CA Jayprakash Pandey

The author, CA Jayprakash Pandey is a practicing Chartered Accountant (Founder of Jayprakash P & Company) having Office at Mumbai, with more than 5 years of professional cum practical experience, Direct Tax, International Taxation, Indirect Tax & FEMA related advisory, litigation & compliance matters.

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Important updates for Individual and HUF- No need to file Form 10-IE in case ITR 1 or ITR 2

Option to opt for the new tax regime will be available for the taxpayers filing return of ITR 1 or ITR 2 in the return itself. There is no need for separate filing of Form 10-IE  Read below picture – relevant portion extracted – READ REGULAR BUSINESS NEWS? CLICK HERE TO DOWNLOAD APP

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Important updates for all Aadhar Card holders – Now mobile number on Aadhar card by postman door-to-door service

Now, you can update your mobile number on Aadhar card by postman door-to-door. India Post Payments Bank (IPPB) announced today it has launched a service for updating mobile number in Aadhaar as a Registrar for Unique Identification Authority of India (UIDAI). Now a resident Aadhaar holder can get his mobile number updated in Aadhaar by …

Important updates for all Aadhar Card holders – Now mobile number on Aadhar card by postman door-to-door service Read More »

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Major six benefits of switching to Electric Vehicles (EVS)

Current global market focus has shifted to Electric Vehicles due to its own attractiveness. India is one of them and growing at a much faster pace.  Major six benefits of switching to Electric Vehicles (EVS) 1)Income Tax Benefit- A deduction of 1,50,000 is allowed under section 80EEB on the interest paid on loan taken to …

Major six benefits of switching to Electric Vehicles (EVS) Read More »

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ICAI recent Notification on Election 2021

As per the recent notification of ICAI, the “Election 2021” of the Council and the Regional Councils of the ICAI are scheduled to be held on 3rd and 4th December 2021 in cities having more than 2500 members and on 4th December 2021 at all other places in terms of the provisions of Rule 21 …

ICAI recent Notification on Election 2021 Read More »

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PROCEDURE FOR DELIVERY OF SCN TO BE FOLLOWED (MANDATORY to be followed)

 HIGH COURT JUDGEMENT PROCEDURE FOR DELIVERY OF SCN TO BE FOLLOWED (MANDATORY to be followed)  (Madhya Pradesh HC – Ram Prasad Sharma Vs Chief Commissioner) Facts – The Petitioner had received Show Cause Notice (SCN) to their e-mail address which was not uploaded on the GST portal [Rule 142(1) of CGST Rules]. Contention – The …

PROCEDURE FOR DELIVERY OF SCN TO BE FOLLOWED (MANDATORY to be followed) Read More »

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Union minister – Nitin Gadkari calls for creation of rating systems for MSMEs & dashboard for effective monitoring of schemes

Union minister for MSMEs Nitin Gadkari calls for creation of rating systems for MSMEs & dashboard for effective monitoring of schemes    Key Highlights  Nitin Gadkari calls for creation of rating system for MSMEs Nitin Gadkari proposed setting up of dashboard for monitoring schemes to prevent delays in decision making .  Nitin Gadkari has asked …

Union minister – Nitin Gadkari calls for creation of rating systems for MSMEs & dashboard for effective monitoring of schemes Read More »

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CBDT issues Guidelines under section 194Q of Income-tax Act,1961

CBDT issues Circular No.13 of 2021 dated 30th June, 2021 detailing guidelines under section 194Q of Income-tax Act,1961(TDS on purchase of goods), effective from 01.07.2021.   Key points of CBDT issues guidelines u/s Section 194Q TDS under section 194Q on net of GST if charged separately. However for section 206C(1H) GST is to be included. Transactions …

CBDT issues Guidelines under section 194Q of Income-tax Act,1961 Read More »

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Important amendment made by SEBI

Important changes by SEBI Securities and Exchange Board of India PR No.22/2021 SEBI Board Meeting The SEBI Board met in Mumbai. The Part-Time Members joined the meeting through video conferencing. The Board, inter-alia, took the following decisions: I. Review and Merger of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable …

Important amendment made by SEBI Read More »

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RBI extends direction imposed on PMC Bank for a further period from July 1, 2021 to December 31, 2021

RESERVE BANK OF INDIA Directions under Section 35-A of the Banking Regulation Act, 1949 (AACS) – Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra – extension of validity period of Directions Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank was placed under All-Inclusive Directions under Sub-section (1) of Section …

RBI extends direction imposed on PMC Bank for a further period from July 1, 2021 to December 31, 2021 Read More »

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A #FAKE document is doing rounds on social media claiming resumption of DA to CG employees & Dearness Relief to CG pensioners .

