Multi disciplinary Partnership firms for Chartered Accountants
The Institute of Chartered Accountants of India (ICAI) has amended the Form 18 in which it has been allowed for the Chartered Accountants to have...
Rule 8AC – Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained
The CBDT has published the Rule 8AC in which Computation of short term capital gains and written down value under section 50 where depreciation on...
CBDT grants further relaxation in filing Form 15CA / CB
CBDT has further relaxed the online filing of Form 15CA / 15CB on the portal and extended the date of filing the manual forms till...
Further extension of the last date for Waiving-off Condonation Fees due to late filing of various application forms related to Students and Articled Assistants, amidst COVID-19 Pandemic
Amid the current situation arising out of Covid-19, it is observed that some of the Students/Articled Assistants are still facing difficulties in online filing of...
Rule 8AB of Income tax rules to tax the specified entity under section 45(4)
The CBDT has issued the Notification No. 76/2021 in which Rule 8AB has been introduced to give explain the process of taxability of the specified...
Guidelines under section 9B and section 45(4) inserted by Finance Act 2021
The CBDT gas issued the Circular 14 of 2021 on 2nd July 2021 in which the guidelines under section 9B and section 45(4) of Income...
Retail and Wholesale trade to be considered as MSME
The Retail and Wholesale Trade has been included in the ambit of MSME and Udyam registration can be obtained in this domain also by the...
ICAI launches “ICAI BOS Mobile App” for CA Foundation, Inter and Final Students
The Institute of Chartered Accountants of India (ICAI) has launched the ICAI BOS app for the CA aspirants of all levels on the occasion of...
Waiver of penalty payable for non-compliance of provisions of Notification No. 14/2020 dated 21st March 2020
The CBIC has issued the Notification No. 28/2021 – Central Tax in which the Government has relaxed the provisions related to QR code in E-invoicing....
Last date for updation of UDIN at e-filing portals
The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st August, 2021. The link for...
Updation of Import Export Code extended till 31-07-2021
The DGFT has extended the deadline for updating the Import Export Code in continuation of Notification No. 58 dated 12-2-21. According to the original notification,...
Guidelines under Section 194Q of Income tax act 1961
On 30th June 2021, the Central Board of Direct Taxes (CBDT) has, vide Circular 13 of 2021, has issued the Guidelines for Section 194Q of...
MCA Relaxation regarding filing of Forms falling between April 2021 and July 2021
On 30th June 2021, the MCA has issued the General Circular in which the certain forms for which the deadlines to file the forms falls...
Tax exemptions for financial help received for COVID treatment from Employers or from any other person
On 25th June 2021, the Ministry of Finance has released the Press release in which tax exemption has been announced for the amount received for...
Extended Income Tax due dates
The Ministry of Finance has released a Press release on 25-06-2021 in which certain Income tax deadlines has been extended to provide the relief to...
Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961
Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections...
Finance Ministry interaction with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal
A meeting was held between senior officials of the Finance Ministry and Infosys on 22.06.2021 on issues in the new Income Tax Portal. The meeting...
Introduction to Tax Deduction at Source
In the Income Tax, the main objective of the Act is to levy the tax on the Income of the person and collect the tax...
CBIC issues clarification regarding QR code on B2C invoices
The Central Board of Indirect Taxes and Customs (CBIC) has issued the Circular No. 156/12/2021 – GST has issued the circlar clarifying the applicability of...
CBDT issues functionality to check the compliance of Section 206AB and 206CCA
The Central Board of Direct Taxes (CBDT) has issued the circular no. 11/2021 on 21st June 2021 in which it has been clarified that in...
MCA notifies changes in the Indian Accounting Standards
The Ministry of Corporate Affairs has introduced certain amendments in the Indian Accounting Standards vide Companies (Indian Accounting Standards) Amendment Rules 2021. To view and...
Extension of validity of Udyog Aadhar Memorandum from 31-03-2021 to 31-12-2021
Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021,...
Clarification regarding GST rate on laterals/parts of Sprinklers or Drip Irrigation System
The CBIC has clarified the GST rate on laterals / parts of sprinklers or Drip Irrigation system. To view and download the circular click here...
Clarification regarding GST on service supplied by State Govt. to their undertakings or PSUs by way of guaranteeing loans taken by them
The CBIC has clarified that there should be No GST on service of State Government on guaranting the loan provided to their undertakings or PSUs....
Clarification regarding GST on milling of wheat into flour or paddy into rice for distribution by State Governments under PDS
The CBIC has clarified the GST rate on the GST on milling of wheat into flour or paddy into rice for distribution by State Governments...