Recommendations relating to GST rates on goods and services
In the 45th GST Council Meeting headed by Union Finance Minister Smt. Nirmala Sitharaman, various rate changes have been discussed and recommended by the GST...
Advisory for Taxpayers regarding Generation of EWB where the principal supply is Supply of services.
1. Representations have been received from various trade bodies stating that they are not able to generate EWB bill for movement of those goods where...
Analysis of Section 44AB of Income Tax Act for FY 2020-21
Introduction Section 44AB of the Income tax act requires the assessee to get his accounts audited from a Chartered Accountant if any of the following...
The Supreme Court affirms the decision of Madras High Court wherein it was held that Rule 89(5) does not restrict itself to ITC on goods but it also includes ITC on services while claiming refund under Inverted Duty Structure. (13-09-2021)
Facts of the Case Writ petitions under Article 226 of the Constitution were instituted before the High Court of Gujarat and the High Court of...
Income Tax Department conducts searches in Ahmedabad
The Income Tax Department carried out a search and seizure operation on 08.09.2021 on a group based in Ahmedabad. The group is among one of...
Income Tax Department conducts searches in Punjab and Haryana
The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab, covering many premises across Punjab...
CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment
Central Board of Direct Taxes (CBDT) has issued the clarification regarding carry forward of losses in case of changes in shareholding due to strategic disinvestment....
CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment...
CBIC releases CGST Act 2017 updated upto 31-08-2021
The Central Board of Indirect Taxes and Customs (CBIC) has released the CGST Act 2017 updated as on 31-08-2021. To view and download the Act,...
Updates on e-Filing portal of the Income Tax Department
The e-Filing portal of the Income Tax Department (www.incometax.gov.in) was launched on 7th June, 2021. Taxpayers and professionals have reported glitches and difficulties in the portal...
Clarification regarding extension of time limit to apply for revocation of cancellation of registration
The Central Board of Indirect Taxes and Customs (CBIC) has issued the clarification on 6th September 2021 vide Circular No. 158/41/2021 – GST in which...
CBDT allows taxpayers an opportunity to file application for settlement
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease...
Reply in Faceless assessment can be file via EVC in E-Proceedings at Income Tax Portal
The Central Board of Direct Taxes (CBDT) has published the Notification No. 101/2021 in which it has been stated that a new rule 14C shall...
Rule 59(6) – Restriction on filing of GSTR 1 with effect from 1-9-2021
As per the Notification no. 01/2021 – Central Tax dated 1st January 2021, it has been notified that there should be restriction on filing of...
Notification No. 34/2021 – Central Tax – Extension of timelines for filing of application for revocation of cancellation of registration to 30.09.2021, where due date for filing such application falls between 01.03.2020 to 31.08.2021, in cases where registration has been canceled under clause (b) or clause (c) of section 29(2) of the CGST Act
The CBIC vide Notificaiton No. 34/2021 – Central Tax has extended the time limit for making the application for revocation of cancellation of registration where...
Notification No. 33/2021 – Central Tax – Extension of Form GSTR 3B amnesty scheme from 31-08-2021 to 30-11-2021
The Central Board of Indirect Taxes and Customs (CBIC) has notified the Notification related to extension of GST amnesty extension in respect of filing of...
Notification No. 32/2021 – Central Tax – Enabling EVC for filing till 31-10-2021
The Central Board of Indirect Taxes and Customs (CBIC) has notified Notification No. 32/2021 dated 29-08-2021 in which the following have been stated :- a....
CBDT extends various due dates under the Income Tax Act
The Central Board of Direct Taxes (CBDT) has extended the various due dates under the Income tax vide Circular No. 16 of 2021. The various...
Retrospective Amendment in Taxation on Indirect Transfer of Assets in India
Introduction On 5th August 2021, the Government has introduced the Taxation Laws (Amendment) Bill 2021 in which the amendment has been proposed to amend the...
ICAI Ready Referencer for 2021 & 2022
Find attached the Ready reference for 2021 and 2022. Click here to download ICAI Ready Referencer 2021...
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...
The Taxation Laws (Amendment) Act 2021
The Taxation Laws and Amendment Act 2021 has received the assent from the President of India on 13th August 2021. To view and download the...
The Insolvency and Bankruptcy Code (Amendment) Act 2021
On 11th August 2021, the President of India has assented the Insolvency and Bankruptcy Code (Amendment) Act 2021 which shall be deemed to have come...
Announcement of dates of CA Foundation, Inter and Final examinations to be held in December 2021
The Examination Department of Institute of Chartered Accountants of India (ICAI) has released the dates of the examinations of CA Foundation, CA Inter and CA...
Extension of time period for admission in Foundation Course for appearing in Foundation Examination to be held in December, 2021
The Board of Studies of Institute of Chartered Accountants of India has extended the time limit for admission in Foundation exams to be held in...