Basu-CA & RV
@Basappamv
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Proud Member of ICAI = ( Chartered Accountant}, ('GST', 'INCOMETAX'), (Python Coding) Registered Valuer-SFA) , Activist
Bengaluru, India
Joined May 2017
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Pinned Tweet
Why CAs are not entrepreneurs?
They waste 90% of their time on IncomeTax/MCA/GST portal to file forms.
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Salary Rs.90 Lakhs
🇺🇸Tax (Federal and State tax) Rs.17 Lakhs
🇮🇳 Tax (Income Tax, Professional tax, Cess and Surcharges) Rs.27 Lakhs
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663
6K
Contest and win a panchayat election.
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Rs.9295.25 crores fraud yet there is no arrests, no cbi or ed enquiry ..
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4K
Narayana Murthy Saar, on your advice we, tax professionals started to work more than 70 Hours per week.
Ask your Infosys team to work at least one hour per week to smoothly run the Income tax portal.
Thanks in Advance
#incometaxefiling
#incometaxreturn
#ITR
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748
4K
Unified pension scheme comes with indexed inflation adjustment.
But Nirmala Tai removed indexation for capital gain (future).
Inflation is there for govt employees
There is no inflation element for taxpayers
#ltcg
#IncomeTax
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673
2K
One MLA in Karnataka claimed Rs.48,70,000 ie 48.70 lakhs from government of Karnataka as her medical expenses in one year.
This is how MLA/MP loots us.
@nsitharamanoffc
please look this matter and waive
#GSt
on medical insurance
@FinMinIndia
@siddaramaiah
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2K
Middle class of gave support to BJP in past.
BJP gave Great
#NirmalaTai
to middle class, she gave all kind of torture in name of daily late fee, endless compliance etc.,
Middle class while doing compliance forgot to vote that's why BJP getting less seats😂
#ElectionsResults
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Government employees:
-have no job insecurity
-no strict law to punish them for corruption
-no rule to them to do work within deadlines
-free hand to harass public
-act for their personal benefit
got unified pension scheme
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Shocked !
CA final has just six subjects.
Corporate law is not there.
cost management is not there.
SPOM is not an good option
If this continues, CA will be less honoured than Sriram college commerce graduates.
Company audits also at stake
#icai
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Normal Mistakes fresh Chartered Accountants do:
1. Accepting audit without NOC
2.Shying away from asking fees
3. Too much discount to new clients
4. Not quoting fees upfront
5. Not asking advance fees
Correct these and revenue will double .
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She took back Rs.9.6 k transport allowance, then took back Rs.15k medical reimbursement,
Then she took back Rs.2 lakhs on housing loan interest.
Now she giving benefit of Rs.75k.
She took approxi-Rs.149600 from salaried.
It is easy to fool salaried people 🤣
#IncomeTax
#Budget
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920
Middle class: reduce or abolish GST on medical insurance
Nirmala Tai: first we will reduce gst on Namkeens to 12% from 18%.
Middle class: what about medical insurance ?
Nirmala Tai: eat Namkeen till next meeting
🤣🤣
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5% GST simplified
1 kg packet of atta bought by poor have to pay GST!
50 kg bag of atta bought by rich no need to pay GST !
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Another Haircut from LIC ,Union Bank &ICiCi Bank
Rs.3500 crores waiver to Reliance Infra
money belongs to common public.
It is corruption with legal backing .
#Middleclass
you pay
#IncomeTax
#gst
interest & penalties
Continue to rant on farmers so they can make this arrangement
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Accounting is not just Debit and Credit!
It requires analytical skills
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It’s ego!
Earlier, councils used have some kind of hearing towards CA students issues.
Now these council members showcasing their bravery towards students
Better roll back this notification.
If you have real bravery,fight for rights 0f CA in-front of govt
#icaiexams
#icai
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Real minorities in india = income tax payers .
Form them No reservation, no free medical, no free medical seats.
They will be punished with penalties for faults of govt
#IncomeTaxPortal
#IncomeTaxReturn
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@rashtrapatibhvn
Madam,
If you are helpless with great power in your hands, how about the commoner?
You have power and authority.
Say a single word out loud: "remove all people associated with crime against women whether it is minister or MLA MP or IAS Or IPS"
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Accountant's are most important part of business entity!
Yet they are paid very less compared to others...
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Hindus are busy in Filing GSTR-1 GSTR-3B .
