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Excise Duty Cut: Petrol Price Slashed By Rs 8.69/ltr, Diesel By Rs 7.05/ltr

Excise Duty Cut: Petrol Price Slashed By Rs 8.69/ltr, Diesel By Rs 7.05/ltr

Petrol price on Sunday was slashed by Rs 8.69 a litre and diesel by Rs 7.05 per litre following the government cutting excise duty on auto fuels to give relief to consumers

Illegal Detention Of Chartered Accountants: CA Association Submits Representation To PM Against GST Commissioner

Illegal Detention Of Chartered Accountants: CA Association Submits Representation To PM Against GST Commissioner

The Chartered Accounts Association has made representation to Prime Minister of India regarding Complaint against Commissioner CGST Sector-32 Gurugram for illegal detention of around 60-70 CAs

FM Held Meeting With ICAI Delegation To Discuss Ongoing Investigations By CGST Gurugram

FM Held Meeting With ICAI Delegation To Discuss Ongoing Investigations By CGST Gurugram

Smt Nirmala Sitharaman held a meeting with ICAI delegation, led by VP Shri Aniket Sunil Talati. The MoF had invited the ICAI on Saturday to discuss various issues

Last Date For Filing GSTR-3B For April 2022 Extended To 24th May

Last Date For Filing GSTR-3B For April 2022 Extended To 24th May

CBIC vide Notification No. 05/2022–Central Tax has extended the due date for filing Form GSTR-3B for the month of April 2022.

GSTN Advisory On Invoices Not Reflecting In GSTR-2B For April Month

GSTN Advisory On Invoices Not Reflecting In GSTR-2B For April Month

It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. The technical team is working to resolve this issue

Proposal To Extend GSTR-3B Filing Due Date For April 2022 Is Under Active Consideration: CBIC Tweeted

Proposal To Extend GSTR-3B Filing Due Date For April 2022 Is Under Active Consideration: CBIC Tweeted

Considering the difficulties faced by taxpayers in filing their GSTR-3B for the month of April 2022, a proposal to extend the due date of filing GSTR-3B for April 2022 is under active consideration

Fake GST registration obtained on your name: What should you do?

Fake GST registration obtained on your name: What should you do?

GSTN has a feature wherein one can search for the number of registrations under his PAN and if he finds that there is a fake GST registration, he can make a complaint to GSTN immediately.

Cryptocurrency Might Fall Under 28% GST Slab

Cryptocurrency Might Fall Under 28% GST Slab

1% TDS will also apply on crypto transfers from July 1, 2022. The levy of 28% GST is another Shocker for the Crypto Currency coterie.

GST Gurugram: Officer Arrested For Demanding Bribe Of Rs 7 Lakh For GST Registration

GST Gurugram: Officer Arrested For Demanding Bribe Of Rs 7 Lakh For GST Registration

Gurugram, Haryana, State Vigilance Bureau has arrested two persons, including an inspector of the Excise and Taxation Department while accepting a bribe for issuing a GST number.

GSTN Advisory On Reporting 6% Rate In GSTR-1

GSTN Advisory On Reporting 6% Rate In GSTR-1

As a temporary measure, taxpayers may report the entries in the 5% heading and then manually increasing the system computed tax amount to 6%.

Getting GST Number Not Easy Anymore, Officers Asking For Ownership Proofs Of Mobile Nos & E-mail Ids

Getting GST Number Not Easy Anymore, Officers Asking For Ownership Proofs Of Mobile Nos & E-mail Ids

One incident has come into the picture where the GST Officer has asked for evidence in respect of ownership of the mobile number and email ID of the Applicant.

GST Portal Be Made Available In Tamil: CM Stalin Writes To Centre

GST Portal Be Made Available In Tamil: CM Stalin Writes To Centre

M K Stalin, the chief minister, said that he had written to the Centre requesting that the Goods and Services Tax gateway be made available in Tamil

GST Officials Arrested Tax Auditor For Running Fake Input Tax Credit Scheme

GST Officials Arrested Tax Auditor For Running Fake Input Tax Credit Scheme

GST officers from the South Zone searched a tax Auditor office and home in Bengaluru and Davanagere, busting a fake input tax scheme he was running.

PSUs Pays Higher Price For Purchase Of Lower Quality Coal, ED Files Prosecution Complaint

PSUs Pays Higher Price For Purchase Of Lower Quality Coal, ED Files Prosecution Complaint

ED has filed a Prosecution Complaint against Ahmed A. R. Buhari & 06 others in a money laundering case of overvaluation of coal prices whereby the PSUs paid higher prices for lower quality coal.

Tax Audit Update: Offline Utilities For Filing Form 3CA-3CD & 3CB-3CD For FY 21-22 Released

Tax Audit Update: Offline Utilities For Filing Form 3CA-3CD & 3CB-3CD For FY 21-22 Released

Offline Utilities for filing Statutory Income Tax Form 3CA-3CD & 3CB-3CD for FY 21-22 have been released on Income Tax Portal.

How to surrender GST registration online?

How to surrender GST registration online?

The taxpayer or legal heir may file an application for canceling GST registration in the specified circumstances. Learn how to surrender the GST number online.

Annual Aggregate Turnover (AATO) Computation For FY 2021-22

Annual Aggregate Turnover (AATO) Computation For FY 2021-22

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

GST Punjab: Pending VAT & GST Refunds To Be Cleared By June End

GST Punjab: Pending VAT & GST Refunds To Be Cleared By June End

Punjab Excise and Taxes Commissioner Kamal Kishor Yadav has ordered all pending VAT and GST cases to be refunded by the end of June.

Highest Ever GST Revenue Collection Of Rs 1.68 Lakh Crore In April 2022

Highest Ever GST Revenue Collection Of Rs 1.68 Lakh Crore In April 2022

The Goods and Tax (GST) revenues exceed the Rs 1.5 lakh crore mark for the first time with the highest-ever gross collections in April at Rs 1,67,540 crore.

GSTN Issues Latest Advisory For Composition Taxpayers

GSTN Issues Latest Advisory For Composition Taxpayers

Goods and Services Tax Network (GSTN) issued the latest advisory to taxpayers registered under the GST composition scheme

Pawan Hans Disinvestment: Govt Approves Rs 211 Cr Bid Of Star9 Mobility

Pawan Hans Disinvestment: Govt Approves Rs 211 Cr Bid Of Star9 Mobility

Cabinet Committee on Economic Affairs has approved the highest bid of M/s Star9 Mobility Private Ltd for sale of the entire Government shareholding (51% of shareholding) of Pawan Hans Limited (PHL) and transfer of management control.

UDIN Breaking: CBDT Extends Last Date To Update UDIN Till 31st May 2022

UDIN Breaking: CBDT Extends Last Date To Update UDIN Till 31st May 2022

To give more time to CAs to correctly verify and upload UDIN, CBDT has extended the timeline from 30th April to 31st May 2022

GST Mumbai: Owner Of M/s Pacific Pharma Arrested For ITC Fraud Of Rs 15.23 Crore

GST Mumbai: Owner Of M/s Pacific Pharma Arrested For ITC Fraud Of Rs 15.23 Crore

Mumbai West GST Intelligence has arrested the owner of M/s Pacific Pharma for involvement in availment and passing of fake Input Tax Credit (ITC) of Rs 15.23 Crore

West Bengal Professional Tax: Last Date Of Filing PT Return For 21-22 Extended To 31st May 2022

West Bengal Professional Tax: Last Date Of Filing PT Return For 21-22 Extended To 31st May 2022

Directorate of Commercial Taxes (West Bengal) extended the last date of filing return by one month i.e from 30.04.2022 to 31.05.2022

Practicing CAs Should Ensure Strict Compliance While Incorporating Company or LLP: ICAI

Practicing CAs Should Ensure Strict Compliance While Incorporating Company or LLP: ICAI

The Institute of Chartered Accountant of India (ICAI) advised members to ensure strict compliance while incorporating a Company or an LLP to avoid penal actions.

ICAI Announces 75% Concession In Registration Course Fee For All Levels Of CA Courses For The Wards Of Demised Members

ICAI Announces 75% Concession In Registration Course Fee For All Levels Of CA Courses For The Wards Of Demised Members

The Council of the Institute has decided to extend 75% fee concession on registration fees to the wards of demised members of ICAI effective from 1st April, 2022

SOP To Be Followed To Arrest CA's: ICAI Patna Urges To DGP

SOP To Be Followed To Arrest CA's: ICAI Patna Urges To DGP

The Institute of Chartered Accountants of India (ICAI) Patna chapter has requested the Directorate General of Police (DGP) to issue a memorandum to arrest chartered accountants

Bid Rigging & Cartelization In Indian Railways Tenders, CCI Penalises 11 Firms

Bid Rigging & Cartelization In Indian Railways Tenders, CCI Penalises 11 Firms

The Competition Commission of India (CCI) has issued a final order against eleven companies/firms that were deemed to have violated the anti-competitive agreements

GST Compensation of Rs 7.35 Lakh Crore Released To States For FY22: Finance Ministry

GST Compensation of Rs 7.35 Lakh Crore Released To States For FY22: Finance Ministry

GST compensation of Rs 7.35 lakh crore has been released to States till now and currently, only for the year 2021-22, compensation of Rs 78,704 crore is pending due to inadequate funds.

