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Income tax liability on foreign income | Income from abroad
Foreign Income: Tax ability of income is one of the major concerns in our country, be it direct tax or indirect it’s confusing. An icing on the top of the cake is foreign income or income from Abroad. There is always a question, whether this foreign income taxable, if yes then how? Let us understand […]
Read moreICAI: Change of Examination Centre for January / February 2021
Institute of Chartered Accountants of India (ICAI) has changed an Examination Centre for CA Exams January / February 2021 in Kolkata (West Bengal). The announcement is as follows- Examination DepartmentThe Institute of Chartered Accountants of India18th January, 2021 IMPORTANT ANNOUNCEMENT Subject: Change of Examination Centre for January / February 2021. It is hereby informed that due […]
Read moreEverything about CA course and its scope
Wanna make your Signature worth more than an Autograph? Wanna become one of those whose signature is even required by Prime Minister? Then you’re looking for the right course. Chartered Accountancy (CA) is one of the most prestigious and challenging course, especially in India. There is a myth in a society, that A CA just […]
Read moreGSTR 9 & 9C for FY 2019-20 | GST Audit Turnover
GSTR 9 is the Annual Return form to be filed by the regular taxpayer registered under GST. It contains the detailed summary of outward supply, taxes paid thereon, input tax credits claimed, taxes paid and refund claimed in the financial year. Types of Return filed annually under GST- GSTR 9 (filed by individual who file […]
Read moreCBDT directs IT officers may impose penalty for false entry in books of accounts
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 moreMaharashtra GST department to issue their own Circulars, will not adopt CBIC Circulars
A 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 moreICAI: Change of Examination Centre for January / February 2021
Institute 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 moreCBDT rejects all representations for extension of due date of Tax Audit report
F.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-Invoicing under GST: QR Codes | A Mandatory Replicator of e-Invoice Data
e-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 Advisory on Auto-population of e-invoice details into GSTR-1
GSTN: 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 […]
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