MCA extends Last Date for Filing DIR-3 KYC for Financial Year 2018-19 [Read Notification]

The Ministry of Corporate Affairs ( MCA ) has extended the last date for filing DIR-3 KYC for the Financial Year 2018-19 till 14th October 2019. The Government also amended the Companies (Registration Offices and Fees) Rules, 201 and waived off fee shall be payable in respect of e-form DIR-3 KYC or DIR-3 KYC-WEB through […]

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GST Doubts clearing Live Class

Central Govt. approves MoU between ICAI and ICAEW

The Government of India has approved Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India ( ICAI ) and Institute of Chartered Accountants in England & Wales ( ICAEW). CA. Prafulla P. Chhajed, President, ICAI said that,  “I am happy to share that the Government of India has approved the MoU between ICAI […]

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UDIN gets Trade Mark Registration: More than 30 lakh UDINs have been generated and more than 1 lakh members have already registered on UDIN Portal

The Unique Document Identification Number (UDIN) get Trademark Registration under the Trade Marks Act, said ICAI President CA. Prafulla P. Chhajed. The Unique Document Identification Number (UDIN) is gaining acceptability in business and industry as a tool to bring authenticity to the certificates issued by the Chartered Accountants. More than 30 lakh UDINs have been […]

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GST not applicable to Refundable Interest Free Deposit, rules AAR [Read Order]

The Gujarat Authority of Advance Rulings in an application filed by M/s Rajkot Nagrik Sahakari Bank Ltd. held that Refundable Interest-Free Deposit shall amount to consideration. It shall not be subjected to GST if benefits are allowed with such deposit. Further, a condition to provide the first 10 free transactions allowed to the Demat account […]

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CBDT again extends due date for linking of Aadhaar with PAN till December 31, 2019 [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has extended the due date for linking of Aadhaar with PAN from September 30, 2019, to December 31, 2019. Under the provisions of recently introduced Section 139AA of the Income Tax Act, 1961, with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are […]

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Payments for Supplies received shall disentitle the party to be a ‘Pure Agent’: AAR [Read Order]

The Mumbai Bench of Authority of Advance Ruling in an application filed by Maansmarine Cargo International LLP held that the applicant is an intermediary and not a pure agent. The applicant is engaged in management consultancy services to ship owners, logistics services through water, etc. in Mumbai. The applicant proposes to enter into an outsourcing […]

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GST Portal issues Various Forms for Registration, Filing Returns or Refunds

The Government has issued various forms for GST related compliances to be made by taxpayers and for taking actions on them by tax officials. Various forms issued for registration, filing returns or refunds etc. have been made available on the GST Portal. To know about the details of GST Forms, made available for taxpayers and […]

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GST Portal enables Online Processing of Refund Applications and Single Authority Disbursement

The GST Portal has enabled online processing of refund applications and single authority disbursement. The taxpayers are advised to take note of the following changes: Refund applications filed by the taxpayers in RFD-01 form shall be processed electronically/ online by the tax-officer and all communications between the tax officers and the taxpayers shall take place […]

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ICAI Constitutes High Level Independent Committee to look into the Examination processes/ Regulations governing CA Examinations

The Institute of Chartered Accountants of India ( ICAI ) has decided to constitute a High-Level Independent Committee to look into the Examination processes/ Regulations governing CA Examinations including Regulation 39(4) of the Chartered Accountants Regulations, 1988 and suggest changes wherever required in the ICAI Examination System. The Committee would comprise of the following members: […]

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CBDT issues Norms for Conduct of Assessment Proceedings through `E-Proceeding’ Facility during Financial Year 2019-20 [Read Circular]

The Central Board of Direct Taxes (CBDT) has issued norms for conducting Assessment proceedings through ‘E-Proceeding’ facility during the financial year 2019-20. In exercise of its powers under section 119 of the Income Tax Act, 1961 and in accordance with the provision of section 2(23C) of the Act, hereby directs as under: (i) In all […]

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MCA extends last date of Filing of Form BEN-2 and BEN-1 [Read Circular]

The Ministry of Corporate Affairs ( MCA ) has extended the last date of filing of Form BEN-2 and BEN-1 under the Companies Act, 2013. The MCA also relaxed Additional Fees. In a Circular issued by MCA said that, “the time limit for filing e-form No. BEN-2 is extended upto 31.12.2019 without payment of additional […]

