E NEWSLETTER feb 2021

FEBRUARY 2021 E-NEWSLETTER AGRA BRANCH OF CICASA

FEbRUARY-2021 CICASA AGRA CONTENT PARTICULARS PAGE NO. FROM CICASA CHAIRPERSON'S DESK.................................................................................... 02 FROM AGRA BRANCH CHAIRMAN'S DESK....................................................................... 04 MESSSAGE FROM EDITORIAL BOARD...................................................................................... 05 ARTICLES............................................................................................................................................................. 21 ART WORK.......................................................................................................................................................... 22 InVITATION......................................................................................................................................................... 23 DISCLAIMER....................................................................................................................................................... 24 PAGE 1

FEbRUARY-2021 CICASA AGRA MESSAGE FROM CICASA CHAIRPERSON TAKE RISKS IN YOUR LIFE IF YOU WIN, YOU CAN LEAD IF YOU LOOSE, YOU CAN GUIDE ------ BY VIVEKANANDA Startup India is an initiative of the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his speech in 15 August 2015. The action plan of this initiative is focusing on three areas: 1. Simplification and Handholding. 2. Funding Support and Incentives. 3.Industry-Academia Partnership and Incubation. Undoubtedly, it is a time to despair. But it is also a time to hope. Yes, the rapidly spreading Coronavirus pandemic has put immense strain on large businesses and startups alike. And yes, investors are on edge, valuations have come down and skilled workers are being laid off across industries. However, I still believe that we have reasons enough to remain hopeful—to see the silver lining in the form of unique opportunities that the crisis will soon throw open. The world as we knew it before the Coronavirus has already transformed since the virus outbreak. With social distancing and work from home being the new normal, stakeholders in the Indian startup ecosystem are pivoting to channelise innovation. From basic apps to complex diagnostic algorithms, startups are developing innovative tech solutions –across industries—to give back to the society. The Indian Startups are now spread across the length and breadth of the entire country. The shift in global focus is on promoting women entrepreneurs and fostering an inclusive and innovative environment. Efforts are also being made by diverse stakeholders in the Indian startup ecosystem to elevate domestic policies in concurrence with global trends. ANNOUNCEMENT BY BOS ICAI Virtual Coaching Classes (VCC) Batch -2 commencing from 1st February & 8th February 2021 respectively for Students of Foundation & Intermediate course appearing in May/June 2021 examination. The Board of Studies has been proactive to adopt different methodologies to reach out to the students and provide quality learning resources, year after year in an incremental manner. PAGE 2

FEbRUARY-2021 CICASA AGRA The BOS, with an objective to enable the students to sail through the present times, announces 2nd Batch of FREE ‘Virtual Coaching Classes’ for Foundation & Intermediate course students commencing from 1st February & 8th February 2021 respectively. These classes are conducted for students who will be appearing in Foundation & Intermediate May/June 2021 examination. Students can attend the classes at: https://live.icai.org/bos/vcc/ . I would like to thanks to all students and their relatives who voluntarily gave blood on Blood Donation Day. CICASA , Agra pays gratitude to all Donors from the core of heart. I would like to congratulate to all students who got success in recent examinations and want to share a thought of Henry Ford to students who could not get success this time : - Failure is simply THE OPPORTUNITY to begin again THIS TIME MORE INTELLIGENTLY. So, please not let you down and face the failure with more and more strength and I wish the very best of luck for all your life ahead. Happy Reading! CA Deepika Mittal CICASA Chairperson PAGE 3

FEbRUARY-2021 CICASA AGRA MESSAGE FROM AGRA BRANCH CHAIRMAN Dear students, First of all I congratulates CICASA Agra Branch for their team effort and organising different programmes for the benefit of Students by putting their hard work smartly.Now we are towards completing our tenure with a feeling of great satisfaction that we as a team are able to contribute for our branch, despite the challenges posed by pandemic. I would like to congratulate all the students who have passed their exams with the flying colours and on the same wishing all luck to those who will appear for the next attempt. I am extremely delighted to be part of this exciting journey as a Chairman and contribute to the best of my abilities. The time has come when I have to bid adieu to you as the Chairman of this Agra branch. I must admit that I have cherished my tenure as and appreciate having the opportunity to work with and for the members, students. Dear students it's the time to come forward for showing and growing your abilities and serving the branch as CICASA Team , so as and when branch declare for formation of new CICASA Team please give your Name and become part of CICASA Team With best wishes and regards CA Sharad Paliwal Chairman Agra Branch of CIRC PAGE 4

