Category : Latest
Relaxation of Norms for Rule 36(4) for April and May 2021 and extension of date of furnishing of IFF for April 2021
Vide Notification No. 13/2021-Central Tax dated 1st May 2021, the CBIC has provide the following relaxations:- a. With respect to Rule 36(4), the provision shall...
Extension of due date of furnishing GSTR 1 for April 2021
Vide Notification no. 12/2021 – Central Tax dated 1st May 2021, the CBIC has extended the due date for furnishing Form GSTR 1 for the...
Extension of due date of GSTR 4 for Quarter ending 31st March 2021
The CBIC has extended the due date of filing Form GSTR 4 for the Quarter ending March 2021 till 31st May 2021 vide Notification No....
Waiver of late fee on filing GSTR 3B
The CBIC, on 1st May 2021, has notified the waiver of the late fee in respect of filing of the GSTR 3B by the Registered...
Relaxation in Interest Rates for GSTR 3B of Tax periods of March 2021 and April 2021
The Central Board of Indirect Taxes and Customs (CBIC) has lowered the Interest rate under section 50 applicable on various taxpayers for the GST to...
EXTENSIONS OF DUE DATES UNDER INCOME TAX
Vide Circular No. 8/2021 dated 1st May 2021, the Income tax department has extended the various due dates which are falling due on either 1st...
CBDT notifies changes in Tax Audit Report for AY 2021-22
The Central Board of Direct Taxes (CBDT) has notified the following changes in the Form 3CD and inserted a sub rule which are as follows:-...
SECTION 194P – Deduction of Tax in case of certain Senior Citizens
In the Finance Act 2021, a new section 194P has been inserted which deals with the deduction of tax in case of certain senior citizens....
CBDT releases JSON utility for ITR 1 and ITR 4 for AY 2021-22
CBDT has released the JSON utility for ITR 1 and ITR 4 instead of java and excel utility. It is pertinent to note that the...
MCA deferred the date for Audit trail in Accounting Softwares till 31-3-2022
The Ministry of Corporate Affairs has deferred the date for mandatory audit trail in the Accounting software till 31-03-2022. To view and download the Notification,...
CBDT notifies ITR forms for AY 2021-22
CBDT has notified the ITR forms for AY 2021-21 i.e. from ITR 1 to ITR 7. As per the tweet from the Income Tax India,...
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...
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...