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Submit Letter of Undertaking (LUT) for FY 2022-23 by 31.03.2022

February 27, 2022 233883 Views 25 comments Print

1. In terms of rule 96A of CGST Rule-2017 which was notified under Notification No. 16/2017 dated 07-07-2017, any registered person availing the option to supply goods or services for export without payment of IGST shall furnish, prior to export, a bond or a LUT in Form GST RFD-11. 2. The facility of export under […]

File Revised Income Tax Return For AY 2021-22

January 5, 2022 208221 Views 34 comments Print

1. Filing Income Tax Returns at the last minute can lead to unwanted errors being made. If you are the one, who missed something or made a wrong statement in it and discovered the mistake after filing the income tax return, not to worry. 1.1 Income-tax Act, 1961 allows you to rectify the mistakes by […]

Missed The Deadline – File BELATED Income Tax Return

January 3, 2022 46698 Views 3 comments Print

1. Have you missed the ITR filing deadline in anticipation of another extension from 31st Dec 2021? No worries. You still have a chance to file your ITR by 31st March 2022. The due date of ITR filing for individuals, whose accounts are not to be audited has been extended twice – first from the […]

Tax Audit Requirement For F&O Transactions

December 30, 2021 245667 Views 92 comments Print

1. Futures and options (F&O) are the most common types of asset derivatives traded on a stock exchange. The income/loss arising from trading in F&O transactions would be treated as a Business Income / Loss for the purpose of taxation and the normal provisions of the Income Tax Act will apply in this case The rules as applicable […]

Reporting of Intraday & F&O Transactions In ITR 3

December 28, 2021 563226 Views 126 comments Print

Guide to Reporting Intraday & F&O Transactions in ITR-3. Simplify the filing process with illustrations and relevant provisions.

How to Report Stock Market Capital Loss in ITR 2

October 9, 2021 352905 Views 94 comments Print

Learn how to report stock market capital loss in ITR 2 and take advantage of tax relief options. Set off losses against gains and carry them forward for future use.

Reporting of Capital Gain on Sale of Equity – ITR 2

October 1, 2021 504990 Views 104 comments Print

1. An individual having Capital Gain on sale of Equity is required to file ITR 2. The article discusses the procedure to report Equity Capital Gain in Income Tax Return New Portal. 2. STEP BY STEP PROCEDURE (a) Login to (b) The path is: – e-file>Income Tax Return > File Income Tax Return. Select: […]

Revocation Application for Cancelled GST Registration – Extension of Time Limit

September 20, 2021 22998 Views 0 comment Print

1. The Government vides Notification No. 34/2021- Central Tax, dated 29.08.2021 has extended the timelines for filing of an application for revocation of cancelled registration to 30 September 2021 where the due date of filing of such application falls between 01.03.2020 to 31.08.2021. 2. The extension would be applicable only in those cases where registrations […]

Rules For Taxable Interest on PF Contribution

September 6, 2021 276558 Views 72 comments Print

1. The Government had capped the tax-free interest earned on provident fund contribution by employees to a maximum of Rs. 2.5 lakh in a year vide Budget 2021-22. 1.1 Section 10(11) and 10(12) of the Income Tax Act provides an exemption for the statutory provident fund and recognized provident fund respectively. Till 31st March 2021, […]

Multi-Disciplinary Partnership (MDP) – ICAI

August 2, 2021 17427 Views 0 comment Print

1.’MDP CAs in Practice’ is an abbreviation of the term ‘Multi-disciplinary Partnership Firm of Chartered Accountants in Practice’. The provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations 1988   amended way back and permit the members of the Institute of Chartered Accountants of India to form multi-disciplinary partnership firms with specified professionals. […]

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