Accordingly, the Central Board of Direct Taxes (CBDT) has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%. Income tax refunds of approximately Rs. 87,749 crore have been issued in 2,34,27,418 cases whereas corporate tax refunds of approximately Rs. 1,74,576 crore have been issued in about 3,46,164 cases during the said period.
Posted inCOMPANY LAW
Due Date to Use Accounting Software with Audit Trail Extended to 1st April 2022
MCA has extended the due date to use accounting software with audit trail from 1st April 2021 to 1st April 2022.
Posted inGST
GST Revenue Collection for March 2021 Sets New Record
The gross GST revenue collected in the month of March 2021 is at a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST is ₹ 62,842 crore (including ₹ 31,097 crore collected on import of goods) and Cess is ₹ 8,757 crore (including ₹ 935 crore collected on import of goods). The government has […]
Posted inINCOME TAX
Due Date for Linking of Aadhaar with PAN Further Extended
The Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic. Further, the date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the […]
Posted inTC
I was About to Give Up. But I thought I Can Not Quit Just Like That and Finally Become CA: CA Tanvi Sukhija
Today, i am sharing the inspirational story of CA Tanvi Sukhija who was about to give up in CA Final Exams and wanted to opt out from Nov 2020 exams, but later she worked hard for Nov 2020 exams and achieved the badge of Chartered Accountant (CA) in the very first attempt.
Posted inGST
Be Alert Taxpayers and Professionals: Finance Bill 2021 is now Finance Act 2021. Be Aware of One of this Section of CGST Act
Through this act, the government has notified section 16(2)(aa) of the CGST Act which said that ITC not reflecting in GSTR-2A will become ineligible to claim.
Posted inBUSINESS & ECONOMY
Ratan Tata vs Cyrus Mistry: A Judgement Which will be Referred for Generations
In a major victory for the Tata Group, the Supreme Court on Friday set aside the NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate.
Posted inGST
Changes in GST from 1st April 2021 You Must Know
While taking ITC on purchases and other expenses, kindly verify that supplier has mentioned HSN/ SAC code in invoice as required. If HSN/ SAC Code is not mentioned in invoice, then ITC will not be available.
Posted inTC
Remember that “Kaashh” Moment at the Time of Failure and Correct the Mistakes Next Time: CA Student Parita Bhandari
Failures will keep learning because they know that learning never stops, but those people who succeeded without facing failure will stop learning at some point of time and that will lead them to fail as failing once in life is mandatory.
Posted inINCOME TAX
More than 100 Changes to the Original Finance Bill, 2021 have been Introduced in Lok Sabha
Finance Minister Smt. Nirmala Sitharaman has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha. More than 100 changes have been proposed to the original Finance Bill, 2021 which was introduced in the Union Budget, 2021.
Posted inTC
Online Classes Provided by All India Rank Chartered Accountant at Very Low Cost
The batch is an ongoing batch in which 6 classes are done and the backup of same shall be available for new joiners.
Posted inICAI
Inviting CA Students to Share the Story of Failure and Preparations to be Done by Them to Reduce Mistakes in Next Attempt
Similarly you failed in your CA Foundation or Final examination announced yesterday does not mean that you can not achieve success in life. This actually means that you will teach from mistakes committed by you in the last attempt and will not commit these mistakes in next attempt.
Posted inICAI
CA Exams: ICAI Declared Results of CA Final and Foundation Exams held in January, 2021
Results can be accessed on icaiexam.icai.org, caresults.icai.org, and icai.nic.in
Posted inINCOME TAX
Income Tax Department’s Search & Survey Operations on Real Estate Developers and Traders of Mobile Accessories Reveals 13 Secret Godowns and Many More
The Income Tax Department carried out searches on 17.03.2021 in the case of a prominent builder and developer group based in Mumbai. Searches were also conducted in the case of dealers engaged in the business of trading of mobiles accessories. In all, 29 premises located in Mumbai were covered under search operation, while 14 premises […]
Posted inBUSINESS & ECONOMY
Government Announces Budget of Over Rs 1 Lakh Crore for Jammu & Kashmir for F.Y. 2021-22. Major Focus on BDC, Development and Infrastructure
The budget document reveals that its focus is on good governance, socio-economic development of the people, infrastructure building and generation of employment. 37 % of the earmarked budget is destined to be spent on development and infrastructure projects.
