"07 November 2021" Archive

ITC – GSTR 2A Vs. Books of Accounts – The Winner is……..

Since 9th October 2019, a fight has been going on between GSTR 2A introduced by the GST Authorities and the Books of Accounts kept by the assessees. Finally, the Hon’ble Supreme Court has declared Books of Accounts as the winners, vide its judgement in Civil Appeal No. S.L.P. (C) No. 8654 of 2020, declared on 28th October […]...

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Decoding ICAI Elections 2021

The voting for the elections of the twenty-fifth council for thirty-two seats from five regions and twenty-fourth regional councils from five regional constituency of The Institute of Chartered accountants of India will be held on 3rd and 4th December in cities having 1000 or more members and on 4th December 2021 in other cities/towns. Ya...

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Income Tax Returns for Individuals

What is an Income Tax Return? Income Tax Return is a form in which the taxpayer files information about the income earned and tax payable on such income to the Income Tax Department. Which Income Tax Returns are applicable to an individual? There are 7 forms notified by the department and ITR – 1,2,3,4 are […]...

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Grandfathering provisions under Capital Gains

By Finance Act, 2018 the grandfather clause has been introduced in respect of investment made on or before 31 January 2018 in equity shares or units of an equity-oriented mutual fund. Grandfather provision means – a grandfather clause/grandfather policy/grandfathering is a provision in which an old rule continues to apply to some exist...

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Briefing Internal Controls & Its Testing

A business or an organization that is running smoothly is also contributed by the proper internal controls in place. Hence, to understand internal controls & its relevance in business processes, first let us know what it is. What are Internal Controls? Internal controls are the policies, rules, and procedures implemented by a company ...

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Procedure to be followed in scrutiny of GST returns & Action

Circular No 7/2021-KGST 07/11/2021

The proper officer may scrutinize the returns and related particulars furnished by a registered person to verify the correctness of the returns filed. Specific instances have come to the notice wherein proper procedures have apparently not been followed during the scrutiny of returns and thenceforth actions....

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GST Proper officer functions scrutiny, assessment, detention, seizure, release & refund

Circular No.6/2021-KGST 07/11/2021

Presently, the scrutiny of annual returns for the year 2017-18 is being done. Since defect notices are given after a larger time span, the defects perpetually get accumulated. The dealers will find it challenging to remit the consequent taxes, penalties, and interest being substantially larger amounts. The tax compliance mechanism will th...

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क्या बैड बैंक का गठन या दिवाला कानून में संशोधन सरकारी बैंकों की स्थिति सुधार पाएंगे

सरकारी बैंकों ने लगभग 90 लाख करोड़ रुपये के ऋण बांट रखे है, जिसमें से 20% यानि 18 लाख करोड़ रुपये डिफाल्ट में है. हालांकि सरकारी आंकड़े इ...

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Corporate Compliance Calendar for November, 2021

CORPORATE Compliance CALENDAR  covers Compliance under Income Tax act, 1961, Compliance under Goods & Services Act, 2017, Compliance under Other Statutory Laws (PF, ESIC, Under Factories Act, 1948 and Contract Labour Regulation and Abolition Act, 1970 )  and Quarterly Compliances under SEBI (LODR) Regulations 2015....

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Income Tax Returns (ITRs)-Forms and Due Dates

EXTENSION OF DUE DATES  Central Board of Direct Taxes (CBDT), through its Circular No. 17/2021, dated September 9, 2021, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2021-2022 (Financial Year 2020-2021). The said extension of time lines for income tax returns and audit reports (wherever applicable) h...

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