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CBDT again issues clarifications on Filling-up of Return Forms for the Assessment Year 2019-20 [Read Circular]

The Central Board of Direct Taxes ( CBDT ) has again issued clarifications on filling-up of Return Forms for the Assessment Year 2019-20. The Income Tax Return (ITR) forms for the Assessment Year (AN.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the 01st day of April 2019. Subsequently; instructions for filing ITR forms […]

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GST Evasion: DGGI finds clandestine clearance of the Taxable Goods by raising Parallel Invoices

It came to the notice of the officers of the DGGI, Zonal Unit, Surat that the Firms M/s Tanishk Fashion, 3086-87-88, Radha Raman Textile Market, Saroli and M/s Riddhi Siddhi Fashion, 736, New Textile Market, Nawabwadi, Surat engaged in the activity of sale of finished fabric dress material are selling some of the goods without […]

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CCI approves Acquisition of 70% Shareholding in Saudi Basic Industries Corporation by Saudi Aramco

The Competition Commission of India ( CCI ) has approved the acquisition of 70% shareholding in Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco), under Section 31(1) of the Competition Act, 2002, today. The proposed transaction entails the acquisition of 70% shareholding in SABIC, currently held by the Public Investment Fund […]

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Rajasthan HC dismisses Petition on Ground of lack of Jurisdiction by applying the Doctrine of Exhaustion of Alternate Remedies [Read Judgment]

The Jaipur Bench of the Rajasthan High Court in the case of M/s HCL Infosystems Ltd. v. State of Rajasthan held that in absence of a breach of fundamental rights and on availability of alternative remedies, the alternate forums shall be approached before the present court. The present appeal has been preferred against the judgment […]

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Standalone Service of Arranging Client’s Accommodation is classifiable as ‘Support Service’ on which ITC can be availed: AAR [Read Order]

The West Bengal Authority for Advance Ruling in an application filed by Golden Vacations Tours and Travels held that the applicant engaged in providing the standalone service of arranging client’s accommodation is classifiable as ‘Support Service’ and not as ‘Tour Operator’. Also, ITC shall be available on the same. The applicant, a tour operator is […]

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CBDT extends due date of filing ITRs & Tax Audit Reports to October 31

The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income tax returns (ITRs) and Tax Audit Reports for audit cases has been extended to October 31 from September 30. The Income Tax Department said in a tweet: Earlier, the Institute of Chartered Accountants of India (ICAI) had written to CBDT, urging […]

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CBIC issues clarifications on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued clarifications on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019. Only the persons who are eligible in terms of Section 125 can file a declaration under the Scheme. The eligibility conditions are captured in Form SVLDRS-1 (Sr. No. 8). The system automatically disallows […]

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GST Evasion: DGGI unearths Input Tax Credit Fraud of over Rs 400 crore in Kandla SEZ

Acting on specific intelligence that a few units located in Kandla SEZ at Gandhidham, (Gujarat) in connivance with about 20 exporter firms/companies based in the National Capital Region (NCR) have hatched a major conspiracy to defraud the Government exchequer, the Directorate General of GST Intelligence (DGGI), Ahmedabad Zone (an Investigative arm of the Central Government), […]

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Govt reconstitutes Economic Advisory Council to the Prime Minister

The Government of India has reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) for a period of two years with effect from 26th September 2019. Dr. Bibek Debroy and Shri Ratan P. Watal will continue to be the Chairman and Member Secretary respectively of the reconstituted EAC-PM. Apart from these two Full-Time Members, the […]

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SC upholds Priya Blue Industries case mandating Amendment to Original Order of Assessment for Refund Claim [Read Judgment]

The Supreme Court in the case of ITC Ltd. v Commissioner of Central Excise, Kolkata held that a person aggrieved by any order of assessment has to get it modified under Section 128 or other relevant provisions and not Section 27 for claiming of refund. The appellants are engaged in the manufacture of paper from […]

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CA Students protest against ICAI’s Evaluation Methods: ICAI issues Clarification on Exam Evaluation

