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No Penalty for Failure of Tax Audit u/s 271B of Income Tax Act in case of Reasonable Causes
Posted Date : 26-Sep-2022 , 08:31:57 pm | Posted By CA.Khurana Vivek

Section 44AB of the Income Tax Act :-   Every Person covered u/s 44AB (a) / (b) / (c) / (d) / (e) shall get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified b...

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Category : Tax Audit | Comments : 0 | Hits : 197

Management Representation Letter (MRL) | SA 580 - Written Representations | Draft MRL for Tax Audit
Posted Date : 25-Sep-2022 , 10:42:24 am | Posted By CA.Khurana Vivek

Objective   To obtain written representation from management that they believe that they have fulfilled their responsibility for the preparation of the financial statements and for the completeness of the information provided to the auditor.   Definition:-   A written statement...

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Category : Tax Audit | Comments : 0 | Hits : 294

NIC issued an Update on e-way Bill Generation for Movement of Gold
Posted Date : 22-Sep-2022 , 12:32:45 pm | Posted By S.Mahajan

On 12th September 2022, the National Informatics Centre (NIC) released an update on the e-way bill portal regarding the generation of e-way bills for the movement of gold, gold jewellery and precious stones.   As per the GST Council, the e-way bill requirement has been laid down for the trans...

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Category : Income Tax | Comments : 0 | Hits : 283

Important GST Notifications released in June 2022
Posted Date : 04-Jul-2022 , 08:10:07 pm | Posted By CA. Dr. Gaurav Bhambri

  GST Notification 8/2022 | E-comm operators (GSTIN listed in notification) who could not file GSTR 8 for specified tax periods due to technical glich on portal but have deposited tax for the said months in ECL are waived from interest on delay in filing GSTR 8.   No interest needs to be paid i...

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Category : GST | Comments : 7 | Hits : 15569

Important amendments to IRAC norms for bank branch auditors-2022
Posted Date : 05-Apr-2022 , 01:51:39 pm | Posted By Mahesh Bansal

The RBI had issued certain clarifications vide its notification dated 12th Nov 2021 with a purpose to more accurately interpret the extant IRAC norms which we must keep in mind while conducting branch audits this time. The gist of the same are reproduced below which are very important from the persp...

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Category : Bank Branch Audit | Comments : 0 | Hits : 5059

Names of audit firms approved for appointment as SCAs) / SAs of Private Sector Banks, Foreign Banks, Small Finance Banks, Payments Banks and Local Area Banks
Posted Date : 03-Apr-2022 , 09:27:57 am | Posted By CA.Khurana Vivek

Names of audit firms approved for appointment as Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Private Sector Banks, Foreign Banks, Small Finance Banks, Payments Banks and Local Area Banks for FY 2021-22 SI. No. Name of the bank Names of audit firms approved for appointment...

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Category : Bank Branch Audit | Comments : 0 | Hits : 13597

Tax Compliance and Statutory due dates for the month of April, 2022
Posted Date : 31-Mar-2022 , 01:19:20 pm | Posted By Ishita Ramani

Compliance Calendar for the month of April 2022   A new Financial Year 2022-23 has begun and being the first month of the new Financial Year, April 2022 is an important month if we look at it from the Tax Compliance and other Statutory Compliance' point of view. There are multiple Statuto...

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Category : Corporate Law | Comments : 0 | Hits : 4787

Unicorn Infra.Market :under I-T lens for alleged evasion
Posted Date : 22-Mar-2022 , 01:44:54 pm | Posted By CA. Dr. Gaurav Bhambri

Infra.Market, an online platform for construction materials is under the scanner of the tax department for alleged evasion. While the authorities did not name the company, a statement issued by the Central Board of Direect Taxes (CBDT) said that on March 9, search and seizure operations...

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Category : Corporate Law | Comments : 0 | Hits : 7772

Double TDS : Non Filing of income tax return by due date...
Posted Date : 14-Mar-2022 , 11:38:15 am | Posted By CA. Dr. Gaurav Bhambri

Budget 2022 proposed that if you haven’t filed your income-tax returns for a year, you will need to pay a higher TDS (tax deducted at source). Earlier, this window was two years. But there is a catch. The due date to file your returns for income earned in 2021-22 is coming up in July 202...

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Category : Income Tax | Comments : 0 | Hits : 6955

Tax Compliance and Statutory due dates for the month of March, 2022
Posted Date : 03-Mar-2022 , 11:48:31 am | Posted By Ishita Ramani

Compliance Calendar for March 2022   Being the last month for the financial year, March is a significant month from the point of view of the tax compliance and other statutory due dates for ROC Reporting, GST Return Filings, and Income Tax Filing as it is the last month of the fiscal year. Ev...

