Income Tax update – CBDT introduces E-appeal scheme
The Central Board of Direct Taxes (CBDT) has notified the E-appeal scheme 2023 in which the Joint Commissioner (Appeals) have been made the designated authority....
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CBDT further extends UDIN updation till 30-9-2022
The Central Board of Direct Taxes (CBDT) has further extended the UDIN updation on the Income tax portal from 30-06-2022 to 30-09-2022. This extension has...
Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT)
The Central Board of Direct Taxes has published the Notification No. 02/2022 in which Format, Procedure and Guidelines for submission of Form No. 1, Form...
GST Investigation Wing issues Instruction regarding voluntarily payment of tax during search, investigation or inspection
The GST Investigation Wing has released the Instructions regarding the deposit of tax during search, inspection, or investigation. In the Instructions, it has been said...
CBDT issues Guidelines under clause (10D) section 10 of the Income-tax Act, 1961
The CBDT has notified the Circular 2 of 2022 regarding Guidelines under clause 10D of section 10 of the Income Tax Act 1961. To read...
CBIC notifies GST rate for COVID related medicines
In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter...
CBIC notifies GST rates on services related to AFC Women’s Asia Cup 2022
In exercise of the powers conferred by sub-sections (3) and (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15 and...
CBIC clarifies the applicability of sub rule (1A) of Rule 89 for refund
Representations have been received seeking clarification on the issues in respect of refund of tax wrongfully paid as specified in section 77(1) of the Central...
The Limited Liability Partnership (Amendment) Act 2021
The Limited Liability Partnership (Amendment) Act 2021 has received the assent from the President of India on 13th August 2021. To view and download the...
Methodology for recomputation of book profit under section 115JB of the Income tax Act, 1961 in certain cases
The Central Board of Direct Taxes (CBDT) has released the Notification No. 92/2021 in which the method of re-computation of Book profit under section 115JB...
Notification No. 03/2021 – Central Tax (Rate) – Time of payment of GST by the Real Estate Developers
To give effect to the recommendations of 43rd GST Council meeting, the CBIC has issued the Notification No. 03/2021 – Central Tax (Rate) in which...
CBDT issues instructions for filing Income tax forms for FY 2020-21
The CBDT has issued the instructions for filing the Income tax returns for FY 2020-21. To view and download the Instructions click here https://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx ...
Extension of due date of filing Form ITC 04 for the period January – March 2021
Vide Notification No. 11/2021 – Central Tax dated 1st May 2021, the CBIC has extended the due date for filing the Form ITC 04 from...
Circular no. 117/2019-GST – GST exemption on DG shipping approved maritime courses conducted by Maritime Training Institutes of India
On 11th October 2019, the CBIC has issued the clarification regarding the exemption from GST on the DG shipping approved maritime courses conducted by Maritime...
ICAI issues Exposure Draft on Accounting Standard 34 Interim Financial Reporting
Accounting Standard Board has finalised AS 34, Interim Financial Reporting, taking AS 25, Interim Financial Reporting, notified by MCA as the base. Major differences between...
New GST Returns proposed by CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has proposed three new GST return forms in its initiative of Ease of Doing Business. The...
The Reopening of assessment is an entirely independent and vastly different jurisdiction and cannot be confused with the revisional powers of the higher authority – Bombay High Court
The Bombay High Court in its recent judgement in the case of Saurabh Suryakant Mehta WRIT PETITION NO.3495 OF 2018 stated that “the reopening of assessment...
No capital gain to be computed on the transfer of assets on the ‘book value’ in the case of conversion of company into LLP – ITAT Mumbai
Held: In the recent judgement by ITAT Mumbai in the Case of M/s Celerity Power LLP wherein it was held that the on the conversion of the company...
Implementation Guide to SA 610 (Revised) by ICAI
The Institute of Chartered Accountants of India (ICAI) has released “Implementation guide to standards on Auditing (SA) 610 (Revised) titled Using the work of Internal...
CGST Rate Notifications issued on 26-07-2018 to give effect the amendments recommended in 28th GST council meeting on 21-07-2018
On 26-07-2018, the CBIC issued the notifications implementing the amendments recommended in the 28th GST council meeting held on 21st July 2018. The list of...
Unique Document Identification Number (UDIN)
In an initiative towards maintaining the integrity of the certification being done by the Chartered Accountants and to keep a track that no person other...
Interest-free Loan from employer taxable as Perquisite: ITAT Mumbai
Held: The value of the interest free loan is taxable in the hands of the employee as perquisite as per section 17(iii)(c) of the Income...
MCA amends various rules such as Accounting standards, Management and administration, etc
MCA has recently published Amendment rules for the following : a) Companies (Accounting Standards) Amendment Rules, 2018. b) Companies (Management and Administration) 2nd Amendment Rules, 2018 c) Companies...
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