WhatsApp No- 9073323071

Email ID- contact@teamace.co.in

Income Tax Departmet request taxpayers to respond E-mails to share info of pending refunds

As per recent tweet of Income Tax Department, the government says that we have issued almost 14 lakh refunds & are in the process of issuing more refunds, but need your help in clearing what’s pending from your side. A reminder email has been sent to you. Please, respond to it at the earliest so that you are able to receive your refund.

CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19

CBDT today said that in order to facilitate taxpayer to avail full benefits with various timeline extension up to 30th June 2020 granted by the government, it has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the period from 1st April 2020 to 30th June 2020 in the return forms for FY 2019-20.

CBDT explained that the necessary modifications in the return forms are being made to allow taxpayers to avail of the benefits of their investments/transactions made for the Apr-to-Jun 2020 period. Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility. Hence, the return filing utility after incorporating necessary changes shall be made available by 31st May, 2020 to avail benefits for FY 2019-20.

CBDT said that due to outbreak of Covid-19, the Government has extended various timelines under the Income-tax Act,1961 vide Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020. Accordingly, the time for making investment/ payments for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim), 80G (Donations), etc. for FY 2019-20 has also been extended to 30th June 2020. Also, the dates for making investment/construction/purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to 30th June 2020. Therefore return forms are being revised to facilitate reporting of the transactions of the relief period.

This year also the e-filing utility for filing of return for Assessment Year 2020-21 was made available as on 1st April, 2020, and the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (Assessment Year 2020-21), too, were already notified vide notification dated 3rd January, 2020. However, to ensure that the taxpayer is enabled to avail of all benefits of the timeline extension due to Covid -19 pandemic, the ReturnFormsrevision is being carried out.

Key Highlights of RBI Governor Press Conference dated April 17, 2020

1. RBI is acting proactively

• RBI governor said that the RBI is doing everything to fight the epidemiological challenge that the world is facing.

2. To ensure financial system, RBI staff is working, being staying away from family

• RBI governor started his address by thanking RBI staff that has been working away to keep the financial system strong.

3. The economic situation has worsened

• The Economic situation has worsened since we last spoke, said RBI governor Das.

4. India to cling on to some growth

• India’s growth rate is expected to be highest among G20 nations, as per IMF estimates: Shaktikanta Das

5. Banks and other financial institutions have risen to the occasion: Das

• Banks, financial institutions have risen to occasion to ensure normal functioning during outbreak of pandemic: RBI Governor

6. Cumulative loss of $9 trillion to global GDP, estimated by IMF: RBI Governor

• Emerging markets are coping with sharp volatility in financial markets & exchange rates, RBI governor says.

7. India going through darkest moment

• It is our darkest moment and we should focus on light. – RBI Governor Shaktikanta Das

8. PMI contracted due to export hit

• Services PMI contracted due to a sharp downturn due to export hit. 25-30% sharp decline in electricity demand due to virus, says Das

9. Services PMI contracted due to a sharp downturn due to export hit

• Services PMI contracted due to a sharp downturn due to export hit. 25-30% sharp decline in electricity demand due to virus, said Shaktikanta Das

10. Banks have risen to the challenge by filling ATMs

• Commending the job done by Banks, RBI Governor said that banks have been doing a good job in maintaining cash in ATMs.

11. Contraction in exports much worse than in Global Financial Crisis 

• Contraction in exports at 34% has turned out to be much worse than in Global Financial Crisis, says RBI Governor Shaktikanta Das

12. Financial conditions have improved owing to steps taken by RBI.

• Financial conditions have improved, redemption pressure faced by mutual funds have moderated: Das

13. India’s growth is positive despite projection of global recession

• India among a handful of countries that are projecting positive growth – RBI Governor

14. RBI taking note of sectors that have had a problem reaching markets

• RBI has targetted sectors that have face difficulty in accessing the market or don’t have adequate liquidity.

15. RBI to start TLTRO 2.0

• TLTRO 2.0 will be started by the RBI, beginning with Rs 50,000 in tranches, to small and mid-size NBFCs and MFIs.

16. RBI announces TLTRO of Rs 50,000 crores

• RBI has decided for an aggregate amount of Rs 50,000 crore to begin in TLTRO, in tranches of appropriate sizes. – RBI

17. TLTRO 2.0 started by RBI

• Funds will be made available to small and mid-size firms and banks will have to disburse funds in a month’s time. The amount of Rs 50,000 core can be increased, said Das.

18. RBI’s capital infusion in NABARD, SIDBI, and NHB

• RBI has announced Rs 25,000 crore to NABARD; Rs 15000 crore to SIDBI for refinancing commercial banks, NBFCs, etc; and Rs 10,000 crore to NHB.

19. Banks must use 50% funds under TLTRO 2.0 to small and mid-size NBFCs

• Under the new TLTRO 2.0, lenders have to allocate 50% of the funds to mid and small size NBFCs, said Das.

20. RBI cuts reverse repo rate

• Reverse repo rate cut by 25 basis points from 4 per cent to 3.75 per cent.

21. Rs 6.9 lakh crore absorbed by RBI on April 15

• Das announced that Rs 6.9 lakh crore absorbed by RBI on April 15 by means of reverse repo rate.

22. RBI raises WMA limit for states

• RBI increases WMA limits by 60 per cent, to plan their market borrowings better. The facility will be available till September 30.

23. Reverse repo rate cut to 25 BPS to 3.75% from 4%

• The RBI has cut Reverse repo rate by 25 BPS to 3.75%

24. Reverse repo rate cut to encourage banks to lend

• The cut in reverse repo rate is to encourage banks to lend more, said RBI Governor Shaktikanta Das.

25. NPA classification will exclude the 3-month moratorium period

• Non-performing classification will exclude moratorium period said RBI Governor.

26. Banks must maintain 10% more provision

• To maintain the bank’s health, RBI said that the lenders will have to maintain 10% higher provisions on accounts, RBI governor Shaktikanta Das in his presser on Friday.

27. NBFCs allowed to relax NPA classification for borrowers under moratorium

• Banks must invest 50 percent of funds under TLTRO-2 to small, mid-sized NBFCs
• Banks will be required to maintain additional provisioning of 10% on standstill accounts
• 90-day NPA norm not to apply on moratorium granted on existing loans by banks
• Banks and cooperative banks shall not make any dividend payouts until further notice
• Banks must provide more for accounts availing moratorium

Note: Scheduled commercial banks and other financial institutions are to make additional 20 percent provision. Due to the challenges of resolutions of accounts, period of resolution will be increased by (further) 90 days. Extension of resolution timeline for large accounts under default, additional provisioning of 20 percent is required for not implementing resolution in 180 days. Relaxing additional 20 percent will be provisioned under June 7 circular. Banks need to conserve capital and absorb losses. Banks will not make dividend payout from FY20 until further notice

28. Liquidity coverage ratio requirement for banks being brought down to 80% from 100% with immediate effect, says RBI
29. NBFCs can extend realty loans by 1 year if projects delayed on reasons beyond control: RBI
30. RBI Governor Shaktikanta Das says, “For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround and resume its pre-Covid, pre-slowdown trajectory by growing at 7.4% in 2020-21.
31. Activity in corporate bond market has picked up: RBI Governor
32. WMA limit increased by 60 per cent till September 30