"03 January 2021" Archive - Page 2

ICAI President’s Message January 2021

The Institute successfully conducted the examination for all three levels amidst stringent precautions and social distancing measures in view of the ongoing pandemic....

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Posted Under: CA, CS, CMA |

GST Revenue for December 2020 recorded all time high

GST Revenue collection for December 2020 recorded all time high since implementation of GST. ₹ 1,15,174 crore gross GST revenue collected in  December. Revenues for  December 2020 are 12% higher than the GST revenues in the same month last year....

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Posted Under: CA, CS, CMA |

Update UDINs in all Income Tax Forms; CBDT allows UDIN updation till 15.02.2021

Members are aware that CBDT is validating UDIN while uploading of Tax Audit and other Income Tax Reports as per their Press release, else the forms will become null and void....

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Posted Under: CA, CS, CMA |

Judgments of Charitable Trust Registration u/s 12A/12AA

(1) Anand Escher Amar Charitable Cancer and Malty Specialty Hospital Society Vs. CIT (Exemption) Chandigarh 2019. 104 Taxman.com 369 (Amritsar Tribunal) 2019 176 ITD 424 (Amritsar) As the trust has not started activity as per Trust Deed. Registration was not granted. Tribunal observe that at the time of granting Registration only Object a...

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Posted Under: CA, CS, CMA |

Employee Pension Scheme for International Workers

With the globalization of Indian economy and increase in development of international trade the movement of workers across the world has also been increased. Social security is an important aspect while structuring the international assignments for the employees. Any social security benefit payable in the host country may become an added ...

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Posted Under: CA, CS, CMA |

An easy guide to QRMP Scheme

Quarterly Return Monthly Payment Scheme (QRMP Scheme) 1. What is QRMP Scheme? Currently, a registered person having aggregate turnover of up to ₹5 crores and furnishing GSTR 1 on monthly/quarterly basis, files GSTR 3B on monthly basis only. Under QRMP scheme, such registered persons shall be required to furnish GSTR 3B too on quarterly ...

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Posted Under: CA, CS, CMA |

WMTPA Letter to FM- Highly Disappointing GST Audit Due Date Extension

WMTPA has written a letter to FM and said that they are Highly Disappointed with GST Audit Extension Press Release dated 30th Dec 2020, when delay is due to fact that Department / GSTN was not ready upto 30th Dec 2020. Full text of their representation is as follows:- THE WESTERN MAHARASHTRA TAX PRACTITIONERS’ ASSOCIATION […]...

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Posted Under: CA, CS, CMA | ,

Six important changes in GST Rules w.e.f. 01.01.2021

Beginning of Year 2021 is also effecting six important changes GST Rules having a direct impact on the business....

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Section 115BAA: Whether to continue or forego MAT/AMT Credit?

Section 115BAA: Whether to continue or forego MAT/AMT Credit? Section 115BAA states that domestic companies have the option to pay corporate tax at the reduce rate of 22% from FY 2019-20 onwards. Isn’t it a great benefit for the domestic companies to save around 3% on their tax expenses? But wait this benefit comes with […]...

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Posted Under: CA, CS, CMA |

Idea- Tweaking IT Act to integrate J&K, Ladakh and North East & Bolster economic progress 

Currently, the Act gives a two-year Leave Travel Allowance (LTA) window in a block of four years. This is primarily for the salaried people to avail the tax benefits. But what if the LTA component in the IT Act is tweaked to include ‘specified blocks of LTA’ as a concept to encourage tourism to the […]...

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Posted Under: CA, CS, CMA |

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