"24 October 2020" Archive

Analysis of claim of Additional Depreciation

Like most other laws tax law is also an ever evolving subject. Tax laws, every now and then result into difference of opinion between the revenue authorities and tax payers on various issues. Indian Income-tax law has many such issues one of which is benefit of Additional Depreciation....

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Posted Under: Income Tax |

Section 44AB vs Section 44AD

Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a)  carrying on […]...

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Posted Under: Income Tax |

Withdrawal of EVC facility extended to companies for filing GSTR1 & GSTR3B

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notificatio...

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Posted Under: Income Tax |

Due date of furnishing of ITR & Tax Audit Reports extended

Release ID: 1667281 24/10/2020

The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021....

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Make joint audit mandatory for certain class of Companies: CVOCA

We strongly believe that mandatory Joint Audit for large Companies is essential to improve Independence & audit quality in this challenging macro-economic environment....

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Posted Under: Income Tax |

GSTR 9, GSTR 9A, GSTR 9C due date extended to 31st Dec 2020

NA 24/10/2020

it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020....

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Extend due date of Filing ITR and Income Tax Audit Report

CA N. D. Gupta who is also Member of Parliament, Rajya Sabha has requested Smt. Nirmala Sitharaman, Honourable Minister of Finance for Extension for due date of Filing Income Tax Returns and Audit Report under the Income Tax Act for Financial year ended 31.03.2020. N. D. Gupta B.Com (Hons.), FCA Member of Parliament, Rajya Sabha […...

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Posted Under: Income Tax |

Wind up of six Mutual Fund Schemes by Fanklin should be with consent of unit-holders: HC

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court)

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court) i) We hold that no interference is called for in the decision of the Trustees taken on 23rd April 2020 of winding up the said six Schemes; ii) We hold and declare that the decision of the Trustees (the Franklin Templeton Trustee Services private […]...

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Applicability of Tax Audit as per Finance Act, 2020 w.e.f. 01.04.2020

Pursuant to clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’), Tax Audit is mandatory if business is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). Clause (a) of Section 44AB of the IT Act read as under- ‘(a) carrying on […]...

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Posted Under: Income Tax |

Domestic Incident Report (DIR) – How Fair???

Justice is based substantially on natural ideals and human values and justice can be secured and delivered only after hearing both the parties to the issue. The principle of natural justice plays pivotal role in justice delivery system. The main intention of this write up is that the Principle of natural justice should be applied [&hellip...

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Posted Under: Income Tax |

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