Learn about tax due diligence, its importance in assessing tax liabilities, and how it impacts transactions by identifying potential tax issues and exposures.
Explore the distinctions between export of services and intermediary services under GST. Analysis of relevant sections, definitions, and practical examples for clarity.
Learn about introduction of Electronic Credit Reversal & Reclaimed Statement on GSTN, its purpose, reporting guidelines & amendment opportunities.
In this update, we are providing key points from captioned Master Direction in connection with Extension and Write off of the amount payable against the import of good and services.
Learn about the conditions for procuring goods at a concessional rate of GST for export. Find out the requirements and regulations for qualifying for the 0.1% GST rate.
AUDIT UPDATE In this document, we have discussed the major changes and new insertions in CARO (Companies Auditor’s Report Order), 2020 as compared to CARO 2016. 1. Applicability: (Modified) CARO 2020 shall not apply to the auditor’s report on consolidated financial statements EXCEPT, if there are qualifications or adverse remarks given by respective auditor of […]
Issue faced in Intimation under section 143(1) with respect to Late Fees under section 234F of Income Tax Act, 1961 Currently the Income Tax authority Centralize Processing Centre (CPC) is issuing intimation for Assessment Year (AY) 2020-21 (FY 19-20) as well as AY 2021-22. In the intimation generated for AY 2020-21, the CPC is levying […]
In this document we have discussed the amendment relating to Goodwill, Slump Sale, ULIP and Taxability on Reconstitution/Dissolution of Firm/AOP/BOI. We believe that you will find the same useful. > Depreciation on Goodwill of Business or Profession: Section Covered – 2(11), 32(1)(ii), 32(1) Explanation 3 (b), 43(6)(c)(ii) Definition of “block of asset” u/s 2(11) is […]
In this document we have discussed the amendment relating to Tax on Interest earned on PF/RPF, Late Fee on delay filing of Income Tax Return, Liable to Tax viz-a-viz Residential Status, Amendment in Equalization Levy. Under Part 1 we had provided amendment relating to Goodwill, Slump Sale, ULIP and Taxability on assets/stock/money received by Partner/member […]
Learn about the key changes in the Income Tax Return forms for AY 2021-22. Stay updated with the latest amendments in compliance requirements.
