"20 August 2021" Archive

Ground work for your ITR

The ITR filing season is on. Before you actually sit down to file your ITR, you should do some ground work so that the actual process of working out the numbers for your ITR and filing is smooth and seamless. Let us discuss what preparatory work you need to do in advance for this purpose. […]...

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Posted Under: Income Tax | ,

RTI reveals department rejects 90% applications for Section 80G/12A approval

Reply to RTI application revealed that around 90% of the applications filed by NGO have been rejected for the reason best known to the Income-tax department Pune....

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Posted Under: Income Tax |

Highlights of Limited Liability Partnership (Amendment) Act, 2021

Limited Liability Partnership (Amendment) Bill, 2021 was introduced in both houses of Parliament and the Union Cabinet gave its approval on 28th July, 2021 and received the approval of the President on 13th August, 2021 and became Limited Liability Partnership Act, 2021. The Amendment seeks to facilitate greater ease of living to law-abid...

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Posted Under: Income Tax |

How to Simplify ITR Filing Using Income Tax Calculator

The government of India has extended the last date for ITR filing to September 30th, however, especially because of the new reforms introduced by the Union Budget earlier this year, it is not advised to wait until closer to the day. Filing returns could seem like a daunting and annoying task to begin with but an income tax calculator can ...

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Posted Under: Income Tax |

GST-Sections not enacted yet -part-3/3

THE FINANCE ACT, 2020 (NO. 12 OF 2020) There are sixteen sections of CGST Act, 2017 got amended through Finance Act, 2020 and the same have been enacted by different notifications from different dates. Section 118 to Section 133 under Chapter-IV of said Act, deal with the amended provisions of Central Goods and Service Tax […]...

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Posted Under: Income Tax |

What is recourse available to deal with Notices on Mismatch of GSTR-2A & GSTR-3B

Since the Goods and Services Tax (GST) got introduced from July 2017, there has always been issues of specifically matching and reconciling of Input Tax Credit (ITC) claimed in self-declared tax summary return i.e GSTR-3B with the data under auto generated form GSTR-2A/ 2B. Conceptual Understanding- GSTR-3B is a consolidated form of month...

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Posted Under: Income Tax |

Impact on India over Taliban/ Afghanistan Development

A. With the siege of power in Afghanistan by the militant sect Taliban, bilateral trade between India and the country is currently at high risk, the Confederation of Indian Traders (CAIT) cautioned on Tuesday. The traders’ association also alerted domestic exporters and urged the Centre to forestall any potential business losses. The CA...

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Posted Under: Income Tax |

Revised MEF Form for year 2021-22 to be live in October 2021

Members may kindly note that the Revised MEF Form for the year 2021-22 is expected to be made live (at meficai.org) in the month of October 2021....

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Posted Under: Income Tax |

Letter of Undertaking (GST)

1. WHAT IS LETTER OF UNDERTAKING? Letter of Undertaking is a document that exporters can file to export goods or services without having to pay taxes. Under the new GST regime, all exports are subject to IGST, which can later be reclaimed via a refund against the tax paid. An LUT (Letter of Undertaking) spares […]...

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Posted Under: Income Tax |

Change in Directors of Company- Resignation, Removal, Appointment

The board of Directors is the supreme authority having the management and control of the affairs of a company. They have a fiduciary duty to the company and its shareholders, which means to say that they are responsible for conducting the affairs of the company in a way that ensures success and profitability and thus […]...

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Posted Under: Income Tax |

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