Job opportunity for B.Com/M.Com/BBA/MBA at GE

Job Opportunity for B.Com/M.Com/BBA/MBA at GE

Overview:

GE is looking for an experienced Operational Controllership – Lead Analyst at their Chennai location. This role is also expected to understand and interpret applicable Enterprise Standards, SOP, support SOX compliance and Process Maps to deliver globally competitive accounting services.

Roles and responsibilities:

The ideal candidate should be able to:

• Support the Regional and Sub-Regional Controller in all areas of operational controllership
• Lead the GAAP by LE general accounting, monthly/quarterly close procedures & reporting process across sub-region.  Drive timeliness & accuracy in financial closing & reporting and manage related communications with AIM region, PS HQ and Power where appropriate.
• Partner with Operational Finance COEs to ensure excellence of operational & transactional accounting including statutory and tax filing & audit processes.
• Ensure the quality of account reconciliations and IS and BS analysis maintaining the integrity of the accounts.
• Drive overall ownership and accountability regarding Controllership initiatives, including key controllership metrics (account reconciliations, closing and reporting, GAAP by LE statutory financial statement filings and audit requirements, etc.)
• Regional controllership supporting compliance of all the US reporting requirements (e.g., US GAAP, SOX (Sec 302 & 404), etc.) as well as the applicable ERP implementations & statutory requirements across the sub region.
• Interpret and implement GE General Accounting Procedures (GAP) and Generally Accepted Accounting Principles (GAAP), and be the compliance focal point for accounting issues.
• Maintain accounting, financial reporting, financial control, and information systems to ensure adequate records, appropriate authorizations of transactions, and safeguard assets.
• Support sub-regional controller in the relationship with external & Internal auditors ensuring compliance with local stat & GE GAP policies
• Work closely with Biz finance managers, extended R2R GoF teams, FP&A on quarterly close and with Stat and Tax leaders on related obligations and compliance

The ideal candidate should also have:

• Strong understanding of Power Services business or similar complex services business model
• Demonstrated financial analysis skills, knowledge of internal controls process and ability to drive process improvements
• Excellent verbal and written communication skills with ability to effectively communicate clearly & concisely
• Demonstrated ability to influence multiple stakeholders across the organization
• Proficiency in Microsoft Suite (Excel, PowerPoint and Word)
• Knowledge of SAP, Oracle or similar ERP modules

Eligibility:

• Bachelor’s degree from an accredited university or college in Accounting or Finance
• 5+ years of experience in audit, accounting and/or controllership
• Preferable Chartered Accountant (CA), CPA (Certified Public Accountant), or equivalent

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CAIT writes to FM Sitharaman to defer increase in GST rates on Textiles

CAIT writes to FM Sitharaman to defer increase in GST rates on Textiles

The Confederation of All India Traders (CAIT) urged Finance Minister Nirmala Sitharaman on December 27 to defer the increase in the GST on textiles, which is set to take effect on January 1, 2022.

With effect from January 1,2022, the government in November notified a 5 percent to 12 percent rise in GST on natural fibre products, including clothes in the lower tax bracket. The decision was made at the GST Council’s most recent meeting in September of this year.

The traders’ group demanded the formation of a task team chaired by the chairman of the Central Board of Indirect Taxes and comprised of industry leaders as well as top government officials to discuss the raise in detail and reach an agreement.

Fabrics now have a 12 percent GST, up from 5%, and clothes of any value has a 12 percent GST. At the moment, anything costing up to Rs 1,000 are subject to a 5% GST.

In its letter, CAIT urged that the rate be kept at 5% and that the rate be decreased from 12% to 5% wherever possible.

“Furthermore, the businesspeople will have an additional burden of 7% on goods that are in their inventory and sold at MRP (maximum retail price).” “This rise in the tax rate would not only stifle internal trade, but it will also have a negative impact on exports,” the letter stated.

It claimed that raising the GST went against the Make in India and Atmanirbhar Bharat concepts.

CAIT‘s demand has received political support as well.

Amit Mitra, a former West Bengal finance minister who is now an adviser to the state chief minister, has urged Prime Minister Narendra Modi to call an emergency meeting of the GST Council to reverse the raise. He approached the finance minister with a similar request.

