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CA Himank Singla

@CAHimankSingla

Mar 14 • 20 tweets • 10 min read • Read on X

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Its time for Black & White!! #ElectoralBondsCase

🧵 A thread...

Case 1: Wonder Cement Limited

Case 2: Future Gaming & Hotel Services Private Limited

Case 3: Serum Institute of India

Case 4: Megha Engineering and Infrastructures Limited

Case 5: Qwik Supply Chain Private Limited

Case 6: Vedanta Limited

(The company is infact loss making and highly debt-ridden)

Case 7: Arcelor Mittal Group

Case 8: Yashoda Super Speciality Hospital

(very special indeed - can you even imagine a HOSPITAL donating via electoral bonds!)

Case 9: Torrent Power Limited

Case 10: Bright Star Investments Private Limited

Case 11: Hub Power Company

Case 12: Western UP Power Transmission Company Ltd.

Case 13: Shirdi Sai Electricals Limited
(Credits: @srinivasiyc)

Case 14: Futire Gaming and Hotel Services Private Limited

(Its owner , Santiago Martin also has direct links with DMK!)

Case 15: Hetero Labs Limited

Case 16: Madanlal Ltd. and its group companies

(Madanlal Ltd. had net revenue of just 1085 lakhs i.e. just above 10 crores in FY 2022-2023)

Case 17: Welspun Corp Ltd.

(A very interesting find by @Shubsta1 - Welspun Group and Adani Group have a joint JV by name of Adani Welspun Exploration Limited)

Case 18: Navayuga Engineering Company Limited

(Interestingly, Adani Enterprises and Navayuga Engineering have a JV by name or Vijayawada Expresswat Project)

Case 19: Haldia Energy Limited

Case 20: IRB MP Expressway Private Limited

Credits: @risingsurbhi

Original tweet:

https://twitter.com/risingsurbhi/status/1768518812570366196?t=1ngl-g19qbcag94ZVp5RxA&s=19

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CA Himank Singla

@CAHimankSingla

Sep 15

How to report MSME 43B(h) disqualification in Tax Audit Reports in case of no record maintained by auditee regarding MSME classification ? (for Non-Corporates only)

This will be beneficial to practictioners engaged in audits of small assessees of Tier-2 & Tier-3 cities where it is practically impossible to check the compliance of Section 43B(h)!

DISCLAIMER: This information is provided for informational purposes only, and should not be construed as legal advice on the subject matter. Please consult your own tax, legal and accounting advisor before implementing it in your reports.

Add a point in the Notes to Accounts of the Assessee:
We do not have a system of identifying amounts due to Micro Enterprises or Small Enterprises on the basis of documents in our possession and accounting software used by us (the same of which is relied upon by the auditors).
Hence, we are unable to identify Micro Enterprises or Small Enterprises under the Micro, Small & Medium Enterprises Development Act, 2006.
Therefore, disclosures under Section 22 of the said Act are not necessary.

Also, make an agenda to incorporate the same in your MRL - and PLEASE UPLOAD SIGNED & STAMPED BALANCE SHEETS BY THE ASSESSEE - in 3CB-3CD attachments - TO JUSTIFY GENUINETY OF THE FINANCIALS AND NOTES TO ACCOUNTS!

On the same lines, put a disclaimer in your Tax Audit Reports (Form 3CB-3CD) in Para 5 of Form 3CB:
In the course of our audit, for the purpose of verifying disallowances under section 43B(h) of the Income-tax Act, 1961 as per clause 22, we have relied on the MSME classification provided by the auditee and the representations made by the management.

Consequently, we are unable to determine whether all amounts claimed under this section have been correctly accounted for and duly paid within the specified timeframes.

This limitation restricts our ability to verify the completeness and accuracy of the compliance with section 43B(h) and thereby reporting in Clause 22. As such, our report is qualified to this extent.

Read 4 tweets

CA Himank Singla

@CAHimankSingla

Mar 21

Its time for Full donor list (Party Wise)! 🧵

P.S. Only 4 images are allowed to be attached for a thread tweet. So, I have attached only 1st 4 pages of donors of all parties.

1. BJP - ₹60,60,51,11,000.00

#ElectoralBondScam #ElectoralBonds

2. ALL INDIA TRINAMOOL CONGRESS - ₹16,09,53,14,000.00

3. ALL INDIA CONGRESS COMMITTEE - ₹14,21,86,55,000.00

Read 15 tweets

CA Himank Singla

@CAHimankSingla

Mar 17

Conclusions from EC data published: A thread🧵

Out of total Rs. 1368 crores donated via Electroral Bonds by Future Gaming, Rs 509 crore alone were donated to DMK!

A total of Rs. 200 crore was donated to BJP Government in first 5 days of release of the Scheme - from 5th March 2018 to 9th March 2018

Meanwhile, INC received Rs. 5 crores during March 2018 as funding via Electoral Bonds

Read 19 tweets

CA Himank Singla

@CAHimankSingla

Aug 24, 2022

Gone through ICAI Tax Audit GN;

Some interesting points for SME CA Firms;

Thread 📌📎

➡️ Other items of incomes not to be disclosed in 16d now.
➡️ EPF/ESI employee contt. disallowances u/s 36(1)(va) to be disclosed in 16d (should be matching with 20b details)

➡️ If immovable property held as SIT, diff. b/w FMV and SP > 10%, to be included in 16d.
➡️ Profit on sale of asset, not credited to PL to be disclosed in 16e.
➡️ Adjustment of loans by book entries = acceptance/repayment by other than account payee cheque for Clause 31 purposes

➡️ Deductions u/s 33 to be reported to extent of books audited by CA i.e. personal deductions are irrelevant for TAR reporting.
➡️ Clause 21(b) details must match with Clause 34 details: TDS not deducted/not paid/details of info not furnished.

Read 6 tweets

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