Ritesh Kedia

Chartered Accountant by Qualification. Investment Banker by Profession. Athlete by Passion. Tweets are personal

[CA Himank Singla @CAHimankSingla]

After the introduction of the Company Compliance Fresh Start Scheme (CCFS) by the MCA, many companies are planning to file long-pending financial statements.

However, a practical issue has arisen with the UDIN) system of our ICAI.

Since UDIN can be generated only within 60 days, many old financial statements cannot now be linked with UDIN.
Considering the intent of the scheme, requesting ICAI to consider introducing a one-time UDIN relaxation/exemption window for past documents being filed under CCFS so that companies and professionals can genuinely benefit from the scheme. 🙏🏻

Otherwise, professionals may be forced to adopt workaround approaches like freshly signing financial statements only for UDIN generation, which may not always be the most technically appropriate solution.

A small regulatory relaxation here could go a long way in ensuring that the objective of compliance regularisation under CCFS is achieved smoothly.

Would be interesting to hear fellow professionals’ views as well. 🙏🏻

[Balaji Thotadri @iam_balaji]

Awesomely and simplistically explained .. thanks for sharing @KirtanShahCFP

[Vijay Kedia @VijayKedia1]

There are many 'Gensol'still hiding in the cupboard—waiting to tumble out with time. Let’s hope it’s not too late by then.
10 Red Flags That Scream Before a Scam.
It’s wiser to be wary of companies that:

1. Talk big and overpromise
2. Maintain constant media presence — through news coverage, hyperactive social media posts, and endless interviews
3. Magnify even the smallest developments
4. Raise funds frequently without clarity on deployment
5. Diversify into unrelated businesses just to ride trending narratives
6. Overuse flashy buzzwords to sound innovative without real substance (e.g., “AI-powered,” “next-gen,” “disruptive”etc )
7. Flaunt lavish promoter lifestyles that don’t match company performance
8. Have high levels of promoter pledging
9. Face frequent exits of key personnel (CFOs, auditors, CXOs)
10. Engage in excessive related-party transactions

And yes — there may be more red flags beyond this list. Stay curious. Stay cautious. ⚠️ 📢
#investing #investor #StockMarket #shares #sharemarket

[Amit Mantri @amitmantri]

. @zomato has a massive fake restaurant problem. Ordered a beverage from Keventers yesterday. Later realized I had mistakenly ordered from a Keventerss (with a double s) instead which is a sasta copy that sells crappy stuff. Chat support was unwilling to do anything about it.

[CA Himank Singla @CAHimankSingla]

Income Tax Department cares so much about CAs.

This season workload of CAs has been:

✅ Original ITRs
✅ Demands due to 87A rebate issue
✅ Revised ITRs due to 87A rebate issue
✅ Wrong Notices of Defective Returns due to 26As and incomes mismatch
✅ Wrong Notices of Defective Returns due to 44AB applicability
✅ Wrong interest Demands of Updated ITRs - place Rectification Requests
✅ MMR levied to AOPs in Intimations and demands raised - place Rectification Requests
✅ Compliance Reporting Campaign for bulk transactions
✅ Refund failures
✅ Late fees levied on partners of audited firms - place Rectification Requests
.
.
.
.

Meanwhile CA gets fees for Original ITR only for all this work!

Absolute waste of time and resources by @IncomeTaxIndia @Infosys in managing the Portal.

[Income Tax India @IncomeTaxIndia]

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC).

It is being erroneously reported that all Indian citizens must obtain ITCC before leaving the country. This position is factually incorrect.

Vide Finance (No.2) Act, 2024, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ( the ‘Black Money Act’) has been added to the list of Acts u/s 230(1A) of the Income-tax Act, 1961, whereby any resident leaving the country is required to obtain a tax clearance certificate in certain circumstances.

This insertion has been made only to cover the liabilities under the Black Money Act.

For details, pl check the Press Release:
https://t.co/ojceAKuixM

[CA Himank Singla @CAHimankSingla]

Always use this method. 100% accurate. Will do reco in 5 mins.

GST Credit Ledger Balance to be shown on debit side in books = Balance of ledger on Portal after filing March 3B Return

GST Cash Ledger Balance to be shown on debit side in books = Balance of ledger on Portal as on 31.03.2024

GST Payable to be shown on credit side in books = Net tax payable in March 3B Return

The rest difference balance of books & Portal could either be = actual difference to be paid (if cr. side difference) or = ITC to be recovered next year which is not in current year 2A/2B (if dr. side difference)

[Income Tax India @IncomeTaxIndia]

The Income Tax Department appreciates taxpayers & tax professionals for timely compliance, resulting in a record surge in the filing of Income Tax Returns (ITRs).

Here are the key highlights:

👉More than 7.28 crore ITRs for AY 2024-25 filed till 31st July, 2024, a 7.5% increase from the 6.77 crore ITRs for AY 2023-24 filed in the corresponding period in the preceding year.

👉Around 72% of taxpayers opted for the New Tax Regime, with 5.27 crore ITRs filed under it, compared to 2.01 crore under the Old Tax Regime.

👉Over 69.92 lakh ITRs were filed on 31st July, 2024, with the highest hourly rate of 5.07 lakh filings between 7:00 pm to 8:00 pm.

👉Over 3.2 crore successful logins on 31st July, 2024.

