The Finance Bill, 2021 was passed in the Lok Sabha on 23rd March 2021. The salient features of the bill include: – Reduced compliance burden for senior citizens of age 75 years & above -Tax incentives for Affordable Housing and Affordable Rental Housing -Reduction in Time Limits of Re-opening of Assessment -Setting up of Dispute […]
Today, many lenders offer exclusive loans for chartered accountants, which consider their financial standing and unique needs. The features of a CA loan include a high sanction, a long repayment tenor, and quick disbursal. They align themselves well with business goals such as expansion, software integration, upskilling, and recruitment, as well as with personal goals […]
My objective is to brief on existing capital gain tax structure on short term and long term transactions and to give ‘To do list before March end’ which helps to minimize the tax.
In today’s economic climate, it is common for chartered accountants to venture into a private practice. This is among the best ways to establish yourself in any market and grow as a professional. However, running a business is an expensive undertaking, no matter if you’re located in metropolitan cities or not. Whether you’re looking to […]
Following categories of cases will be considered as Potential cases’ for taking action u s 148 of the Act tor the A.Y 2013-14 to A.Y. 2017-18 by 31.03.2021: i. Cases where there are Audit Objection (Revenue Internal) which reclaim action u/s 148 of the Act:
Income tax department is sending messages to pay advance tax on the basis of High Value Transactions shown in Form 26AS. The message says ‘Attention XYZ COMPANY (PAN XXXXX—–X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions under e-Campaign tab on Compliance Portal (CP) […]
1. The Purchase & sales returns are common in day-to-day business transactions. This concept is treated in a slightly different manner under GST Act 2017. 2. Purchase Return: The purchase return is the return of the goods by the customer to the seller. From the GST perspective, it is a return by the recipient to […]
Now taxpayers having turnover exceeding Rs 50 Crores will have to generate e Invoices effective April 1, 2021. Notification No. 05/2021–Central Tax Dated 8th March, 2021
In Re: Cognizance For Extension of Limitation (Supreme Court of India) 1. In computing the period of limitation for any suit, appeal, application or proceeding, the period from 15.03.2020 till 14.03.2021 shall stand excluded. Consequently, the balance period of limitation remaining as on 15.03.2020, if any, shall become available with effect from 15.03.2021. 2. In […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends limitation dates for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt. 31st December, 2020 has been extended to 30th April, 2021 (Notification No. […]
