Tax Bar Association, Bhilwara has requested for extension of Due Date of filing of Tax Audit and Income Tax Return for Assessment Year 2020 due to COVID 19 Pandemic. Request is been made to Hon’ble Finance Minister, Smt. Nirmala Sitaraman. It is requested to further extend the due date of filing tax audit report to […]
A Request for extension of various due dates under Income-tax Act, 1961 for AY 2020-21 and for filing the Annual Reconciliation Statement (GSTR-9C) along with the annual return (GSTR-9) for financial years 2018-2019 & 2019-2020 is made by Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Chartered Accountants Association (Surat), Karnataka State Chartered Accountants Association […]
AGFTC, ITBC and CAA has made a Request for further extension of due dates of furnishing Tax Audit Reports/ITR for A.Y. 2020-21 due to spike in Covid cases and consequential delay in notification/amendment of ITR forms/e-filing platform to Ms. Nirmala Sitharaman, Union Finance Minister of India. Text of the Representation is as follows:- To, Ms. […]
Central Goods and Services Tax is an indirect tax to be paid by end users for the consumption of goods and services. It was implemented in 2017 and it applies not just to individuals and corporations, but to housing societies as well, with exceptions, of course.
Advisory on Quarterly Return with Monthly Payment scheme is issued by GSTN For information and guidance purposes and contains FAQs divided in following sections Eligibility and Opting for the scheme, System defaulting, . Actions required for first two months of the quarter, Details on viewing GSTR-2A and 2B, Actions required for the last month of […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♣ CBDT issues a circular condoning the delay in filing of form No. 10 BB (Form for furnishing the audit report of the accounts of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution) for AY […]
1. Interest for delayed payment – Tolerance of an Act Vs. Addition to Consideration The Maharashtra Appellate Authority For Advance Ruling in Bajaj Finance Ltd 2020-TIOL-64-AAAR-GST has ruled the additional/penal interest recovered by the appellant from customers against delayed payment of monthly instalments of the loan extended to the customers would be exempt from GST. […]
Section 62 of the Act is resorted only in the cases where return is not filed and assessment cannot be done without relying upon prudence of the assessing officer. Once the facts and figures of the liability is before the assessing officer then any assessment based upon his prudence will not only belie the express statutory provisions but also frustrate the entire aim and objective of the Act.
1. Recently a spate of notices have been issued by the DRI to the exporters who have availed the scheme of Advance Authorization under the FTP asking the exporters to pay the IGST on the imports made on or after 23.10.2017 in cases where the refund of the accumulated input tax credits (‘ITC’) have been […]
It is expected by various agencies that GDP may fall in majority of major economies amid covid crisis. In Q2 of 2020-21, India may be one of the slowest growing economies. In Q1, India’s growth has fallen the steepest among G-20 nations. Although markets have responded positively to the vaccine news, rising cases of Covid […]