FEbRUARY-2021 CICASA AGRA MESSAGE FROM EDITORIAL BOARD “The way to get started is to quit talking and start doing.” –Walt Disney, Co-Founder, Disney \"Start Up India\" is a revolutionary scheme that has been started to help the people who wish to sta their own business. These people have ideas and capability, so the government will give them suppo to make sure they can implement their ideas and grow. Success of this scheme will eventually mak India, a better economy and a strong nation Successful startups are ones that are driven by passionate entrepreneurs who are focussed o building unique solutions that deliver customer delight. While it is very important to have a stron focus on customers and the market, it is equally critical to have a good understanding about the bas laws, rules and regulations that are applicable for the smooth running of the business. From formalising a founders’ agreement to safeguarding intellectual property to enforcing busine contracts, it is essential that entrepreneurs are aware and up to date with the latest laws governin their business and market Always remember Ideas are easy. Implementation is hard. .. Happy reading!!!!! PAGE 5

FEbRUARY-2021 CICASA AGRA QRMP SCHEME ELIGIBILTY:- A registered who has an aggregate turnover of up to five crore rupees in the preceding financial year, is eligible for the QRMP Scheme. Further, in case the aggregate turnover exceeds five crore rupees during any quarter in the current financial year, the registered person shall not be eligible for the scheme from the next quarter. The quarterly GSTR-3B filing option will be available from 1st January 2021 onwards. It is clarified that this scheme is optional and can be availed based on GSTIN. PROCEDURE FOR OPTING QRMP:- A registered person who wants to file his GSTR-3B quarterly should indicate the same on GST portal, from the 1st of the second month of the preceding quarter until the last day of the first month of the quarter for which such option is being exercised. SUBMISSION OF OUTWARD SUPPLY INFORMATION IN QRMP:- The taxpayers who opted for the QRMP scheme can use the Invoice Furnishing Facility (IFF) which allows quarterly GSTR-1 filers to upload their invoices every month. However, the IFF can be used only when a taxpayer whose turnover is up to Rs.1.5 crore. One should keep the following points in mind before utilising the IFF:- 1. The IFF can be utilised only for the first two months of a quarter and invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only. 2. There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF. 3. The taxpayer has to submit the B2B invoice details of sale transactions (both inter-state and intra-state) along with debit and credit notes of the B2B invoices issued during the month. 4. The total net value of invoices that can be uploaded is restricted to Rs.50 lakh per month. 5.The details submitted in IFF will be reflected in the GSTR-2A, GSTR-2B, GSTR-4A or GSTR-6A of the recipients as the case may be. PAGE 6

FEbRUARY-2021 CICASA AGRA PAYMENT OF TAX:- The taxpayer has to deposit tax using form GST PMT-06 by the 25th of the following month, for the first and second months of the quarter. The taxpayers can pay their monthly tax liability either in the Fixed Sum Method (FSM) or Self Assessment Method (SAM). · Fixed Sum Method (FSM): The taxpayer must pay an amount of tax mentioned in a pre-filled challan in the form GST PMT-06 for an amount equal to 35% of the tax paid in cash for the 1st and 2nd month of the quarter and balance amount to be paid in last month of the quarter. · Self Assessment Method (SAM): This is Similar to existing method where a taxpayer can pay the tax liability by considering the tax liability on inward and outward supplies and the input tax credit available. The taxpayer has to manually arrive at the tax liability for the month and has to pay the same in form GST PMT-06. RITIK MAHESHWARI CRO 0563007 PAGE 7

