Category : Latest
Notification of Form ITR U for filing Updated Return of Income
The Central Board of Direct Taxes (CBDT) has notified the Rule 12AC regarding the furnishing of Updated return of Income. The Form ITR U has...
CBDT extends timeline to update UDIN till 31st May 2022
CBDT has extended the timeline to update the UDIN till 31st May 2022 from 30th April 2022. Last date to update UDIN on the Income...
Enhancements deployed on the GSTR 1 on GST portal
The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly...
Additional conditions for filing of Income tax returns
Thee Central Board of Direct Taxes (CBDT) has issued the Notification No. 37/2022 dated 21st April 2022 in which certain additional conditions have been specified...
Amendment in Companies (Management and Administration) Rules
The Ministry of Corporate Affairs (MCA) has amended the Companies (Management and Administration) Rules 2014. In the Rules, a new sub rule (3) has been...
GST rate change on Bricks
The Central Board of Indirect Taxes and Customs (CBIC) has changed the GST rate on Bricks with effect from 01-04-2022 in two slabs vide Notification...
Online Process for Formation of Networking of CA Firms Launched
The Institute of Chartered Accountants of India (ICAI) has launched the online process for formation of Networking of CA firms, as per new networking guidelines approved...
ICAI releases Guidance Note on the Companies (Auditor’s Report) Order 2020
The Institute of Chartered Accountants of India (ICAI) has issued the Guidance Note on the Companies (Auditor’s Report) Order 2020 on 2nd April 2022. To...
Deferment of certain provisions of Volume – I of Code of Ethics 2019
As the members are aware, the revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. It is accessible on...
Income Tax Department conducts searches in Delhi-NCR on Automobile Manufacturing Group, Company Operating Chartered Flights and Real Estate Groups
The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a...
Signing of 62 Advance Pricing Agreements by CBDT in FY 2021-22
The Central Board of Direct Taxes (CBDT) has entered into 62 Advance Pricing Agreements (APA) in FY 2021-22 with Indian taxpayers. This includes 13 Bilateral...
GST record collection in the month of March 2022 breaching earlier record
The gross GST revenue collected in the month of March 2022 is ₹ 1,42,095 crore of which CGST is ₹ 25,830 crore, SGST is ₹ 32,378 crore, IGST is ₹...
Non applicability of TCS on foreign remittance by Non residents
The Central Board of Direct Taxes (CBDT) have issued the Notification No. 20/2022 in which it has been stated that the provisions of section 206C(1G)...
Extension of time limit for electronic filing of Form No. 10AB for seeking registration or approval under section 10(23C), 12A or 80G of Income Tax Act
The Central Board of Direct Taxes (CBDT) has extended the due date of filing the electronic form no. 10AB for seeking registration or approval under...
MCA defers the implementation of Audit Trail and extends the due date of filing Form CSR 2
Ministry of Corporate Affairs (MCA) has deferred the implementation of Audit Trail from 01-04-2022 till 01-04-2023 and has also extended the filing of Form CSR...
CBDT notifies ITR Forms for AY 2022-23 [ITR 1 to ITR 7]
The Central Board of Direct Taxes (CBDT) has notified the ITR Forms for AY 2022-23. It is pertinent to note that forms for ITR 1...
Payment of late fee for PAN AADHAR linking if done after due date
The Central Board of Direct Taxes (CBDT) has issued the Notification No. 17/2022 on 29th March 2022 in which it has been notified that those...
The President of India assented the Finance Act 2022
The President of India has assented the Finance Act 2022 on 30-03-2022. To view and download the Finance Act 2022, click here...
Analysis of Standard Operating Procedures for scrutiny of GST returns for FY 2017-18 and FY 2018-19
On 22nd March 2022, Central Board of Indirect Taxes and Customs (CBIC) has issued the Standard Operating Procedures for scrutiny of returns for FY 2017-18...
CBIC issued Instructions for scrutiny of returns for FY 2017-18 and FY 2018-19
Central Board of Indirect Taxes & Customs (CBIC) has issued the Instructions for the scrutiny of returns filed for the FY 2017-18 and FY 2018-19...
Applicability of E-Invoicing for Taxable persons having Turnover of more than Rs. 20 Crores
Central Board of Indirect Taxes and Customs (CBIC) has issued the Notification No. 1/2022 dated 24th February 2022 in which it has been specified that...
Circular 4 of 2022 – TDS on Salary
Central Board of Direct Taxes (CBDT) has issued the Circular no. 04/2022 dated 15-03-2022 in which the procedure for deducting the TDS on the salaries...
Major relief to LLPs by reducing the Late fee
In a welcoming step by the Ministry of Corporate Affairs (MCA), it has been notified to reduce the additional fee in case of filing of...
Seperate LLP filing platform on MCA website
On 1st February 2022, the Ministry of Corporate Affairs (MCA) has announced that there will be a seperate filing platform for LLPs. In the announcement,...
Section 194R – TDS on benefits or perquisite of business or profession
In the Finance Bill 2022, a new TDS section 194R has been proposed with respect to TDS on benefit or perquisite of a business or...