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Utkarsh Mehta

Latest Posts by Utkarsh Mehta

Export of Services vs. Intermediary Services under GST

January 4, 2024 7113 Views 0 comment Print

Explore the distinctions between export of services and intermediary services under GST. Analysis of relevant sections, definitions, and practical examples for clarity.

Introduction of Electronic Credit Reversal and Re-claimed statement on GSTN

October 4, 2023 9276 Views 1 comment Print

Learn about introduction of Electronic Credit Reversal & Reclaimed Statement on GSTN, its purpose, reporting guidelines & amendment opportunities.

Extension of Bill of Entry Submission and Write off of amount payable

June 17, 2022 26994 Views 6 comments Print

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.

Conditions for procurement of goods at Concessional rate of GST for Export

March 1, 2022 86595 Views 13 comments Print

In this document we are going to briefly discuss about the conditions for procurement of goods at Concessional rate of GST for the purpose of Export. Conditions to be qualify for concessional GST rate i.e. 0.1%: – As per notification no 41/2017 – Integrated Tax rate following conditions should be fulfill for procuring goods GST […]

Major Changes in CARO 2020

December 1, 2021 51750 Views 0 comment Print

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 relating to late fee under section 234F in Intimation generated u/s 143(1)

November 25, 2021 23517 Views 6 comments Print

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 […]

Finance Act 2021 Analysis of Certain Provisions [Part 1]

May 1, 2021 4473 Views 0 comment Print

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 […]

Finance Act 2021 Analysis of Certain Provisions [Part 2]

May 1, 2021 4035 Views 0 comment Print

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 […]

Key Changes in Income Tax Return (ITR) Form for AY 2021-22

April 24, 2021 9864 Views 1 comment Print

Learn about the key changes in the Income Tax Return forms for AY 2021-22. Stay updated with the latest amendments in compliance requirements.

Time period of realisation of Export Proceeds under FEMA

April 17, 2021 116340 Views 4 comments Print

FEMA UPDATE > Temporary relaxation in time period of realisation of Export Proceeds- – The Government of India as well as the Reserve Bank has been receiving representations from Exporters Trade bodies to extend the period of realisation of export proceeds in view of the outbreak of pandemic COVID- 19. – It has, therefore, been […]

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