Busy in making replies to illogical 16(4) notices.
Busy in Arranging to pay late fees, Interest and ITC reversal by selling their wife's Mangalsutra
Tell this to Nirmala Sitharaman
They're out with an intention to change govt so that they can get sharing from our wealth...
Where are Hindus?
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9K
25K
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Truth of CA practice: You can't handle all alone Audit, Accounting, ROC, IncomeTax, GST after certain age.
Build a team or network for all works except your core are.
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When Banks ask details..
Call the Auditor!
When Authority asks question..
Call the Auditor!
When relative asks loan..
We have to ask our auditor!
When investor asks question..
Call the Auditor!
When Auditor Asks Fees..
I will check with Accountant!
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Hope, tomorrow
@theicai
instead of asking time to counter writ, will gives assurance to the court that exams will be conducted after completion of Genera Elections
#icaiexams
#icai
#castudents
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ITR-5
ITR-6
ITR-7
Form
3CA
3CB
3CD
10B
10E
10IE
29B
29C
61
61A
9A
15CA
15CB
67.
These are the forms not yet released.
Is it possible for Infosys to at least release above forms in next 20 days?
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Revenue Secretary- Stamp duty is not cost of property
Nirmala Sitaraman- 12 to 16% increase in property value
Girish Ahuja- Don't go for 87A rebate for STCG
This much simple is our
#IncomeTax
act
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Being a constitutional body think of the students & constitutional rights.
Giving one day gap is not enough, this is not ipl match, students have to write exams on one side and they have to exercise their right other side.
Start the exams after last phase of voting.
#icaiexam
Important Announcement - In view of the Elections to the 18th Lok Sabha across India, Chartered Accountant Examinations - May 2024- Intermediate, Final and Members' International Taxation - Assessment Test(INTT-AT) Examinations stand rescheduled.
Details
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2K
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Nirmala Tai: Corpus laying in ICAI account belongs to Government of India and Its not Share Capital
Me : Tai, it is indeed our share capital-each member pays membership fees from our share of Income.
#ICAI
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Client expectations from CA's
100% compliance without paying 100% tax and professional fees
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Wow 107 minutes Only required to get refund of Rupees 15,00,00,000.
Which includes
Making application
ARN assignment to officer by Infosys back end team
Scrutiny of returns and books by officers
Taking approval from senior officer
Issuing refund
Wha wha re India
#JusticeforCA
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School fees & books, uniform etc., should be allowed under section 80C without any limit.
Ask the parent to details of , School Name, Fees Paid etc.,
In turn
@IncomeTaxIndia
can tax the schools, any way they running like corporates & avoiding tax in guise of trust.
#incometax
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🇺🇲Enron scandel lead to dissolution of then number one in big4 "Arthur Andersen LLP"
🇮🇳We have Satyam,DHFL, Chokshi,Mallya , ICICI , IIFL scams, PNB scam and many more.
Interestingly in all these scam companies, BIG4 are Auditing/accounting firms
No visible action on BiG4's.
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Chartered Accountant's supposed do;
Data analysis
Data modelling
Tax optimisation
Litigation management
Presentation of Fin-Statements
Year end/continues audits
What we are doing;
Wasting our skills on mechanical job of uploading of returns and reports
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Best ever Finance Minister of India for mishandling the incometax and GST
Nirmala Sitharaman Parakala Prabhakar
#incometaxefiling
#incometaxreturn
#ITR
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Central Government Employees (Including Armed Forces)
2014- 47 Lakhs
2024- 35 lakhs
12 Lakhs Jobs lost from 2014 and where is crores jobs addition per year
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MEGHA ENGINEERING & INFRASTRUCTURES LIMITED contributed 980 crore to elctrol bonds.
More interesting is that..
whenever they contributed to bonds. They availed loans and MCA data clearly shows this in Charge creation section.
it is just a quid pro quo.
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Children Education Allowance - Rs.100 per child per month for maximum of 2 Children.
😂😂😂😂😂
#IncomeTax
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I think
@IncomeTaxIndia
doing this to mislead the taxpayers and latter wants collect penalty and deny TDS credit.
It's from past 7 to 8 days situation of
#Incometax
Filing portal.
Madam
@nsitharaman
you are going to present budget as
@FinMinIndia
in 10 days, are proud of this?
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@rishibagree
Forget about Urea Price and your favorite Pakistan and Bangladesh.
