"24 April 2021" Archive

GST on E-Commerce Operators – Detailed Analysis

Compulsory Registration for ECO - As per section 24(x) of the CGST Act 2017, every electronic commerce operator (ECO) who is required to collect tax at source under section 52 would have to be compulsorily registered under GST. Every ECO is required to obtain GST registration in each state if it has suppliers in different states....

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Extend dates of GST compliances for the month of March, 2021

All India Federation of Tax Practitioners requested Finance Minister to extend dates of compliances for the month of March, 2021 under GST Law. It is explained that Due to the prevailing pandemic, in spite of our members working day in and day out to carry out the compliances of GST like GSTR-3B, the work couldn’t […]...

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Extend limitation date of Income Tax Assessments/Re-assessments

Income Tax Gazetted Officers Association has represented to CBDT on Difficulties in completing Time barring actions in connection with Assessments/Re-assessments in FeAS Regime and Central Charges as well as in issuing notices for re-opening assessments and Demanded for further extension of limitation date. Full Text of the representation...

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Key Changes in Income Tax Return (ITR) Form for AY 2021-22

Notification No. 21/2021 of Income Tax Act, 1961 31/03/2021

Key Changes in ITR for AY 2021-22 Vide Notification No. 21/2021 dated 31st March 2021, the Central Board of Direct Taxes (CBDT) notifies Income Tax (7th Amendment) Rules 2021. In this notification, Rule 12 of the Income Tax Rule, 1962 is being amended and Income Tax Return forms for AY 2021-22 are being notified. This […]...

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Tax planning for Individuals under Income Tax Act

Paying tax is an important responsibility of an individual towards a nation, however, at the same time, with financial planning you can save your taxes while fulfilling your responsibility by using the tax saving schemes given by the government. Tax planning is an integral part of a financial plan that helps in the reduction of […]...

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अब करदाता आयकर रिटर्न में ब्याज आय को छिपा नहीं सकता है

आयकर रिटर्न में प्रीफिलिंग के प्रयोजनों के लिए,ब्याज आय से संबंधित जानकारी की रिपोर्टिंग को शामिल करने के लिए सीबीडीटी ने अधिसूच...

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MahaRERA Registration – List of documents required

In 2016, MahaRERA Act was enacted to provide much needed protection specifically to the buyers of real-estate properties. The law seeks to provide such protection through: (1) Ensuring Transparency & (2) Providing Redressal Mechanism The first leg of protection, that is transparency, is achieved by mandatory registration of a real est...

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Timelines & Compliances Under IBC, 2016 & Other Laws During CIRP

TIMELINES & COMPLIANCES UNDER IBC, 2016 AND OTHER LAWS DURING ‘CORPORATE INSOLVENCY RESOLUTION PROCESS’ (CIRP). Corporate Insolvency Resolution Process is a process laid down in the Code (Insolvency & Bankruptcy Code, 2016) for reviving the company (here: corporate debtor) from its state of insolvency. CIRP under IBC can be in...

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Oversea Direct Investment

♦ Oversea Direct Investment: Direct investment outside India means investment by way of contribution to the capital of a foreign entity. ♦ Eligible entity to make overseas investment (Other than Individual): a. Resident corporate entities and b. Registered partnership firms. ♦ ODI can be by Indian party or Individual An investment o...

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Salient Features of Code on Social Security 2020

The Social Security Code (SS Code) has replaced the following enactments, The Employee’s Compensation Act, 1923; The Employees’ State Insurance Act, 1948; The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952; The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959; The Maternity Benefit Act, 1961; ...

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June 2021