CG has relaxed the provisions of Income-Tax Act, 1961 Act in relation to the payment of interest regarding TDS by Scheduled Bank to a member of Scheduled Tribe (ST) community. READ the below press released issued in this regards- Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of …
45th Meeting of the GST Council, Lucknow17th September, 2021 The GST Council’s 45th meeting was held today in Lucknow under the chairmanship ofthe Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. Read more at press released attached below.
Today we will discuss on basics of Advance tax concept under direct tax. Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the …
Tax Concept – Did you know basics of Advance Tax? Read More »
Important Announcement For December Examination Enrollment. Read more @ below
Highlights of SEBI Circular – (SEBI Circular No. SEBI/HO/MRD2/DCAP/P/CIR/2021/628Dtd. 07 th September, 2021) 1) Applicability: The provisions of this circular shall come into force w.e.f. 1 st January, 2022. 2)T+1 settlement cycle :- A Stock Exchange may choose to offer T+1 settlement cycle on any of the scrips, after giving an advance notice of at …
SEBI Updates : – Introduction of T+1 rolling settlement on an optional basis by SEBI Read More »
Important Announcement – Students converted from earlier scheme to revised scheme from July 21, 2021 to August 20, 2021 allowed to appear in Old/ New scheme in November, 2021 examination. Details are as follows Board of Studies (Academic)The Institute of Chartered Accountants of India8th September, 2021ANNOUNCEMENT Students converted from earlier scheme to revised scheme from …
CBDT provides the opportunity has been extended to those taxpayers who were eligible to file a settlement application as on January 31, 2021. Finance Act, 2021 led to the dissolution of Income Tax Settlement Commission (ITSC) from February 1, 2021. Subsequently, applications for settlement could not be filed. Such applications can be filed by 30.09.2021 …
GST Amnesty Scheme now extended till 30.11.2021
Rule 59(6) provides restriction on tax payers from filing GSTR-1/IFF 1) Applicable – W.e.f 1st of September, 2021 2) Title – Rule-59(6) to be implemented on the GST Portal Rule 59(6) provides restriction on tax payers from filing GSTR-1/IFF If GSTR-3B for last two months are not filed (For monthly filers) then put restriction from …
Attention to all taxpayers – File your pending GSTR-3B immediately Read More »
Committee for Members in Industry and Business (CMI&B) of ICAI is proud to launch TV series on ZEE Business, Chartered Accountants: The Growth Gears, showcasing the 360-degree arena of the work of CA professionals. Catch the 2nd Episode of the Talk Show “Chartered Accountants : The Growth Gears” brought out by CMIB of ICAI on …
As per Rule 59(6) of CGST Rules provides for restriction in Filing GSTR-1 & IFF Registered person shall not be allowed to furnish FORM GSTR-1/IFF in the following cases 1) If he has not furnished FORM GSTR-3B for preceding 2 months (For monthly Returns) OR 2) If he has not furnished FORM GSTR-3B for preceding …
Important GST portal updates -Restriction in Filing GSTR-1 & IFF Read More »
ICAI has announced the Election Dates December 3 & 4, 2021. Amidst COVID -19 commute has reduced, Earlier the voting booth were allotted as per our professional address. To reduce travel and make it convenient for members, ICAI has come up with option to choose voting booth near your place. Voting is now easier for …
ICAI election updates – Choose your Polling Booth for ICAI Election 2021 Read More »
The union cabinet approves the MOU between The Institute of Chartered Accountants of India (ICAI) & The Institute of Professional Accountants of Russia (IPAR) which will be pivotal for developing the mutually beneficial relationship between these two professional bodies and respective countries. It will boost the Export of Services in the Accounting profession by our …
Good news for CA professional – Union cabinet approves the MOU between ICAI and IPAR Read More »
CCI imposes Rs 200 crore penalty on Maruti for restricting discounts by dealers The Competition Commission of India (CCI) passed a final order against Maruti Suzuki India Limited (MSIL) for indulging in anti-competitive conduct of Resale Price Maintenance (RPM) in the passenger vehicle segment by way of implementing Discount Control Policy vis-à-vis dealers, and accordingly, …
Ministry of Finance Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about …
As per recent tweet made by Infosys India business – “The emergency maintenance of the @IncomeTaxIndia portal has concluded and the portal is live. We regret any inconvenience caused to taxpayers”.