“On January 1, the Modi government will make another blunder. The increase in the GST on (man-made) Textiles from 5% to 12% will result in the loss of 15 million jobs and the closure of 1 lakh businesses. Call a meeting of the GST Council right now and rescind the decision before the sword of Damocles falls on the heads of millions of people, Modi ji “Mitra said in a tweet.

The GST hike on handlooms and textiles, according to Telangana Industries Minister KT Rama Rao, will be the death knell for the industry. Rao, who is also the working president of the Telangana Rashtra Samithi, asked Prime Minister Narendra Modi to intervene to “rescue weavers.”

“On National Handloom Day, Hon’ble Narendramodi Ji, you mentioned boosting Vocal4Handmade. Contrary to popular belief, your government has increased the GST on handlooms and textiles from 5% to 12%, thus killing the business. I implore you to act and save the weavers ” Rama Rao, the son of Chief Minister K Chandrasekhar Rao, took to Twitter to express his feelings.

CAIT also requested that the deadline for filing income tax returns be extended in its letter.

“Many technological issues are being experienced on the portal, resulting in a significant amount of time being spent,” the letter stated. “Overlapping of deadlines for various compliances, such as the due date of filing of income tax returns, GSTR9, and GSTR-9C, is another complex issue.”

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Top 8 Cryptocurrencies to Invest in 2022

Top 8 Cryptocurrencies to Invest in 2022

No one knew what Cryptocurrency or Bitcoins were two years ago. However, it is currently one of the most discussed and googled words on the planet. There are many different cryptocurrencies in the cryptoverse. It includes Bitcoin, Dogecoin, Ethereum, Tether, and other cryptocurrencies. It’s difficult to tell which ones will provide a good return on investment or value, making it difficult to get started in the cryptoverse (world of cryptocurrency).

These are the top 8 cryptocurrencies in the cryptoverse by market capitalization, which is the total worth of all coins currently in circulation, to help you gain your bearings.

Bitcoin

Bitcoin is the world’s first decentralized cryptocurrency, a type of digital asset that records, signs, and transfers transactions over the Bitcoin blockchain without the need for a central authority’s intervention.

The Bitcoin network was founded in January 2009 by an unnamed computer programmer or group of programmers under the pseudonym “Satoshi Nakamoto.” The network is a peer-to-peer electronic payment system that uses bitcoin as a cryptocurrency to send money over the internet or as a store of value like gold and silver.

Ethereum

Ethereum is a decentralized open-source blockchain technology with its cryptocurrency, Ether. ETH is a platform that supports a wide range of cryptocurrencies as well as decentralized smart contract execution.

In a whitepaper published in 2013, Vitalik Buterin introduced Ethereum. On an annualized basis, your return on investment (ROI) with Ethereum’s current value is over 270 per cent, practically quadrupling your investment every year since the summer of 2014.

Tether

Tether is a stablecoin with a $1.00 price. It is a blockchain-based cryptocurrency whose tokens are backed by an identical number of US dollars. Stablecoins, which are kept in a specific bank account, track traditional fiat currencies like the dollar, euro, and Japanese yen.

Tether tokens were established by BitFinex and trade under the USDT symbol. Tether is the Tether network’s native token. Tether is also the world’s fifth-largest cryptocurrency by market capitalization, having a market valuation of around $68 billion as of October 2021.

Ripple

Ripple is a financial system that works as a cryptocurrency and a digital payment network at the same time. It was co-founded by Chris Larsen and Jed McCaleb and first released in 2012. Ripple’s core process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen transacting in several currencies.

Cardano

Cardano is a decentralised proof-of-stake (PoS) blockchain platform designed to outperform proof-of-work (PoW) networks. For PoW networks like Ethereum, the infrastructure load of escalating costs, energy consumption, and long transaction times limit scalability, interoperability, and sustainability.

Charles Hoskinson, the co-founder of the proof-of-work (PoW) blockchain Ethereum, understood the implications of these challenges for blockchain networks when he started developing Cardano and its primary cryptocurrency, the ADA token, in 2015.