Exemption On Import Of Specified COVID-19 Related Items May Not Be Denied Merely On Procedural Issue: CBIC

Exemption On Import Of Specified COVID-19 Related Items May Not Be Denied Merely On Procedural Issue: CBIC

The CBIC issued Instructions stating that the benefit of the exemption from the whole of customs duty and health cess to the parts of specified medical oxygen related equipment may not be denied merely on the issue of non-observance of conditions

Form 26A, 27BA, 10BD, and 10BE Are Available For Filing On Income Tax Portal

Form 26A, 27BA, 10BD, and 10BE Are Available For Filing On Income Tax Portal

The Income Tax Department notifies on the E-filing portal that a few income tax forms are now available for filing on the portal. Read more

GSTR-1/IFF Enhancements Deployed On GST Portal

GSTR-1/IFF Enhancements Deployed On GST Portal

Know all the GSTR-1/IFF enhancements deployed today on GST Portal.

Revised guidelines for implementation of risk management system in Customs and GST

Revised guidelines for implementation of risk management system in Customs and GST

CBIC released amended recommendations for the National Risk Management Committee (NRMC) to ensure that the Risk Management System in Customs and GST is implemented effectively.

23 teams of GST department raids 43 Steel-Iron firms

23 teams of GST department raids 43 Steel-Iron firms

GST officials raided 43 firms in Delhi NCR for evading GST. During this, tax evasion of 128 crores was caught.

UDIN update functionality is enabled for Forms filed from June 2021 onwards

UDIN update functionality is enabled for Forms filed from June 2021 onwards

The functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at the e-filing portal. Read more

Uttar Pradesh GST Dept clarified the issues wrt ITC claim, e-invoice and refund

Uttar Pradesh GST Dept clarified the issues wrt ITC claim, e-invoice and refund

The Uttar Pradesh GST Department vide Circular No. 2223004 has issued a clarification on various issues w.r.t. the availment of Input Tax Credit, e-invoice and refund under GST provisions.

MCA registers highest ever 1.67 lakh companies in FY 2021-22

MCA registers highest ever 1.67 lakh companies in FY 2021-22

During the Financial Year 2021-22, the Ministry of Corporate Affairs (MCA) registered more than 1.67 Lakh company incorporations as compared to 1.55 Lakh companies during FY 2020-21.

GST collection in FY 23 could be Rs 16 trillion: CBIC chairman Vivek Johri

GST collection in FY 23 could be Rs 16 trillion: CBIC chairman Vivek Johri

The Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri told FE that gross GST revenues in FY23 could be Rs 1.3-1.35 trillion per month on average.

GST Council may shift 5% rate items to 3% and 8% Slabs

GST Council may shift 5% rate items to 3% and 8% Slabs

The GST Council is expected to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories.

GST fraud of Rs 121 crore, 4 arrested

GST fraud of Rs 121 crore, 4 arrested

The Sambalpur Cyber Police detained four people including two officers of the Urban Cooperative Bank in Rourkela on charges of Rs 124 crore GST evasion

Multiple registrations under GST

Multiple registrations under GST

More than one GST registration for multiple places of business in the same state or other state or the same address. Steps to obtain two GST numbers on same PAN

Cash Transaction: Limit, Penalty & Rules

Cash Transaction: Limit, Penalty & Rules

The government has imposed various restrictions on cash payments from time to time. Here is the list of various restrictions imposed on cash transactions under the Income Tax.

Madhya Pradesh Govt to issue notices to 3 lakh taxpayers who evaded GST for FY 2017-18 and FY 2018-19

Madhya Pradesh Govt to issue notices to 3 lakh taxpayers who evaded GST for FY 2017-18 and FY 2018-19

The Government of Madhya Pradesh has identified over 3 lakh taxpayers who failed to pay taxes in the financial years 2017-18 and 2018-19.

Validity of e-way bill as per new rules and its extension

Validity of e-way bill as per new rules and its extension

Eway bill is valid for a definite period on the basis of the distance covered by the vehicle carrying the goods. Know more about e-way bill validity.

TDS on purchase of goods (Section 194Q)

TDS on purchase of goods (Section 194Q)

The Finance Act 2021 has introduced a new Section 194Q providing for TDS on purchase of goods with effect from 1st July 2021. Read more

Increased GST registration limit

Increased GST registration limit

Computation of aggregate turnover for increased GST threshold. The limit of GST registration for goods is 40 lakhs and for services is 20 lakhs.

Gratuity and its taxability

Gratuity and its taxability

Gratuity is a monetary benefit offered by the employer to his employee in consideration of services rendered by him. Treatment of gratuity under income tax.

NIC enabled 2-factor authentication for e-Way bill and e-invoice system

NIC enabled 2-factor authentication for e-Way bill and e-invoice system

National Informatics Centre (NIC) has enabled the two-factor authentication for logging in to the e-Way Bill/e-Invoice system.

GST Gurugram: DGGI officials arrest one person for fraudulently availing credit of more than Rs 16 crore

GST Gurugram: DGGI officials arrest one person for fraudulently availing credit of more than Rs 16 crore

DGGI Gurugram Zonal Unit (GU) has unearthed a case wherein a series of entities controlled by a person for availing and passing fraudulent Input Tax Credit (ITC).

What is a revised tax invoice under GST?

What is a revised tax invoice under GST?

A revised tax invoice may be issued for supplies made between the effective date of GST registration and grant of certificate. Know more about a revised invoice in GST.

How to login into the TRACES?

How to login into the TRACES?

TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an integrated platform for providing services to TDS deductors. On the Login page, enter valid login credentials

Rajasthan Govt issues circular on correct submission of GST returns

Rajasthan Govt issues circular on correct submission of GST returns

Rajasthan GST Department has issued a circular on the correct submission of returns under Goods and Services Tax. Read circular.

Parliament passes the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Bill 2021

Parliament passes the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Bill 2021

The Bill amends the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980. Read bill.

ICAI President addressed members over the issue of Parliamentary Committee report for setting up of IIAs

ICAI President addressed members over the issue of Parliamentary Committee report for setting up of IIAs

ICAI President CA. (Dr.) Debashis Mitra addressed members on Friday over the issue of Parliamentary Committee report for setting up of IIA’s similar to IIT and IIM

CA May-June Exams 2022: ICAI to reopen application window

CA May-June Exams 2022: ICAI to reopen application window

The Institute of Chartered Accountants of India (ICAI) will reopen the application window for the CA Foundation, Final, and Intermediate May-June exams today

Upcoming changes in GSTR-3B for e-commerce operators

Upcoming changes in GSTR-3B for e-commerce operators

To comply with the notification issued, a new table 3.l(A) shall be added in Form GSTR-3B for reporting of supplies made under section 9(5) of CGST Act. Read more

Ending of ICAI monopoly?

Ending of ICAI monopoly?

The Standing Committee on Finance has proposed the Government to set up an Institute of Accounting (IIA) which is similar to the IITs and IIMs in India.

18 Transactions Where Quoting Of PAN Is Compulsory

18 Transactions Where Quoting Of PAN Is Compulsory

Every person shall quote his Permanent Account Number (PAN) in all documents pertaining to the transactions specified in Income-tax rule 114B.

ICAI Guidelines on CA Articleship Working Hours

ICAI Guidelines on CA Articleship Working Hours

To clarify the doubts about the working hours of the articled assistants and for pursuing graduation/other courses, ICAI has issued directions. Read more

More than 3.82 lakh companies struck off till financial year 2020-21

More than 3.82 lakh companies struck off till financial year 2020-21

Under the Special Drives taken by Registrar of Companies, 3,82,875 number of companies ware struck off u/s 248 (1) of the Companies Act till the financial year 2020-21.

EPF interest rate for 2021-22 slashed to 8.1%

EPF interest rate for 2021-22 slashed to 8.1%

The Central Board recommended 8.10% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2021-22.

‘The Kashmir Files’ gets Tax Free status in Gujarat

‘The Kashmir Files’ gets Tax Free status in Gujarat

The Government of Gujarat to promote the exhibition of the cinematographic film titled ‘The Kashmir Files’ within the State of Gujarat grants reimbursement of State GST.

CA Exam 2022: ICAI Foundation Examinations Rescheduled

CA Exam 2022: ICAI Foundation Examinations Rescheduled

The CA Foundation examination will now be conducted on the 24th, 26th, 28th, and 30th of June 2022. Read official announcement.

GST Delhi: Govt issued guidelines for unblocking of ITC

GST Delhi: Govt issued guidelines for unblocking of ITC

Delhi Government issued guidelines regarding unblocking of ITC on expiry of one year from the date of blocking.

Delhi Govt issues SOP for compliance of Bank attachment letters

Delhi Govt issues SOP for compliance of Bank attachment letters

The Department of Trade & Taxes, Government of N.C.T. of Delhi issued Standard Operating Procedure to ensure the compliance of Bank attachment letters.

PLI Scheme: Govt reopens application window for White Goods (ACs and LED Lights) from 10th March to 25th April

PLI Scheme: Govt reopens application window for White Goods (ACs and LED Lights) from 10th March to 25th April

The Union Cabinet had given approval for the PLI Scheme for White Goods for manufacture of components and sub-assemblies of Air Conditioners (ACs) and LED Lights.

GST fraud: CBIC cautions against sharing Aadhaar, PAN details without valid reasons

GST fraud: CBIC cautions against sharing Aadhaar, PAN details without valid reasons

The Central Board of Indirect Taxes and Customs ( CBIC ) has cautioned the public against sharing Aadhaar and PAN details without a valid reason or for monetary gains

Chartered Accountant and GST Joint Commissioner arrested in Bribery Case

Chartered Accountant and GST Joint Commissioner arrested in Bribery Case

The Central Bureau of Investigation ( CBI) Anti-Corruption Branch has arrested a Chartered Accountant and GST Joint Commissioner in a Bribery Case.

ICAI permits CAs in Practice/Firms of CAs to register on GeM Portal for rendering professional services

ICAI permits CAs in Practice/Firms of CAs to register on GeM Portal for rendering professional services

The ICAI issued a clarification with regard to chartered accountants in Practice/Firms of chartered accountants registering themselves on GeM Portal.

