Day: January 8, 2022

₹ 70 Crores Fake GST Input Tax Credit Racket & issued bogus invoices 385 Crores

Navi Mumbai CGST Commissionerate busts Rs. 70 Crores Fake GST Input Tax Credit Racket The officers of Navi Mumbai CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit racket involving GST of Rs 70 Crores. This network, which involves more than 14 business entities had issued bogus invoices more than Rs …

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Upcoming functionality - Interest Calculator in GSTR-3B

Important GST Advisory- Upcoming functionality – Interest Calculator in GSTR-3B

1. As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers. The interest appliable, if any, on …

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SECTION 185 OF COMPANIES ACT (LOAN TO MANAGING DIRECTORS AND WHOLETIME DIRECTORS BY THE COMPANY)

Section 185(1) of the Companies Act, 2013 No company shall, directly or indirectly, advance any loan, including any loan represented by a book debt to, or give any guarantee or provide any security in connection with any loan taken by,— (a) Any director of company, or of a company which is its holding company or any partner or …

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DRAFT FORMAT OF DIRECTORS REPORT OF A PRIVATE LIMITED

Dear Members, XYZ PRIVATE LIMITED Your Directors have pleasure in presenting the (No. of AGM) Annual Report together with the Audited Statement of Accounts of your Company for the Year ended March 31, 2021. 1. FINANCIAL SUMMARY The Company’s financial performance, for the year ended March 31, 2021:                    …

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Corporate Compliance Calendar for January, 2021

Corporate Compliance Calendar for January, 2022

This article contains various Compliance requirements for the Month of January, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations. ”Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non‐ compliance” Compliance …

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PNB, SBI and HDFC changed the rules, you will be directly affected

In the new year, PNB, SBI and HDFC Bank have made many changes in the rules related to consumer transactions. In this, PNB has given a big blow to the customers by doubling the minimum deposit limit. On the other hand, SBI has made OTP mandatory for cash withdrawals above Rs 10,000 from ATMs. Whereas …

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Guidance Note on the Companies (Auditor’s Report) Order, 2020

Alert: Empanelment of CA Firms for Concurrent Audit of SBI; Last Date 10 Jan 2022

Empanelment Of Chartered Accountant Firms as Concurrent Auditors At Retail Asset Credit Centers (RACCs) of State Bank of India STATE BANK OF INDIAINTERNAL AUDIT DEPARTMENT, HYDERABAD EMPANELMENT OF CHARTERED ACCOUNTANT FIRMSAS CONCURRENT AUDITORS ATRETAIL ASSET CREDIT CENTRES (RACCs) STANDARD OPERATING PROCEDURE 1. SELECTION AS CONCURRENT AUDITORS: Applications are invited from eligible Chartered Accountant Firms for …

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Things to Know About PAN Card

PAN card holders have an opportunity to save ₹1000

PAN card holders are advised to link their Permanent Account Number (PAN) with their Aadhaar card number by 31st March 2021. Failing to meet this Aadhaar PAN link last date will now lead to late fee of ₹1,000. According to the recently inserted Section 234H of Income Tax Act, if a PAN card holders fails to seed one’s …

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Sovereign Gold Bond Scheme 2021-22 (Series IX) – Issue Price (Safe, Secure, Tax free)

In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Sovereign Gold Bonds 2021-22 (Series IX) will be opened for subscription during the period January 10-14, 2022 with Settlement date January 18, 2022. The issue price of the Bond during the subscription period shall be Rs 4,786 (Rupees Four thousand Seven hundred eighty …

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Alert: CBIC Issues Guidelines For Recovery Under Section 79 Of CGST Act

Vide instruction no. 01/2022- GST, dated 7th January 2022, CBIC has issued guidelines for recovery proceedings under section 79 of the CGST Act 2017 where cases are covered under explanation to sub-section (12) of section 75 of the CGST Act 2017. The guidelines read as under: Sub-section (12) of section 75 of the CGST Act, …

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CBDT Issues Updated Common Offline Utilities For ITR-1 To ITR-5 For A.Y. 2021-22

CBDT has issued updated common offline utilities for filing ITR-1 to ITR-5 for the Assessment Year 2021-22 It is notable that common offline utility for ITR-7 was issued on 28th December 2021 which is available for download. For ITR-6, only excel based utility is available as of now. To Download the utilities, Please Click Here …

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