The Institute of Chartered Accountants of India (ICAI) has made an announcement with respect to Evaluation of answer books of CA exams on September 21, 2019. Thereafter, a webinar was conducted on September 22, 2019, wherein the procedure and processes followed in the examination system were explained and all the misgivings about the examination process […]

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CBDT issues directions for Resolving Grievances of Start-ups [Read Letter]

The Central Board of Direct Taxes ( CBDT ) has issued directions for handling grievances of Start-ups and addressing its tax-related issues. In a letter addressed to officers said that, In case of any grievance, the preliminary Action Taken Report is to be submitted to this office by the next day., i.e., within one working […]

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Demanding details of Bank Account of a person shall amount to Infringement of his Right to Privacy: Kerala HC [Read Judgment]

The Kerala High Court in the case of Raju Sebastian and Ors v. Union of India held that the demand of details pertaining to the bank account of a person shall amount to infringement of Right to Privacy. The appellants conduct petroleum retail outlets on the basis of the dealership agreements executed by them with […]

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Relief for Google – No Penalty under Section 271(1)(c) if the matter has been admitted by High Court: ITAT [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) in the case of M/s Google India Pvt. Ltd. v. The Assistant Commissioner of Income Tax held that no penalty can be levied under Section 271(1)(c) if Hon’ble High Court has admitted the matter. The assessee company engaged in the business of providing […]

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MCA appoints 28 New Judicial and Technical Members in NCLT [Read Notification]

The Ministry of Corporate Affairs ( MCA ) has appointed twenty-eight new Judicial and Technical Members in National Company Law Tribunal ( NCLT ). The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of […]

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CCI approves Combinations under Section 31(1) of the Competition Act, 2002

The Competition Commission of India (CCI) approves the following Combinations under Section 31(1) of the Competition Act, 2002, : Acquisition of Dixcy Textiles Pvt. Ltd. (DTPL) by Varenna Holdings Limited (Varenna) The proposed transaction entails acquisition of equity shares in DTPL by Varenna. Varenna already holds 60% of the shares in DTPL. Varenna is an […]

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Sales Tax Bar Association moves Delhi HC to resolve System Glitches and Delay in Refunds [Read Order]

The Sales Tax Bar Association (STBA) has moved the writ petition in Delhi High Court raising several issues in relation to the difficulties being faced in entertainment, processing and allowance of the refund claims made under Section 54 of the Central Goods and Services Tax Act, read with Section 16 of the Integrated Goods and […]

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Govt. notifies new Depreciation Rates of 30% & 45% on vehicles purchased between 23-08-2019 to 31-03-2020 [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has notified new depreciation rates of 30% and 45 on vehicles purchased between 23.08.2019 to 31.03.2020. The rates of 15% is applicable on Motor cars, other than those used in a business of running them on hire, acquired or put to use on or after the […]

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CA / CMA Vacancies in RITES Ltd

The RITES Limited has invited applications from CA/CMA, B.com graduates for the post of Junior Manager (Finance) and Junior Assistant (Finance). RITES Ltd., a Mini Ratna Central Public Sector Enterprise under the Ministry of Railways, Govt. of India is a premier multi-disciplinary consultancy organization in the fields of transport, infrastructure and related technologies. Name of […]

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Agent / Trader Operating under Agriculture Produce Marketing Committees exempted from TDS: CBDT [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has notified that provisions of section 194N of the Income Tax Act ( TDS ) shall not be applicable to the commission agent or trader operating under Agriculture Produce Market Committee (APMC). The Notification issued by Finance Ministry said that, “the commission agent or trader, operating […]

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Breaking News I Changes GST Rate on Services from 1st Oct 2019 by 37th ...

GST Rate on Goods as Recommended by The GST Council in Its 37th Meeting

The 37th GST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief Minister of Goa Shri Pramod Sawant, Finance Ministers of States & UTs and seniors […]

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37th GST Council Meeting: Major Recommendations

The 37th GST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief Minister of Goa Shri Pramod Sawant, Finance Ministers of States & UTs and seniors […]

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37th GST Council meeting Decisions on 20.09.2019 : No need to File GSTR ...