FEbRUARY-2021 CICASA AGRA STARTUP INDIA – OPPORTUNITY & THREATS Introduction: The Indian startup ecosystem has evolved dynamically over the last two decades. The ecosystem was still immature as only a few investors were active and the number of support organizations such as incubators and accelerators was limited. Bangalore has emerged as India’s primary startup hub. The aim of this study is to provide a comprehensive understanding of both the opportunity as well as the challenges faced by Indian startups Opportunity: The opportunity of the Indian startup ecosystem need to be understood in the context of various factors: Earlier economic reforms and current market trends, as well as the impact of technological change and changing attitudes on the part of government, large companies, and society overall:- Scope and Characteristics of the Indian Market India is one of the fastest-growing large economies in the world. Therefore, the Indian market is perceived as being capable of offering an abundance of opportunities for startups. Technological Change Technology startups play a crucial role in, because of their potential for scalability and exponential growth. Technological change has reduced the cost of building digital products and has provided access to consumer markets. In the past, companies had to set up physical infrastructure to interact with customers, which implied high customer acquisition costs that proved prohibitive for small companies in the same field as established corporations. Increased Political Will and Government Support The government under Prime Minister Narendra Modi, who assumed power in 2014, put digital transformation at the centre of its plans. The federal as well as some state governments increasingly recognize startups as important engines for economic growth. Changing Perceptions towards Entrepreneurship Those who are willing to take risks are the ones who can put ideas into practice and seize opportunities. Many startup founders in India have strong intrinsic motivations and report being driven by their passion, curiosity, satisfaction that comes from problem solving, and desire to make a difference in society. PAGE 8

FEbRUARY-2021 CICASA AGRA Challenges: There are typical challenges that startups all over the world struggle with. This section outlines the five key challenges facing Indian startups. Building and Scaling an Indian Startup The challenges faced by Indian startups begin with essentials such as hiring and managing a team, dealing with customers, and developing a marketing strategy. In particular, many Indian founders have a technical background and lack business knowledge. Diversity and the Digital Divide n general, an information gap exists between those who provide solutions and those who are supposed to use them. In order to build successful products, startups need to bridge this gap and develop an in-depth understanding of the customers and their needs. ·Taking Products to Market and Low Willingness to Pay It is hard for startups to generate willingness to pay for their products and services. Despite increasing incomes, the Indian customer base continues to be price-sensitive and has little willingness to pay for products and services. Often customers expect discounts, or buy cheaper versions from other Countries. Hiring Qualified Employees A reason is that many job applicants are not sufficiently skilled. Startups see a gap between the knowledge taught to students in colleges and the knowledge needed for the jobs, especially in sectors in which technologies change at a fast pace. Complex Regulatory Environment The government of India has introduced policies that aim to ease the business environment for startups. However, the present regulatory framework in which startups operate is widely seen as difficult, inefficient and unpredictable. MUKUL GUPTA CRO 0562934 PAGE 9

FEbRUARY-2021 CICASA AGRA JOE BIDEN- CREATOR OF U.S. FUTURE Joe Biden’s full name is Joseph Robinette Biden. He is an American Politician serving the office of 46th U.S. President (20th January 2021 onwards) in the white house of the United States of America. He is preceded by Donald Trump. He has already served as 47th vice president of the U.S. from 2009-2017. He was born in November 1942 in a catholic family. He has three siblings, including one sister and two brothers. He is the oldest child in the family. He completed his graduation in 1961 and Bachelor of Arts in 1965. He had a stammering problem in his early twenties which he improved by reciting poetry in front of a mirror. By nature, Biden is a fundamentally happy person and as generous towards others as he is to himself. On August 27, 1966, Biden married Neilia Hunter and they got blessed with three children. On December 18, 1972, a few weeks after the election, Biden’s wife Neilia and his one-year-old daughter were killed in a car accident while doing Christmas shopping. On June 17, 1977, Joe married Jill Tracy Jacobs. In 1972, Biden defeated Republican incumbent J. Caleb Boggs and became the junior U.S. senator from Delaware. At age 30, Joe was the sixth youngest senator in U.S. History. On June 9, 1987, Biden formally declared his candidacy for the 1988 Democratic presidential nomination. However, he lost that election but was considered a strong candidate. In 1988 He also went brain surgery due to a serious complication called pulmonary embolism. Biden was a long-time member of the senate committee on the judiciary and senate foreign Relations Committee. Biden- India Biden has visited India many times. He respects and values the successful relationship between the leaders of both countries. He visited India in 2008 when the US Congress approved the civil nuclear deal between the two countries as chairperson of the Senate Foreign Relation Committee and played a vital role in pushing the deal. In 2013, he again visited India as US Vice-president KAJAL CHAURASIA WRO0496752 PAGE 10

