Compliance requirements for the Month of December, 2022

CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF JANUARY, 2020

COMPANY LAW, EPFO, GST, INCOME TAX / By / April 6, 2020 / , , , , , , , ,

ABOUT THIS ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance Requirement Under : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015 SEBI Takeover …

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DUE DATE FOR 3rd INSTALLMENT OF ADVANCE TAX EXTENDED FOR NORTH EASTERN REGION OF INDIA

INCOME TAX / By / April 5, 2020

In view of the recent disturbances in the North Eastern region of India, CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY 2019-20 from 15th December, 2019 to 31st December, 2019 for the North Eastern Region. Notification will follow. To read the official tweet of income tax …

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SC JUDGEMENT : ONLY CHANGE OF ADDRESS IN ITR IS NOT ENOUGH. ASSESSING OFFICER MUST BE SPECIALLY INTIMATED

INCOME TAX / By / April 6, 2020

Supreme Court : The 3-judge bench of UU Lalit, Indira Banerjee and MR Shah, has held that mere mentioning of the new address in the return of income without specifically intimating the Assessing Officer with respect to change of address and without getting the PAN database changed, is not enough and sufficient. The Court said …

SC JUDGEMENT : ONLY CHANGE OF ADDRESS IN ITR IS NOT ENOUGH. ASSESSING OFFICER MUST BE SPECIALLY INTIMATED Read More »

GOOD NEWS TAXPAYERS! INCOME TAX DEPARTMENT CAN NOT ISSUE YOU A NOTICE OR ORDER WITHOUT DOING THIS

INCOME TAX / By / April 6, 2020

In a bid to provide better services to taxpayers and ensure greater accountability and transparency in tax administration, the Central Board of Direct Taxes (CBDT) has announced the launch of Documentation Identification Number (DIN), which from now onwards will have to be carried in every communication of the Income Tax Department. This means that in …

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FACELESS INCOME TAX E-ASSESSMENT SCHEME : AN INITIATIVE FOR PAPERLESS PROCEEDINGS AND ENSURING GREATER TRANSPARENCY IN THE SYSTEM

INCOME TAX / By / December 14, 2020 / ,

Finally, the wait for new Assessment Scheme has come to an end. As per the CBDT notification dated 12th September, 2019, a new faceless income tax scrutiny Assessment Scheme has been announced. The said scheme will be rolled out from 8th October,2019 on the occasion of “Vijayadashmi – a festival of good over evil”, signifying …

FACELESS INCOME TAX E-ASSESSMENT SCHEME : AN INITIATIVE FOR PAPERLESS PROCEEDINGS AND ENSURING GREATER TRANSPARENCY IN THE SYSTEM Read More »

SOFTWARE ENGINEER POSED HIMSELF AS PRACTICING CA TO EARN COMMISSION ON TAX REFUND

INCOME TAX / By / April 6, 2020 /

This week, Rs.17 crore IT Refund scam was unearthed in Nashik and the suspect was named as CA Rajendra Patil. However it has been noted that Mr.Patil is a Software Engineer who posed himself as a Practicing CA. Mr. Patil has filed IT returns of over 1,800 Salaried individuals and facilitated more refunds than what …

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(CPE) Hours for CAs

ADDITIONAL FAQs ON UDIN ISSUED BY THE ICAI ON 02.09.2019

GST, INCOME TAX / By / April 6, 2020 / , ,

1. If UDIN could not be generated at the time of signing the Audit Reports Certificates, what steps should I follow? Ans : It is mandatory to generate UDIN while signing the Audit Reports/Certificates/Document. However, if any member is unable to generate UDIN as desired above, it has to be generated within 15 days of …

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CBDT CLARIFICATION ON APPLICABILITY OF SECTION 194N W.E.F. 01.09.2019

INCOME TAX / By / April 6, 2020 /

CBDT has issued a Press Release (on 30.08.2019) clarifying the “Period” and “Amount” to which section 194N will be applicable as under : (1.) Since section 194N (2% TDS on cash withdrawal exceeding Rs. 1 Crore) is applicable w.e.f. 01.09.2019. Therefore no TDS is to be deducted on cash withdrawal up to 31.08.2019 (2.) However, …

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TAX BENEFITS ON ELECTRIC VEHICLES AS PER BUDGET, 2019

INCOME TAX / By / December 14, 2020 / ,

As a follow-up to the FAME scheme (Faster Adoption and Manufacturing of Hybrid & electric vehicles Scheme) launched in 2015 to promote EVs in the country, the government announced its second phase, i.e. FAME-2 on 1 April, 2019, with an outlay of Rs 10,000 Crore. Under the second phase of FAME India Scheme, subsidy on …

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AFFORDABLE HOUSING : A BENEFIT FROM BUDGET, 2019

1 Comment / INCOME TAX / By / December 14, 2020 / ,

As per the budget 2019, an additional Income Tax Benefit has been provided by introducing new section 80EEA of the Income Tax Act for boosting housing for all and affordable housing scheme. With the introduction of Section 80EEA, an individual taxpayer will now get an additional deduction of Rs 1.5 lakh, which is over and …

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