GST Council Recommends reduced GST Rate on Services

The GST Council in the 37th meeting held on 20th September, 2019 at Goa took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions and clarifications on connected issues. EXEMPTIONS / CHANGES IN GST RATES / ITC ELIGIBILITY CRITERIA: Rate reduction sector wise: Hospitality and tourism: To reduce the rate of GST […]

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ICAI Announces Fee Waiver in Registration Course Fee

Taking forward its mission of inclusive growth & empowering students, the Council of The Institute of Chartered Accountants of India ( ICAI ) has taken a major decision providing concession on registration course fee for the students of newly formed Union Territories of Jammu & Kashmir and Ladakh and for 8 North-Eastern States. It has […]

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Composition of GSTAT is Unconstitutional, rules Madras High Court

The Madras High Court has ruled that the constitution of GST Appellate Tribunal ( GSTAT ) is unconstitutional. The division bench comprising of Justice S. Manikumar and Justice Subramonium Prasad has held that the number of judicial members must exceed the number of technical members. However, dismissing an argument made during the course of hearing, […]

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Corporate Tax Rates slashed to 22% for Domestic Companies and 15% for new Domestic Manufacturing Companies and Other Fiscal Reliefs, says FM Nirmala Sitharaman

The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income Tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for Finance & Corporate Affairs Smt Nirmala Sitaraman during the Press Conference in Goa today. The Finance Minister elaborated further, […]

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DGGI-MZU makes an arrest for passing on fictitious Input Tax Credit

The Mumbai Zonal Unit of the Directorate General of GST Intelligence (DGGI-MZU) on Tuesday (17th September) made an arrest for one Shri Sandeep alias Karan Arora, Managing Director of M/s High Ground Enterprises Ltd.; on charges of having availed & utilized, as well as having passed on fictitious lnput Tax Credit (ITC) by way of […]

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ICAI Extends Time Limit of UDIN Generation from 15 days to 30 days

The Institute of Chartered Accountants of India ( ICAI ) has extended the time limit of UDIN generation from 15 days to 30 days. In response to the various representations received from Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the Council […]

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Govt constitutes Company Law Committee for examining and making recommendations on various provisions and issues pertaining to implementation of the Companies Act

In line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law-abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having impact on the working of corporates in the country, it has been decided to constitute a Company […]

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RBI releases Handbook of Statistics on the Indian Economy 2018-19

Today, the Reserve Bank of India ( RBI ) released its annual publication titled “Handbook of Statistics (HBS) on the Indian Economy 2018-19”. This publication, the 21st in the series, disseminates time series data on various economic and financial indicators relating to the Indian economy. The current volume contains 240 statistical tables covering national income […]

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RBI releases “Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”

The Reserve Bank of India (RBI) in its Second Bi-monthly Monetary Policy Statement, 2019-20 dated June 06, 2019 announced that it is proposed to issue Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks. Accordingly, RBI has today released on its website ‘Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the […]

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CA, LLB Openings in EY

The Ernst & Young ( EY ) has invited applications from CA, LLB graduates for the post of Independence – Sr. Manager / Associate Director. Independence support is the largest sub-service function within Risk Management Services (RMS) responsible for assisting Assurance and Risk Management teams in maintaining EY’s objectivity and integrity with respect to its […]

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CBDT notifies New Norms for Approving Panel under GAAR [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Rules 10UD & 10UE for the purpose of making reference to Approving Panel under section 144BA(4) of the Income Tax Act under General Anti Avoidance Rule ( GAAR ). According to the New Amendment, Rule 10UD i.e., Reference to the Approving Panel.- A reference under sub-section […]

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ICAI issues FAQ on ‘Presentation of Dividend and Dividend Distribution Tax’ [Read FAQs]

The Institute of Chartered Accountants of India ( ICAI ) has issued Frequently Asked Questions (FAQs) on ‘Presentation of Dividend and Dividend Distribution Tax. The ICAI has clarified the issues regarding the presentation requirement as per IndAS in India for dividend and dividend distribution tax. “If a financial instrument is classified as debt, the dividend […]

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ICAI issues Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013

The Institute of Chartered Accountants of India ( ICAI ) has issued advisory on Auditor’s reporting on Section 197 (16) of the Companies Act, 2013. Section 197(16) of the Companies Act, 2013 requires as under: “The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration […]

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CA Exams November 2019: ICAI extends Correction Window for Chartered Accountant Examinations

The Institute of Chartered Accountants of India ( ICAI ) has extended Correction Window for Chartered Accountant Examinations, November 2019. In a announcement issued by ICAI has said that, Candidates who had applied for Chartered Accountant Examinations i.e. Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} and Final {Under […]

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Breaking News I GSTR 3B Revision Allowed !

