"11 January 2021" Archive

CBDT rejects Income Tax Due date extension representations

F.NO. 370153/39/2020-TPL 11/01/2021

After considering the Instruction of Gujarat High Court  in the case of All India Gujarat Federation of Tax Consultants Vs. Union of India CBDT has rejected the request for further extension of due dates for filing of Audit Report under section 44AB of the Income tax Act . CBDT said that The clue dates for […]...

Advisory on auto-population of e-invoice details into GSTR-1

11/01/2021 1. From 1-10-2020, certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). From 1-1-2021, the taxpayers with aggregate turnover above Rs. 100 Cr. had also started reporting invoices to IRP. Details from...

Posted Under: Income Tax |

Penalty u/s 271AAD for false entry etc. in books of accounts-reg

F. No. 414/02/2021 — IT (Inv. I) 11/01/2021

We recently found below CBDT instruction on Social media on ‘Penalty u/s 271AAD for false entry etc. in the books of accounts’ but we are not able to verify this from official sources so readers are requested to please check from their own sources before relying on the below post. F. No. 414/02/2021 — IT […]...

Vivad Se Vishwas- File Declaration Upto 31st Jan., 2021 Without Tax !

DIRECT TAXES : VIVAD SE VISHWAS File Declaration Upto 31st Jan., 2021 Without Tax ! Vivad se Vishwas scheme was introduced with an aim to reduce direct taxes litigations pending at various appellate forums. The scheme has an attractive provision to deposit only tax and waives interest and penalty relating to disputed tax and if […]...

Posted Under: Income Tax |

11th Instalment of GST compensation shortfall released to States

Release ID: 1687654 11/01/2021

11th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.66,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the States....

Weekly newsletter from Chairman, CBIC, Dated: 11.01.2021

D.O.No.49/CH(IC)/2020 11/01/2021

DG Vigilance has assisted the Board in ensuring the monitoring of disciplinary matters and in advising it on the suitability of officers at times of promotions, deputations, etc. DG Export Promotion, has been helpful in sorting out the difficulties being faced by genuine exporters....

Review of Volatility Scan Range for Option contracts in Commodity Derivatives Segment

SEBI/HO/CDMRD/DRMP/CIR/P/2021/08 11/01/2021

Exchanges shall fix prudent price scan range, volatility scan range and/or plausible changes in any other parameters impacting options price. Exchange shall impose appropriate short option minimum margin, calendar spread charge and extreme loss margin for option contracts...

Revision in Daily Price Limits for Commodity Futures Contracts

SEBI/HO/CDMRD/DNPMP/CIR/P/2021/9 11/01/2021

Daily Price Limits in commodity futures market serve an important function of defining maximum range within which price of a commodity futures contract can move in one trading session....

Threshold Limits For Companies Act 2013 Compliances

Companies Act 2013 stipulates various compliances which every company incorporated under the provisions of the Act are required to adhered to. There are some compliances whose applicability depends on the type of Company, paid up capital, turnover etc. Below is given a gist of all such compliances. Annual Return Certification Sec 92 Forma...

Posted Under: Income Tax |

Career opportunities for Chartered Accountants in Cyber Security

Cybercrime is emerging as one of the most dangerous threats to public safety and organisations of all types. In 2019, India witnessed many cases of cyberattacks, including information leak of 6.7 million users of an LPG brand Indane, Facebook database leak, and spyware Pegasus hacked into phones of around 1,400 users including Indian jour...

Posted Under: Income Tax |

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