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New FAQs on e-Invoicing under GST
Posted Date : 05-Dec-2022 , 09:11:28 am | Posted By S.Mahajan

GST e-Invoice System has released updated e-Invoicing FAQs.   1.Whether e-Invoice is required for Export of Services?   2.Is there any time limit for delivery of goods or generation of e-waybill in e-Invoice?   3.Do you need to upload RCM Invoices also?   4.When billing a...

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Category : Finance | Comments : 0 | Hits : 70

Interest Subvention Scheme (ISS) for the financial years 2022-23 and 2023-24 - RBI
Posted Date : 02-Dec-2022 , 08:49:26 am | Posted By CA.Khurana Vivek

Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24.   RBI Circular - RBI/2022-23/139 FIDD.CO.FSD.BC.No.13/05.02.001/2022-23 Dated No...

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Category : RBI | Comments : 0 | Hits : 135

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks (PSBs) for FY 2022-23
Posted Date : 24-Nov-2022 , 08:52:19 am | Posted By CA.Khurana Vivek

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks (PSBs) for FY 2022-23 Sl. No. Name of the Bank Names of audit firms approved for appointment as SCAs for FY 2022-23 ...

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Category : Income Tax | Comments : 0 | Hits : 8321

How Much GOLD can You Keep at Home and How is it Taxed? Must Check limits Here
Posted Date : 13-Nov-2022 , 09:15:28 am | Posted By CA.Khurana Vivek

Gold is more than a precious metal in India. It represents traditions, customs, love and a lot of emotions. But as much as Indians love to hold gold, there is confusion as to how much of gold can people keep including the inherited and purchased.   How much gold you can keep at home? How muc...

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Category : Income Tax | Comments : 0 | Hits : 965

Supreme Court Latest Judgement on Leave Travel Concession (LTC)
Posted Date : 10-Nov-2022 , 08:46:00 am | Posted By CA.Khurana Vivek

Supreme Court Latest Judgement on Leave Travel Concession (LTC) - Exemption of LTC u/s 10(5) on Foregin Travel ? - Whether TDS to be Deducted on LTC-Reimbursements?   State Bank of India vs Assistant Commissioner of Income Tax. (CJI UU Lalit, Justices Ravindra Bhat and Justice Sudhanshu Dhul...

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Category : Income Tax | Comments : 0 | Hits : 756

Canada Will Invite 1.45M (14,50,000) Immigrants - Canada Immigration Plan 2023-2025
Posted Date : 05-Nov-2022 , 09:15:42 am | Posted By CA.Khurana Vivek

Canada Immigration Level Plan 2023-2025:- Canada has just released its Immigration Levels Plan 2023-2025.   The Immigration Levels Plan acts as a guide for the number of immigrants Canada aims to welcome over the next three years.   The Canadian economy has experienced one of the fast...

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Category : International Business | Comments : 0 | Hits : 855

How different is the Residential Status of an Individual Under Income Tax Act and Under FEMA
Posted Date : 04-Nov-2022 , 08:29:48 am | Posted By CA.Khurana Vivek

Residentail Status as per Income Tax Act / FEMA:- How does the residential status of an individual determine his or her tax liability? This question becomes relevant to every individual every time they enter or leave India. The criteria to determine residential status in India are different under...

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Category : Income Tax | Comments : 0 | Hits : 914

Auditor's to file Annual Return in NFRA-2 for Financial Year or for Reporting Year? - Must Check
Posted Date : 31-Oct-2022 , 08:42:37 pm | Posted By CA.Khurana Vivek

Auditor's to file Annual Return in NFRA-2 for Financial Year or for Reporting Year?   NFRA 2 Form for Financial Year / Reporting Year?   The information to be provided in respect of audit reports signed off between 01 April to 31 March. For example, the first filing is due on Novemb...