The Finance Ministry on said that #NO order relating to the payment of increments in dearness allowance for central government employees and dearness relief for pensioners has been issued. A document is doing rounds on social media claiming resumption of DA to Central Government employees & Dearness Relief to Central Government pensioners . This OM …

A #FAKE document is doing rounds on social media claiming resumption of DA to CG employees & Dearness Relief to CG pensioners . Read More »

RIL AGM full text of Speech & 9 Key points of Highlights speech

My Dear Shareowners, A very warm welcome to each and every one of you. It gives me great pleasure to greet you all at the 44th Annual General Meeting of Reliance Industries Limited. It is the second year in a row that I miss the intimacy and warmth of face-to-face interaction with you, because of …

RIL AGM full text of Speech & 9 Key points of Highlights speech Read More »

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Cabinet approves pact between India, St Vincent and the Grenadines for tax info exchange

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved anAgreement between the Republic of India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes. Why is it important? The agreement between India and Saint Vincent and The Grenadines will help in …

Cabinet approves pact between India, St Vincent and the Grenadines for tax info exchange Read More »

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Pradhan Mantri Garib Kalyan Anna Yojana Extended and provide benefits to 80Cr beneficiaries

Government approves extension of Pradhan Mantri Garib Kalyan AnnaYojana (PM-GKAY), from July 2021 up to November, 2021 Last year, Government had announced PM-GKAY for all beneficiaries covered NFSA for the period April-November, 2020 Around 80 Crore NFSA beneficiaries were allocated additional 5 kg of foodgrains, free of cost for a period of 8 months In …

Pradhan Mantri Garib Kalyan Anna Yojana Extended and provide benefits to 80Cr beneficiaries Read More »

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Finance Ministry interaction with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal

FinMin interaction with tax professionals, other stakeholders and Infosys on issues in new IT Portal Key points of Extract from above press release issued by Ministry of finance dt 22nd of June, 2021 A meeting was held between senior officials of the Finance Ministry and Infosys on June 22, 2021 on issues in the new …

Finance Ministry interaction with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal Read More »

CBDT

Central Board of Direct Taxes [CBDT] has released compliance check facility for Section 206AB & Section 206CCA

This Facility has been introduced vide circular number 11/2021. Now, Quick Reference Guide and FAQ issued w.r.t to above compliance facility. Compliance Check for Section 206AB & 206CCA Quick Reference Guide Version 1.0 (June 2021) Directorate of Income Tax (Systems)Compliance Check for Section 206AB & 206CCA(Reporting Portal)Frequently Asked Questions (FAQs)Version 1.0 (June 2021) Read more …

Central Board of Direct Taxes [CBDT] has released compliance check facility for Section 206AB & Section 206CCA Read More »

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Opt out rules for CA Exams

ICAI provides Opt-out Option for Covid-19 affected students Finally, ICAI has provided an option to Out-out for July 2021 students affected by COVID-19. For a long time, there was a demand from most of students that the opt-out option should be provided by the ICAI, just like it was given in the last year. Finally, …

Opt out rules for CA Exams Read More »

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CBIC has released the updated CGST Rules, 2017 Part A and Part B (Forms) amended upto 01st June 2021

CBIC has shared updated compilation of the CGST Rules 2017, as amended upto 01/06/2021, which is divided in 2 Parts, i.e. Part A for CGST Rules and Part B for GST Forms. CGST Rules Part A: CGST Rules Part B: This updated version of the Rules as amended upto 01st June, 2021has been prepared for convenience and …

CBIC has released the updated CGST Rules, 2017 Part A and Part B (Forms) amended upto 01st June 2021 Read More »

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Did you know that certain taxpayers may have to pay double TDS from July?

