"27 March 2021" Archive

Key Year End Compliances under GST (Must Read)

With increased changes and amendments being made in the GST law, it becomes a bit difficult to keep track of each such change and implement the same in a right way within the statutory mandated timeframe. Although GST law provides for various compliances that needs to be carried out on a regular basis i.e. Monthly, […]...

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Overview of Residential status -Resident & Non-Resident Indian

Hello readers, Today I discuss very interesting and confusing topic after amendment in Finance Bill 2020– Residential Status- Resident & Non-Resident Indian in very simplified manner.. Now first question comes in our mind why it is important to determine residential status- Residential status is important as on basis of which we...

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How To Fill CA Foundation Examination Form For 2021 Attempt?

The application form for the CA Foundation 2021 exam will be released online starting 31 March 2021. No offline application form is available for applicants. To submit the form, applicants must pay INR 1500 for the Indian Centers. Applicants will submit application forms to the CA Foundation online or by mail starting June 2021. Applicant...

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ROC imposes penalty for non-Adherence to Secretarial Standards

Non Adherence to Secretarial Standards lands Companies in a soup ;ROC imposes penalty The Companies Act, 2013 has entered into a maturity phase as its inception is over seven years. Secretarial Standards were introduced to plug in the gap that the Act did not provide for as a measure of good Corporate Governance. Yet, the […]...

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Amendment in Schedule III of Companies Act, 2013 applicable w.e.f. 1st April, 2021

The Ministry of Corporate Affairs (MCA) has amended Schedule III of the Companies Act, 2013 on 24th March, 2021. Schedule III provides general instructions for preparation of Financial Statement of a company classified under Division I (Indian GAAP) and Division II & III (Ind AS).  Amendments under Division I (Indian GAAP) are covere...

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Section 147: Reasons for formation of opinion should have a rational connection with formation of belief

Synfonia Tradelinks Pvt Ltd Vs Income Tax officer (Delhi High Court)

Synfonia Tradelinks Pvt Ltd Vs ITO (Delhi High Court) 1. The reasons which lead to the formation of opinion or belief that the assessee’s income chargeable to tax has escaped assessment should be inextricably connected. In other words, the reasons for the formation of opinion should have a rational connection with the formation of the [...

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Class Action Suit under Companies Act, 2013

Section 245 of the Companies Act, 2013 covers the provisions of class action suit. Basically, the provisions of class action suit safeguards the interest of the members/ depositors against the prejudicial/ unlawful/ wrongful conduct of the company/ directors/ any other related person. Introduction of class action suit under company law- C...

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FM launches Central Scrutiny Centre and IEPFA’s Mobile App

Finance Minister Smt. Nirmala Sitharaman launches Central Scrutiny Centre and IEPFA’s Mobile App to leverage digital solutions to achieve Prime Minister’s vision of ‘Digitally empowered India’...

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MCA mandates Companies to use Software with Audit Trail of each Transaction

The Ministry of Corporate Affairs (MCA) has issued a notification (Companies (Accounts) Amendment Rules, 2021), that every company which uses accounting software for maintaining its books of account shall use only the accounting software where there is a feature of recording audit trail of each and every transaction, and further creating ...

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CBDT defers reporting in Clause 30C & 44 of Tax Audit Report till 31.03.2022

05/2021 25/03/2021

Tax Audit Report (Form 3CD- Applicability of Clause 30C and Clause 44 by one more year i.e. will be applicable for the Financials year 2022-23 Now. Central Board of Direct Taxes (CBDT) has issued Circular No. 05/2021 dated March 25, 2021 by which the CBDT has deferred the applicability of certain Clause of Form 3CD […]...

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May 2021