The President of India assented the Finance Act 2021
The President of India has assented the Finance Act 2021 on 28th March 2021. To view and download the Finance Act 2021, click here Finance...
Month : March 2021
CBDT notifies/amends certain rules and forms in relation to the Registration or approval of Trusts
The CBDT, on 26th March 2021, has notified the changes in the procedure for the following:- a. Application for the purpose of grant of approval...
MCA notifies amendments in Companies (Audit and Auditors) Rules 2017
The Ministry Of Corporate Affairs has inserted clause (e), (f) and (g) in Rule 11 of the Companies (Audit and Auditors) Rules 2011. To view...
MCA notifies use of Accounting Software with Audit Trails
On 24th March 2021, Ministry of Corporate Affairs (MCA) has notified the Companies (Accounts) Amendment Rules 2021 in which it has been stated that from...
Lok Sabha passes the Finance Bill 2021
The Lok Sabha, on 23rd March 2021, passed the Finance Bill 2021. To view and download the passed Bill, click here Finance Bill 2021 passed...
Press release regarding utilisation of ITC
In a recent press release by the Central Board of Indirect Taxes and Customs (CBIC), it has been said that the CBIC is in the...
Notification of Amended Form 12BA – Statement showing particulars of perquisites
CBDT has amended the Form 12BA vide Notification No. 15 of 2021. The new form shall be effective with effect from 01-04-2021. To view and...
CBDT notifies Pre-fill of Capital gain, Dividend Income and Interest Income in the Income Tax Returns
The CBDT has notified the requirement for the persons specified in the Notification to provide the information relating to the Capital Gain, Dividend income and...
CBIC issues clarification on Refund related issues
The CBIC has published the Circular related to Refund in case of Zero rated supplies and also clarified the calculation of Adjusted Total Turnover. To...
Extension of Condonation Scheme to regularize UDINs
The Institute of Chartered Accountants of India (ICAI) has extended the condonation scheme for generating UDIN on 12th March 2021 till 31st March 2021. According...
E-Invoicing to be applicable for Registered Persons having Aggregate Turnover of more than Rs. 50 Crores from 01-04-2021 onwards
The Central Board of Indirect Taxes and Customs (CBIC) has issued the Notification No. 5/2021-Central Tax in which it has been notified that the E-invoicing...
Instructions regarding selection of cases for issue of notice u/s. 148 of the Income tax act
The Central Board of Direct Taxes (CBDT) has issued the instruction dated 4th March 2021 with an objective of streamlining the process of selection of...
Circular No. 2 of 2021 – Residential status of certain individuals under Income tax act 1961
The Central Board of Direct Taxes (CBDT) has issued the Cirucular No. 02/2021 clarifying the Residential status of the Individuals who has come to India...
Proposed Abolition of GST Audit – Is it good or bad for the taxpayers?
In the Finance Bill 2021, the Government has proposed to omit the requirement for the GST Audit under section 35(5). The main object for the...
Amendments related to Section 44AB proposed in Finance Bill 2021
In the Finance Bill 2021, the provisions related to Section 44AB i.e. provisions related to Tax Audit has been rationalised in order to incentivise the...
Possible reason for the mismatch between Table 8A and GSTR 2A
On 28th February 2021, the Government has extended the due date for furnishing the GSTR 9 and GSTR 9C for the FY 2019-20 which is...
Extension of Due date of GSTR 9 and GSTR 9C for FY 2019-20 till 31-03-2021
The CBIC has extended the due date for furnishing the GSTR 9 and GSTR 9C for the FY 2019-20 from 28th February 2021 to 31st...