Subsidy per farmer:
🇺🇸 ₹ 5.6 Laks or USD 7000
🇮🇳 ₹ 20 Thousand or USD 250
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Central government want's to end the integrity, independence and reach to anyone of the
@theicai
course.
Since it's almost free course without donation, without reservation anyone can complete with dedication and hardwork.
In ICAI 8 govt nominees are there..
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Madam there was tax on Health insurance,that was called as Service Tax, Jurisdiction of tax was at Centre( finance Act 1994)
Statement on the floor is misleading.
Your ferocious response might be answer to opposition but you are disconnecting yourself with public
#FinanceBill
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#BengalElection2021
Two Didi's are enough to finish
@narendramodi
Govt
From BJP. From Opposition
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Why in India
Government websites sucks?
Take income tax or GST or MCA or state government websites.
Is it because or corruption involved in contract?
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Accounting is not just keeping accounting records in book's or disks.
Accountant's also keeps records in their memory.
Think twice before changing or terminating your Accountant's.
.
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Power of CA even failed students on demand.
Is it possible in other courses like medical engineering, IIM IIT IISCetc.,?
Because CA course has it's inbuilt quality..
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In India CA is Only course where;
Poorest of poor can do! While earning to support their studies!
Completely practical oriented!
Without reservation or seat cap like NEET.
Qualified gets earns more than doctor/engineer!
Even failed also gets good salary.
That's Power of CA
#IIA
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Accounting : it's two lines of entry, Debit and Credit!
Auditing : May draw two pages of report on those two lines of entry!
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"Collect taxes from the citizens as honeybees collect nectar from the flowers, gently and without inflicting pain”
- Chanakya
Here government looting peoples at gunpoint to collect taxes with penalty and interest
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Friends,we lost a CA friend,Hubli Branch Vice Chairman, Ca. Sanjeev Hadimani, due to massive cardiac arrest in-morning
take care yourself,don’t take too much tension on tax audit,don’t work overnight,take test,have good sleep,spend time with kids &family which is a stress buster
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There are endless reasons are there to ask for extension, few are
1. 31st July itself unrealistic
2. Last quarter TDS due date
3. Incomplete AIS/TIS
4. Late release of utility & enabling of filing
5. Financial constraints
#Extend_Due_Dates_Immediately
#IncomeTaxReturns
#ITR
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Articles: Auditing is boring
Accountant: in auditing auditor's verify too much that's what we hate
Management: There is no value addition from audit
Authority: Auditor's responsible for everything
Situation of audit and Auditor's
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At the end of this tax season, the Govt had looted Rs.100 to Rs.25000 of middle class not giving 87A rebate on Short Term Capital Gain.
This is a bad president.
This Rs.100 or Rs.2000 matters too much for middle class.
#87A
#IncomeTaxReturns
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Every thing increasing;
Chartered Accountant's fees are stagnant for years.
Check -Concurrent audit fees, bank branch audit fees etc.,
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July 1st to be celebrated as "Small and medium businesses Hathya Divas"
July 31st to be Celebrated as " Middle class especially salaried harassment divas"
Also "income tax Portal Hathya Divas"
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Modi Ji, if you want to know the current status of poor and middle class.
One day, please again sell the tea at anyone railway platform
Remove this 5% GST on food items
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@TVMohandasPai
@PMOIndia
@narendramodi
@nsitharaman
@FinMinIndia
This was what tax professionals on ground raising issues. No one listens.
-MSMEs paid in thousands or lakhs in 16(4).
- Amnesty came -paid due will not comes back
-Only who is able to litigate will survive in gst
-Fortunately Infosys has that capacity.
- real victims are MSME
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Chartered Accountant's, provide advice and most time hesitate to ask fees for that advice..
Get freedom from hesitation..
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Shamless people extended their own due dates?
These brutal people say to taxpayers system working fine , why do you wait for last minute?
And of all Nirmala Sitaraman a puppet & slave of these corrupt bureaucrats
Shame on you Nirmala Sitaraman
#X_GST
#gstcouncil
#icai
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Why Bollywood films are lagging
When torch is there what is the need of fire
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Yes, its true as expected
#incometaxportal
crashed.
Congratulations Finance Minister Sanjaya Malhotra and His Secretary Nirmala Sitharama.
