MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021. vide this notification has amended definition of Small and Medium Sized Company for applicability of Accounting Standards as recommended by the Institute of Chartered Accountants of India from 01.04.2021. Central Government hereby specifies Accounting Standards 1 to 5, 7 and 9 to 29 […]
Amit Mitra say that What pains me the most is the fact that GST Council meetings have become acrimonious, vexing and almost toxic with erosion of mutual trust that had held fast between States and the Centre since the inception of the GST Council.
Representation in respect of 1) completion of orders and fixing of hearings in June 2021 without following Instruction issued by appropriate authorities for NOT fixing hearing and NOT passing of Faceless assessment orders, penalty orders and faceless appeal Orders under Income tax act during non-operation or improper operation of ITD Portal 2) for extension of […]
1. Log in to the e-Filing portal using your user ID and password. Considering the tendency of taxpayers to evade the payment of taxes, Income Tax provisions provide for the collection of tax from the very source of income. Under this mechanism, the person responsible for making the payment is liable to deduct tax before […]
This article covers the history of amendments in Section 9(4), the issues arising out such amendments. The action taken by GST Department for violation of Section 9(4) and the remedy available to taxpayers to safeguard their interest. We will also prove that though Section 9(4) was deferred and suspended by yet the taxpayer may not be completely relived from the implication of Section 9(4).
MCA allowed companies to conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the aforesaid Circulars upto 31st December, 2021.
DCIT Vs Monster.Com (India) Private Limited (ITAT Hyderabad) In the assessee’s own case the Tribunal observed that the assessee followed appropriate revenue recognition method of accounting and thus the income declared on proportional receipt basis cannot be questioned. This order was followed by the ITAT in the assessee’s own case in the A.Ys 2007-08 to […]
Income Tax Department has facilitated a new functionality ‘Compliance Check for Section 206AB & 206CCA’ to facilitate tax deductors/collectors to verify if a person is a ‘Specified Person’ as per section 206AB & 206CCA. This functionality is made available through Reporting Portal of Income-tax Department (https://report.insight.gov.in).
The Goods and Service Tax was launched at midnight on 1 July 2017 by the President of India and the Government of India. The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament. Now soon it will […]
As many taxpayer are still facing difficulties in complying with provisions of section 206C(1H), insertion of new section 194Q has created lots of confusion among Professionals and Trade as to which section to be complied with.