FEbRUARY-2021 CICASA AGRA NEED OF CFC LEGISLATION IN INDIA There is a great need and importance of introducing CFC i.e. controlled foreign corporation legislation in Indian tax law, as it is one of the biggest measures to avoid payment of income tax in India by the resident persons of India. In the current scenario, there are no such provisions existing in income tax act, 1961 but the same has been introduced in Direct tax code in lines with the Action Plan 3 of OCED tax avoidance model. Tax avoidance has been accepted as an area of concern in international tax arena, which is the reason why several countries have been legislating anti-avoidance measures. Taxation of foreign passive income is at heart of CFC regulations. Meaning of Controlled Foreign Corporations; CFC’s are corporate entities incorporated in an overseas low tax jurisdiction and controlled directly or indirectly by residents of a higher tax jurisdiction (Parent State). Since each corporate entity is treated as a separate legal entity, the profits earned by such CFC’s are not taxed at the owner level until they are distributed. CFCs tend to earn passive income; such income is not distributed, thereby resulting in tax deferral in the parent state. Detailed analysis of above mentioned definition: CFC’s are those corporate entities which are incorporated in low tax jurisdictions like Tax Haven Countries say Bermuda, Singapore and many more with a intention to evade and avoid payment of tax in high tax jurisdiction by diverting the income accrued or earned to low tax jurisdiction by creating or incorporating companies or any other form of entities in that jurisdictions which is ultimately controlled by person resident in high tax jurisdiction. This lead to tax evasion which is completely unlawful and bad in the eyes of law and also the high tax jurisdictions like India suffered huge loss of tax revenues which ultimately results in unfair tax collection from honest taxpayers. Such income can only be taxed in India after it has been repatriate to India in the form of distributable profits like dividend, which is usually not done so as to avoid tax liability. After, considering the above mentioned facts and unfair PUSHP KUMAR SAHU practices of tax evasion and avoidance, there is a great need CRO 0553317 of introducing CFC’s legislation in India. PAGE 11

FEbRUARY-2021 CICASA AGRA E-INVOICING UNDER GST What is E-Invoicing and its applicability, process & Implementation With the motive to curb the malpractices of fraud and issuing fake invoices, CBIC has notified the rollout of e- nvoicing i.e. a standard format of invoice wherein the taxpayers would re-align their data access and retrieval of data. E-Invoicing is done in respect of B2B supplies and exports only (not for delivery challan/job work/ bill of supply), the invoices are authenticated electronically by GSTN on the common GST portal for the taxpayers with aggregate turnover exceeding Rs. 100 Cr. (in any preceding financial year from 2017-18 onwards). The following category of persons are exempted from mandatory E-Invoicing: a) SEZ Units (excluding SEZ developers) b) Insurance, banking (including NBFCs) c) GTA (transportation of goods by road in goods carriage) d) Passenger transport services e) Multi -cinema admissions Process flow under E-Invoicing Ø Firstly, generate invoices in the standard format (JSON) prescribed by the GST Network on the accounting or ERP based system and reports the same to the IRP. The IRP then validates invoice information, authenticates it and forwards the data to the government’s tax portal. In turn, the IRP digitally signs and shares a unique Invoice Reference Number (IRN) with QR code to the operator for further use of the e-invoice. Ø With e-invoicing, when invoice is made, it will be uploaded to GSTN portal where pre-validation will be done and a unique number called IRN will be issued. Once IRN is issued, the tax invoice will be shared with the recipient also. Benefits of E-Invoicing Ø The system will boost the automation of GST return filing process. E-invoicing can bring ease, speed and accuracy to the return filing process. PAGE 12

FEbRUARY-2021 CICASA AGRA Ø Paper-less environment leads to saving of costs, time. Ø IRP directly pushed up the data on GST Portal or E-way portal Ø Reduction of tax evasion- complete trail of B2B invoices, system level matching of input credit and output tax and, reduce reporting in multiple formats (one for GSTR-1 and the other for e-way bill) Also, since the input credit can be matched with output tax details, it becomes easier for GSTN to track fake tax credit claims. Updating GST Returns also saves lot of time, human errors for data entry and also avoids major reconciliation issues What Businesses need to do to ensure compliance? 1) Determine the applicability defined under GST Law - train the teams for its implementation such as configure IT systems to sync with ERP and generate IRN and ensure its timely implementation before roll out of new schema 2) Reconciliation between transactions submitted through E-Invoices, E- Way Bill and GST Returns 3) Configure your invoice compliances with E-Invoicing such as B2C QR Code and printing of B2C Invoices 4) Modes of reporting E-invoice : a) Offline tool Based b) GSP Based c) Mobile app Based Free online facility will also provided in due course through which invoices can be generated and get IRN Critical Challenges Related to the New E-Invoicing System 1. ERP System Integration: Integration of ERP systems with that of IRP. Since, ERP is customizable, so the standard format of the invoice can be changed as per the recently launched schema. This will ensure an unrestricted flow of invoice data to IRP and e- invoices back to the ERP system. PAGE 13

