♦ Patna reports lowest literacy levels with only 22% of borrowers aware of their CIBIL score, followed by Kolkata (25%) and Mumbai (25%), reveals research conducted to understand Financial Literacy levels ♦ 76% of borrowers do not know their interest amount on loan, research says ♦ 50% respondents aware about Mutual Funds; Kolkata leads the […]
A quarterly return with monthly payment (QRMP) scheme for small taxpayers with Annual aggregate turnover up to ₹ 5 Cr. will be made available on the common portal from 1st of January 2021. Once a taxpayer opts in he may file his FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax […]
The Institute of Cost Accountants of India has decided to postpone the examinations for December, 2020 term due to unavoidable circumstances. The online Intermediate and Final Examinations that were scheduled from 10th – 17th December, 2020 will now be held from 3rd – 10th January, 2021.
It is hereby informed that due to Election scheduled on 1st December 2020 at the centre(s) in Hyderabad / Secunderabad / Lucknow, all the students from their existing examination centre(s) are being shifted to new examination venue(s), as per details given below.
Certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Details from such e-invoices are be auto-populated in respective tables of GSTR-1.
CBIC has vide Notification No 89/2020 dated 29.11.2020 waived Penalty for non compliance to QR code provisions if complied by April 01, 2021 for default during the period December 1,2020 to March 31,2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, Notification No. 89/2020–Central Tax Dated: 29th November, […]
The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs.50 crore. The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 450 crore.
The issue under consideration is whether the investment made in two different properties out of the capital gains is eligible for deduction u/s 54F?
Maharashtra GST Department has released List of cases selected for Audit under GST Act, 2017 for the period 2017-2018 on its website. Maharashtra GST Department has selected 3764 cases for GST Audit. List contains Sr. No., GSTIN Registration, Trade Name, Desk ID, Location, Division and Zone. Download List of cases selected for GST Audit in […]
The issue under consideration is whether tax is applicable on securities premium merely because it used to set off losses? AO does not have the jurisdiction to go beyond the net profit shown in the Profit & Loss Account except to the extent provided in the Explanation to section 115J.
