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Archive: 22 July 2021

Posts in 22 July 2021

Annual return Filing by composition taxpayers & Negative Liability in GSTR-4

July 22, 2021 16179 Views 1 comment Print

Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4. Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on […]

ICAI CMA Draft guideline & FAQs for Multi-Disciplinary Partnership

July 22, 2021 1905 Views 0 comment Print

Seeking comments of the members on Draft Guidelines for the Formation of Multi-Disciplinary Partnership (MDP) firms by the members of the Institute of Cost Accountants of India as per provisions of the Cost and Works Accountants Act and Regulations and Draft Frequently Asked Questions on Formation of Multi-Disciplinary Partnership (MDP) Firms by the Practising Members of the Institute of Cost Accountants of India.

CSR expenses incurred to make donations to Trusts eligible for deduction

July 22, 2021 13215 Views 0 comment Print

JMS Mining Pvt. Ltd. Vs PCIT (ITAT Kolkata) Current appeal has been filed against the order dated March 30, 2021 (Impugned order) passed by Ld. Principal Commissioner of Income-tax (Respondent) under Section 263 of Income Tax Act, 1961 (IT Act). It is challenged on the ground of the invocation of jurisdiction by the Respondent without […]

Practical Challenges in GST in India now a days

July 22, 2021 5121 Views 0 comment Print

GST may be new to us but it is not new to globe, France adopted GST in 1954 and become the first nation who adopted GST to curb the tax evasion. After that Italy, Japan, Canada, Australia, South Korea, UK and China took a forward step in GST implementation in their economy. GST was adopted […]

Basics of Insider Trading

July 22, 2021 2712 Views 0 comment Print

Learn the basics of insider trading and understand the SEBI (Prohibition of Insider Trading) Regulations, 2015. Get insights into who is considered an insider and what qualifies as unpublished price sensitive information.

Issued faced during assessments & in functioning of Maharashtra VAT Website

July 22, 2021 1365 Views 0 comment Print

AIMTPA has written a letter to Commissioner of State Tax and brought to his attention issues being faced during assessments under the Maharashtra Value Added Tax Act, 2002 , the Central Sales Tax Act, 1956  and some issues related to the functioning of the Department’s portal viz www.mahagst.gov.in/en. Text of their letter is as follows:- […]

Rajasthan VAT: Request for extension of date of Rectification of Mistakes of old Assessment orders

July 22, 2021 2064 Views 0 comment Print

ATMTPA has written a letter to Chief Minister of Rajasthan and requested to extend the date of Rectification of Mistakes of  old Assessment orders under section 33 of Rajasthan Value added Tax Act, 2006 to 30th Sept. 2021 so that all the taxpayers of the state can take the benefit of VAT Amnesty scheme-2021 after […]

ITR forms applicable for Individuals for AY 2021-22

July 22, 2021 8262 Views 16 comments Print

Learn about the ITR forms applicable for Individuals for AY 2021-22. Find out which form to use based on your income sources and financial situation.

HC set-aside Faceless assessment order passed without issuing draft assessment order

July 22, 2021 2913 Views 0 comment Print

Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi (Delhi High Court) Learned counsel for the petitioner states that the impugned assessment order was passed without issuing mandatory draft assessment order along with show cause notice, as contemplated under Section 144B of the Act, resulting in denial of opportunity to the petitioner to […]

Requirement of Form MGT-9 for Financial Year 2020-21 & Onwards

July 22, 2021 186486 Views 9 comments Print

In accordance with the general practices, every company is required to prepare the extract of the annual return in Form MGT-9 and that too before the preparation of actual Annual Return in E-form MGT-7 which is submitted to ROC within 60 days of AGM. The Form MGT-9 is an extract of the annual return which […]

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