The Reserve Bank of India has issued revised formats of Long Form Audit Report (LFAR) for banks and their branches vide its circular dated September 5, 2020 which are applicable for audits for financial year 2020-21 and onwards. Revised formats of LFAR contain several significant changes and several new reporting requirements vis-à-vis earlier formats of […]
In recent times, more people have realized the importance of having financial protection with a term plan. This realization is due to a multitude of factors, such as increased threats to life, a rise in living expenses, and various financial obligations. As a consequence, people need a sound financial plan to face the uncertainty of […]
1. Attention ! GST TAXPAYERS WHO ARE NOT UNDER QRMP SCHEME File Your monthly GSTR-3B Returns for the month of February, 2021 before 20th March, 2021 Late filing of GSTR-3B Returns will attract late fee & interest 2. Attention ! Non-Resident GST Taxpayers! File Your monthly GSTR-5 Return for the month of February, 2021 before […]
Ministry of Commerce & Industry Exports from the Manufacturing Sector Posted On: 19 MAR 2021 Major commodity-group wise data on merchandise exports in last five years is at Annexure. The Government has taken the following key steps to boost exports: 1. The mid-term review of the current Foreign Trade Policy (2015-20) was carried out in December […]
IBBIa has brought out this ‘Handbook on Ethics’, to stimulate the highest standards of ethics and professionalism among the IPs, together with British High Commission, who facilitated in obtaining inputs on the best practices followed by Insolvency Practitioners in UK.
Seeks to impose definitive anti-dumping duty on imports of ‘Faced Glass Wool in Rolls’ originating in or exported from People’s Republic of China. Notification No. 14/2021-Customs (ADD) Dated: 18th March, 2021. MINISTRY OF FINANCE (Department of Revenue) Notification No. 14/2021-Customs (ADD) Dated: 18th March, 2021 G.S.R. 199(E).—Whereas, in the matter of ‘Faced Glass Wool in […]
NXP India Private Limited Vs ACIT (ITAT Bangalore) In this case AO passed a combined order giving effect to earlier orders of Tribunal with regard to original assessment and also reassessment order u/s. 143(3) r.w.s. 147 of the Act which is incorrect. The AO must have passed distinct and separate orders giving effect to the […]
The Government of India has decided that the date of closure of residual transactions for the month of March 2021 be fixed as April 10, 2021. In view of the ensuing closing of government accounts for the financial year 2020-21, receiving branches including those not situated locally, should adopt special arrangements such as courier service etc.
Piaggio Vehicles Private Limited Vs ACIT (ITAT Pune) Whether education cess can be allowed as deduction? The Ld. Senior Counsel for the assessee has placed strong reliance on the decision of the Hon’ble Bombay High Court in the case of Sesa Goa Limited Vs. Joint Commissioner of Income Tax, (2020) 107 CCH 0376 MumHC, Tax […]
There have been press reports raising doubts whether any adverse reactions to Covid-19 vaccination that require hospitalization will be covered by the health insurance policies.
