The President of India assented the Finance Act 2021
The President of India has assented the Finance Act 2021 on 28th March 2021. To view and download the Finance Act 2021, click here Finance...
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Extension of Condonation Scheme to regularize UDINs
The Institute of Chartered Accountants of India (ICAI) has extended the condonation scheme for generating UDIN on 12th March 2021 till 31st March 2021. According...
Proposed Abolition of GST Audit – Is it good or bad for the taxpayers?
In the Finance Bill 2021, the Government has proposed to omit the requirement for the GST Audit under section 35(5). The main object for the...
Interest in GST to be levied on Net Tax Liability w.e.f. 01-09-2020
On 25th August 2020, Central Board of Indirect Taxes and Customs (CBIC) has notified the Notification No. 63/2020 – Central Tax in which it has...
Recommendations of 40th GST council related to Law & Procedure
On 12th June 2020, the Union Finance Minister Nirmala Sitharaman has hosted the 40th GST Council Meeting in which the following decisions has been taken:-...
CBIC issues clarification in respect of remuneration to Directors
CBIC has issued the clarification in respect of Director remuneration vide Circular No. 140/10/2020 where it has been clarified :- a. In the matter of...
Circular No. 139/09/2020 – Clarification on Refund related issues
In the Circular No. 125/44/2019, it has been clarified that the refund shall be granted even for those invoices which are not being reflected in...
ICAI releases Handbooks on GST
The Institute of Chartered Accountants of India (ICAI) has released the Handbooks on the following topics:- Handbook on Advance Ruling under GST – Click here...
Income Tax Department notifies Income Tax Forms for AY 2020-21
The Income Tax Department has notified the Income tax forms i.e. ITR 1 to ITR 7 for AY 2020-21. To view and download the Income...
Form 26AS amended notified vide Notification No. 30/2020
Section 285BB has been amended and a new rule 114 I has been inserted which states that the following information should be shown in the...
Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)
In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates...
Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19
Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs Rs 20,000 crore Subordinate Debt for Stressed MSMEs Rs 50,000 crore equity infusion...
Karnataka AAR – Anil Kumar Agrawal – Executive Director Salary exempt from GST
[docxpresso file=”https://taxcharcha.com/wp-content/uploads/2020/05/Karnataka-AAR-3.odt” comments=”true” SVG=”true”] To download the Karnataka AAR, click here Karnataka AAR – Aggregate Turnover – Director Salary – Anil Kumar Agrawal To join...
All about Input Service Distributors
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Section 44AB for FY 2020-21
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Circular No. 138/8/2020 – Clarifying ‘issues in respect of challenges faced by the registered persons in implementation of provisions of GST Laws
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Notification No. 42/2020-Central Tax – Extend the due date for furnishing FORM GSTR-3B, Jan-March, 2020 returns for the taxpayers registered in Ladakh.
Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 42/2020 – Central Tax New Delhi, the...
Notification No. 41/2020-Central Tax – Extension of due date for furnishing of Form GSTR 9 and GSTR 9C for FY 2018-19 till 30-09-2020
Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 41/2020 – Central Tax New Delhi, the...
Notification No. 40/2020 – Central Tax – Extend the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020.
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Notification No. 39/2020 – Central Tax – Amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
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Notification No. 38/2020 – Central Tax – Companies allowed to file GSTR 3B through EVC
The Central Board of Indirect Taxes and Customs (CBIC) has issued the notification in which the Companies are now allowed to file the GSTR 3B...