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Archive: 03 April 2021

Posts in 03 April 2021

RBI replies on signing of non-audited financials by CAs

April 3, 2021 118872 Views 18 comments Print

In reply to RTI by Nitin Pandurang Hargude on requirement of signing of project report, un-audited financials and certificate for utilisation of loan funds  vide Order No. DOR0021/04.03.001/2020-21 dated April 03 2021 RBI has replied as follows:- Query 1 Signing on Project Report for Loan Purposes with seal/UDIN of CA thereon. I wish to ask […]

Hopes On Economy And GST Trends

April 3, 2021 2685 Views 0 comment Print

Economists now expect that economy may grow @ 27%, 10%, 59% and 6% in four quarters of 2021-22. Though pandemic may worsen before getting better, strict lock- downs are unlikely. SBI has also endorsed that Indian economy is now on the path of high growth. Now UN economic and social commission for Asia & Pacific […]

Bank Audit- Advisory on SC Order dated March 23, 2021

April 3, 2021 16917 Views 0 comment Print

Advisory on Supreme Court Order dated March 23, 2021 regarding Income Recognition and Assets Classification (IRAC) Norms Preamble The honourable Supreme Court had passed following interim order on September 03, 2020 – “the accounts which were not declared NPA till 31.08.2020 shall not be declared NPA till further orders “ The honourable Supreme Court has […]

TCS For FY 20-21 End & TCS For FY 21-22 Start- Very Important

April 3, 2021 179871 Views 27 comments Print

Action Required For TCS On Sale Of Goods For Financial Year 2020-21 Note- TCS was made applicable to those whose FY 19-20 Turnover was Crossing 10 cr 1. In case, you are liable to collect TCS under Income Tax for sales of goods, ensure to pay TCS by 7th April 2021  for Q4. The due […]

Auto Income Tax Calculator for F.Y. 2021-22 (A.Y. 2022-23)

April 3, 2021 163467 Views 11 comments Print

Auto Income Tax Calculator version 16 for F.Y. – 2021-22 (A.Y.-2022-23) in Old & New Regime (Both) Financial Year 2021-22 has started. Govt. has introduced a new tax regime (system) from last financial year (with a lower tax rate without any exemption/deduction). Which will continue in this financial year too. Every individual and employer have to […]

Updates of MCA, SEBI, RBI & IBBI for the month of March 2021

April 3, 2021 3108 Views 0 comment Print

Article contains updates with respect to Notifications, Circulars, Rules, Regulations issued in the Month of March 2021 by Ministry of Corporate Affairs (MCA), Securities Exchange Board of India, Updates of the Reserve Bank of India (RBI), Insolvency and Bankruptcy Board of India (IBBI) and also includes Recent Corporate News. Article attempts to analyses Notifications, Circulars, […]

What is Probation

April 3, 2021 3219 Views 0 comment Print

Probation is the suspension of the sentence of an offender and allowing them to stay in the community while inculcating good behavior, under the supervision of a probation officer. The report of a Probation officer is important at the time of passing order by the Court to release the Offender without imposing any sentence on […]

Analysis of Section 206AB & Section 206CCA of Income Tax Act, 1961

April 3, 2021 67905 Views 27 comments Print

Understanding the new Section 206AB & Section 206CCA of the Income Tax Act, 1961. Discover the implications and higher rates of TDS and TCS for non-filing and non-furnishing of PAN.

Provisional attachment of Bank Accounts-Unbridled powers with CBIC-Legally valid

April 3, 2021 1617 Views 0 comment Print

By the Finance Act, 2021, S.83(1), has been substituted by the following; 83(1). Where, after the initiation of any proceeding under Chapter XII, Chapter XIV or Chapter XV, the Commissioner is of the opinion that for the purpose of protecting the interest of the Govt. revenue it is necessary so to do, he may, by […]

Tax Deducted at Source (TDS)- Provisions

April 3, 2021 173451 Views 7 comments Print

Article contains Overview of Tax Deducted at Source and explains what is TDS, Who is supposed to deduct tax at source & When, What is the TDS Rates for FY 2020-21, When TDS Needs to Deposit to Govt., What are the TDS Returns and their Due Dates and What are the consequences in case of […]

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