Maharashtra Govt issued guidelines for issuance of FORM GST DRC-07

Maharashtra Govt issued guidelines for issuance of FORM GST DRC-07

Maharashtra Govt issued guidelines for issuance of FORM GST DRC-07 in case of detention of vehicles under e-way bill provisions.

Income Tax portal will not be accessible due to maintenance from Mar 05, 10 PM to Mar 06, 08 AM

Income Tax portal will not be accessible due to maintenance from Mar 05, 10 PM to Mar 06, 08 AM

The Income Tax Department says that the website will not be accessible due to a scheduled maintenance activity. Read more

GSTR-1: GSTN issued advisory on auto-population of e-invoice details

GSTR-1: GSTN issued advisory on auto-population of e-invoice details

The Goods and Services Tax Network (“GSTN”) has issued an advisory regarding auto-population of e-invoice details into GSTR-1. Read more

All about Electronic Cash Ledger in GST

All about Electronic Cash Ledger in GST

The electronic cash ledger maintained on the GST portal contains a summary of all the deposits/payments made by a taxpayer. The ledger is displayed major head-wise

Exports of electronic goods sees a jump of 88% since 2013-14

Exports of electronic goods sees a jump of 88% since 2013-14

India’s export of electronic goods rose by almost 88% from USD 6600 Million in 2013-14 to USD 12,400 Million in 2021-22. Read more

GST scam of Rs 315 crore using a deceased person's signature

GST scam of Rs 315 crore using a deceased person's signature

In MP, the commercial tax department took a big action and caught a big scam. Action has been taken against bogus institutions passing on ITC to other firms by issuing fake bills

CA Inter Exam Result Dec 2021: Expected Date Announced

CA Inter Exam Result Dec 2021: Expected Date Announced

ICAI announced on Thursday that results of the CA inter exam held in December 2021 are likely to be declared on the 26th or 27th of February 2022.

Textile exports likely to cross $100 bn from current $40 bn in 5 years

Textile exports likely to cross $100 bn from current $40 bn in 5 years

We should be in a position to breach $20 billion apparel exports by next fiscal or the year after that, Upendra Prasad Singh said.

Government focusing on Sustained economic recovery: FM Sitharaman

Government focusing on Sustained economic recovery: FM Sitharaman

The Finance Minister said that given the importance of a sustained recovery, the Budget lays priority on a revival of the economy. Read more

Gems & Jewellery sector is expected to achieve export target of $40 billion this year: Shri Piyush Goyal

Gems & Jewellery sector is expected to achieve export target of $40 billion this year: Shri Piyush Goyal

Shri Piyush Goyal said the Gems & Jewellery sector is expected to achieve an export target of $40 billion this year.

60 Chartered Accountants blacklisted by Karnataka Govt for irregularities

60 Chartered Accountants blacklisted by Karnataka Govt for irregularities

The Karnataka Government has blacklisted 60 CAs for committing irregularities.

CGST Commissionerate Raigad busts a fake ITC racket

CGST Commissionerate Raigad busts a fake ITC racket

CGST Commissionerate, Raigad of CGST Mumbai Zone has busted a fake ITC racket and arrested the proprietor of a Kalamboli based firm M/s Ashok Metal Scrap.

Syndicate Bank fraud case: ED attached properties of Rs 56.81 Crore belonging to CA

Syndicate Bank fraud case: ED attached properties of Rs 56.81 Crore belonging to CA

Enforcement Directorate has provisionally attached properties of Rs 56.81 Crore belonging to fraudster Bharat Bomb, Shankar Lal Khandelwal and their other associates in syndicate bank fraud case.

Setup of ‘GST Refund Help Desk’ in the office of Pr. CCA, CBIC

Setup of ‘GST Refund Help Desk’ in the office of Pr. CCA, CBIC

The office of Pr. CCA, CBIC has set up a GST Refund Help Desk for addressing payment-related problems faced by the taxpayers.

GSTN enables feature to withdraw application for cancellation of GST registration

GSTN enables feature to withdraw application for cancellation of GST registration

The Goods and Services Tax Network (GSTN) has enabled the feature to withdraw application for cancellation of registration on the GST portal.

GST Haryana: Dept issues instructions for enabling internal control mechanism for refunds in GST

GST Haryana: Dept issues instructions for enabling internal control mechanism for refunds in GST

The Department of Excise and Taxation (GST), Haryana, considered it expedient to put in place an internal control mechanism for processing refund applications under GST.

GST Mumbai: M/s Rushabh Bullion arrested for availing ITC of Rs 7.11 cr

GST Mumbai: M/s Rushabh Bullion arrested for availing ITC of Rs 7.11 cr

Anti-Evasion wing of CGST Mumbai South arrested Partner of Rushabh Bullion, trader of gold and silver articles for availing fake GST Input Tax Credit (ITC)

Last date for submitting an application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23 extended to 22nd Feb 2022

Last date for submitting an application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23 extended to 22nd Feb 2022

ICAI has extended the last date for submission of online application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23. Read more

Last date for submitting an application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23 extended to 22nd Feb 22

Last date for submitting an application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23 extended to 22nd Feb 22

ICAI has extended the last date for submission of online application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23. Read more

Haryana Govt launches ”The Haryana GST Kosh”

Haryana Govt launches ”The Haryana GST Kosh”

The Excise and Taxation Department, Government of Haryana launched the ”The Haryana GST Kosh” an E-repository of updated GST Acts and rules.

Navi Mumbai: GST officials arrests proprietor of scrap metal firm for running fake ITC racket

Navi Mumbai: GST officials arrests proprietor of scrap metal firm for running fake ITC racket

The firm was engaged in availing, utilizing and passing on a fraudulent Input Tax Credit (ITC) on the strength of bogus invoices of more than Rs 60 Crores.

RBI Governor statement on Indian economy and proposed measures to battle Omicron

RBI Governor statement on Indian economy and proposed measures to battle Omicron

Statement by RBI Governor on Indian economy and proposed measures to battle Omicron

ICAI issued guidelines for conducting distance/remote/ online peer review

ICAI issued guidelines for conducting distance/remote/ online peer review

The Institute of Chartered Accountants of India issued Guidelines for conducting distance/remote/ online peer review.

Various steps taken by the government under “Minimum Government – Maximum Governance”

Various steps taken by the government under “Minimum Government – Maximum Governance”

Information of various steps taken by the government under Minimum Government – Maximum Governance was given by the Minister of State in the Ministry of Commerce and Industry in the Lok Sabha.

Record GST collection of Rs 1,40,986 crore reported for January 2022

Record GST collection of Rs 1,40,986 crore reported for January 2022

The Minister stated that a record GST collection of Rs.1,40,986 crore is reported in the month of January 2022 and this collection has been the highest since the implementation of the GST.

Interim relief to Google subsidiary in tax dispute from Delhi HC

Interim relief to Google subsidiary in tax dispute from Delhi HC

The Delhi high court has given an interim relief to a Singapore-based subsidiary of Google in its tax dispute with tax authorities in India.

Around 6.17 crore ITRs and about 19 lakh major TARs filed on new e-Filing portal

Around 6.17 crore ITRs and about 19 lakh major TARs filed on new e-Filing portal

Around 6.17 crore ITRs and about 19 lakh major TARs filed on new e-Filing portal

DGFT extended the last date of submitting applications for scrip-based FTP schemes to February 28

DGFT extended the last date of submitting applications for scrip-based FTP schemes to February 28

The DGFT, vide Notification No. 53/2015-2020 has amended Para 3.13A of the FTP in order to extend the last date of submitting applications for script-based schemes under MEIS, SEIS, ROSCTL, ROSL

Budget 2022: Major GST changes

Budget 2022: Major GST changes

Summary of major GST changes proposed under Budget 2022

MCA launching a new way of e-filing for LLPs on the MCA21 portal

MCA launching a new way of e-filing for LLPs on the MCA21 portal

The MCA issued an update dated February 01, 2022 w.r.t. launching a new way of e-filing for Limited Liability Partnership on MCA21 portal.

Income Tax Dept issued a guidance document on uploading of manually submitted Form 15CA and Form 15CB

Income Tax Dept issued a guidance document on uploading of manually submitted Form 15CA and Form 15CB

The Income Tax Department issued Guidance Document uploading of manually submitted Form 15CA and Form 15CB with authorized dealers. Read more

GST revenue of Rs 1,38,394 crore in January 2022

GST revenue of Rs 1,38,394 crore in January 2022

GST revenue of Rs 1,38,394 for the month of January 2022 are 15% higher than the GST collection in the same month last year.

GST registration to be suspended if ITC taken in GSTR-3B varies more than 10% with GSTR-2B

GST registration to be suspended if ITC taken in GSTR-3B varies more than 10% with GSTR-2B

The Goods and Services Tax Network has issued an update w.r.t. suspension of GST registration. Read more

Dr. V. Anantha Nageswaran is appointed as Chief Economic Advisor

Dr. V. Anantha Nageswaran is appointed as Chief Economic Advisor

The Government has appointed Dr. V. Anantha Nageswaran as the Chief Economic Advisor and on January 28, 2022, he has assumed charge.

GST Gurugram: Officials bust racket of 93 fake firms issuing fake ITC invoices

GST Gurugram: Officials bust racket of 93 fake firms issuing fake ITC invoices

Gurugram GST Intelligence has arrested one person for running multiple fake firms on the strength of fake documents and having passed on fraudulently ITC.

New functionality of interest calculator in GSTR-3B is now live on GST portal

New functionality of interest calculator in GSTR-3B is now live on GST portal

The Goods and Services Tax Network has issued an advisory regarding the new functionality of the interest calculator in GSTR-3B is now live on the GST. Portal.

