Introduction The Government of India founded Bureau of Energy Efficiency (BEE). on 1st March 2002 under the provisions of the Energy Conservation Act, 2001. The mission of the Bureau of Energy Efficiency is to help in developing policies and methods with a thrust on self-regulation and market principles, within the framework of the Energy Conservation Act, 2001 with the first objective of reducing energy intensity […]
With the deployment of Income Tax Portal 2.0, the stakeholders have been facing a lot of issues, one of the same being in respect to filing of the Income Tax Returns. While filing the return of income there has been an issue faced in respect to Verification of the Income Tax return at the portal […]
Vide Notification No. 31/2021-Central Tax Dated : 30th July, 2021 CBIC exempts the registered person whose aggregate turnover in the financial year 2020-21 is upto two crore rupees, from filing annual GST return for the said financial year. This would ease compliance requirement of furnishing reconciliation statement in FORM GSTR-9C, as taxpayers would now be […]
CBIC has vide Notification No. 30/2021–Central Tax | Dated 30th July, 2021 amended Rule 80 related to Annual GST Return, It further amended Instructions related to GSTR 9 and also amended Form GSTR 9C. The existing Rule 80 replaced for making the requisite amendments in Form GSTR-9 & Form GSTR-9C. The default due date as […]
Vide CGST Notification No. 29/2021-Central Tax dated 30/07/2021 CBIC has notified the provisions of Section 110 & 111 of the Finance Act, 2021 w.e.f. 01.08.2021. While Section 110 omits section 35(5) of CGST Act means GST Audit (GSTR-9C) by CA/CMA is no longer required and Section 111 substitutes section 44 (Annual return) of CGST Act, […]
Bhiwadi Manufactures Association has written a letter to Shri Ashok Gehlot, Chief Minister of Rajasthan and requested that considering the Quantum of work time limit for First phase of Amnesty Scheme 2021 which is expiring on 31st July, 2021 to be extended till 0th September, 2021. Text of their letter is as follows:- 30th July, […]
It is advised that IBUs shall follow the IFRS accounting standards issued by the IASB, including any new amendments thereto, for preparing and maintaining its financial statements on standalone basis and for the purpose of reporting and compliance under the relevant IFSCA regulations, rules, directions, circulars and guidelines applicable for IBUs.
The Income Tax Department carried out a search action on 29.07.2021 on a large group based in Kanpur and Delhi. The group is in the business of manufacturing Pan Masala and in real estate. A total of 31 premises were searched spread across Kanpur, Noida, Ghaziabad, Delhi and Kolkata.
The Exposure Draft of Amendments to Ind AS 1 requires companies to disclose their ‘material accounting policy information’ rather than their ‘significant accounting policies’. To assist an entity in determining whether accounting policy information is material to its financial statements amendments are proposed to Ind AS 1.
