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How to Simplify ITR Filing Using Income Tax Calculator

August 20, 2021 7017 Views 6 comments Print

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 make the job so easy to do!

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

August 20, 2021 6549 Views 3 comments Print

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.

Patent Fees for Start-ups, MSMEs, Women Entrepreneurs reduced by 80%

August 19, 2021 3231 Views 0 comment Print

Ministry of Commerce & Industry Simplified Patent and Copyright Registration helping India become an innovation hub : Shri Piyush Goyal Fees for Start-ups, MSMEs, Women Entrepreneurs reduced by 80% India sees four fold increase in Patent and Trade Mark registrations during the last 5 years India’s ranking in Global Innovation Index up from 81st to […]

ICAI notifies revised Regulations 58 – Supplementary Articles

August 16, 2021 5460 Views 1 comment Print

58. Supplementary Articles (1) An articled assistant who has taken leave in excess of the period of leave to which he is entitled under Regulation 59 shall be required to serve for a further period equivalent to the excess leave taken by him.

Illiquid Stock Trading and Tax Evasion

August 13, 2021 13968 Views 1 comment Print

Author: Anadi Varma 1. The ‘scam’ So a new scam beckons us. That of allegedly executing fraudulent trades in illiquid stock options by committing irregularities in the equity derivative segment. 2. Operation Falcon Popular belief is that the scam unearthed after the investigation wing of the I-T Department launched ‘Operation Falcon’ in July 2019, and […]

IGST on goods re-imported after being exported for repairs

August 11, 2021 8691 Views 0 comment Print

(Circular No. 16/2021–Customsdated 19thJuly 2021; Notification Nos. 45/2017–Customs and 46/2017–Customs, both dated 30thJune 2017; Notifications No. 36 & 37–Customs dated 19thJuly  2021) IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs The GST Council, at the time of roll out of GST decided to continue the concession as were […]

Provision of section 43B not applicable to ground rent

August 11, 2021 2805 Views 0 comment Print

Ajay Enterprises Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground raised by the assessee in this appeal pertains to disallowance of Rs. 10,47,025/- incurred by the assessee during the year as ground rent on lease hold properties to L& DO. According to the AO this amount is not allowable u/s 43B of the Income […]

Foreign tax credit eligible in all cases, except tax paid in Finland & Canada

August 10, 2021 1968 Views 0 comment Print

Tata Consultancy Services Ltd. Vs DCIT (ITAT Mumbai) From the stage of the assessment proceeding itself, it is the claim of the assessee that the term ‘tax’, as defined under section 2(43) of the Act would only include taxes chargeable under the Indian Income Tax Act. It is the further case of the assessee that […]

Institute of Cost Accountants of India signs MoU with ACCA, UK

August 10, 2021 2340 Views 0 comment Print

Memorandum of Understanding (MoU) between the Institute of Cost Accountants of India and the Association of Chartered Certified Accountants, United Kingdom (ACCA, UK) The Union Cabinet, chaired by Hon’ble Prime Minister Shri Narendra Modi, has approved the signing of Memorandum of Understanding (MoU) between Institute of Cost Accountants of India and the Association of Chartered […]

Shops and Establishments Registration in Delhi is Mandatory

August 10, 2021 10272 Views 0 comment Print

OFFICE OF THE LABOUR COMMISSIONER LABOUR DEPARTMENT, GNCT OF DELHI 5 – SHAM NATH MARG DELHI- 110054 Public Notice All Shops and Establishments are required to be registered under Delhi Shops and Establishments Act, 1954. The registration is Online, free of Cost and without submission of any document.     For Ease of Doing Business, […]

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