Accountant arrested for issuing bogus GST bills of more than Rs 1000 Crore

Accountant arrested for issuing bogus GST bills of more than Rs 1000 Crore

CGST Palghar Commissionerate has arrested an accountant for issuing bogus bills of more than Rs. 1000 Crore and committing GST Input Tax Credit (ITC) fraud

GST evasion of over Rs 93,000 crore, RTI reveals

GST evasion of over Rs 93,000 crore, RTI reveals

The RTI Application has revealed that Govt. detects GST evasion of worth Rs 93,000 crore.

Provide GST and TCS concession for the outbound tour operators; OTOAI requests finance ministry

Provide GST and TCS concession for the outbound tour operators; OTOAI requests finance ministry

The Outbound Tour Operators Association of India (OTOAI) has written to the Union Finance Minister Nirmala Sitharaman, ahead of Budget 2022, requesting certain relief measures and concessions for the outbound tour operators.

Validation date of existing registered enterprises under MSME extended till 31st March 2022

Validation date of existing registered enterprises under MSME extended till 31st March 2022

Validation date of existing registered enterprises under MSME extended till 31st March 2022

How to find contact details of Central and State GST officers on the common portal?

How to find contact details of Central and State GST officers on the common portal?

You can find the E-mail & Cell phone number of Central and State GST officers on the common portal through the given steps

Finance Ministry notifies e-advance ruling scheme 2022, allows filing e-mail application

Finance Ministry notifies e-advance ruling scheme 2022, allows filing e-mail application

The finance ministry has notified the e-advance rulings Scheme, enabling taxpayers to file their application for advance ruling through e-mail

GST Mumbai: One businessman arrested for running a fake Input Tax Credit racket

GST Mumbai: One businessman arrested for running a fake Input Tax Credit racket

The officers of Mumbai West CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit racket involving GST of Rs 10.10 Crores

Tax audit update: CBDT issues clarification on Form 10CCB

Tax audit update: CBDT issues clarification on Form 10CCB

CBDT issued a clarification on Form 10CCB to avoid errors in form filing and verification. Read more

ICAI Campus Placements for Newly Qualified CAs (March-April 2022)

ICAI Campus Placements for Newly Qualified CAs (March-April 2022)

ICAI campus placement is meant for the candidates who would be passing the CA Final examination held in Dec 2021

All about interest calculator in GSTR-3B

All about interest calculator in GSTR-3B

The new functionality will compute the minimum interest applicable on the basis of the values declared by the taxpayers in GSTR-3B for a particular tax-period.

GSTN advisory on upcoming functionality of interest calculator in GSTR-3B

GSTN advisory on upcoming functionality of interest calculator in GSTR-3B

As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B.

GST Mumbai: Officers busts Rs 70 crore fake GST input tax credit racket

GST Mumbai: Officers busts Rs 70 crore fake GST input tax credit racket

The officers of Navi Mumbai CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit racket of Rs 70 Crores

GSTN issues advisory on revamped search HSN code functionality

GSTN issues advisory on revamped search HSN code functionality

A revamped & enhanced version of Search HSN Functionality has been launched on the GST Portal. Read more

CBDT issues clarification on form 3CA-3CD, 3CB-3CD

CBDT issues clarification on form 3CA-3CD, 3CB-3CD

CBDT issued a clarification on forms 3CA-3CD, 3CB-3CD in order to avoid errors in form filing and verification.

Budget 2022 may reduce litigation and increase compliance

Budget 2022 may reduce litigation and increase compliance

The Union budget for FY 2022-23 seems to announce the procedure to reduce the tax litigation, increase compliance by keeping an eye on the transactions in a strict way

New functionalities implemented on GST Portal in December 2021 for taxpayers

New functionalities implemented on GST Portal in December 2021 for taxpayers

Various new functionalities pertaining to returns and appeal modules are implemented for Taxpayers on GST Portal in December 2021

Centre released Revenue Deficit Grant of Rs 9,871 crore to 17 States

Centre released Revenue Deficit Grant of Rs 9,871 crore to 17 States

The Department of Expenditure, Ministry of Finance, today released monthly Post Devolution Revenue Deficit (PDRD) Grant of Rs 9871 crore to 17 States

Evasion of Customs duty of Rs 653 crore by Xiaomi India

Evasion of Customs duty of Rs 653 crore by Xiaomi India

After an investigation by DRI, three show-cause notices have been issued to Xiaomi India for demand and recovery of duty amounting to Rs 653 crore

Bring back provision for audit of GST annual returns: ICAI

Bring back provision for audit of GST annual returns: ICAI

Accounting rule maker ICAI) has asked the government to bring back the audit provisions relating to GST annual returns

GST on security services

GST on security services

Any registered person receiving security services from any person other than a body corporate is required to pay GST under the reverse charge mechanism (RCM).

GSTN advisory on reporting of supplies by restaurant through ECO in GSTR-3B

GSTN advisory on reporting of supplies by restaurant through ECO in GSTR-3B

GSTN issues advisory on reporting of supplies by restaurant through E-commerce operators in GSTR-3B

Field officers must be familiarized with new GST rules: CBIC

Field officers must be familiarized with new GST rules: CBIC

CBIC has told field officers to be just and fair in enforcing the new goods and services tax (GST) compliance norms that came into force from January 01, 2022

Implementation of GSTR-1 filing restriction for non filing of GSTR-3B on GST portal

Implementation of GSTR-1 filing restriction for non filing of GSTR-3B on GST portal

The Goods and Services Tax Network has issued an advisory on Implementation of Rule-59(6) on GST Portal. Read more...

GST Mumbai: CGST Commissionerate busts Rs 22 crore fake Input Tax Credit racket

GST Mumbai: CGST Commissionerate busts Rs 22 crore fake Input Tax Credit racket

The officers of Thane CGST Commissionerate of Mumbai Zone have busted a fake Input Tax Credit racket involving GST of Rs 22 Crores.

GST on remuneration paid to directors

GST on remuneration paid to directors

In order to determine the applicability of GST on remuneration to directors, we first need to conclude whether the director is an employee of the company or not.

Calendar for auction of GOI treasury bills for quarter ending March 2022

Calendar for auction of GOI treasury bills for quarter ending March 2022

the Government of India, in consultation with RBI, has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending March 2022

Existing GST rates in textile sector to continue beyond 1st January 2022

Existing GST rates in textile sector to continue beyond 1st January 2022

The 46th GST Council has recommended deferring the earlier decision to change the rates in textiles recommended in the 45th GST Council meeting.

Income Tax: Officials raid mobile manufacturing companies

Income Tax: Officials raid mobile manufacturing companies

The Income Tax Department carried out search and seizure operations pan-India in the case of certain foreign controlled Mobile Communication & Mobile Hand-set Manufacturing Companies

FM Nirmala Sitharaman will chair the 46th GST Council meeting at 11 AM in Delhi today

FM Nirmala Sitharaman will chair the 46th GST Council meeting at 11 AM in Delhi today

As per the recent tweet of the Ministry of Finance, Hon’ble Finance Minister Smt, Nirmala Sitharaman will chair the 46th GST Council meeting at 11 AM

GST Compliance Calendar for January 2022

GST Compliance Calendar for January 2022

GST Compliance Calendar for January 2022

No proposal to extend the date for ITR filing: Revenue Secretary

No proposal to extend the date for ITR filing: Revenue Secretary

As per the recent tweet of ANI, There is no proposal to extend the date for income tax return filing:

Centre notifies the Consumer Protection (Direct Selling) Rules, 2021

Centre notifies the Consumer Protection (Direct Selling) Rules, 2021

These Rules shall apply to all goods and services bought or sold through direct selling, all models of direct selling, all direct selling entities

CBIC extends deadline of GSTR-9 and GSTR-9C for FY 2020-21

CBIC extends deadline of GSTR-9 and GSTR-9C for FY 2020-21

The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended

Finance Minister Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of States

Finance Minister Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of States

Smt. Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) for Union Budget 2022-23

Income Tax Department conducts searches in Chhattisgarh

Income Tax Department conducts searches in Chhattisgarh

The search action covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh.

Nearly Rs 180 Crore, 19 Cash Counting Machines, 24 Hrs: House of Pan Masala Manufacturer

Nearly Rs 180 Crore, 19 Cash Counting Machines, 24 Hrs: House of Pan Masala Manufacturer

The Goods and Services Tax (GST) authorities have recovered Rs 177.45 crore from multiple locations in Kanpur allegedly linked to Piyush Jain

Income tax return filing: List of required documents

Income tax return filing: List of required documents

In this post, we will discuss the list of documents required to file ITR online for the assessment year 2021-22.

Key changes in GST effective from 1st January 2022

Key changes in GST effective from 1st January 2022

The Central Board of Indirect Taxes and Customs (CBIC) has notified various changes in Goods and Services Tax (GST) effective from 1st January 2022.

ICAI issued IFRS Foundation document for comments

ICAI issued IFRS Foundation document for comments

IFRS Foundation, before issuing the updated IFRS Taxonomy, issues Exposure Draft of the proposed amendments seeking public comments from across the globe

CA Election 2021: List of elected members to 25th council notified

CA Election 2021: List of elected members to 25th council notified

The Institute has notified the list of Elected Members of the 25th Council of CA Election 2021.

