"01 April 2021" Archive

Audit Report on Maintenance of Software with Audit Trail postponed

Notification No. G.S.R. 248(E). 01/04/2021

Companies (Audit and Auditors) Second Amendment Rules, 2021- MCA has earlier mandated that Auditor has to report in his Audit report starting from 01.04.2021 that if the Company is maintaining its books of account in a Accounting Software which has a feature of recording audit trail (edit log) facility or not. This report is now […...

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Companies Audit Trail Software Mandate postponed to 01-04-2022

Notification No. G.S. R. 247(E). 01/04/2021

Companies (Accounts) Second Amendment Rules, 2021- MCA has postponed the applicability of software with Audit features for Companies from 01.04.2022 instead of 01.04.2021 notified earlier. Also Read:Audit Report on Maintenance of Software with Audit Trail postponed MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st April, 2021 ...

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Service Code (SAC Code) of Services under GST

01/01/1970

Service Accounting Code are mandatory on invoices for supply of services as per revised requirement from 1st April 2021 for GST taxpayer with turnover of more than Rs. 5 crore. Annexure: Scheme of Classification of Services S.No. Chapter, Section, Heading or Group Service Code (Tariff) Service Description (1) (2) (3) (4) 1 Chapter 99 All ...

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Posted Under: Company Law |

GST Revenue collection for March’ 21 sets new record

01/01/1970

The gross GST revenue collected in the month of March 2021 is at a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST is ₹ 62,842 crore (including ₹ 31,097 crore collected on import of goods) and Cess is ₹ 8,757 crore (including ₹ 935 crore collected on import of goods)....

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Posted Under: Company Law |

GST Compliances before 31.03.2021 & Changes w.e.f 01.04.2021

01/01/1970

GST Compliances Before 31st March 2021 and Changes w.e.f 1st April 2021 Now, we are into the last week of the financial year ending 31st March 2021, there are various tasks which we need to complete before 31st March 2021 as well as various tasks we need to start with effect from 1st April 2021. […]...

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Posted Under: Company Law |

TDS vs. TCS | Interplay, check points & Consequences

01/01/1970

Finance Bill, 2021 vide clause 48 inserted a new section 194 Q relating to deduction of tax at source on payment of certain sum for purchase of goods. This section will come into effect from 01.07.2021. TDS on Service is applicable since long back, but this is first time in the history of Income Tax Act, 1962 that TDS provisions are made ...

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Posted Under: Company Law |

Income Tax TDS/TCS Amendments vide Finance Act, 2021

01/01/1970

Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on [&...

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Posted Under: Company Law |

What Tax & Law changes 1st April, 2021 brings for us?

01/01/1970

There are various New Changes in Income Tax Laws, GST Laws, Company Laws & Personal Finances from 1st April, 2021. Covering important changes as follows: A. Income Tax Laws : 1. Aadhar – PAN Linking deadline extended to 30/06/2021 2. Higher TDS/TCS Rates for Non-Filers of Income Tax Returns applicable from 01/07/2021 3. Senior Citiz...

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Posted Under: Company Law |

Tax implication on delay deposit of PF/ESIC Contribution:

01/01/1970

In the intimation processed u/s 143(1) of Income Tax Act, 1961, the Centralize Processing Center makes addition of income as per the amount reported in certain clauses of Tax Audit Report. Assessee is left with no choice but to go for appeal with higher authorities.  We have noticed that the disallowance includes along various other [&he...

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Posted Under: Company Law |

CBDT issues refunds of more than Rs. 2.62 lakh crore upto 31.03.2021

01/01/1970

CBDT has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%....

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Posted Under: Company Law |

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