Check what Finance Act 2021 says ? Earlier Article “stringent-provisions-under-the-income-tax-act-1961”, we discussed on section 194Q in details. Now, in this article we will discuss on Section 206 AB. There are certain rules about to change from July 1, 2021 in accordance with the announcements made in the Union Budget and as per Finance Act 2021.  …

Did you know that certain taxpayers may have to pay double TDS from July? Read More »

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The Finance Ministry has asked Swiss Authorities to provide the relevant facts or information related to verify increase/decrease of deposits/funds.

Finance Ministry refutes news media reports of alleged black money held by Indians in Switzerland Information sought from Swiss Authorities to verify increase/decrease of deposits Certain reports have appeared in the media on 18.06.2021 stating that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore (CHF 2.55 billion) at the end …

The Finance Ministry has asked Swiss Authorities to provide the relevant facts or information related to verify increase/decrease of deposits/funds. Read More »

26AS

Did you know all about form 26AS?

Introduction :- The Income Tax Department of India inaugurated its new income tax e-filing platform (www.incometax.gov.in on 7th June 2021) , which has several innovative features and is meant to provide taxpayers with a faster and better Income Tax Return (ITR) filing interface What is Form 26AS? Form 26AS is an annual information statement that shows the tax credit history …

Did you know all about form 26AS? Read More »

Stringent Provisions Section-194Q, 206AD and 206CCA

STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961- W.E.F. 1ST JULY, 2021

DID you KNOW? The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1stof July, 2021. TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) – W.E.F 01st-Oct-2020) TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB] (Refer already discussed, you may refer my …

STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961- W.E.F. 1ST JULY, 2021 Read More »

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Recommendation from CA Association(Surat) to intervene and simply re-activate the previous IT Portal

Chartered Accountants Association, Surat Ref: CAAS/Representations/2021-22/05 To, The Prirne Minister, 152, South Block, Raisina New Delhi – 110011 Sub: Succour for Current income Tax Portal Turmoil Respected Pradhan Sevak, In this hour of a national catastrophe in the form of denial of service by Income Tax Portal, Chartered Accountants Association, Surat, hereby offers its succour to …

Recommendation from CA Association(Surat) to intervene and simply re-activate the previous IT Portal Read More »

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Due Date relaxation for Maharashtra – Profession Tax Returns

Due date for filing Profession Tax Returns in Maharashtra for the period March-2021, April-2021 & May-2021 is extended till 30th June, 2021 Read Complete Notification below :- FINANCE DEPARTMENTMadam Cama Marg, Hutatma Rajguru Chowk, Mantralaya,Mumbai 400 032, Dated the 17th June 2021. NOTIFICATION THE MABARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1975. …

Due Date relaxation for Maharashtra – Profession Tax Returns Read More »

7 clarifications issued by GST

Total 7 clarifications issued in GST: Dated the 17th June, 2021

List of SEVEN GST Circulars issued providing clarity on the following issues: Sr No  Circular No.     Subject Link 1 Circular No. 149/05/2021-GST Clarification regarding applicability of GST on supply of food in Anganwadis and Schools https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_149.pdf;jsessionid=1F334EF88A4D4E5E89D2F201081BF5FD 2 Circular No.150/06/2021-GST Clarification regarding applicability of GST on the activity of construction of road where considerations are received …

Total 7 clarifications issued in GST: Dated the 17th June, 2021 Read More »

GST E-WAY BILL UNDER GST

DID YOU KNOW ALL ABOUT E-WAY BILL CONCEPT AND RELATED PROVISION UNDER GST?

Why E way bill is required? What is an E Way Bill? When should E-Way bill be generated? What If supply is Intrastate? Who has to generate E-Way Bill? Does E-Way Bill to be generated even if Value less than 50000? How many E-Way bill to be issued in case of Bill To Ship To …

DID YOU KNOW ALL ABOUT E-WAY BILL CONCEPT AND RELATED PROVISION UNDER GST? Read More »

GST RELAXATIONS 2.0

GST RELAXATIONS 2.0- Insights

1) GST Amnesty Scheme 2021 2) Relaxation in Late – Fee Payment 3) Due Dates Extended 4) Other Relaxation Summary of GST notification are tabulated below: – Relevant Notifications (Central Tax dated 01.05.2021) Notification No. Central Tax Description 08/2021   Interest Relaxation for Tax Payable of Mar-Apr-21 09/2021 Late Fee Relaxation for GSTR3B of Mar-Apr-21 …

GST RELAXATIONS 2.0- Insights Read More »