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Archive: 24 October 2020

Posts in 24 October 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7212 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Analysis of claim of Additional Depreciation

October 24, 2020 100692 Views 4 comments Print

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.

Section 44AB vs Section 44AD

October 24, 2020 8310 Views 0 comment Print

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 […]

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

October 24, 2020 7425 Views 1 comment Print

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EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.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 notification 58/2020- dated 1st July 2020

Due date of furnishing of ITR & Tax Audit Reports extended

October 24, 2020 77736 Views 8 comments Print

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.

Make joint audit mandatory for certain class of Companies: CVOCA

October 24, 2020 6201 Views 1 comment Print

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

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

October 24, 2020 39261 Views 9 comments Print

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.

Extend due date of Filing ITR and Income Tax Audit Report

October 24, 2020 40398 Views 3 comments Print

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 […]

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

October 24, 2020 1890 Views 0 comment Print

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 […]

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

October 24, 2020 9894 Views 1 comment Print

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 […]

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

October 24, 2020 28563 Views 5 comments Print

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 […]

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