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Category : Corporate Law | Comments : 0 | Hits : 5662

Undisclosed income found in tax raids : Budget 2022 bars set off of losses
Posted Date : 07-Feb-2022 , 05:43:58 pm | Posted By CA. Dr. Gaurav Bhambri

In this article we explored The Budget 2022 which has proposed a new anti-tax evasion rule that will prevent people from misusing the provision of setting off losses on any undisclosed income discovered during a search operation or a survey by the income tax department. The Finance Bill 2022 has pro...

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Category : Income Tax | Comments : 1 | Hits : 9797

Guidance on uploading of Manually submitted Form 15CA and Form 15CB
Posted Date : 03-Feb-2022 , 04:09:04 pm | Posted By CA. Rahul Dwivedi

Guidance on uploading of Manually submitted Form 15CA and Form 15CB 7th between June to 15th August 2021 At the initial time of Migration from Old income Tax Portal to Advance version of Income Tax Portal, the facility for uploading the form 15CA & 15CB was not activated on the new portal &am...

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Category : Income Tax | Comments : 0 | Hits : 4675

TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions
Posted Date : 02-Feb-2022 , 01:46:47 pm | Posted By KRIESHAN GROVERR

TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions :  Nature of Payment Basic Cut off (Rs) Individual /Company and others New Rate %) If No Pan or Invalid PAN (Rate %) ...

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Category : Income Tax | Comments : 0 | Hits : 2692

Tax Compliance and Statutory due dates for the month of February, 2022
Posted Date : 01-Feb-2022 , 05:49:38 pm | Posted By Ishita Ramani

Tax Compliance and Statutory due dates for February, 2022 Compliance Calendar for the month of February 2022 Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Incom...

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Category : Corporate Law | Comments : 0 | Hits : 1639

Taxation on Income from Crypto/Crypto currency
Posted Date : 01-Feb-2022 , 05:39:04 pm | Posted By Vijay Kumar Gupta

Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24) These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transacti...

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Category : Income Tax | Comments : 0 | Hits : 1655

$1 billion a year in gold-backed loans : Rupeek Fintech Achievement.
Posted Date : 11-Jan-2022 , 07:33:53 pm | Posted By CA. Dr. Gaurav Bhambri

This article is highlighting Rupeek Fintech, a startup that lends against gold as collateral, raised $34 million to accelerate its efforts to  monetise India’s $1.5 trillion private stash of the precious  metal. The Bangalore-based firm, whose technology links nearly a...

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Category : Corporate Law | Comments : 3 | Hits : 5373

Support to resource crunched MSMEs :Extension of FY21 GST annual return .
Posted Date : 04-Jan-2022 , 06:31:29 pm | Posted By CA. Dr. Gaurav Bhambri

This Article mainly higlighting on relief to Covid-battered businesses on compliance front, the government on Wednesday extended till February 28 the deadline for them to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FO...

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Category : GST | Comments : 5 | Hits : 5405

Tax Compliance and Statutory due dates for the month of January, 2022
Posted Date : 01-Jan-2022 , 02:34:44 pm | Posted By Ishita Ramani

Compliance calendar for the month of January, 2022 Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Income Tax Return or GST Return or complying with the ROC Annual...

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Category : Corporate Law | Comments : 0 | Hits : 1677

Reasons for Suspended CCI 2019 nod : Amazon deal with Future Co.
Posted Date : 28-Dec-2021 , 10:46:42 am | Posted By CA. Dr. Gaurav Bhambri

In this article the main highlights are  suspended CCI 2019 nod for Amazon deal with Future co. India's antitrust body competition commission of India (CCI) on Friday said Amazon's 2019 deal with Future to remain in abeyance, citing US e-commerce major's failure to notify ...

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Category : Corporate Law | Comments : 0 | Hits : 3588

Taxation of gains on crypto currencies
Posted Date : 02-Dec-2021 , 06:05:58 pm | Posted By Mahesh Bansal

Millions of Indians have invested in crypto currencies and have made huge gains in last couple of years. Now, it is the time to file their income tax returns. But they are not sure how to treat the income from cryptocurrency trading in their ITR. Nothing is specifically prescribed in Income Tax laws...

