Category : Latest
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...
Extension of Time limits for various returns falling due on 31st December 2020
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the...
MCA notifies 21st December 2020 on which various provisions of Companies Act come into force
The Ministry of Corporate Affairs has notified the 21st December 2020 as the date on which various sections of Companies Act shall come into force....
Notification No. 94/2020 – Central Tax – Amendment in CGST rules
On 22nd December 2020, the CBIC has issued the Notification No. 94/2020 in which the various provisions related to ITC utilization and Registration has been...
Notification No. 93/2020 – Central Tax – Waiver of late fee for delay in furnishing Form GSTR 4 for FY 2019-20 till 31st December 2020 in Union Territory of Ladakh
The Central Board of Indirect Taxes and Customs (CBIC) has notified for the waiver of late fee for filing Form GSTR 4 for FY 2019-20...
Notification No. 92/2020 – Central Tax – Appointed date of 1st January 2021 for various amendments introduced in Finance Act 2020 related to GST
The CBIC has notified the Notification No. 92/2020 – Central Tax in which 1st January 2021 has been notified as the designated date for various...
CARO deferred till 01-04-2021
The Government has deferred the Companies (Auditor’s Report) Order 2020 till 01-04-2021. The CARO 2020 shall be applicable to the Companies w.e.f. 01-04-2021. To view...
Not passing a separate order for disposing off the objections of the assessee is a clear violation of law laid down by the Hon’ble Apex Court in the case of GKN Driveshaft – ITAT Delhi
M/s Admach Auto Limited vs DCIT ITA No. 9543/Del/2019 Pronounced on 18th December, 2020 The hon’ble ITAT Delhi, in a recent judgment, held that “the...
Mentioning of wrong section and wrong facts in the reasons recorded for reopening of the assessment u/s 148 made the reassessment liable to be quashed – ITAT Delhi
Maheshwari Roller Flour Mills Pvt. Ltd. vs. ITO ITA No. 4257/Del/2019 Pronounced on 17.12.2020 In the recent judgment by the Hon’ble ITAT Delhi, it was...
Rectification of GSTR- 3B stayed by the Supreme court of India in case of Bharti Airtel Limited
Union of India vs. Bharti Airtel Ltd. SLP no. 8654/2020 Pronounced on 17.07.2020 The Hon’ble Supreme Court of India, in a recent judgment stayed the...
Where a company has been dissolved, such dissolution may be set aside within a period of two years from the date of such dissolution under section 356 of the Companies Act, 2013 – Supreme Court of India
Action ISPAT And Power Pvt. Ltd. vs. Shyam Metalics and Energy Ltd. Civil Appeal No. 4042-4043 of 2020 Pronounced on 15th December, 2020 Thus, in...
For the imposition of penalty u/s 271(1)(c) of the Act either concealment of particulars of income or furnishing inaccurate particulars of such income are since qua non – ITAT Delhi
M/s Aryahi Buildwell Pvt Ltd. vs ACIT ITA No. 139/Del/2017 Pronounced on 16.12.2020 In the recent case, it was observed by the Hon’ble ITAT that...
CIT(A) cannot enhance the assessment on the matter which is not arising out of the assessment proceedings – ITAT Delhi
Saravjit Bhatia vs. ITO ITA No. 7155/Del/2019, Pronounced on 16th December, 2020 In the recent case, the Hon’ble Delhi ITAT has held that “CIT(A) cannot...
Notification No. 91/2020 – Central Tax – CBIC extends the due date of compliance falling on 29th November and 30th November to 30th March and 31st March 2021 respectively
The CBIC on 14th December 2020 has notified the Notification No. 91/2020 – Central Tax in which it has exercised the powers given in Section...
Standard Operating Procedure (SOP) for verification of taxpayers granted deemed registration
The CBIC, on 27th November 2020, issued the Instructions containing the Standard Operating Procedure (SOP) for verification of taxpayers granted deemed registration. The Instruction reads...
CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind...
Dates under Vivad se Vishwas Act extended
The Central Board of Direct Taxes has extended the following dates of the Direct Tax Vivad se Vishwas Act 2020 vide Notification No. 85/2020 dated...
Extension of various due dates falling on 31st October 2020
The Ministry of Finance has extended various due dates falling on 31st October which are as follows:- Particulars Extended due date Tax Audit Report –...
Recommendation of 42nd GST Council Meeting
The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting...
CBIC extends due date for GSTR 9 and 9C for FY 2018-19
The Central Board of Indirect Taxes and Customs has extended the due date for filing the GSTR 9 and GSTR 9C for FY 2018-19 from...