Exposure Draft of revised AS 105, Non-current Assets Held for Sale and Discontinued Operations, has been issued by the ASB for comments with the last date being September 14, 2021
New Income Tax Regime, Section – 115BAC, Income-tax Act, 1961 Tax on income of individuals and Hindu undivided family under new Income Tax Regime: Below is quoted the section 115BAC of Income Tax Act 1961 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect […]
There are few transactions which are tracked by the Income tax departments. I have just made a short snippet of it for the views to understand it without any technicality. ____ ___ ____ Transactions monitored by Income tax department 1. Cash deposit/withdrawal in financial year in one or more accounts Rs 10 Lakhs: Savings Account […]
It has been observed that Indian banking customers are being targeted by a new type of phishing attack using ngrok platform. The malicious actors have abused the ngrok platform to host phishing websites impersonating internet banking portals of Indian banks.
Bombay chartered Accountants Society has made a representation to Smt. Nirmala Sitharaman, Hon’ble Union Minister for Finance and Corporate Affairs on Problems being faced by taxpayers on new portal E-filing 2.0. They summarized issues in the ensuing sections i.e. Issues relating to Login, Issues relating to E-filing, Issues relating to Services, Issues relating to Pending […]
Advisory on GSTR1 Filing (11th August 2021) Currently, the Taxpayers are seeing the below statuses for GSTR1, after uploading of JSON file from the of Tool: 1. Processed with Error or 2. In Progress This is due to the fact that many offline utilities used by Taxpayers are not filling the Table 12-HSN wise summary […]
CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd., Faridabad on charges of illegally availing and passing on input tax credit (ITC) by issuance of invoices without supply of goods.
The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act, 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Taxation Laws (Amendment) Bill, 2021 inserted three provisos (Fourth, Fifth, and Sixth Proviso) in Explanation 5 to Section 9(1)(i) to give relief to […]
Reserve Bank of India DRAFT – Foreign Exchange Management (Overseas Investment) Regulations, 2021 1. Short Title and Commencement (i) These regulations may be called the Foreign Exchange Management (Overseas Investment) Regulations, 2021. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Definitions In these regulations, unless the […]
Reserve Bank of India Draft Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021 CHAPTER I PRELIMINARY 1. Short Title and Commencement (i) These rules shall be called the Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021. (ii) Save as otherwise provided in these rules, they shall come into force from the […]