FEbRUARY-2021 CICASA AGRA 2. Bifurcating B2B and B2C Invoices: E-Invoicing since applicable to B2B invoices and not to B2C invoices. So, in case if we want to generate an e-way bill for a B2B invoice, need to filter out B2B invoices from a pool of invoices which will involve considerable amount of time and effort. 3. Non-applicability of e-invoicing to B2C transactions: B2C transactions are more in number when compared to B2B transactions. Moreover, most case of fraud occurs in B2C invoices as no Input Tax Credit is involved. 4. Cancellation and amendment of e-invoice: Partial cancellation of invoice is not allowed, user need to cancel the entire e-invoice. However, invoice can be ancelled within 24 hours on the IRP. Moreover, editing or amending the invoice details including the invoice number on the GST portal before or after filing with proper explanation and clarifications for audit-related equirements 5. Reconciliation of e-invoice level data: There can be instances where taxpayers need to update GSTR-1 after uploading the invoice into the IRP. It shall be noted that both the invoice level data will remain in the GST server. Thus, reconciliation of both invoice level data needs to be carried out by the taxpayer, with the help of some tool or utility. 6 System stability issues : Taxpayers might face some system stability issues. Besides, users are also experiencing errors in Masters such as invalid GSTIN, HSN/SAC code. 7. Different workflow to process other documents: PRIYANKA AGARWAL E-invoicing applies only to B2B invoices and export supplies. Thus, you need a CRO 0528992 different workflow to process delivery challans, bill of supply, job work, and other similar transactions. But to create an altogether different workflow will again take a lot of time and effort. PAGE 14

FEbRUARY-2021 CICASA AGRA TRIPLE TALAQ ABSTRACT In these modern times breaking a strong bond like marriage could be so easy is possible in Muslims only. A Muslim man can divorce his wife by merely pronouncing TALAQ three times clearly if vocally, and even through writing a letter or on social media like Facebook, mail and so. This is called express TALAQ and when done does not allow both to rejoin, somehow, until unless wife gets married to some other person and thereafter the new husband once again divorces her giving rise to polygamy. Other religions treat marriage as a sacrament whereas under Muslim law marriage is a civil and social contract. Approved by a prophet, express TALAQ, also known as TALAQ-UL- SUNNAT is further subdivided into i) TALAQ-E-AHSAN ii) TALAQ HASAN iii) TALAQ-E-BIDDAT. INTRODUCTION TRIPLE TALAQ is a typical way of being of doing divorce among Muslims. It does not require any legal formalities. This itself has been approved by Muslim law. The practice is, Muslim man annoyed with his wife simply gets rid of her by saying “TALAQ” clearly thrice in a row. TALAQ is an ‘ARABIC’ word. In India the practice of this concept is unfortunately constitutional. TALAQ or divorce as described above can be performed orally, through letter and now days even through social media, like Facebook, Skype, Email and so on. The husband need not require any cause for the divorce and wife need not have been present at the time of pronouncement. The pronouncement should be clear and not muddled and should clearly mention that he wishes to end the marriage. There are three types of TALAQ i).TALAQ-E-AHSAN ii). TALAQ HASAN iii) TALAQ-E-BIDDAT. It is the third one which is TRIPLE TALAQ. Practice of TRIPLE TALAQ or TALAQ-E-BIDDAT started around 1400 years ago since the period of Caliph Umar. The Supreme Court described it as distinctly willful and said that it allows a man to break down marriage hardly and unpredictable. With the changing time orthodox tradition everywhere started meeting. This law in many, even, Muslim counties were declared unconstitutional. Same wave flourished in India questioning the practice in view of justice, gender equality, human rights and secularism. The debate between government of India and supreme Court for a uniform civil code (Article 44) in India. PAGE 15