USD Coin

USD Coin is a stablecoin that is 1:1 linked to the US dollar. Every unit of USD Coin in circulation is backed by a reserve of $1, which is held in a combination of cash and short-term US Treasury bonds. USDC is issued by licenced financial institutions, according to the Centre consortium, which established this instrument. In September 2018, the stable coin was made available in limited numbers for the first time. USD Coin’s slogan is “digital money for the digital age,” and stablecoin is designed for a future where cashless transactions are more common.

Polkadot

Polkadot (DOT) is an open-source multichain sharding protocol that allows any data or asset type to be exchanged across blockchains, not only tokens, making a wide range of blockchains interoperable. This interoperability intends to build a fully decentralised and private web controlled by its users, as well as make it easier to develop new apps, institutions, and services. The founders of Polkadot argue that all stakeholders, not just miners, have a role in the company‘s governance.

Dogecoin

DOGE (Dogecoin) is an open-source peer-to-peer cryptocurrency. It’s a snarky meme currency that’s classed as an altcoin. Dogecoin’s symbol is a Shiba Inu dog, which was introduced in December 2013. The blockchain of Dogecoin retains value even though it was created as a joke. It is built on Litecoin blockchain technology. Dogecoin, which uses the scrypt algorithm, is renowned for its low price and endless supply.

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ITR Extension: Government Considering demand to extend due date to file income tax returns; No final decision yet

ITR Extension: Government Considering demand to extend due date to file income tax returns; No final decision yet

Central Government is now taking into consideration the demand to extend deadlines for filing income tax return for FY 2020-21. Various representation has been submitted by various associations for income tax return filing due date extension.

Representations point at specific glitches, including: Validation of digital signature not functioning properly OTP generation to e-verify returns taking a lot of time AIS statement reconciliation taking time.

Now continuously push by the these associations, the Government considers extending ITR deadline by a week or 10 days; No final decision yet come out.

The Hon’ble Finance Minister Smt. Nirmala Sitharaman has yet to take final call upon this.

#CNBCTV18Exclusive | #Sources to CNBC-TV18: Govt considering demand to extend deadline to file #tax returns; final call yet to be taken

Govt considers extending #taxreturn deadline by a week to 10 days; no final decision yet @TimsyJaipuria reports.

*Follow Thread For More* pic.twitter.com/uuhBvSXava

— CNBC-TV18 (@CNBCTV18Live) December 27, 2021

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Extension of due date for filing Income Tax Returns F.Y 2020-21 requested by Various Taxation Associations

Extension of due date for filing Income Tax Returns F.Y 2020-21 requested by Various Taxation Associations

Several chartered accountants’ groups, Taxation Associations, Tax Bar Associations of the Various States & Various business organizations have petitioned the finance ministry to extend the deadline for filing income tax returns (ITR) for the assessment year (AY) 2021-22. (that is, financial year 2020-21).

Due to the Coronavirus (COVID-19) epidemic, the Central Board of Direct Taxes (CBDT) had already extended the ITR-filing deadlines for certain categories of taxpayers on September 9. The deadline has been pushed back from July 31, 2021 to December 31, 2021 for individuals and Hindu Undivided Families (HUF), among others. This applies to taxpayers who are not required to have their books audited.

Call for extension due to new portal and AIS problems

This proposal has the support of some tax professionals. “Due to the epidemic, the tax authorities granted an extension until May 31, 2021 for the financial year 2019-2020 (AY 2020-21).” However, in the fiscal year 2020-2021 (AY 2021-22), taxpayers had difficulties in accessing the new income-tax return-filing facility, which was not available till August/September 2021,” said Sudhakar Sethuraman, Partner, Deloitte India.

Another stumbling block is the newly implemented annual information statement (AIS). “For taxpayers, reconciling AIS with tax calculations could be time-consuming. In the event of a discrepancy between AIS and actual reported revenue, the department has said that no requests will be issued for the current year. “However, taxpayers are generally attempting to reconcile reported income with the AIS in order to avoid future inquiries,” says Sandeep Sehgal, Director-Tax and Regulatory, AKM Global, a tax and regulatory consulting firm.

Others, on the other hand, believe that the tax-return filing facility is currently operational and that any extensions should be limited to individuals.

In any case, experts advise against waiting until the last minute or expecting an extension and instead filing the ITR as soon as possible.

