"07 July 2021" Archive

Error-Free TDS Returns – Healthy Practices

Preparing TDS Returns is a simple process and usually does not require any external assistance. However, it is prudent to follow practices that ensure that the filed TDS Returns are error-free. This means that correct credit will be received by the employees and vendors. Moreover, it will help avoid receiving unwanted Default Notices from...

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Posted Under: Income Tax |

Notice by ROC Karnataka for removal of name of 120 LLPs

No. ROCB/LLP Strike off/Sec.75-Rule 37(2)/JTA(M)/2021 07/07/2021

In the matter of 120 Limited Liability Partnerships (List Enclosed) Notice by Registrar for removal of name of a Limited Liability Partnership from the Register [Pursuant to Section 75 of the LLP Act, 2008 and sub-rule (1)(b) rend with Sub-Rule(2) of Rule 37 of LLP Rules, 2009] e-mail: [email protected] Ph: 080-25537449 080-2563310...

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Compliance Calendar for the month of July 2021

Finally, the world is opening, and everything is getting back in line after a long deadlock because of the COVID 19 crisis. However, it will take some time for the businesses, entrepreneurs, and taxpayers to bounce back to normal with regards to their businesses. However, it is important to stay compliant with enormous compliance falling ...

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Posted Under: Income Tax |

Auditing Standard on Audit Engagement (CSAS-1)

The Auditing Standard on Audit Engagement (CSAS-1), formulated by Auditing Standards Board (ASB) of the Institute of Company Secretaries of India (ICSI) and issued by the Council of the ICSI is mandatory for all the audit engagements accepted by the auditor on or after April 01, 2021. CSAS-1 is applicable to all the Practicing Company [&h...

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Posted Under: Income Tax |

The real face of Faceless Assessment Analysis of recent judicial developments

Our focus of the article will be on section 144B of the Income-tax Act, 1961 (Act) which has been introduced with effect from 01.04.2021 and already stands widely litigated before the courts. While the technology was recasting the process of assessment and appellate proceedings over the years, COVID-19 induced lockdown quickened the proce...

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Posted Under: Income Tax |

Penalties under FEMA      

Foreign Exchange management Act, 1999 (FEMA) was passed on 29th December 1999 in Parliament replacing the Foreign Exchange Regulation Act (FERA). The new regime is made consistent with the framework laid down by the World Trade Organisation. FEMA enabled all cross border trades & payments and promotes orderly development of foreign ex...

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Posted Under: Income Tax |

GST @ 4 Years – Mix Bag of Pains and Gains

GST in India is today exactly four years old. It was launched in a glittering ceremony in the Parliament on the midnight of 30th June – 1st July in 2017. While GST was a much pampered and hyped about tax law, as one of the biggest tax reforms in the history of independent India, all […]...

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Posted Under: Income Tax |

Shivalik Small Finance Bank included in Second Schedule of RBI Act, 1934

RBI/2021-22/68 DoR.RET.REC.30/12.07.150/2021-22 07/07/2021

We advise that Shivalik Small Finance Bank Limited has been included in Second Schedule to Reserve Bank of India Act, 1934 vide Notification dated June 15, 2021 ...

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Improvements in Faceless Assessment – Measures for expediting Customs clearances

Circular No.14 /2021-Customs 07/07/2021

Board has recently comprehensively reviewed the implementation of Faceless Assessment and deliberated on the further measures required for expediting the pace of assessment and Customs clearance of imported goods. Board finds that by and large the objectives of Faceless Assessment in terms of expeditious assessments, anonymity in assessme...

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IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021

F. No. IRDAI/ Reg/6/178 /2021 07/07/2021

IRDAI notifies Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021 vide Notification No. F. No. IRDAI/ Reg/6/178 /2021 Dated 7th July, 2021. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 7th July, 2021 Insurance Regulatory and Development ...

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