Posted inICAI
ICAI’s Important Announcement Regarding Result of January 2021 CA Foundation and Final Exams
19th March, 2021: The Institute of Chartered Accountants of India (ICAI) has made important announcement regarding result of CA Foundation and Final Exams held in January, 2021. The extract of the announcement is as under: The results of the Chartered Accountants Final Examination (Old course & New Course) and Foundation Examination held in January 2021 […]
Posted inINCOME TAX
Be Alert: Income Tax Department Conducts Searches due to Non Compliance of Faceless Assessment Notices
The search action emanated due to non-compliance to faceless scrutiny assessment notices selected and issued through a computerised system. Notices under the Faceless Assessment Scheme sent to certain assessees were consistently not complied with even though received by them. Data analytics revealed that the recipients were persons of no/low means. Subsequent internal and discreet enquiries revealed that the said persons were the front for the above said group and were also the benamidars of some of the group members.
Posted inGST
Expenses Incurred for Corporate Social Responsibility (CSR) are Eligible for Claiming ITC in GST: AAR Uttar Pradesh
Question: Whether expenses incurred by the company in order to comply with requirements of Corporate Social Responsibility (CSR) under the Companies Act, 2013 (‘CSR Expenses’) qualify as being incurred in the course of business and eligible for input tax credit (‘ITC’) in terms of Section 16 of the CGST Act, 2017?
Ruling by AAR: Yes.
Posted inGST
E-Invoicing Under GST: Applicability of E-Invoicing
Business to Consumer (B2C) supplies can also be reported by notified persons?
No. This will be brought under e-invoicing in the next phase.
Posted inGST
Update IFSC Codes on GST Portal due to Bank Merger: GSTN
On 16th March, 2021, GSTN said that “IFSC of 8 banks are changed due to merger. Taxpayers may update their Bank Account details through non-core Amendments and update refund application, in case failed due to validation error sent by PFMS.” Here is the list of PSU Bank Merger in 2021: S. No. Acquirer Banks Banks […]
Posted inGST
No Proposal for Faceless Assessments under the GST Act Presently: Union Minister Shri Anurag Thakur
Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, stated in a written reply to a question in Rajya Sabha that no proposal for scrutiny of GST assessment in a faceless mode is under consideration of the Government presently as the GST laws and rules made thereunder already provide for electronic […]
Posted inTC
Much Awaited Decision: CA/ CS/ ICWA Qualification will be Considered as Post Graduate Degree for Appearing UGC Net
The University of Grants Commission (UGC), on 15th March, 2021, said that CA/ CS/ ICWA Qualification will be Considered as Post Graduate Degree for Appearing UGC Net. UGC said in its letter that UGC had received requests from the Institute of Chartered Accountants of India (ICAI), the Institute of Company Secretaries of India (ICSI), and […]
Posted inTC
49.87 Crore People had Health Insurance Coverage in F.Y. 2019-20: IRDAI
Insurance Regulatory and Development Authority of India (IRDAI) has informed that the total number of lives covered under health insurance business (excluding Personal Accident & Travel Business) in Financial Year 2019-20 was 49.87 crore. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply […]
Posted inGST
Notice Served to Truck Driver Can Not be Considered as Notice to Assessee: Allahabad High Court
In the case of Ranchi Carrying Corporation vs State of UP & 2 Others, the Allahabad High Court held that the service of detention order on the driver or fixation of a copy of the order on the truck is none of the methods prescribed under section 169 and thus, same could not be deemed to be a valid service of notice.
Posted inTC
Income Tax Appellate Tribunal (ITAT): A Success Story
I am very happy and grateful to the Honourable President and other organizers for having invited me to join in Platinum Jubilee celebrations of the Income Tax Appellate Tribunal completing 75 glorious years. I have also been asked to write a message for the Souvenir to be released on the auspicious day. I take it as my proud privilege.
Posted inTC
Supreme Court Issues Guidelines to Use Hybrid Physical Hearing in the Wake of COVID-19
The guidelines include user guide for e-nomination of Counsel, e-nomination of Clerk, e-application for Special Hearing Pass and e-submission for Self-Declaration.
Posted inGST
E-Invoicing in GST: Basic Aspects and Notifications Issued Till Date
As per Rule 48(4) of the CGST Rules, 2017, notified class of registered persons (as notified by issuing notifications from time to time) have to prepare invoice by uploading specified particulars of invoice in Form GST INV-01 on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN).
Posted inTC
Supreme Court Explains Meaning of “The” in a Judgement
The SC has classically discussed the difference of meaning the word “A(An)” and “The” and consequently the importer has got the heavy relief from the impugned order of CESTAT which was against the importer.
Posted inGST
SAC Codes with GST Rates
SAC Codes (Services Accounting Codes) with GST Rates (as on 30/06/2020)
Posted inGST
HSN Codes with GST Rates
HSN Codes with GST Rates (as on 30/06/2020). Goods which are not specified in table below have IGST tax rate of 18%.