“It is critical that taxpayers do not postpone filing their tax returns until the last possible moment.” Even if the government extends the deadlines, taxpayers will still be responsible for interest on any unpaid taxes. As a result, it is advisable to complete the return filing activity as soon as possible,”

Penalties apply if you file your tax return late

The extended deadline for filing ITRs for AY 2021-22 is December 31, 2021, however you have until March 31, 2022 to file a late return. A late return, on the other hand, will be subject to late-filing penalty of up to Rs 10,000 under section 234F. Aside from that, there are some other limitations. If you submit a late return, for example, you won’t be allowed to carry any losses forward. As a result, rather than relying on an extension, make sure you file your returns by December 31.

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Extension of Income Tax Returns and Tax Audit Reports For FY 2020-21 requested by Delhi Tax Bar Association

Extension of Income Tax Returns and Tax Audit Reports For FY 2020-21 requested by Delhi Tax Bar Association

Delhi Tax Bar Association has requested that Smt. Nirmala Sitharaman (Hon’ble Finance Minister) to extends the due date for filing income tax returns and submitting tax audit report for FY 2020-21 in their written representation.

Delhi Tax Bar Association mentioned that it may not be practically possible for a large number of assessees / professionals to collect information and details necessary/required for filing of Income Tax returns by the prescribed due dates.

Delhi Tax Bar Association, sincerely pray that due date of Income Tax Returns and Audit Reports be extended at-least by three months i.e. upto 31st March, 2022 so that professionals are not put to undue stress for timely compliances. This act of extension of the due dates, by passing suitable Orders and issuing Notifications would be very useful for the taxpayers and a great relief for the taxation fraternity.

Below is a Copy of the Representation Submitted :

Hon’ble Smt Nirmala Sitharaman Ji
Union Minister of Finance,
Ministry of Finance,
Govt. of India,
North Block. NEW DELHI – 110001
Email fimo(@nic.in

Sub : Report Submission of Income Tax Returns and various Audit Reports under the Income Tax Act and Companies Act -Extension of Due Dates -request regarding.

Hon’ble Madam,

It is respectfully submitted as under:

1. The Delhi Tax Bar Association is the oldest Association of Advocates, having already celebrated its diamond jubilee more than 7 years back. Our Association comprises exclusively of about 800 Advocates, majority of whom are practicing in Indirect and Direct Taxes. The Advocates are a part and parcel in the administration of Finance and Taxes and undertake compliance work under the Income Tax Act and the Companies Act.

2. The due date for filing of the Income Tax returns for the period 01.04.2020 to 31.03.2021 is presently 31st of December, 2021. However, with regard to the same and the captioned subject hereinabove and also due to the following reasons, we respectfully bring to your kind attention the imperative need to extend the due date of filing of the income tax returns:

i. The sudden emergence of the Omicron Virus and the rise in the number of Covid cases has put lots of curbs and restrictions for the taxpayers to collect and collate the data and information required to file the income tax returns.

ii. The new Income Tax portal had actually become functional only during the end of September, 2021 and the same is continuing and functional, albeit a lot of glitches and difficulties. The taxpayers as well as the professionals are still facing many a problem in filling up the relevant Income Tax Forms and uploading the information on the portal.

iii. The Department has also been updating and upgrading the various Utilities and General Instructions on the portal, from time to time. For instance, the Utility for ITR – 5 was updated only on 9th December, 2021 and for ITR – 6 on 3rd December, 2021. Similarly, for Forms 3CA / CB-3CD, the latest version was released only on 9th December, 2021. The taxpayers, professionals are taking time to understand and then upload the information required to fill these Forms. At the same time, even the software companies are also taking quite some time to modify and amend their respective software and this is resulting in consequential delays for the taxpayers to file their returns.

iv. The recently introduced systems of AIS (Annual Information System) and TIS (Tax Information Summary) on the Income Tax portal is a very new thing for the taxpayers and is resulting in lots of difficulties and anomalies for them to reconcile the information & details. This reconciliation of information is taking a very long time and it may not be possible to submit the income tax returns by the due date of 31st December, 2021.

v. Much of the taxpayers and professionals time was consumed during the marriage season, commencing from November to 15th December, 2021. Similarly, the last week of December, 2021 is the Christmas season, which would again affect the taxpayers ability to gather information required to file the returns by 31st December, 2021.