FEbRUARY-2021 CICASA AGRA Article 44 states that to declare Muslim personal law which enables a Muslim male to give a unilateral TALAQ to husband’s wife without her consent and without resort to judicial process of courts as void, offending articles 13,14 and 15 of the constitution. On 22nd August, 2017 the Indian Supreme Court deemed instant TRIPLE TALAQ unconstitutional as out of the bench of five judges three of them ruled unconstitutional while the other two ruled as unconstitutional.However all of them simultaneously asked the government to ban the practice by enacting a law Although Islam is a natural religion and provides solutions on marriage and divorce for all, or almost all eventualities. As when a Woman wishes a divorce she has to consult a religious scholar, or a body of scholars, who decides in the light of Quran and permits in favor on reasonable grounds. THE EFFECTS OF TRIPLE TALAQ ON MUSLIM WOMAN In India over the years Muslim women have complaining of living in a constant fear of being thrown out of their conjugal homes in way more faster because of a Muslim man where he chooses to end the years of marriage byword “TALAQ” three times. The effect that gave an huge impact on Muslim women as they filed a ‘public interest litigation” in the Supreme court against this practice of TALAQ-E-BIDDAT. The Muslim woman has termed this practice to be “regressive”. The petitioners asked for section 2 of Muslim personal law that is the Sharia application act 1937, to be discard specify as it being against article 14 of constitution that is “Equality before the law”. In march 2017, over 1 million Indian Muslims a majority of whom were women signed a petition to duly end pressing TRIPLE TALAQ. The petition was started by THE MUSLIM RASHTRIYA MANCH, an Islamic organization united to the right wing Hindu nationalist organization RASHTRIYA SWAYAMSEVAK SANGH also named as RSS. The petitioners have showed that the instant divorce has nothing to do with QURANIC faith and instead it was being supported by many QURANIC texts by many Islamic intellectual historical confirmation and legal precedent. SHAYARA BANO V. UNION OF INDIA,2017 SHAYARA BANO got married to a person named RIZWAN AHMED in the year 2001, a property dealer in ALLAHABAD. She told the court that since beginning she went through mental and physical torture, often beaten and kept hungry in lone room for several days by her husband and in laws. They (in laws and husband) demanded additional dowry and a car from her parents, as her father was a low earning government employee they could not afford the additional demand. The letter of TRIPLE TALAQ or pronouncement received by speed post was the final milestone. Her two children aged 11and 13 were given in husbands custody. PAGE 16

FEbRUARY-2021 CICASA AGRA All this havoc gave her a good cause in thinking to go to court, and let this practice be thought by them too whethe it is justified or not. It is submitted that religious leaders and priests like imams, maulvis for their personal importance, influence these practices in the society, which treats a Muslim women as slave, thereby violating their fundamental rights mentioned in articles 14, 15, 21 and 25 of the constitution. It has been banned in more than 44 countries like Pakistan, Afghanistan and so on. In India this practice has been permitted by Muslim personal law which is neither harmonious with the modern principles of human rights and gender equality, nor an integral part of Islamic faith. SAMMYAK JAIN PAGE 17

FEbRUARY-2021 CICASA AGRA कु छ याद (Unforgettable Memories)* *क ी सी डोरी थी टूट गयी, KNOWLEDGE SAHU जाने वो ज़दगी कहाँ छू ट गयी, CRO0580194 यक़ न नह होता कब इतने बड़े हो गए, अब तो हमस हमारी खु शयाँ ही ठ गयी, एक दौर ऐसा भी था जब कसी बात क फ़ न थी, अब एक दौर यह है क अब परु ानी बात का ज़ नह , एक दौर ऐसा था क सब र होकर भी पास थ,े याद करते हो या न पर सब ब त ख़ास थ,े सबु ह क धपू एक नयी रोशनी लाती थी, शाम क हवा सबको भा जाती थी, बना पये भी लोग को नशा था अपन का, उस समय एक अलग ही मज़ा था सपन का, रात म सबका बाहर आकर बठे ना, ठंड म आग जलाकर हाथ सके ना, सब कु छ अब ठंडा सा हो गया, अब तो नसीब भी नह होता यह सब देखना, चोट लगने पर दद का एहसास भी नह होता था, हाँ सही म यार म चनै क न द तो सोता था, कहाँ आ गए हम यह मश फ़ सी नया म, अब छोटा- पहले तो बड़ा होने के लए रोता था, कु छ तो ख़ता हो गयी है मझु स,े ए- ज़ दगी नह म ठा ँ तझु स,े दद तब नह था बस आज ह,ै नफ़रत तझु से नह -है मझु े ख़दु स,े समय ब त कम है ज़ दगी जीने के लए, अपन को हमशे ा पास रखना, र ते बदलगे ख़दु को न बदलना, सबको हमशे ा साथ रखना।। PAGE 18