Ministry of Finance has summoned Sh Salil Parekh,MD&CEO @Infosys on 23/08/2021 to explain to hon”ble FM as to why even after 2.5 months since launch of new e-filing portal, glitches in the portal have not been resolved. In fact,since 21/08/2021 the portal itself is not available as per the Income Tax department tweeted. The new …
CMI&B of ICAI is proud to launch a first of its kind TV series on ZEE Business, Chartered Accountants: The Growth Gears, showcasing the 360-degree arena of the work of CA professionals The committee took the initiative to instill pride in the profession of existing CAs and highlighting the plethora of opportunities it opens up …
Finally, the University of Delhi has recognized CA,CS and CMA qualification equivalent to the Post Graduation Degree. This notification will help large number of Professional Colleagues who want to obtain a Doctorate Degree. Thank you Delhi University
Press Release issued by CGST Agra Commissionerate regarding busting of of fake invoice racket evading tax of Rs. 32.56 crores of GST. Total 4 persons arrested. Read detailed story from the below picture
Overview :- The I-T department has introduced a provision relating to Tax Deducted at Source (TDS) from July 1, 2021, which would be applicable to businesses with turnover of Over Rs 10 crore. Such businesses while making any payments for purchase of goods exceeding Rs 50 lakh in a financial year to a resident would …
MCA issued notification dated 19 Aug 21 providing some further relaxation from online proficiency test for appointment as ID after database registration. A person practicing as Advocate, CA, CMA, CS for more than 10 years will not be required to qualify the test. Read below notification for details-
Ministry of finance via press release provide information regarding department conducts searches in NCR Posted On: 17 AUG 2021 8:05PM by PIB Delh The Income Tax Department conducted searches on 16.08.2021 on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were …
Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for …
As per recent notification of SEBI, now listed entities are not required to disclose information relating to credit rating in their financial statements. SEBI has amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 wherein rule 52 has been amended. As a result, listed entities while submitting half yearly/ annual financial results, are not …
MINISTRY releases list of single-use plastic items that will be banned from July 2022 . Single-use plastic items, including ear buds with plastic sticks, balloons’ plastic sticks, plastic flags, candy sticks, ice-cream sticks and thermocol for decoration will be banned from July 2022. Plastic plates, cups, cutlery, straw, trays, wrapping films around sweet boxes, invitation …
SOP for Penalties under Faceless Penalty Scheme-2021 National Faceless Assessment Centre, Delhi2nd Floor, E-RampJawaharlal Nehru Stadium, Delhi-110003email: ashish.abrol@qov.inPhone No: 011-24360103 F. No.A.A(N.A.F.A.C)-1/2021-22/439 Dated: 09.08.2021 To, All Chief Commissioners of Income-tax,Regional Faceless Assessment Centres Sub: – SOP for Penalties under Faceless Penalty Scheme-2021 I am directed to convey that the following Standard Operating Procedure (SOP) is prescribed …
SOP for Penalties under Faceless Penalty Scheme-2021 Read More »
CBDT issues refunds of over Rs. 47,318 crore to more than 22.61 lakh taxpayers between 1st April, 2021 to 09th August, 2021. Income tax refunds of Rs. 14,241 crore have been issued in 21,38,375 cases & corporate tax refunds of Rs. 33,078 crore have been issued in 1,22,511 cases.
The Institute of Chartered Accountants of India BOS of ICAI is pleased to announce the Launch of mobile Application “ICAI BOS” for ICAI students on the iOS Platform is available on Apple Play Stores and google Play Stores