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Niramala Sitaraman is a helpless finance minister
For GST matters she has to take consent from GST council
For Income Tax matters she has to take consent from Revenue secretary shri shri Tarun Bajaj 😅😅😅😅
#Extend_Due_Date_Immediately
#Extend_incomeTax_Return_duedates
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Many CAs are afraid of Nirmala Sitaraman in such a manner that, they think if they ask anything about portal or time she will drop the tax audit provision from Income tax act.
In this way they instilled fear in CA community
#Taxaudit
#incometax
#Extend_due_date_immediately
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Many salaried worried about how to save tax!
My simple advise is that, talk to employer, instead of salary take salary as professional fees.
Offer that professional fees under 44ADA
You will save tax legally no tantrums like fake deductions required
#incometaxindia
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PM: struck on flyover for 15 minutes
CA's: crores of taxpayers and Taxprofessinals struck on Infosys built flyover (IncomeTaxportal) from past 6 months
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A honest salaried ITR assessee asked me this question!
My company pays income tax at the rate of 25% , I pay income tax at the rate of 30%, I pay monthly to govt where my employer pays advance tax on quarterly
Why this disparity?
#incometaxindia
#ITRFiling
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Dear tax professionals, if you achieve another 1.5 crore ITRs in next 31 hours.
💯 sure Due date for AY 2023-24 will be 30th June 2023 😅😅
#IncomeTaxReturn
#Extend_Due_Dates
#Extend_Due_Dates_Immediately
#Extend_incomeTax_Return_duedates
#Extend_Due_Date_Immediately
#itr
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Small company compliances-India
Minimum 24+2 GST returns
12+1 professional tax returns
4+4+4 TDS returns
12+1 pf returns
2 Esi returns
1+1+1+1+2 ROC filings
1 incometax return
If taken cost per return Rs.2000 total cost would be Rs.122000 it is at lower side..
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Tip for tax professionals
1. Keep ur accounts in accounting software
2. Don't maintain accounting & billing in Excel
3. Do raise invoice on each assignment even for Rs.100 immediately
4. Don't collect in cash even they pay in cash raise invoice
5. Credit period max 30 day's
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Indian Bankers are strange
They ask CA signature on every document, whether it is required or not like non audit case financials, CMA data etc.,
I wonder whether they will do the funding on the basis of client financial credentials or just based on CA signature
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Corruption is in
#gst
registration is at peak level.
If,we, ask businessmen to file complaints.
They ask us that we "whether to start business by paying 5k/10k or fight these legal complaint adding another 20k as legal expenses?"
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VIVO came to India 2014
Enjoyed everything
Our IncomeTax department couldn't find anything
Our GST/customes couldn't find anything
Vivo took Rs 62,476-cr to China without paying taxes
After director's fled case is filed
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Client :Sir, I got my Income tax refund credited.
CA : Pay my fees atleast now😁
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I am ready to contribute my time as volunteer for UP election.
Non BJP parties DM me
I am the happiest person if BJP gets defeated in UP election..
#NirmalaSitharaman
#Extend_Due_Dates_Immediately
#Extension_
दो_भीख_नहीं
#incometax
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Why postponement of exams, they may go and write exams next day.
Else they could have made a facility for Centre change for 3 days.
#caexams
#icai
#icaiexams
#castudents
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Lawyers- Divided by politics united by profession.
CAs- Divided by politics also divided profession.
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ITR filing for Assessment Year 2021-22 is optional or compulsory?
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In this case the institute is spending students money to fight against the rights of students
#icaiexams
#icai
#castudents
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Section 80G- donation for Charitable trust Income tax exemption 50% or 10% Gross total income whichever is less !
Section 80GGC- donation or contribution to political party 100% EXEMPTION! NO PRECONDITION
This is my India where charity get's their place after poltics
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Accounting becomes complicated only when you do not do the day to day accounting..
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GST department employees literally don't need salary
Even government asks them to work without salary they happily accept it 🤣
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I use
@tallysolutions
software- Accounting & winman software for TDS Filing
Even for a small issue,they resolve within 10 minutes & sometimes I used to say them if you are not able solve my issue I will not pay!!
Do you have guts to say this to Infsys
@Infosys_GSTN
@cbic_india
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Once a lier always lier:
Nirmala Sitaraman- we are bringing laws for removing difficulties of taxpayers
Infosys- we given world class portal
Sanjay Malhotra- there are no problems in portal
@IncomeTaxIndia
- 5 core itrs filed(actual 4.8 crore)
#Incometax_site_not_working
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Accounting profession increases your mental pressure, tension, anxiety etc., except revenue 😅
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