FEbRUARY-2021 CICASA AGRA INTRODUCTION TO TDS TDS is basically a part of income tax. It has to be deducted by a person for certain payments made by them. In this article, we will discuss in detail about the TDS provisions under the Income Tax Act. What is TDS??? TDS stands for 'Tax Deducted at Source'. It was introduced to collect tax at the source from where an individual's income is generated. The government uses TDS as a tool to collecttax in order to minimise tax evasion by taxing the income (partially or wholly) at the time it is generated rather than at a later date. TDS is applicable on various incomes such as salaries, interest received, commission received, dividends etc. TDS is not applicable to all incomes and persons for all transactions. Different TDS rates have been prescribed by the Income Tax Act for different payments and different categories of recipients. For example, payment of redemption proceeds by a debt mutual fund to a resident individual is not subject to TDS but for a Non-resident Indian is subject to TDS. TDS works on the concept that every person making specified type of payments to any person shall deduct tax at the rates prescribed in the Income Tax Act at sourceand deposit the same into the government's account. The person who is making the payment is responsible for deducting the tax and depositing the same with government. This person is known as 'deductor'. On the other hand, the person who receives the payment after the tax deduction is called 'deductee'. Form26AS is a statement which shows the amount of tax deducted and deposited in a person's name/PAN in a particular financial year. How to Deposit TDS?? Tax Deducted at Source has to be deposited using Challan ITNS-281 on the government portal. How and When to file TDS Return?? Filing Tax Deducted at Source returns is mandatory for all the persons who havededucted TDS. TDS return is to be submitted quarterly and various details need to be furnished like TAN, amount of TDS deducted, type of payment, PAN of deductee, etc. Also, different forms are prescribed for filing returns depending upon the purpose of the deduction of TDS. Various types of return forms are as follows: Form 26QTDS on all payments except salaries PAGE 19

FEbRUARY-2021 CICASA AGRA Q1 – 31st July Q2 – 31st October Q3 – 31st January Q4 – 31st May FORM NO TRANSACTION REPORTED DUE DATE 24Q TDS ON SALARY Q1- 31st July Q2-31st January FORM NO TRANSACTION REPORTED Q3- 31st October 27Q TDS ON ALL PAYMENT MADE TO NR EXCEPT SALARIES Q4- 31st May FORM NO DUE DATE 26QB Q1- 31st July Q2-31st January Q3- 31st October Q4- 31st May TRANSACTION REPORTED DUE DATE TDS ON SALE OF PROPERTY 30 Days from the end of the month in which the TDS is deducted FORM NO TRANSACTION REPORTED DUE DATE 26QC TDS ON RENT 30 Days from the end of the month in which the TDS is deducted PAGE 20

FEbRUARY-2021 CICASA AGRA What is TDS Certificate?? Form 16, Form 16A, Form 16 B and Form 16 C are all TDS certificates. TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment. For instance, banks issue Form 16A to the depositor when TDS is deducted on interest from fixed deposits. Form 16 is issued by the employer to the employee. FORM 16 is a certificate TDS on salary payment Form 16 A is a certificate of TDS on non-salary payments Form 16 B is a certificate of TDS on sale of property Form 16 C is a certificate of TDS on rent SHRESTH BHARGAVA CRO0673335 PAGE 21

FEbRUARY-2021 CICASA AGRA ART WORK HARSHITA GARG priyanka agarwal PAGE 22

FEBRUARY-2021 CICASa AGRA INVITATION CICASA Agra inviting articles for E-NEWSLETTER for the month of February,202 1 . All the students who want to submit their entries for the Newsletter can send their Articles, poetries, art work , short- stories, art works etc for our further Newsletter. TheThemeoftheNewsletteris: STARTUP INDIA--OPPORTUNITIES&THREATS Rules: 1.Word limit of your articles should not exceed 500 to 600 . 2.Always send your article in Word Format. 3.Subject of your email should be related to your work. 4.Always send your Passport size photo as an attachment to your mail. 5. Send Your articles to the mail along with the Following Details: NAME CRO MOBILE NO. LastdateofSubmission: 02 March2021 SENDUSYOURWORKON: [email protected] PAGE 23

FEBRUARY-2021 CICASa AGRA DISCLAIMER The Agra Branch of CIRC or CICASA AGRA does not accept any liabilty or loss or any damage. The Views and Opinions Expressed in the articles are of the author and CICASA AGRA is not necessary to agree with the views. PAGE 24