"11 June 2021" Archive

Income Tax New Portal – Linking of Aadhaar with PAN

Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]...

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Posted Under: Income Tax | ,

Automatic GSTR-3B PDF Summary in Excel

It is very important that GSTR3B Return is reconciled with books of account every year during the audit. Find attached an automatic excel tool for Summarizing the PDF. This is a macro enabled work book. PDF settings as per HOME page to be done....

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Posted Under: Income Tax |

TDS (Section 194Q) vs. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand

TDS (Section 194Q) v. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand With effect from 1st October 2020, Government had introduced Section 206C(1H) i.e. a seller having turnover of more than Rs. 10 Crores in the preceding financial year is required to collect TCS from the buyers from whom receipts exceeds […]...

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Posted Under: Income Tax |

CBDT Issued Guidelines for Compulsory Selection of Returns for Complete Scrutiny for F.Y. 2021-22

On 10th June, 2021, CBDT issued Guidelines prescribing framework for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2021- 22 to all PCC/CC/Pr.DG/DG of Income Tax. Study of these guidelines may help taxpayer analyze, as to under which category it falls. Framework is categorized as under: 1. Cases  related ...

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Posted Under: Income Tax |

Whats is Form DPT-3 in ROC Compliances of Companies

What is Form DPT-3 ? The e Form DPT-3 is a Return of Deposits that has to be filed by a company online on the MCA website for reporting outstanding loans not treated as deposits. Form DPT-3 filing is mandatory for all companies other than a Govt. company. Hence, all Private Limited Companies, OPC, Limited […]...

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Posted Under: Income Tax |

GST portal issues from experience of daily usage

This article is not about GST Portal  Getting down/slowness of GST Portal or its capacity issue. We have  listed here many other issues which taxpayers are facing on GST PORTAL. These issues has made GST portal inefficient and give taxpayers poor experience when it comes to Return filing or getting/reconciling details from the portal &#...

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Posted Under: Income Tax |

Benefits of Section 80G Registration | Process & Compliances

In India, there are lakhs of NGO registered in the form of Trust, Society and Section 8 Company. But due to lack of financial support a limited number of NGO are working for the social welfare activities. Some big NGOs like The Earth Saviours Foundation, Akshaya Patra Foundation, Smile Foundation are doing social welfare activities [&hell...

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Posted Under: Income Tax |

Process to be followed by shareholder in case his share certificate lost or stolen

What will happen if you have lost an important jewel? The thought itself can cause you distress, as per the current data an Estimated Rs. 22,000/- crore of investors wealth is lying unclaimed with the insurance companies, mutual fund, corporate houses, banks & Employee provident fund organisation, There are many who have witnessed the...

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Posted Under: Income Tax |

Analysis of Indian e-Judiciary system

The Indian court has faced a number of pending cases in the region as well lower courts, which lay the groundwork for the implementation of ICT in the courts. Court projects empowering the courts to make the justice delivery system more cost-effective and affordable with the use of ICT in the justice system...

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Posted Under: Income Tax |

A check list for compliance of CSR activities by Trusts / NGOs carrying out CSR activities on behalf of the companies

As per the provisions of the Companies Act 2013 (Act), a company liable to spend on Corporate Social Responsibility activities (CSR) as defined under section 135 of the Act, read with Schedule VII and the Companies (Corporate Social Responsibility Policy) Rules, 2014, can implement its CSR policy and spend its funds for CSR activities  b...

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Posted Under: Income Tax |

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