Public Relations Committee The Institute of Chartered Accountants of India 23rd December, 2020 ICAI PRESS RELEASE Digi-Locker for ICAI Members and Students The Institute of Chartered Accountants of India (ICAI) through its Members & Students Services Directorate is taking various initiatives with prime objective to provide best services to its members & students. ICAI constantly […]
In continuation of announcement dated 7th November 2020 provided an optout facility to the examinees of November 2020 exams to appear in January/ May 2021 examinations, based on candidates opted out/appeared, list of candidates eligible to appear in January/ May 2021 has been finalized.
53 GST and Trade Associations made a Joint Petition to FM and requested for Extension of due dates for GSTR-9 GSTR-9A & GSTR- 9C and Extension of Time limit u/s 16(4) for Financial Year 2018/19 and 2019/20. It further requested for extension of time limit for filing GSTR 1 & GSTR 3B of FY 1920 […]
Chandigarh Chartered Accountants Taxation Association has made a request for extension of various due dates under Income-tax Act, 1961 for AY 2020- 21 and for filing the Annual Reconciliation Statement (GSTR9C) along with the annual return (GSTR9) for financial years 2018-2019 & 2019-2020. Full text of their Representation to Smt. Nirmala Sitharaman, The Hon’ble Finance […]
Measures recommended by GST Council to curb fake dealers/invoice rackets notified – In-Person Verification Must For GST Registration. Identification of bogus dealers through data analytics and suspension. Mandatory 1% GST payment for those risky dealers and fly-by-night operators who show unusual large turnovers and have no financial credibility
ACIT Vs. Brindavan Agencies Pvt. Ltd. (ITAT Delhi) It is seen that the appellant has filed sufficient documents e.g. Permanent Account Numbers, bank statements, etc. to establish the identities of the four share applicants. The copies of the bank statements of the share subscribers wherein the transactions are reflected as well as the fact that […]
Income Tax Bar Association, Lucknow has requested Union Finance Minister to extend the due dates for tax audit and transfer pricing audit to 31st March 2021 and the Income Tax return filing also to 31st March, 2021 at the earliest. Relevant Text of the representation is as follows:- INCOME TAX BAR ASSOCIATION LUCKNOW (REGISTERED UNDER […]
Form ITR 1 popularly known as Sahaj is used by significant majority of tax payers. I am writing this article to help the taxpayers understand who can file it and who cannot. Who can submit ITR 1 ITR 1 can be used by an individual who is resident of India for tax purposes only. Moreover […]
Article contains a Background of provisions related to ITC reversal on non-payment of consideration, Extract of relevant provisions and analysis for 180 days reversal, Whether reversal prescribed under section 16(4) 2nd proviso r/w rule 37 to be done in GSTR-3B, Manner of calculating ITC reversal, Non applicability of 180 days ITC reversal provisions, Discussion in […]
Joseph K. Zachariah Vs ACIT (ITAT Bangalore) Section 54(2) of the Act has two conditions for availing deduction u/s 54(1) of the Act. Firstly, the assessee has to utilize the capital gain in purchase of new property before the due date of furnishing the return of income u/s 139 of the Act, which encompasses sub-section […]