It is due to the aforesaid reasons that it may not be practically possible for a large number of assessees / professionals to collect information and details necessary/required for filing of Income Tax returns by the prescribed due dates.

We therefore, sincerely pray that due date of Income Tax Returns and Audit Reports be extended at-least by three months i.e. upto 31st March, 2022 so that professionals are not put to undue stress for timely compliances. This act of extension of the due dates, by passing suitable Orders and issuing Notifications would be very useful for the taxpayers and a great relief for the taxation fraternity.

For Official Copy of Representation Download PDF Given Below :

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Extend Due Date of filing Income Tax Return and Tax Audit for F.Y 2020-21

Extend Due Date of filing Income Tax Return and Tax Audit for F.Y 2020-21 & Resolve Income Tax Portal Glitches: The Chamber of Tax Consultants

The Chamber of Tax Consultants has requested that Smt. Nirmala Sitharaman (Hon’ble Finance Minister), Hon’ble Revenue Secretary & Chairman of Central Board of Direct Taxes to extends the deadlines for filing income tax returns and submitting tax audit report for FY 2020-21 (AY 2021-22).

The Chamber of Tax Consultants allude to problems faced by the taxpayers while filing the return :

a) Glitches in New Income Tax Portal, even after 6 month of launch, the new income tax portal is yet to settle down and function appropriately in a smooth and satisfactory manner. Many technical glitches only add on to the miseries of the taxpayers in filing the ITRs. b) Receiving/Getting OTP is one of major concern for the taxpayers; as it takes more time or are not coming on mobile phones. c) Issuing uploading of various forms like Form 10B, Form 29B & Transfer Pricing Reports on new tax portal.

With due respect to the above difficulties faced by the assessees and the professionals; The Chamber of Tax Consultants request to take them into consideration and extend the due dates for filing ITRs, tax audit, transfer pricing audit report.

Below is the Copy of the Representation Submitted :

Smt. Nirmala Sitharaman,
Hon’ble Finance Minister,
Ministry of Finance,
North Block,
New Delhi 110 001.

Shri Tarun Bajaj
Hon’ble Revenue Secretary,
Central Board of Direct Taxes,
North Block,
Delhi – 110 001

Shri Jagannath Bidyadhar Mahapatra
Chairman,
Central Board of Direct Taxes,
North Block,
Delhi – 110 001

Respected Madam / Sirs,

Sub: Representation of Technical glitches in the Income-tax e-fining portal and Request for Extension of due dates for filing Return of Income

The Chamber of Tax Consultants, established in 1926, is one of the oldest non-profit organizations of tax practitioners, having Advocates, Chartered Accountants and Tax Practitioners as its members spread across Pan India. Many senior tax professionals who regularly appear before ITAT, High Courts and the Supreme Court are its Past Presidents. The Chamber has been making regular representations before various government agencies.

The Chamber regularly takes up initiatives to act as a bridge between stakeholders and concerned regulatory bodies in order to convey and help in resolving genuine grievances or effectively implement the laws.

Today, we have come forward with a representation on the glitches faced on the new Income-tax e-filing portal.

I. Glitches in the new Income-tax e-filing portal

At the outset, we sincerely appreciate the ministry for launching the new income-tax e-filing portal with a view of technological upgrade and to bring in better and improved functionalities and trying to build a robust mechanism to ease the compliances for the taxpayers.

While the new portal was launched on 7 June 2021, even after more than 6 months, the same is yet to settle down and function appropriately in a smooth and satisfactory manner, due to which the taxpayers are facing unavoidable hardships and issues in undertaking compliances and filing of Income-tax Returns (ITRs). Many technical glitches only add on to the miseries of the taxpayers in filing the ITRs.

The key issues / glitches which are faced are highlighted as under:

1. Issues in login and registration of new assessee / user

At the outset, we wish to bring it to your kind attention that the portal is very slow and it takes a lot of time even to login into the portal in order to be able to file returns and related forms. Many a times, the login fails too and the taxpayer is not able to login only.

Registration of new assessee / user also is a big challenge as we are not able to register many new assessees on the portal as it gets rejected for reasons unknown.

2. Registration of Digital Signature Certificates (DSC)

Another major issue is that the DSCs are not getting registered smoothly. At times, the portal asks to change the PIN, at times it throws an error of PAN mismatch, sometimes even the server is down.

