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...
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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...
Clarification regarding GST rate on construction services provided to a Government entity in relation to construction such as Ropeway
The CBIC vide Circular No. 152/08/2021 has clarified the rate of GST rate on the construction of Ropeway for the Turnkey projects to be 18%...
Clarification regarding GST on supply of various services by Central and State Board
The CBIC has clarified vide Circular No. 151/07/2021, the issue of GST on the following:- a. GST is exempt on services provided by the Central...
Clarification regarding applicability of GST on construction of road where considerations are received in deferred payment
CBIC has notified the circular no. 150/06/2021 in which it has been clarified that the GST should be applicable on the annuity paid for construction...
Clarification regarding applicability of GST on supply of food in Anganwadis and School
With respect to the applicability of GST on the foods supplied to the Anganwadis and School, the CBIC vide circular no. 149/05/2021-GST has clarified that...
Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal
Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00...
Cost Inflation Index for FY 2021-22 is 317
CBDT has notified the Cost Inflation Index for FY 2021-22 vide Notification no. 73/2021 which is 317. To view and download the Notification, click here...
CBDT relaxes filing of Form 15CA / CB
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered...
Guidelines for compulsory selection of Returns for complete scrutiny for FY 2021-22
The CBDT has issued the Guidelines for compulsory selection of returns for complete scrutiny for FY 2021-22. The cases which are to be selected for...
CBDT notifies New TDS rules to amend Rule 31A
The Central Board of Direct Taxes (CBDT) has notified the changes in Rule 31A and updated the annexures of Form 26Q, 27EQ, 27Q on 8-6-21...
AGILE PRO will be AGILE PRO S from 7th June onwards
On 7th June 2021, the MCA has notified the Companies (Incorporation) Fourth Amendment Rules 2021 in which the AGILE PRO form has been changed to...
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...
Notification No. 02/2021 – Central Tax (Rate) – Allowing utilisation of ITC by Landowner promoter and change in GST rate of Maintenance, Repair and Overhaul services of ships and vessels
The CBIC has issued the Notification No. 02/2021 – Central Tax (rate) in which the following changes have been issued:- a. Allowing the Landowner promoter...
Notification No. 01/2021 – Central Tax (Rate) – Change in the GST rate of HSN 9503 and Diethylcarbamazine
The CBIC on 2nd June 2021 has notified the reduction in the rates of the followng from 12% to 5%. a. HSN 9503 – Toys...
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 ...
Retrospective amendment to Section 50 notified on 01-06-2021
In the 43rd GST Council Meeting, the GST Council has recommended for the retrospective amendment to Section 50 so as to the levy of interest...
Anyalysis of Recommendations of 43rd GST Council Meeting
Amnesty scheme to provide relief to taxpayers regarding late fee for pending returns For furnishing the Form GSTR 3b for the period July 2017 to...
Recommendations of 43rd GST Council Meeting held on 28th May 2021
The 43rd GST Council Meeting has held on 28th May 2021 in which major decisions regarding GST amnesty scheme, rationalisation of GST late fee and...
Various Income Tax Dates extended due to severe pandemic
The Central Board of Direct Taxes, on 20th May 2021, vide Circular No. 09/2021 has extended the time limits of various compliances which are as...