Another representation for extension of due date for filing income tax returns

Another representation for extension of due date for filing income tax returns

Direct Taxes Professionals Association (DTPA), Kolkata Representation Committee has sent a Memorandum to FM for Extension of Due Dates till 28TH Feb 2022 for filing of ITRs

Net Direct Tax collections for the FY 2021-22 grown at robust pace at more than 60%

Net Direct Tax collections for the FY 2021-22 grown at robust pace at more than 60%

The figures of Direct Tax collections for the Financial Year 2021-22, as on 16.12.2021 show that net collections are at Rs. 9,45,276.6 crore

Rs 1400 crore loss in 2805 tax cases due to assessment/ short levy/ loss of revenue: CAG

Rs 1400 crore loss in 2805 tax cases due to assessment/ short levy/ loss of revenue: CAG

The CAG has revealed 2805 cases of under assessment/ short levy/ loss of revenue amounting to Rs 1,422.55 crore pertaining to sales tax, Value Added Tax (VAT), excise duty

Govt presented a bill to strengthen the disciplinary mechanisms of CA, CS & CWA

Govt presented a bill to strengthen the disciplinary mechanisms of CA, CS & CWA

The government has presented a bill in Parliament aimed at strengthening the disciplinary mechanisms of CAs, CS and CWA.

Tighten disciplinary norms for CA, CS and CMA

Tighten disciplinary norms for CA, CS and CMA

The government has tabled the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2021 wherein the norms of the Disciplinary Mechanism has been tightened.

CGST Mumbai Zone officers arrest Chartered Accountant for generating fake invoices of more than Rs 500 crores

CGST Mumbai Zone officers arrest Chartered Accountant for generating fake invoices of more than Rs 500 crores

The officers of CGST, Thane Commissionerate have arrested a CA who had generated fake invoices involving fake invoices of more than Rs 500 crores...

MCA and Financial Intelligence Unit-India sign MoU for data exchange between the two organisations

MCA and Financial Intelligence Unit-India sign MoU for data exchange between the two organisations

A formal MOU was signed between the Ministry of Corporate Affairs (MCA) and Financial Intelligence Unit-India, Ministry of Finance for data exchange

3.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax Department

3.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax Department

The number of ITRs filed per day has crossed 6 lakh and increasing everyday as the extended due date of 31st December, 2021 is approaching.

12,892 companies removed from Registrar of Companies in 2020-21

12,892 companies removed from Registrar of Companies in 2020-21

The removal of name of companies from the Registrar of Companies is a continuous process. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh

ICAI issues the Schedule for Convocation 2021-22

ICAI issues the Schedule for Convocation 2021-22

ICAI issues schedule for most awaited Convocation 2021-22 for Members who are enrolled during the Nov 2019 to Aug 2021 and Rank holders of CA Final Exams held in July 2021

CBI arrests GST Superintendent while accepting Bribe for giving GST registration

CBI arrests GST Superintendent while accepting Bribe for giving GST registration

The Central Bureau of Investigation (CBI) has arrested a Superintendent of CGST while demanding & accepting bribe of Rs 8,000 from a complainant.

FM Nirmala Sitharaman will start Pre-Budget consultations with stakeholders from 15th Dec 2021

FM Nirmala Sitharaman will start Pre-Budget consultations with stakeholders from 15th Dec 2021

Finance Minister will start Pre-Budget consultations with different stakeholder Groups Dec 15, 2021 in New Delhi in connection with the forthcoming General Budget 2022-23

RBI rate decision, Omicron worries to drive stocks this week: Analysts

RBI rate decision, Omicron worries to drive stocks this week: Analysts

Volatility is likely to continue in the stock market this week amid Omicron uncertainty and the RBI monetary policy meeting will be a key driver for benchmark indices going ahead

ED Arrests CA for issuing Form 15CB to entities allegedly involved in Money Laundering

ED Arrests CA for issuing Form 15CB to entities allegedly involved in Money Laundering

The Enforcement Directorate (ED) has arrested the CA for issuing Form 15 CB to some entities allegedly involved in Money Laundering

Indian Rupee falls 10 paise to 75.22 against US dollar in early trade

Indian Rupee falls 10 paise to 75.22 against US dollar in early trade

The rupee depreciated 10 paise to 75.22 against the US dollar in opening trade on Monday, tracking the subdued domestic equities and a firm American dollar amid growing concerns

CA exam Dec 2021: ICAI asks observations of CA students on the question papers

CA exam Dec 2021: ICAI asks observations of CA students on the question papers

The Institute of Chartered Accountants of India (ICAI) asked the observations of candidates on the question papers for December 2021 CA Exam.

More than 3 crore Income Tax returns filed on new e-Filing portal - Finance Ministry

More than 3 crore Income Tax returns filed on new e-Filing portal - Finance Ministry

More than 3 crore Income Tax Returns have now been filed on the new e-Filing portal. The number of ITRs filed is 4 lakh per day and increasing every day as the extended due date of 31st December 2021

Blocked credit under GST

Blocked credit under GST

Section 17(5) of the CGST act specifies certain goods or services as Blocked Credit. List of cases when input tax credit is not available under GST.

Revised user charges for SEZ online services

Revised user charges for SEZ online services

The Ministry of Commerce and Industries (SEZ Division) has notified the revised user charges for SEZ online services and would be effective from November 15, 2021.

Punjab Govt extends exemption in 1.50 lakh cases of C-Forms assessment

Punjab Govt extends exemption in 1.50 lakh cases of C-Forms assessment

The Punjab Cabinet on Wednesday decided to exempt about 1.50 lakh cases from assessment related to cases of C-form for the past years from 2014-15 to 2017-18

Module wise new functionalities deployed on GST Portal for taxpayers

Module wise new functionalities deployed on GST Portal for taxpayers

The Goods and Services Tax Network (GSTN) has issued module wise new functionalities deployed on the GST Portal for taxpayers.

Deferred Revenue: Meaning, Example, Journal Entry

Deferred Revenue: Meaning, Example, Journal Entry

Deferred income is a payment from a customer in advance for future goods or services. The advance payment received will be recognized as a Liability in books of accounts.

GST Compliance Calendar for December 2021

GST Compliance Calendar for December 2021

GST Compliance Calendar for December 2021

GST revenue of Rs 1,31,526 in November 2021, the second-highest collection since GST implementation

GST revenue of Rs 1,31,526 in November 2021, the second-highest collection since GST implementation

GST revenue for the month of November 2021 is 25% higher than the collections in the same month last year and 27% over 2019-20.

Income Tax Department conducts search operations in Rajasthan

Income Tax Department conducts search operations in Rajasthan

Income Tax search action covered more than 50 premises at different locations in and around Jaipur.

CA Election 2021: ICAI issues Do’s and Don’ts for Triennial Election

CA Election 2021: ICAI issues Do’s and Don’ts for Triennial Election

The election Code of Conduct is in force and shall remain so till the declaration of CA election results and is deemed to be guidelines of the Council under the CA Act

Gross GST Collection in FY 2021-22 shows increasing trend

Gross GST Collection in FY 2021-22 shows increasing trend

The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend.

CBDT extends the last date for updating UDINs till 31st January 2022

CBDT extends the last date for updating UDINs till 31st January 2022

The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January 2022

Senior Bureaucrat Vivek Johri appointed as CBIC Chairman

Senior Bureaucrat Vivek Johri appointed as CBIC Chairman

The Central Board of Indirect Taxes and Customs has appointed Senior Bureaucrat Vivek Johri as the Chairman of CBIC.

17,130 Implementing Agencies are registered with MCA21 registry

17,130 Implementing Agencies are registered with MCA21 registry

Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh stated that till 31.10.2021, total 17,130 Implementing Agencies are registered with MCA21 registry.

Income Tax Ludhiana: Department conducts search operations on two major real estate developers

Income Tax Ludhiana: Department conducts search operations on two major real estate developers

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons.

ICAI Triennial Elections 2021: Voting Process

ICAI Triennial Elections 2021: Voting Process

CA Election 2021 for the Council and the Regional Councils are scheduled to be held on 3rd December 2021. Overview of the ICAI election process.

Sensex Falls More than 1,400 Pts Over Renewed Fears; Coronavirus New Variant Seen in Israel, Nations Impose Fresh Curbs

Sensex Falls More than 1,400 Pts Over Renewed Fears; Coronavirus New Variant Seen in Israel, Nations Impose Fresh Curbs

India, UK, Germany, Italy, and Israel have issued a ban on travel from Southern African countries after a new variant B.1.1.529 started spreading in South Africa.

Improvements in GSTR-1 filing

Improvements in GSTR-1 filing

A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience

This is the right time to increase exports - MoS Finance Bhagwat Karad

This is the right time to increase exports - MoS Finance Bhagwat Karad

Dr. Karad informed that merchandise exports in the first 8 months of 2021-22 have touched US$ 233 billion registering 54% growth over the previous year.

Shri Yogi Adityanath and Smt Nirmala Sitharaman inaugurate new Income Tax office ‘Pratyaksh Kar Bhawan' at Lucknow

Shri Yogi Adityanath and Smt Nirmala Sitharaman inaugurate new Income Tax office ‘Pratyaksh Kar Bhawan' at Lucknow

The Income Tax Department new Office at Lucknow was inaugurated by Chief Minister of Uttar Pradesh Shri Yogi Aditya Nath and Union Finance& Corporate Affairs Minister Smt Nirmala Sitharaman

DRI intercepts 2 passengers with illicit foreign currency of Rs 3.7 crore at Mumbai airport

DRI intercepts 2 passengers with illicit foreign currency of Rs 3.7 crore at Mumbai airport

DRI officers intercepted these two passengers at the Chhatrapati Shivaji Maharaj International Airport, Mumbai, in the early hours of 26th November, 2021

FM suggests one-time special “Corona Response Award” for outstanding performance of Customs officials in fighting COVID-19 pandemic

FM suggests one-time special “Corona Response Award” for outstanding performance of Customs officials in fighting COVID-19 pandemic

FM participated as the Chief Guest of the Investiture Ceremony for conferment of Presidential Award of Appreciation Certificates for Specially Distinguished Record of Service to the officers

Income Tax Department conducts searches in Gujarat

Income Tax Department conducts searches in Gujarat

The search action covered more than 20 premises spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai.

