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Budget 2021 documents won’t be printed this time, here’s why
In 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 moreIncome Tax Return: E- verify ITR through 6 ways
After 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 moreIncome Tax : Gujarat High Court directs CBDT to extend Due dates by 12th jan
All 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 moreGSTN issued FAQs on Aadhaar Authentication for Existing Taxpayers on GST Portal
1. 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 […]
Read moreGST, Income Tax and Custom turnover showing different impossible now : Finance Secy
With GST collections picking up, data analysis across direct and indirect taxes to identify evaders is helping to improve efficiency for revenue collections. The tax department has identified 20,000-30,000 cases for turnover mismatch out of a total GST tax base of 1.2 crore and 7,000 companies have been acted upon over the last 1.5 months, […]
Read moreGSTN issued advisory on Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme
1. An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017. Taxpayers who have opted for quarterly filing frequency under the scheme can file their details of outward supplies (B2B invoices […]
Read moreICMAI: FIR against persons trying to degrade the dignity and integrity of exam system
The Institute of Cost Accountants of India (ICMAI) has issued circular on false propaganda containing false and fake documents in social media to create an impression in the minds of the students, members and public at large that there are malpractices going on in the conduct of Institute’s online examinations of Intermediate and Final and that […]
Read moreICMAI initiated action against students using unfair means in online exams
CMA Exam: The Institute of Cost Accountants of India (ICMAI) is conducting online exams for the CMA Intermediate and Final students in January, 2020. ICMAI had already issued notification detailing about Online CMA exams. Also, the institute, in the circular stated that candidates/ Students will be debarred from 5 exam terms, if found to adopt […]
Read more10 Newly added features on GST portal ; One Must know
CBIC always tries to make GST compliances easier and introduce few new things on the GST portal every month. From last one month or week so, many changes have been introduced and today we will go through all of them- 1. GSTR 2B Form GSTR 2B is generated every month, as per the GSTR 1 […]
Read moreRevised Income Tax Return under Section 139(5) – Time Limit, Procedure, Provisions
Revised Return: At the time of filing our income tax return (ITR), we make sure not to make mistakes. However, sometimes we make a mistake while filing our ITR. These can include mentioning the wrong bank account number, forgetting to declare income, or claiming the wrong deduction etc. If you have made a mistake, the […]
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