Waiver of late fee for filing Form GSTR 4 for the FY 2021-22
The CBIC, vide Notification No. 07/2022 – Central Tax, has issued the notification in which it has been notified that the late fee for filing...
Union of India vs. Mohit Minerals Pvt. Ltd. – No GST under RCM on Ocean Freight on CIF basis
On 19th May 2022, the Supreme Court of India bench comprising Hon’ble Justice Dhananjaya Y Chandrachud, Hon’ble Justice Surya Kant and Hon’ble Justice Vikram Nath...
Information Systems Audit – Assessment Test to be held on 9th July 2022
ICAI has announced the Information System Audit Assessment Test to be held on 9th July 2022 along with the respective cities in which the Members...
Circular regarding use of functionality under Section 206AB and 206CCA of Income tax act 1961
The Central Board of Direct Taxes (CBDT) has issued the Circular No. 10 of 2022 dated 17th May 2022 in which the changes incorporated in...
Due date for GSTR 3B for April 2022 extended
The Central Board of Indirect Taxes and Customs has extended the due date of filing the GSTR 3B for the month of April 2022 from...
CBDT issues guidelines for selection of returns for complete scrutiny of returns for FY 2022-23
CBDT has issued the guidelines for compulsory selection of returns for complete scrutiny during the Financial Year 2022-23. In the guidelines, the following perimeters have...
Instruction by CBDT regarding the implementation of judgement of Supreme Court of India
An instruction dated 11-05-2022 has been issued by the CBDT to implement the Supreme Court of India decision in the case of Union of India...
GSTR 2A to be considered for ITC for the month of April 2022
For the month of April 2022, the due date to file the GSTR 3B is 20th May 2022 in the case of monthly return filers....
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...