Shocking GST Crime! GPS trackers found in department vehicles

Shocking GST Crime! GPS trackers found in department vehicles

In surprising and bizarre news from Punjab, nine GPS trackers were found fitted in four cars of the mobile wing of the state Goods and Services Tax (SGST) department

Last date for submitting MEF form 2021-22 extended to 25th November

Last date for submitting MEF form 2021-22 extended to 25th November

The date for online submission of MEF 2021-22 is further extended from 20th November 2021 to 25th November 2021

What is the CA Articleship stipend as per ICAI?

What is the CA Articleship stipend as per ICAI?

A CA Article will get a fixed monthly stipend from his principal in return for work done by him. ICAI has fixed a minimum Articleship stipend that must be paid by a CA...

Special Credit Linked Capital Subsidy Scheme (SCLCSS) for Service Sector launched

Special Credit Linked Capital Subsidy Scheme (SCLCSS) for Service Sector launched

Shri Narayan Rane today launched the Special Credit Linked Capital Subsidy Scheme (SCLCSS) for services sector in the presence of senior officers of the Ministry of MSME

DRI seizes of 85.535 kg gold, apprehends 4 foreign nationals in Operation “Molten Metal”

DRI seizes of 85.535 kg gold, apprehends 4 foreign nationals in Operation “Molten Metal”

In an intelligence operation by DRI, several Indian and foreign (Chinese, Taiwanese, and South-Korean) nationals suspected to be indulging in smuggling gold

Income Tax Department conducts searches in Gurugram

Income Tax Department conducts searches in Gurugram

The search action has led to the detection of estimated unaccounted income to the tune of Rs 600 crore. Total cash amounting to Rs 3.54 crore have been seized.

GST Delhi: Officers unearth input tax credit fraud of Rs 34 crore involving 7 firms

GST Delhi: Officers unearth input tax credit fraud of Rs 34 crore involving 7 firms

The officers of the Anti Evasion branch of CGST Commissionerate Delhi have unearthed a case of availment and passing on of inadmissible ITC through bogus GST invoices

Taxpayers Lounge of Income Tax Department set up at Trade Fair, 2021

Taxpayers Lounge of Income Tax Department set up at Trade Fair, 2021

A Taxpayers Lounge has been set up by the Income Tax Department in India International Trade Fair at Pragati Maidan, New Delhi from 14th – 27th November 2021

Health Sector Grant of Rs.8,453.92 crore released to Local Bodies of 19 States

Health Sector Grant of Rs.8,453.92 crore released to Local Bodies of 19 States

The Department of Expenditure, Ministry of Finance has released an amount of Rs.8,453.92 crore as health sector grant for rural and urban local bodies of 19 States

Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali

Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali

Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively

Income Tax raid on construction group in Karnataka

Income Tax raid on construction group in Karnataka

The raid has led to detection of unaccounted income of more than Rs 70 crore which has been admitted as undisclosed income by the assessee

Centre releases Rs 17,000 crore as GST Compensation to States/UTs

Centre releases Rs 17,000 crore as GST Compensation to States/UTs

The Central Government has released GST Compensation of Rs. 17,000 crore to States today. Details of GST compensation released State-wise.

DRI seizes 155 kgs of Hashish

DRI seizes 155 kgs of Hashish

Directorate of Revenue Intelligence (DRI) in two different cases in October, 2021 have seized 155 kg of Hashish which had been smuggled into India from Nepal

Income Tax Department conducts searches in Tamil Nadu

Income Tax Department conducts searches in Tamil Nadu

The search action has resulted in seizure of unaccounted cash of Rs. 3.3 crore and detection of unaccounted income exceeding Rs. 300 crore.

Roll out of new Annual Information Statement (AIS)

Roll out of new Annual Information Statement (AIS)

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer

GST collection for October 2021 registered the second highest since implementation of GST

GST collection for October 2021 registered the second highest since implementation of GST

The gross GST revenue collected in the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore

Income Tax Department conducts searches in Bihar and Jharkhand

Income Tax Department conducts searches in Bihar and Jharkhand

The searches revealed that the group has been suppressing its profits by inflating expenses on purchase of materials. Such excess material is sold in the market in cash

Income Tax Audit Applicability at Glance

Income Tax Audit Applicability at Glance

Section 44AB provides provisions relating to the class of Income taxpayers who are required to get their accounts audited. Applicability of tax audit under Income Tax

GST Gurugram: DGGI Unit arrests 3 persons for running fake firms and tax evasion of more than Rs 48 crore

GST Gurugram: DGGI Unit arrests 3 persons for running fake firms and tax evasion of more than Rs 48 crore

The Gurugram Zonal Unit of DGGI has arrested three persons under the provisions of the GST Act on charges of running multiple fake firms

Income Tax Department conducts searches in Nashik

Income Tax Department conducts searches in Nashik

During the search, substantial amount of unaccounted cash was found stored in several private vaults and unaccounted cash of Rs 23.45 crore has been seized

Finance Minister Smt. Nirmala Sitharaman holds review meeting on CAPEX for Civil Aviation and Telecommunications

Finance Minister Smt. Nirmala Sitharaman holds review meeting on CAPEX for Civil Aviation and Telecommunications

The Finance Minister exhorted officials to monitor implementation of projects besides monitoring release of funds. Smt. Sitharaman reiterated that infrastructure projects are priority for the Government

TDS provisions on rent under section 194I

TDS provisions on rent under section 194I

The threshold limit for deduction of TDS on rent is Rs 2,40,000. The tenant is required to deduct TDS at the prescribed rate under section 194I.

IBBI organises Training of Trainers (ToT) programme for Insolvency Professionals

IBBI organises Training of Trainers (ToT) programme for Insolvency Professionals

The Insolvency and Bankruptcy Board of India (IBBI), in association with the Foreign Commonwealth and Development Office, UK (FCDO), organised a two day \'\'Train the Trainer\'\' event

Cabinet approves release of an additional installment of DA to Central Govt employees due from 01-Jul-2021

Cabinet approves release of an additional installment of DA to Central Govt employees due from 01-Jul-2021

The Union Cabinet today has approved to release an additional installment of Dearness Allowance to Central Government employees & Dearness Relief (DR)

Multipurpose Empanelment Form (MEF) of CAs for 2021-22

Multipurpose Empanelment Form (MEF) of CAs for 2021-22

For this year also the declaration for the MEF Application will be sought from the member/ partners/ proprietor through validation of One Time Password (OTP)

All you need to know about cost records

All you need to know about cost records

Cost records are to be maintained to comply with statutory requirements and applicable cost accounting standards should be followed.

Advisory for taxpayers on Form GSTR-2B

Advisory for taxpayers on Form GSTR-2B

Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers

GSTN advisory on availability of Input Tax Credit (ITC) for FY 2020-21

GSTN advisory on availability of Input Tax Credit (ITC) for FY 2020-21

Invoice or debit notes pertaining to FY 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients.

Shri Piyush Goyal visits Pahalgam, meets delegation of PRIs and Industrialists

Shri Piyush Goyal visits Pahalgam, meets delegation of PRIs and Industrialists

Union Minister for Textiles, Commerce and Industries and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal visited Pahalgam today.

IT Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management

IT Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management

Incriminating evidence found reveals that the group has been engaged in obtaining accommodation entries using an entry operator. The entry operator has admitted to have facilitated transfer of cash

FM Nirmala Sitharaman attends 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington D.C.

FM Nirmala Sitharaman attends 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington D.C.

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 4th G20 Finance Ministers and Central Bank Governors (FMCBG)

Over 2 crore Income Tax Returns filed on new e-Filing portal

Over 2 crore Income Tax Returns filed on new e-Filing portal

The e-filing portal of the Income Tax Department has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021.

GST Delhi: One arrested by CGST officials for ITC fraud of Rs 134 crore

GST Delhi: One arrested by CGST officials for ITC fraud of Rs 134 crore

The network of fictitious exporters was being operated by a person named Mr Chirag Goel, who is an MBA from University of Sunderland

RTI reply of ITC worth Rs 6.14 lakh crore blocked in GST is incorrect: GSTN

RTI reply of ITC worth Rs 6.14 lakh crore blocked in GST is incorrect: GSTN

The GSTN has recently tweeted that the Input Tax Credit (ITC) worth Rs. 6.14 Lakh Crore blocked in GST showed while replying to RTI is incorrect.

Applicability of Internal Financial Controls (IFC)

Applicability of Internal Financial Controls (IFC)

Ministry of Corporate Affairs (MCA) vide notification has exempted specified private limited companies from the applicability of IFC.

Cash seizure of over Rs 142 crore in searches by IT Department in Hyderabad

Cash seizure of over Rs 142 crore in searches by IT Department in Hyderabad

During income tax department searches, issues relating to discrepancies in purchases made from bogus and non-existent entities were detected.

Aim for $450-$500 billion exports next year - Piyush Goyal

Aim for $450-$500 billion exports next year - Piyush Goyal

The Minister said Engineering Goods have much more potential and Textile exports should aim for $100 billion.