👉About 58.57 lakh ITRs were received from first-time filers, indicating a widening of tax base.

👉ITR-1, ITR-2, ITR-4, and ITR-6 were available from 1st April, 2024, with ITR-3 and ITR-5 released earlier than in previous years.

👉About 10.64 lakh queries handled by the e-filing Helpdesk team.

👉Resolution also provided through ORM on X(Twitter), handling 1.07 lakh e-mails between 1st April to 31st July, 2024, resolving 99.97% of the issues raised.

Details available in Press Release at: https://t.co/0RZLGxS03l

[Nithin Kamath @Nithin0dha]

As I've said before, regulatory risk is the biggest risk for any regulated business.

We are in the middle of a period of excess in options trading. Volumes in index options have gone up from 4.6 lk cr in 2018 to 138 lk cr in 2024, and, more importantly, the share of retail has gone up from 2% to 41%.

We have been a big beneficiary of this jump in volume but have always been aware that it can be significantly reduced in size due to regulations, which can significantly hurt revenues, and that's also why we have never made any forward projections.

But yeah, times will be tough for the broking industry going forward because almost everyone's business model is skewed towards earning from options.

Kal Ho Na Ho is a good way to put it. 😬

[Motilal Oswal @MrMotilalOswal]

Weekend Reading #361

[Mumbai Rains @IndiaWeatherMan]

@b50 @Khanmohammed12 Wont be that much.. I will be around 500-600mm. 100mm couple of days plus 5-50mm on rest of the days.

[vinod jain @cavinodjain]

@mybmc @Dev_Fadnavis @DrSEShinde @CMOMaharashtra @narendramodi @nitin_gadkari why Lokhandwala Kandivali people need to wait for more than 20 years to open one single D P Road? Is normal people has right to open and close the road without any interventions of police or BMC?

[Abhishek Murarka 💹🐂 @abhymurarka]

Yesterday, India announced it is "restricting" the import of laptops, tablets, all-in-one personal computers and servers with immediate effect. Big, right?

This thread tries to explain the background, impact, the laptop value chain and stocks to play the shift.

1/n

[ANI @ANI]

#WATCH | PM Narendra Modi takes a swipe at the Opposition; says, "...Today, people of the country have already decided to bring us back in 2024. So, people who are responsible for the plight of India have opened their shops...24 ke liye 26 hone waale rajnaitik dalon par ye bada fit baith'ta hai. They are singing some other song but the reality is something else. A label of something else has been put up but the product is someone else's. There is a guarantee of poison of casteism and immense corruption at their shops. Now, they are in Bengaluru..."

[Nitin jha @NitinjhaMUM]

Kandivali lokhandwala township Dp Road 1991 plan not yet completed?We lost many lives in Heavy Traffic Why Our Right to Road is Denied for Vote Bank Politics
It's take 45 mins to cross 1 km daily
@PMOIndia
@DrSEShinde @mieknathshinde
@Dev_Fadnavis @AjitPawarSpeaks
@maha_governor

[TheLiverDoc™ @theliverdoc]

Dengue season is here!

Will you waste your money on consuming papaya leaf/extracts to improve platelet counts?

This is specifically for general practitioners:
Please DO NOT prescribe Carica papaya extracts for Dengue patients. You are wasting their money and exposing them to unregulated herbal supplements that can harm.

Can papaya leaf extract truly increase platelet count in dengue fever?
Read more on it in my interview with @chetanabelagere for @TheSouthfirst here:
https://t.co/OSP5I2qaN0

Simple answer
No.

The reason?
Studies have not shown reasonable evidence on benefits for the same.

Which study?
A 2019 large meta-analysis concluded that, "Current evidence is insufficient to comment on the role of papaya extracts in dengue."
https://t.co/lFwV1dsqX8

Then why do people "claim" that their platelets have improved after using papaya extracts?
For that, you must know when the extracts were started and in the natural history of the disease, when the platelets increase on their own, they falsely attribute it to the papaya extracts use.

This is called:
The post hoc fallacy: or the assumption that because one event preceded another event, they must be causally related. In other words, the first event must have caused the second. However, the chronological order of two events does not prove a cause-and-effect relationship between them.

[HTMumbai @HTMumbai]

#Maharashtra | IMD has issued an ‘Orange’ alert for Thane, Raigad, Ratnagiri, Nashik, Pune and Satara for June 28

A 'Yellow' alert has been issued for #Mumbai and #Thane

[Parveen Kaswan, IFS @ParveenKaswan]

The rare video of Hoolock Gibbon (Hoolock hoolock, a primate from the gibbon family, Hylobatidae) - India's only Ape, walking like a human from Kaziranga National Park, Assam. Educational video.

[Ritesh Kedia @riteshskedia]

@AbhijeetSarka24 @flyspicejet @TusharKejriwal2 Yes. They didn’t came to my dreams for informing the flight change. Lucky Aparna from there ground staff team was supporting enough to refund the entire amount on accepting there goof up. @flyspicejet

[Ritesh Kedia @riteshskedia]

@flyspicejet offers free harassment to customers and enjoys it. SG-115 originally scheduled at 6.30 AM get rescheduled to 12:30 PM with issuance of boarding pass for 12:30 and then at midnight hours of the flight day, silently sends email that it is again rescheduled to 6:30 AM.