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Category : Income Tax | Comments : 0 | Hits : 975

Can a Court Impose Fine more than Twice the Amount of the Cheque in Cheque Bounce Case? - HC
Posted Date : 26-Oct-2022 , 09:29:21 pm | Posted By CA.Khurana Vivek

Can a Court Impose Fine more than Twice the Amount of the Cheque in Cheque Bounce Case? - Kerala High Court.  Kerala High Court Judgement :-   M. Shabeer v. Anitha Bajee & Anr. (Justice A. Badharudeen)   The Kerala High Court in a latest judgement said that the maxi...

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Category : Income Tax | Comments : 0 | Hits : 1031

SC Landmark Judgement on Income Tax Exemption for Profit Oriented Educational Institution
Posted Date : 25-Oct-2022 , 08:19:14 am | Posted By CA.Khurana Vivek

Supreme Court Land Mark Judgement :- New Noble Educational Society vs Chief Commissioner of Income Tax. (Hon. CJI Uday Umesh Lalit, Hon. Justices S. Ravindra Bhat and Hon.Justice P S Narasimha)   The Supreme Court held that educational trust or societies etc., which seek exemption unde...

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Category : Income Tax | Comments : 1 | Hits : 1092

NFRA - 2 Form | Applicability of NFRA Form 2 And Consequences of Non Compliance | Form NFRA 2
Posted Date : 19-Oct-2022 , 09:04:33 pm | Posted By CA.Khurana Vivek

As per Section 132 (2) of the Companies Act 2013,   Notwithstanding anything contained in any other law for the time being in force, the NFRA shall make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standard...

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Category : Income Tax | Comments : 0 | Hits : 1145

Supreme Court Judgement on Dishonour of Cheque and Offence u/s 138 of Negotiable Instrument Act
Posted Date : 13-Oct-2022 , 08:16:18 am | Posted By CA.Khurana Vivek

Supreme Court Recent Landmark Judgement on Dishonour of Cheque and Offence under section 138 of Negotiable Instrument Act. Cheque presented for full amount without endorsing part-payment by borrower does not attract offence under Section 138 of Negotiable Instrument Act: Supreme Court   Dash...

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Category : Income Tax | Comments : 0 | Hits : 958

Applicability of e-Invoicing on Small Businesses under GST - FaQs
Posted Date : 12-Oct-2022 , 07:25:29 am | Posted By S.Mahajan

Introduction:- E-invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic Einvoicing system, a unique identification number will be issued against every invoice by the Invoice Registration Portal (IRP) managed ...

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Category : GST | Comments : 0 | Hits : 855

Analysis of Important Changes in GST from 1st October 2022
Posted Date : 07-Oct-2022 , 08:04:07 am | Posted By S.Mahajan

GST Important Changes applicable wef 1st October 2022   1. New restrictions on the claim of Input Tax Credit:-   From 01st October 2022 Govt. can restrict your ITC if your vendor has: ØDefaulted in paying tax for such a period or Short paid taxes by a certain percentage &Oslas...

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Category : GST | Comments : 0 | Hits : 982

Govt's greed destroying petroleum industry in India
Posted Date : 02-Oct-2022 , 08:23:45 pm | Posted By Mahesh Bansal

In July, the Indian government started levying a hefty additional excise duty on crude oil in the name of 'windfall gains’ to upstream companies. The magnitude of greed shown by the government can be understood from the fact that the tax originally imposed was Rs. 23,250 per ton or $46 a barre...

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Category : Shares & Stock | Comments : 0 | Hits : 962

E-Invoice New Rules applicable wef 01/10/2022 | किसे बनाना है और किसे नहीं? | e-invoice New Limit
Posted Date : 01-Oct-2022 , 08:58:57 am | Posted By S.Mahajan

To whom will e-invoicing apply: The e-invoicing system applies to the GST registered persons whose aggregate turnover in the financial year exceeds Rs.20 crore at present. From 1st October 2022, it shall apply to those with a turnover of more than Rs.10 crore up to Rs.20 crore.Also, you have to not...

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Category : GST | Comments : 0 | Hits : 932

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 : 1070

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 : 1215

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 : 894

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 : 16040

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 : 5498

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 : 13935

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 : 4910

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 : 7850

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 : 7030

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 : 5733

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 : 9871

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 : 4782

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 : 2765

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 : 1691

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