CA Elections 2021: ICAI notifies list of valid nominations

CA Elections 2021: ICAI notifies list of valid nominations

The Institute of Chartered Accountants of India (ICAI) has notified the lists of valid nominations for election to the 25th Council and 24th Regional Councils

Government Approves Air India Disinvestment

Government Approves Air India Disinvestment

The entire disinvestment process has been carried out in a transparent manner, with due regard to confidentiality of the bidders through multi-layered decision

Resumption of Blocking of E-Way Bill (EWB) Generation Facility

Resumption of Blocking of E-Way Bill (EWB) Generation Facility

GSTN has issued advisory stating that the Blocking of E-Way Bill (EWB) generation facility’ has been resumed on the E Way Bill Portal

IT raids in various locations of different individuals; Rs 750 crore parked in foreign bank accounts detected

IT raids in various locations of different individuals; Rs 750 crore parked in foreign bank accounts detected

The raids resulted in the detection of Rs 750 crore parked in foreign bank accounts in the name of dubious foreign companies/ trusts

Income Tax raid on 22 premises of real estate group; Unaccounted transactions of Rs 500 crore detected

Income Tax raid on 22 premises of real estate group; Unaccounted transactions of Rs 500 crore detected

Income Tax officials conducted raids in Ahmedabad in 22 premises of a real estate developer group and the associated brokers.

Need to revisit the compulsory statutory audit requirement for all companies: NFRA

Need to revisit the compulsory statutory audit requirement for all companies: NFRA

NFRA has issued Consultation Paper to review the requirement of compulsory statutory audit and compliance with auditing standards for all companies.

GST collection for September 2021

GST collection for September 2021

Ministry of Finance has released the statistics of Goods and Services Tax (GST) revenue collection for the month of September 2021.

Representation to MCA for extension of time for preparing and filing the statement of Account and Solvency by LLPs

Representation to MCA for extension of time for preparing and filing the statement of Account and Solvency by LLPs

Request for extension of time limit for preparing the Statement of Account and Solvency and for getting the accounts audited in LLPs and subsequent filing

Emergency Credit Line Guarantee Scheme: Scope expansion & timeline extension

Emergency Credit Line Guarantee Scheme: Scope expansion & timeline extension

Govt has decided to extend the timeline of Emergency Credit Line Guarantee Scheme (ECLGS) till 31/03/2022 or till guarantees for an amount of Rs 4.5 lakh crore are issued

ICAI extends the last date for payment of membership/ COP fees for FY 2021-22

ICAI extends the last date for payment of membership/ COP fees for FY 2021-22

The Institute of Chartered Accountants of India (ICAI) has announced to extend the last date for payment of Membership/ COP fee (FY 2021-22) from 30/09/2021 to 31/12/2021.

ICAI President’s Message: October 2021

ICAI President’s Message: October 2021

The Institute of Chartered Accountants of India (ICAI) has published the President’s Message for the month of October 2021

List of initiatives undertaken by Govt to promote exports

List of initiatives undertaken by Govt to promote exports

The government of India has taken various export schemes and initiatives in the last few years which are summarised

GST Mumbai: Officials arrest proprietor for ITC fraud of Rs 6.46 crores

GST Mumbai: Officials arrest proprietor for ITC fraud of Rs 6.46 crores

The anti-evasion team of CGST & Central Excise, Mumbai conducts searches on 24.09.2021 at the office and godown of M/s SR Enterprises

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: FM

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: FM

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman has said that India needs four or five more banks like SBI

Income Tax searches in Chennai, Undisclosed income of Rs 300 crore detected

Income Tax searches in Chennai, Undisclosed income of Rs 300 crore detected

Income Tax Department conducts search and seizure operations on 35 premises of two private Syndicate Financing groups based in Chennai

CBDT issues Direct Tax collection figures for FY 2021-22

CBDT issues Direct Tax collection figures for FY 2021-22

CBDT issues a press release today stating that Direct Tax collections for the current fiscal (FY 2021-22) have registered a growth trend.

Competition Commission imposes Rs 870 crore penalty on Beer companies for Cartelisation

Competition Commission imposes Rs 870 crore penalty on Beer companies for Cartelisation

Competition Commission of India (CCI) has imposed a penalty of Rs. 870 crores on 3 Beer companies for indulging into Cartelisation in the sale and supply of beer.

Revocation of cancelled GST registration

Revocation of cancelled GST registration

A taxpayer has an option to file an application for restoration of cancelled GST registration. Revocation application shall be filed within 30 days on the GST portal.

GST Haryana: Vijay Garg arrested for ITC fraud of Rs 35 crore

GST Haryana: Vijay Garg arrested for ITC fraud of Rs 35 crore

Haryana GST Intelligence has arrested Vijay Garg from Delhi for alleged involvement in claiming and passing of fake GST input tax credit (ITC)

CBDT issues E-Filing ITR 6 Schema Changes for AY 2021-22

CBDT issues E-Filing ITR 6 Schema Changes for AY 2021-22

The Central Board Direct Taxes (CBDT) issued e-Filing ITR 6 Schema Changes for Assessment Year 2021-22.

Last date for holding AGM for FY 2020-21 extended

Last date for holding AGM for FY 2020-21 extended

The Ministry of corporate Affairs (MCA) has decided to extend the due date of conducting AGM by companies by 2 months for the financial year 2020-21

SBI Cards & PhonePe notified to undertake Aadhaar authentication service of UIDAI

SBI Cards & PhonePe notified to undertake Aadhaar authentication service of UIDAI

The Central Government notified the SBI Cards and PhonePe to undertake the Aadhaar authentication service of the Unique Identification Authority of India.

Patent fees for educational institutions reduced by 80%

Patent fees for educational institutions reduced by 80%

Official fees payable by educational institutions in respect of various acts under the Patents Rules, 2003, have been reduced by way of the Patents (Amendment) Rules, 2021

New Income Tax Portal facilitating over 2.5 lakh return filing on a daily basis: Infosys

New Income Tax Portal facilitating over 2.5 lakh return filing on a daily basis: Infosys

Infosys issues a press release on income Tax Portal working claiming that the portal is facilitating over 2.5 lakh returns filing daily and ITRs are now available for filing

PFRDA to observe National Pension System Diwas (NPS Diwas) on October 1

PFRDA to observe National Pension System Diwas (NPS Diwas) on October 1

The Pension Fund Regulatory and Development Authority (PFRDA) will be observing 1st October 2021 as the National Pension System Diwas. Read more

ICAI Election 2021: Tribunal members for Settlement of dispute notified

ICAI Election 2021: Tribunal members for Settlement of dispute notified

The Ministry of corporate affairs (MCA) has notified the members of the Tribunal wef 17th September 2021 for the Settlement of dispute on the ICAI election 2021.

EPFO: 14.65 lakh net subscribers added in July 2021

EPFO: 14.65 lakh net subscribers added in July 2021

The provisional payroll data of EPFO published on 20th September, 2021 reveals that EPFO has added around 14.65 lakh net subscribers during July, 2021

Trends showing India as a preferred investment destination amongst global investors

Trends showing India as a preferred investment destination amongst global investors

Following trends in India’s Foreign Direct Investment (FDI) are an endorsement of its status as a preferred investment destination amongst global investors

IT team unearths unaccounted funds of 350 cr after raid on leading textile manufacturer

IT team unearths unaccounted funds of 350 cr after raid on leading textile manufacturer

IT team carried out a search operation on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab

GST update on difficulty in updating of Electronic Cash Ledger

GST update on difficulty in updating of Electronic Cash Ledger

The CBIC directed the GSTN to waive off Late Fees and interest for one day due to technical glitches in the updating of Electronic Cash Ledger.

Applicability of Internal Audit - Companies Act 2013

Applicability of Internal Audit - Companies Act 2013

Section 138 and Rule 13 of the Companies (Accounts) Rules provides for internal audit in specified companies. Know more about the applicability of internal audit.

Income Tax officials raid in Nagpur

Income Tax officials raid in Nagpur

The Income Tax officials on 17.09.2021 carried out searches at more than 30 premises of a prominent public figure in Nagpur and his family members.

Input Tax Credit (ITC) on car purchase under GST

Input Tax Credit (ITC) on car purchase under GST

Expenditure on car buying shall be covered under Blocked credit and the GST paid on the purchase of a car will not be allowed to set off..

CA Inter exam results declared

CA Inter exam results declared

The Institute of Chartered Accountants of India ( ICAI ) has declared the results of the CA Intermediate Examination (Old course & New Course) held in July 2021

Relaxation in provisions of TDS u/s 194A in view of section 10(26) of Income Tax

Relaxation in provisions of TDS u/s 194A in view of section 10(26) of Income Tax

The Govt notified that no deduction of tax shall be made on the following payment under section 194A of Income Tax namely payment in the nature of interest

Self-service functionality made available on GST portal for searching BOE details

Self-service functionality made available on GST portal for searching BOE details

Bill of Entry details which did not auto-populate in GSTR-2A, a self-service functionality has been made available on the GST Portal to search such records

How to search Bill of Entry (BoE) details on the GST portal?

How to search Bill of Entry (BoE) details on the GST portal?

Steps to view Bill of Entry (BoE) details on the GST portal. If the latest BoE record is not available, click on QUERY ICEGATE button

CA Inter exam result to be declared on 19th September

CA Inter exam result to be declared on 19th September

The Institute of Chartered Accountants of India (ICAI) announced that the results of the CA Intermediate Examination held in July 2021 are likely to be declared on 19th September 2021

Main points of 45th GST Council Meeting

Main points of 45th GST Council Meeting

The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of Smt. Nirmala Sitharaman. Key highlights of the meeting.