Circular on Monetary Limits for Filing Appeals not applicable in case of claiming Bogus LTCG / STCG through Penny Stocks: CBDT [Read Office Memorandum]

The Central Board of Direct Taxes ( CBDT ) has clarified that, circular on monetary limits for filing appeals not applicable in case of claiming bogus Long-Term Capital Gain ( LTCG ) / Short-term Capital Gain ( STCG ) through penny stocks. The CBDT has issued office memorandum with direction to refer Circular no. 23 […]

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No Lock-in period of 3 years on Investment made by NR in Bonds of Infrastructure Debt Fund: CBDT [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has waived off lock-in period of 3 years on investment made by Non Residents in bonds of Infrastructure Debt Fund. According to Rule 2F of the Income Tax Rules, 1962, provides that the investment made by a non-resident investor in bonds of Infrastructure Debt Fund shall […]

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Tolerance band for FY 2019-20 Notified: 1% for Wholesale Traders and 3% for Others [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has notified that the tolerance range of 1 per cent for wholesale trading and 3 per cent in all other cases for the assessment year 2019-20. In a notification issued by Finance Ministry said that, where the variation between the arm’s length price determined under section […]

The post Tolerance band for FY 2019-20 Notified: 1% for Wholesale Traders and 3% for Others [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

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Learn GST & Income Tax online with CA Satbir singh : Registration Starte...

CA Exams: ICAI notifies dates of Chartered Accountants Foundation Course, Intermediate and Final Exams [Read Notification]

The Institute of Chartered Accountants of India ( ICAI ) has notified the dates of Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} and Final {Under Old & New Scheme} Examinations. Similarly, Examinations in Post Qualification Course under Regulation 204, viz.: Insurance and Risk Management (IRM) Technical […]

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GST Registration: Aadhaar Verification Mandatory for New Dealers from Jan 2020

The GST Network on Saturday decided to make Aadhaar authentication or physical verification mandatory for GST Registration from January 2020. The 35th GST Council meeting held under the Finance Minister Nirmala Sitharaman has approved the use of the Aadhaar card for the enrollment on the Goods and Services Tax Network ( GSTN ). The use […]

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RBI releases Report of the Committee on Development of Housing Finance Securitisation Market

The Reserve Bank of India ( RBI ) had constituted a Committee on the Development of Housing Finance Securitisation Market, on May 29, 2019, with Dr. Harsh Vardhan, Senior Advisor, Bain & Co. as the Chairperson. The Committee was set up in recognition of the role of well-functioning securitisation markets for better management of credit […]

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Chartered Accountant Vacancy in Amazon

The Amazon has invited application from Chartered Accountants and Certified Public Accountant for the post of Risk Specialist. Amazon is seeking a Financial Analyst to support the Finance Operations Risk Management Services in Accounts Payable at Amazon. BASIC QUALIFICATIONS Postgraduate degree in finance and/or professional qualification like Chartered Accountant/Certified Public Accountant. CFE certification would be […]

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RBI releases Report of the Task Force on the Development of Secondary Market for Corporate Loans for comments

The Reserve Bank of India ( RBI ) had constituted a Task Force on Development of Secondary Market for Corporate Loans under the Chairmanship of Shri T. N. Manoharan, Chairman, Canara Bank, on May 29, 2019. The Terms of Reference of the Task Force were to review the existing state of market for loan sale/transfer […]

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Andhra Pradesh HC orders revision in GSTR-3B Form

The Andhra Pradesh High Court has ordered revision in the Form GSTR-3B. GSTR-3B is a monthly self-declaration that has to be filed by a registered dealer from July 2017 till March 2018. Every person who has registered for GST must file the return GSTR-3B including nill returns. All taxpayers, except those registered under the composition […]

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Breaking News ! New Process to Upload GST Invoices on GST Portal from 1s...

Racket of Issuance of Invoices Without Actual Supply of Goods Busted In Delhi; 4 Held

CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel modus operandi wherein the taxpayer showed supplies to SEZ for claiming a fraudulent refund […]

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Live GST Class by CA Satbir singh on Unacademy (Hindi)

GST CMP 08 Online Filing on GST Portal I New GST Return for Composition ...