Even in the case of registered DSCs, lot of issues are faced while using the DSCs for verification purpose, specifically in the case of Karta / Partner / Directors etc.

3. Issues in getting One-time Passwords (OTPs)

Even OTPs are not coming on mobile phones or they come after a gap of time and have at times expired at the time of receipt.

4. Constant updation of versions of utilities

There has been constant updation of utilities and instructions for filing the ITR Forms and Tax Audit Report. For instance, the latest common offline utility for filing ITR 1 to ITR 4 for the AY 2021-22 was released on 20 December 2021. Also, the latest excel utility for ITR 5, ITR 6 and ITR 7 was released on 24 December 2021 and JSON schema for ITR 5 was released on 17 December 2021.

Many taxpayers / consultants use third party software to file the ITRs and the software companies also take time to update the respective softwares with the above updation of utilities and thereby resulting in further delay in filing of ITRs.

5. Issues in uploading various forms

Most taxpayers are unable to file various forms like 10 IC (for opting for concessional tax rate), Form 10B [audit report under section 12A(b) of the Act], Form 29B (for MAT) and Transfer Pricing Reports under section 92E of the Act.

6. Reconciliation of details updated in Annual Information System (AIS), Tax Information System (TIS) and Form No. 26AS

Further, the new system of AIS and TIS has added to the new set of verification and reconciliation of data by taxpayers. It is worth noting that in most of the cases, there is a lot of mismatch in the information reported in TIS as compared to the actual details and the same reported in Form No. 26AS as well.

This has resulted in an additional burden on the taxpayers to reconcile the differences before filing the ITR in order to ensure that there are no further notices / unwarranted 143(1) adjustments and unnecessary hassles post filing of Income tax Returns.

7. Other Issues

Few other issues are listed hereunder for ready reference of your goodself and further action-

• Issues in accessing the details and data for earlier years;
• Issues in downloading Form No. 26AS;
• Issues in downloading ITR V and ITR forms after uploading;
• Issues in filing Tax Audit Reports in Form No. 3CA / 3CB and Form No. 3CD;
• Issues in registering legal heir;
• Issues in accessing the e-services and other features of the new portal;
• Trouble in filing Rectification Application under section 154 of the Act etc.

II. Request for extending the due date for filing of ITRs

While our primary request is to address the various glitches, few of which are listed above, at the earliest so as to enable smooth filing of ITRs and other forms on the new e-filing portal, given the current situation of the portal, we also request your goodself to kindly consider granting the extension in filing the due dates in the interest of the taxpayers.

We at the Chamber, always advocate timely compliance and filings by the taxpayers and firmly believe that it is in the interest of not just the taxpayers but also the country as a whole to file the returns in time and also pay the taxes in time but knowing the reality of the situation and multiple glitches on the portal we are forced to make request for the extension of due dates.

The press release issued by CBDT says that more than 3 crore ITRs were filed on the new e-filing portal till 3 December 2021. The data suggests that over 4 lakh or more returns are filed per day. It further suggests that around 94 percent of the taxpayers are individuals and 5 percent are Firms and Companies, whereas balance 1 percent is other categories viz. Trusts, AOPs etc.

In short majority of the taxpayers will have their due dates falling on 31 December 2021. Therefore, it is imperative to consider the extension given the current state of the new e-filing portal and glitches associated with the same.

In light of the above, we request your goodself to kindly consider the extension of due dates for filing of Income tax Returns and also Audit Reports for the assessment year 2021-22 as under-

With due respect to the above difficulties faced by the assessees and the professionals, we request you to take them into consideration and extend the due dates for filing ITRs, tax audit, transfer pricing audit report as suggested above at the earliest. The entire fraternity of taxpayer and professionals will highly appreciate if this is done soon enough (i.e. well before 31 December 2021) to allow them to get a clarity.

We also reiterate our request to look into the glitches of the new income-tax website and try to provide permanent and effective solution for all the issues. This will serve the purpose of providing robust infrastructure for the seamless filing and processing of the Returns and will eventually lead to ease of doing business.

We now look forward for your kind consideration to the genuine request.

For Official Representation Download PDF Given Below :

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