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Central Board of Direct Taxes (CBDT) issued directions to all the director general of Income Tax (inv.), Chief Commissioners (central) and director general of Income tax (I & CI) to impose penalty under section 271AAD of Income Tax Act, 1961 for false entry, false invoice etc. in books of accounts. Section 271 AAD under Income […]
Read moreA recent circular issued by Department of GST in Maharashtra clearly indicates that the state will have a last say on applicability of a circular issued by the Central Board of Indirect Taxes and Customs (CBIC). A circular issued on 12 January 2021 by the Office of the Commissioner of State Tax, Maharashtra, says that […]
Read moreInstitute of Chartered Accountants of India (ICAI) has changed Examination Centre for CA Exams January / February 2021 in Allahabad (Uttar Pradesh). The announcement is as follows- Examination DepartmentThe Institute of Chartered Accountants of India12th January, 2021 IMPORTANT ANNOUNCEMENT Subject: Change of Examination Centre for January / February 2021. It is hereby informed that due to […]
Read moreF.NO. 370153/ 39J2020-TPLGOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) (TAX POLICY AND LEGISLATION DIVISION) New Delhi, 11th January, 2021. ORDER UNDER SECTION 119 OF INCOME TAX ACT, 1961 The Hon’b1e Gujarat High Court vide judgement dated 8th January, 2021 in the case of The All India Gujarat Federation […]
Read moree-Invoice has implemented on large enterprises having an annual turnover of INR 500 Crores and above. As per GST Notification 70/2020-Central Tax ,dated: 30-09-2020, the mandate has begun from October 1st 2020 and as per GST Notification 88/2020-Central Tax ,dated: 10-11-2020, the mandate will also apply for all businesses having an annual aggregated turnover of […]
Read moreGSTN: From 1-10-2020, certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). From 1-1-2021, the taxpayers with aggregate turnover above Rs. 100 Cr. had also started reporting invoices to IRP.Details from the reported e-invoices are being auto-populated in respective tables of GSTR-1. Update on the […]
Read moreIn a first, the Union Budget 2021 is going to be completely paperless and this is going to happen for the first time since independence, due to the ongoing coronavirus pandemic. It is reported that the government has received permission for the same from both the houses of parliament. Every year, the Union Budget is printed […]
Read moreAfter filing Income Tax Return, it is mandatory to verify the ITR for the assessee within 120 days of ITR filing, otherwise ITR submission will become invalid. There are various methods to e-verify ITR. Step-by-step guide for e-verification of ITR One can verify ITR without login into the e filling portal. The procedure is as […]
Read moreAll Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court): Petition was filed in Gujarat High Court for extension of Income Tax return and Audit of FY 2019-20. The Gujarat High Court directed the respondent, CBDT to take appropriate decision regarding extension of Due date for Tax Audit Reports (TAR) and Income […]
Read more1. Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available, has been deployed on GST Common Portal w.e.f. 6th January, 2021, for existing taxpayers. All taxpayers registered as Regular Taxpayers (including Casual Taxable person, SEZ Units/Developers), ISD and Composition taxpayers can do their Aadhaar Authentication or e-KYC on GST Portal. This is not […]
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