Breaking News ! Aadhaar Number Mandatory for GST Taxpayers I GSTIN not v...

Breaking News ! Big Updates on GST Portal for New GST Return online I CM...

Govt. notifies E-Assessment Scheme 2019 [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has notified an ‘E-Assessment Scheme, 2019’ vide Notification no. 61/2019 & 62/2019, dated 12-09-2019 for the purpose of conducting e-assessments. The scheme came into force with effect from September 12, 2019. Any scrutiny assessment carried out on or after 12-09-2019 shall be governed by this ‘E-assessment […]

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GST Evasion: DRI, DGGI carry out joint operations against fraudulently claiming refund of IGST by Exporters

In the biggest ever joint operation by Directorate General of GST Intelligence (DGGI) and Directorate General of Revenue Intelligence (DRI) against exporters who were claiming a refund of IGST fraudulently, pan-India searches were carried out at 336 different locations across the country yesterday. The operation covered entities in the states of Delhi, Haryana, Uttar Pradesh, […]

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Application for Compounding of Offences filed before the Competent Authority on or before 31-12-2019 shall be deemed to be filed in Time: CBDT [Read Circular]

The Central Board of Direct Taxes ( CBDT ) has clarified that, application for compounding of offences filed before the competent authority on or before 31-12-2019 shall be deemed to be filed in time. In a Circular issued by CBDT said that, With a view to mitigate unintended hardship to taxpayers in deserving cases, and […]

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CBDT issues norms for launching Prosecution under Direct Tax Laws [Read Circular]

The Central Board of Direct Taxes ( CBDT ) has issued norms for identification and processing of cases for prosecution under Direct Tax Laws. The prosecution is a criminal proceeding. Therefore, based upon evidence gathered, offence and crime as defined in the relevant provision of the Act, the offence has to be proved beyond a reasonable doubt. […]

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ICAI Extends Last Date of Filling Multipurpose Empanelment Form 2019-20

The Institute of Chartered Accountants in India ( ICAI ) has extended last date for filing for submission of online Multipurpose Empanelment Form for the year 2019-20. In a press release issued by ICAI said that, Considering the requests of various Members of ICAI, it has been decided by Professional Development Committee to extend the […]

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New GST Return Schedule from 1st October 2019

Breaking News I No need to File GST Annual Return (GSTR 9,9A, 9C): 37th ...

Breaking News I No need to File GST Annual Return (GSTR 9,9A, 9C): 37th ...

GST Council to meet on Sep 20: Likely to Propose Single Refund Mechanism to sanction Refund

The most powerful GST Council, in its meeting scheduled on 20th September is likely to propose a procedure to permit a single authority for sanctioning and processing GST refunds for exporters in a quick and an efficient manner. As per the proposed mechanism, the Government or the tax officials may check, review and sanction full […]

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GST New Return Utility 2.0 on GST Portal Released

ICAI extends Last date for Online Application of CA Exams Nov 2019

The Institute of Chartered Accountants of India ( ICAI ) has extended the last date for filing of online applications for the Chartered Accountants exams scheduled in November 2019. “In partial modification of the Institute’s Announcement No. 13-CA(Exam)/N/2019 dated 14th August, 2019, it is hereby informed that the last date for submission of the Online […]

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CBDT enters into 26 APAs during the current Financial Year

The Central Board of Direct Taxes ( CBDT ) has entered into 26 Advance Pricing Agreements (APAs) in the first 5 months of the current financial year (April to August, 2019). With the signing of these APAs, the total number of APAs entered into by the CBDT as of now stand at 297, which includes […]

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GST Offline Tool of New Return Trial : Short Video on Part 1 of 4 in Hi...

Kerala High Court upholds IT Deduction to Future Expenses in respect of a Liability that accrued during the related Accounting Year [Read Judgment]

A division bench of the Kerala High Court has held that an expenditure to be incurred in future in respect of a liability that accrued during the related accounting year would be eligible for a deduction in the said accounting year under the provisions of the Income Tax Act. The assessee is a leading mall […]

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Stay on GSTR 3B Late Fees Recovery

GSTR 7 Date Extended for July 2019