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CBDT Extends Last Date For Updation Of UDINs At Income Tax Portal

CBDT Extends Last Date For Updation Of UDINs At Income Tax Portal

UDIN Directorate The Institute of Chartered Accountants of India 30th November 2021 Last Date of updation of UDINs at e-filing Portal The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January, 2022. For any clarification, please write us at udin@icai.in. UDIN Directorate

TAX COMPLIANCE TRACKER – DECEMBER, 2022

Today is the Last Date for Income-tax & GST Compliance

Due Dates 30th Nov. 2021- Statutory Compliance 1. Compliance requirement under Income Tax act, 1961   Sl.   Compliance Particulars   Due Dates   1 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194-IM, in the month of October   30.11.2021 2. 3CEAA is required to be Filed …

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Gross GST Collection in FY 2021-22 shows increasing trend

The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha today. Giving more details, the Minister stated the gross GST collection for FY 2020-21 and 2021-22 (till …

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Major Setback To End Consumer: Gold Will Become Expensive!

Major Setback To End Consumer: Gold Will Become Expensive!

The price of gold and silver jewelery may increase. The GST Fitment Committee has proposed to increase the rates of GST. The committee has said that the goods on which the rate of GST is currently 5 percent should be increased to 7 percent and the goods on which the rate is 18 percent should …

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PLI scheme for the Pharmaceutical Sector

“Worth Rs 15, 000 crore incentives for Pharma Industry” A Production-Linked Incentive, or PLI scheme, provides incentives in the form of tax rebates, import and export duty concessions, or maybe easier land-acquisition terms etc. to companies in order to boost domestic manufacturing. This is done by the government in an effort to make products more …

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All about Reverse Charge Mechanism (RCM) under GST with All Aspects

Definition of RCM : Section 2(98) of the CGST Act, 2017 has defined the term “Reverse Charge” and the same is reproduced as follows: “reverse charge” means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) …

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Learn About The All New GSTR-1 On GST Portal

Learn About The All New GSTR-1 On GST Portal

A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements, would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly. Further, changes are being implemented incrementally in a gradual manner, to leverage the familiarity of taxpayer so …

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Sovereign Gold Bond Scheme 2021-22 (Series VIII) – Issue Price

In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Sovereign Gold Bonds 2021-22 (Series VIII) will be opened for subscription during the period November 29- December 03, 2021 with Settlement date December 07, 2021. The issue price of the Bond during the subscription period shall be Rs 4,791 (Rupees Four thousand Seven …

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PROFIT AND LOSS ACCOUNT AND BALANCE SHEET OF PROPREITORSHIP CONCERN

DRAFTING OF PROFIT AND LOSS ACCOUNT AND BALANCE SHEET OF PROPREITORSHIP CONCERN

DRAFTING OF PROFIT AND LOSS ACCOUNT AND BALANCE SHEET OF PROPREITORSHIP CONCERN In this Current Scenario of Indian Economy, banks have received ample deposits which they are offering to peoples in the form of loans at reduced interest rates. And after the passage of complete lockdown period due to COVID-19 in 2020 and 2021, People …

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CMA-Full-Form-3-90bdb3d7

CMA DATA FOR BANK LOAN: CREDIT MONITORING ARRANGEMENT

CMA DATA FOR BANK LOAN: CREDIT MONITORING ARRANGEMENT In these Scenarios of Post Transitional Phase of COVID 19 , to manage the working capital requirements, entrepreneurs are moving towards bank to raise funds at cheaper rate instead of investing their own Capital funds. Banks are also interested in giving loans to businesses that have strong …

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E-QUICK REFERENCER ON TAXATION CAPSULE:- ANNUAL INFORMATION STATEMENT

E-QUICK REFERENCER ON TAXATION CAPSULE:- ANNUAL INFORMATION STATEMENT

            E-QUICK REFERENCER ON TAXATION CAPSULE:- ANNUAL INFORMATION STATEMENT 1. Basic About this Document The objective of this document is to develop common and shared understanding related to Annual Information Statement (AIS) and various information sources. 2. Background In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May …

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Cancellation of GST Registrations on Hyper Technical Grounds Will Lead to Revenue Loss And Unemployment- Calcutta High Court

Cancellation of GST Registrations on Hyper Technical Grounds Will Lead to Revenue Loss And Unemployment- Calcutta High Court