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Category : Income Tax | Comments : 1 | Hits : 1820

Micro finance: Empowering a Billion Dreams
Posted Date : 01-Dec-2021 , 03:28:57 pm | Posted By MANMOHAN JINDAL

Micro finance: Empowering a Billion Dreams (Inaugural Address by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - October 27, 2021 - at the Sa-Dhan National Conference on “Revitalizing Financial Inclusion”) Highlights: ...

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Category : Bank | Comments : 0 | Hits : 1675

New Indian Companies Act: More Flexible & Less Stringent
Posted Date : 26-Nov-2021 , 10:03:29 am | Posted By CA. Dr. Gaurav Bhambri

In this article main highlights are changes like decriminalizing various penal provisions of the Companies Act, 2013, setting up more benches of NCLAT, the establishment of Corporate Social Responsibility (CSR), etc. were brought up in the Companies Act, 2013 on the suggestion of the Company Law Com...

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Category : Corporate Law | Comments : 5 | Hits : 10653

My Experience in Registered Valuer Exam
Posted Date : 21-Nov-2021 , 01:25:08 pm | Posted By MANMOHAN JINDAL

My Experience in Registered Valuer Exam Passed the exam with bright colours. I thank the Almighty and my parents for blessings.    Understand the concepts by reading thoroughly and by listening experts through webinars time and again. It is concept based exam. After one or t...

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Category : ICAI | Comments : 0 | Hits : 1232

GST Rate analysis on Ice-cream parlours supplying manufactured ice creams
Posted Date : 15-Nov-2021 , 11:11:59 pm | Posted By CA Ronak Khandelwal

*Takeaway from 45th GST Council meeting*(Ice-cream parlours supplying manufactured ice creams) Recently in the 45th GST council meeting, it has been recommended that "Ice-cream parlours supplying manufactured ice-creams will be taxed @ 18% GST”. Further, the Circular issued pursuan...

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Category : GST | Comments : 0 | Hits : 1530

Forms of Business Existing in India and Which one to choose? – Simplified
Posted Date : 21-Oct-2021 , 06:33:12 pm | Posted By CA Akhil Kumar

Before we all start a profit-oriented business, we have a query which form of business you should go with? Since there are lot of options we get confused like Proprietorship, Partnership firm, LLP, One Person Company, Private Limited and Public Limited Companies. We have simplified the major form...

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Category : General | Comments : 0 | Hits : 2120

Risks of leaving your bank account dormant
Posted Date : 19-Oct-2021 , 04:47:03 pm | Posted By Mahesh Bansal

Are you also in habit of leaving your bank accounts unattended for long? Then, it's time to be alert. You may be deprived of entire money in your accounts by fraudsters. Howsoever rich you may be, but you won't want your single rupee to be taken away by fraud. In a latest development...

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Category : Banking | Comments : 0 | Hits : 2432

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22
Posted Date : 14-Oct-2021 , 07:50:21 am | Posted By CA.Khurana Vivek

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22 Sl. No. Name of the Bank Names of audit firms approved for appointment as SCAs for FY 2021-22 Term ...

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Category : Income Tax | Comments : 0 | Hits : 7422

India’s app developers, start-ups seek interim relief from CCI against Google’s new billing policy
Posted Date : 11-Oct-2021 , 07:04:24 pm | Posted By CA. Dr. Gaurav Bhambri

This article is focus about the Alliance of Digital India Foundation (ADIF) on behalf of India’s app-developers & the start-up community has filed a petition before the Competition Commision of India (CCI) against Google’s new billing policy which comes into effect from March 2022. T...

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Category : Corporate Law | Comments : 5 | Hits : 5537

LEGALITY STATUS OF ITC BLOCK BY GST DEPARTMENT
Posted Date : 07-Oct-2021 , 04:11:18 pm | Posted By CA. PIYUSH KAPOOR

The article explains the Meaning of Input Tax, Eligibility and Condition of Taking input tax credit, what is Blocked Credit under GST, and the Legality of block credit   Introduction   “input tax” in relation to a registered person, means the central tax, State tax, integra...

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Category : GST | Comments : 0 | Hits : 1862

Turnover Calculation & Taxability of Future & Options – Simplified
Posted Date : 06-Oct-2021 , 03:30:27 pm | Posted By CA Akhil Kumar

Future and Options is a derivative tool which was designed to hedge a portfolio but we all are aware that it has become one of the most traded instruments for regular gains. Hence Income Tax has realized the above and the Income from Future and Options is taxable under the head ‘Income from ...

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Category : Income Tax | Comments : 0 | Hits : 1747

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