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Archive: 09 June 2021

Posts in 09 June 2021

Topics deleted from CA Foundation/IPC/Final for November 2021 exams & onwards

June 9, 2021 34167 Views 0 comment Print

Topics deleted from CA Foundation syllabus for November 2021 exams and onwards ICAI issued a notification, on 05 June 2021, regarding deletion of certain topics from the CA Foundation syllabus. This is for the kind Information of the students appearing for November 2021 examination and onwards at the Foundation Level. Paper-3: Business Mathematics. Logical Reasoning […]

Synopsis of GST Amendments as Notified by CBIC on 01.06.2021

June 9, 2021 2679 Views 0 comment Print

Interest Liability on the amount paid through Electronic Cash Ledger shall be applicable retrospectively from 01.07.2017 Notification No. 16/2021 – Central Tax Section 112 of the Finance Act, 2021 shall be effective from 01.06.2021 As per Section 112 proviso shall be substituted and shall be deemed to have been substituted with effect from the 1st […]

Employees Stock Option Plan (‘ESOP’)

June 9, 2021 13359 Views 2 comments Print

Brief outline: The ESOP refers to ‘a plan’ for the benefit of the Employees of a Company, who make the Companies operational, profit centres and socially-economically enormous, this is not limited to big known companies but is also common with the small companies; newly incorporated companies. This plan has become famous and appreciated over the […]

Inclusion of foreign salary for perquisite value of rent-free accommodation- ITAT remanded matter back to AO

June 9, 2021 390 Views 0 comment Print

Kimiyoshi Muto Vs DCIT (ITAT Delhi) The case of the assessee was re-opened under Section 147 of the Act on the ground that the assessee has shown perquisite under rent-free accommodation by considering only the Indian salary whereas, according to the Assessing Officer, he was required to compute perquisite value of rent-free accommodation by including […]

SBI advisory & guidelines in respect of FCRA bank account

June 9, 2021 9330 Views 2 comments Print

SBI clarified to the entities that they need not visit Delhi and instead they can visit any branch of their choice near to them for opening of FCRA Accounts.

No assessment u/s 153C if Revenue failed to discharge onus to show incriminating material belonged to assessee

June 9, 2021 1950 Views 0 comment Print

Onus was on Revenue to show that the incriminating material/documents recovered at the time of search ‘belongs’ to the Assessee, in other words, it was not enough for the Revenue to show that the documents either ‘pertain’ to the Assessee or contains information that ‘relates to the Assessee.

HC stays section 148 notice for violation of new provisions effective from 1st April 2021

June 9, 2021 23085 Views 3 comments Print

Armada D1 Pte. Ltd. Vs DCIT (Bombay High Court) Notice under Section 148 stayed by Bombay High Court in view of conflict between new Income Tax Provisions for reopening of Assessment with Old Provisions On 3rd June Bombay High Court has stayed the operation of Notice under Section 148 dated 7th April 2021 for Assessment […]

Section 194Q TDS on Purchase of Goods & its interplay with TCS on Sale of Goods

June 9, 2021 193599 Views 24 comments Print

Finance Act 2021 has introduced a new Section in TDS – Section 194Q TDS on Purchase of Goods, which will be coming into effect from 1st July 2021. This new Section is quite complicated and will definitely demand some extra efforts from Accountants and Professionals. Earlier since October 2020, a new provision of TCS was introduced […]

Study plan for CA exams

June 9, 2021 4074 Views 0 comment Print

CA exams appear nearly within less than a month from now. I wish to share my study plan to help you with some tips to manage your studies/revision carefully and in a planned manner. Firstly, plan your studies for at least 15 days in advance. Distribute your subjects into no. of days. For e.g. 4 […]

Defective IT Return & Procedure Under New E-Filing Website

June 9, 2021 66687 Views 7 comments Print

In this article, we will discuss everything about the defective income tax returns. Meaning: Defective return is the return of income which is rejected by the Income Tax Department due to certain defects. After the defects being identified by the department, a notice under section 139(9) is issued to assessee. First of all, there is […]

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