In the case of M/s. CIGFIL Retail Pvt. Ltd. vs Union of India & Ors., the Calcutta High Court has held that: “Considering these facts as well as in view of the facts and circumstances of the case that it is not a case of tax evasion or causing revenue loss to the Government rather …

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VENTURE CAPITAL: A FINANCE DRIVER FOR START UP IN INDIA

Venture Capital is a Sort of Private Equity or a Form of Financing that is Provided by firms to emerging firms that are deemed to have high growth potential and esteemed growth for the future. Venture capitalists normally focuses on the new companies with limited business operations that are too small to raise and issue their …

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Findings Of Incriminating Material And Undisclosed Income Post Income Tax Search- A Study

Findings Of Incriminating Material And Undisclosed Income Post Income Tax Search- A Study

Introduction: Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to be established before a search under Section 132 (1) of …

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CORPORATE COMPLIANCE TRACKER

Today is the Last Date for Income-tax & Statutory Laws Compliance

Today’s Due dates: 15.11.2021 Compliance requirement under Income Tax act, 1961   Sl.   Compliance Particulars   Due Dates     1 Due date of TDS Certificate in case of Tax deducted in case of other than salary for the quarter ending September, 2021 15.11.2021 2 Form 3BB is the monthly statement to be furnished …

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How to save Capital Gains Tax on Sale of Land

How to save capital gain tax on sale of House Property?

Exemption related to Capital gain. Sec 54,Sec 54EC, Sec 54GB How to save capital gain tax that arise from sale of House property. provisions relating to sec 54? 1. Basic conditions Following conditions should be satisfied to claim the benefit of section 54. The benefit of section 54 is available only to an individual or …

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Hyderabad man for running fake GST Input Tax Credit racket

Officials from GST Intelligence, Visakhapatnam, have arrested a 34-year-old man from Hyderabad, who allegedly masterminded the Rs 31 crore fake input tax credit racket, He was remanded to judicial custody. He generated fake invoices to the tune of around Rs 265 crore using 20 fake entities, mostly based in Guntur and Hyderabad. The fake entities …

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MCA & IEPFA further simplifies IEPFA Claim Settlement Process

MCA & IEPFA further simplifies IEPFA Claim Settlement Process

Ministry of Corporate Affairshas further simplified claim settlement process through rationalization of various requirements under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 with the mission and vision of Government of India of Ease of Living and Ease of Doing Business. Companies Act, 2013 and rules made thereunder, as amended …

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Important Information From IndusInd Bank: New RBI Guidelines On Recurring Payments

Important Information From IndusInd Bank: New RBI Guidelines On Recurring Payments

What is the impact of new RBI guidelines on my current Standing instruction (SI) set up on my cards? We may have allowed merchants to auto-charge our Credit Card / Debit Card on a recurring basis for services such as Netflix, Postpaid mobile, Insurance payments, etc. These recurring payments will not get through for merchants …

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MSME Compliance

All You Need to know about MSME Compliances

MSME (Micro Small and Medium Enterprise) is the pillar for the economic growth in many developed and developing countries across the world. These micro small and medium enterprises help in the accelerating the growth of our economy in the same as small things contribute towards the formation of the heap. Micro Small and Medium Enterprises …

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Tax Concept’s Representation Seeking Extension Of Due Dates For Filing GSTR-1/ IFF For The Month Of October 2021 Due To Festivals Like Dhanteras, Deepawali And Chhath Puja

Ref.: TC/GST/21-22/1 Date: 09.11.2021 To, The Central Board of Indirect Taxes and Customs, North Block, New Delhi- 110001 Sub.: Request for extension of due dates for filing GSTR-1/ IFF for the month of October 2021 due to festivals like Dhanteras, Deepawali and Chhath Puja. Respected Madam/ Sir, Tax Concept is a well known platform formed …

Tax Concept’s Representation Seeking Extension Of Due Dates For Filing GSTR-1/ IFF For The Month Of October 2021 Due To Festivals Like Dhanteras, Deepawali And Chhath Puja Read More »

Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali

Excise duty on Petrol and Diesel to be reduced by Rs. 5 and Rs. 10 respectively from tomorrow Prices of Petrol and Diesel will come down accordingly Reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season States urged …

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