CBDT extends timelines of certain compliances under Income Tax

CBDT extends timelines of certain compliances under Income Tax

The Central Government decided to extend the time limit for intimation of Aadhaar number to the Income-tax Department and due date for completion of penalty proceedings

FAQs on Govt guarantee to back Security Receipts issued by NARCL for acquiring stressed loan assets

FAQs on Govt guarantee to back Security Receipts issued by NARCL for acquiring stressed loan assets

Frequently asked questions explaining the various aspects regarding Central Government guarantee to back Security Receipts issued by National Asset Reconstruction Company Limited

GST Advisory on Generation of E-way bill where the principal supply is Supply of services

GST Advisory on Generation of E-way bill where the principal supply is Supply of services

CBIC issues advisory for taxpayers regarding the generation of EWB where the principal supply is Supply of services. Read more..

Racket of fictitious firms, DGGI Gurugram arrests 3 including commission agent & CA

Racket of fictitious firms, DGGI Gurugram arrests 3 including commission agent & CA

The Directorate General of GST Intelligence (DGGI) Gurugram, Haryana has arrested 3 persons including a CA on charges of operating multiple fictitious firms

BRICS Meeting on Tax Matters held virtually under Chairship of India

BRICS Meeting on Tax Matters held virtually under Chairship of India

The Heads of Tax Authorities of the BRICS countries held a virtual meeting here today under the Chairship of India.Shri Tarun Bajaj, Secretary, Revenue, Government of India

ICAI exempts CA course fees for students who lost their parents during Covid-19 pandemic

ICAI exempts CA course fees for students who lost their parents during Covid-19 pandemic

The Institute of Chartered Accountants of India (ICAI) exempts CA course fees for students who lost their parents during the Covid-19 pandemic.

FAQs on CA course fees exemption for students who lost their parents during Covid-19 pandemic

FAQs on CA course fees exemption for students who lost their parents during Covid-19 pandemic

The Institute of Chartered Accountants of India (ICAI) released Frequently Asked Questions (FAQs) on CA course fees exemption

ITC on travel expenses

ITC on travel expenses

Businesses can get credit for the GST that they spend on various expenses. Let’s look at issues related to GST credit on traveling expenses.

ICAI declares CA July 2021 exam results

ICAI declares CA July 2021 exam results

The Institute of Chartered Accountants of India ( ICAI ) has declared the results of the CA Final Examination, Foundation Examination held in July 2021.

CA Election 2021: Constitution of Panel for enforcement of Election Code of Conduct

CA Election 2021: Constitution of Panel for enforcement of Election Code of Conduct

The Institute of Chartered Accountants of India (ICAI) announced the constitution of the Panel for enforcement of the Election Code of Conduct for the election of 2021.

CBDT issues clarification on carry forward of losses in case of change in shareholding

CBDT issues clarification on carry forward of losses in case of change in shareholding

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment. Read more

IT Dept raids in Punjab and Haryana

IT Dept raids in Punjab and Haryana

The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab..

CA July 2021 exam results likely to be declared soon: ICAI

CA July 2021 exam results likely to be declared soon: ICAI

ICAI announced on Friday that results of the CA Final Examination, Foundation Examination held in July 2021 are likely to be declared on the 13th or 14th of September 2021.

Cabinet approves MOU between ICAI and CAAR

Cabinet approves MOU between ICAI and CAAR

The Union Cabinet has approved the for signing Memorandum of Understanding between ICAI & The Chamber of Auditors of the Republic of Azerbaijan (CAAR)

Due dates for filing of Income Tax Returns and various audit reports for AY 2021-22 extended

Due dates for filing of Income Tax Returns and various audit reports for AY 2021-22 extended

Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.

CBDT allows taxpayers an opportunity to file application for settlement

CBDT allows taxpayers an opportunity to file application for settlement

t has been decided that applications for settlement can be filed by the taxpayers by 30th September, 2021 before the Interim Board subject to certain conditions...

CA Exams: Students converted from earlier scheme to revised scheme allowed to appear in Old/ New scheme in Nov 2021

CA Exams: Students converted from earlier scheme to revised scheme allowed to appear in Old/ New scheme in Nov 2021

On Wednesday, The Institute of Chartered Accountants of India (ICAI) announced that the students, who have converted from an earlier scheme to a revised scheme, are allowed to appear in the Old/New scheme in November 2021 exams

Finance Ministry issues stats of new Income Tax website

Finance Ministry issues stats of new Income Tax website

Over 8.83 crore unique taxpayers have logged in till 7th September, 2021 with a daily average of over 15.55 lakh in September, 2021. The Income Tax Return (ITR) filing has increased to 3.2 lakh

Shri G. S. Pannu appointed as President of ITAT in officiating capacity

Shri G. S. Pannu appointed as President of ITAT in officiating capacity

G. S. Pannu, who is presently a Vice-President of ITAT, is appointed as President of ITAT in officiating capacity with effect from 6th September 2021 till the appointment of regular President

ICAI Election 2021: Panel for scrutiny of nominations notified

ICAI Election 2021: Panel for scrutiny of nominations notified

The Institute of Chartered Accountants of India (ICAI) has notified the Panel for the scrutiny of nominations for elections to be held in December 2021.

ICAI Disciplinary Committee removes Names of 6 CAs from Register of Members

ICAI Disciplinary Committee removes Names of 6 CAs from Register of Members

The Institute of Chartered Accountants of India (ICAI) has removed the name of six Chartered Accountants (CAs) from the register of members on grounds of professional misconduct.

CBDT issues refunds of over Rs 67,401 crore between 1st April 2021 to 30th August 2021

CBDT issues refunds of over Rs 67,401 crore between 1st April 2021 to 30th August 2021

Income Tax Refunds of Rs. 16,373 crore have been issued in 22,61,918 cases & corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases

45th GST Council Meeting will be held on 17th Sep at Lucknow

45th GST Council Meeting will be held on 17th Sep at Lucknow

Finance Ministry has announced that FM Nirmala Sitharaman will chair the 45th meeting of the GST Council on 17th September at Lucknow.

Income Tax raid in Delhi & Gujarat, detected bogus Unsecured Loans of Rs 380 crore

Income Tax raid in Delhi & Gujarat, detected bogus Unsecured Loans of Rs 380 crore

The Income Tax Department carried out a search and seizure operation on 01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi

Monthly Review of Accounts of Government of India for FY 2021-22 (up to July 2021)

Monthly Review of Accounts of Government of India for FY 2021-22 (up to July 2021)

The Monthly Account of the Union Government of India upto the month of July, 2021 has been consolidated and reports published. The highlights are given here

GST collection for August 2021

GST collection for August 2021

The gross GST revenue collected in the month of August 2021 is ₹ 1,12,020 crore. The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year.

GST Compliance Calendar for September 2021

GST Compliance Calendar for September 2021

GST due dates in September 2021. Find a summary of recent updates under Goods and Services Tax.

Compulsory registration under GST

Compulsory registration under GST

Registration under GST is compulsory in certain cases even the turnover is less than the threshold. Know more about compulsory GST registration as per section 24

GST Update: Clarification on the extended timeline of revocation application

GST Update: Clarification on the extended timeline of revocation application

It is further clarified that the benefit of notification would be applicable in those cases also where the application for revocation of cancellation of registration is either pending with the proper officer or has already been rejected

Grant-in-aid amounting to Rs 13,385.70 crore released to Rural Local Bodies

Grant-in-aid amounting to Rs 13,385.70 crore released to Rural Local Bodies

The Department of Expenditure, Ministry of Finance has on Monday released an amount of Rs. 13,385.70 crore to 25 States for providing grants to the Rural Local Bodies

ICAI invites comments on Exposure Draft of Revised AS 36

ICAI invites comments on Exposure Draft of Revised AS 36

The Exposure Draft of revised AS 36, Impairment of Assets, has been issued by the ASB for comments with the last date being September 30, 2021

Due date of payment without any additional amount under Vivad se Vishwas Act extended

Due date of payment without any additional amount under Vivad se Vishwas Act extended

Considering the difficulties being faced in issuing and amending Form no 3 under Vivad se Vishwas Act, CBDT decides to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021

GST: Timelines for late fee amnesty scheme & filing of revocation application extended

GST: Timelines for late fee amnesty scheme & filing of revocation application extended

The closing date of late fee amnesty scheme & time limit for filing of application for revocation of cancellation of registration has been extended.

IT Dept searches 40 premises of real estate builder in Rajkot

IT Dept searches 40 premises of real estate builder in Rajkot

The income tax department on Tuesday conducted raids at the 40 premises of a real estate builder based in Rajkot. Unaccounted cash of more than Rs. 6.40 crore and jewellery amounting to Rs. 1.70 crore has been seized

India is the preferred investment destination amongst global investors: Commerce Ministry

India is the preferred investment destination amongst global investors: Commerce Ministry

The Commerce Ministry issued a press release today stating that measures taken by the Government on the fronts of FDI policy reforms have resulted in increased FDI inflows into the country

Income Tax evasion of Rs 175 crore exposed after raids in Maharashtra & Goa

Income Tax evasion of Rs 175 crore exposed after raids in Maharashtra & Goa

IT team conducted searches at the 44 premises of a steel group based in Maharashtra and Goa and a total of Rs 175.5 crore of unaccounted income has been exposed during the raid.

CBDT invites comments on framing rules for implementing the amendments made by The Taxation Laws (Amendment) Act, 2021

CBDT invites comments on framing rules for implementing the amendments made by The Taxation Laws (Amendment) Act, 2021

The Central Board of Direct Taxes (CBDT) has invited comments on framing rules for implementing the amendments made by the Taxation Laws (Amendment) Act, 2021.

Implementation of Rule 59(6) on GST Portal from 1st Sep 2021

Implementation of Rule 59(6) on GST Portal from 1st Sep 2021

On implementation of the Rule 59(6) on GST portal, the system will check that whether before the filing of GSTR-1/IFF of a tax-period, the following has been filed or not

Advisory on HSN and GSTR-1 Filing

Advisory on HSN and GSTR-1 Filing

It has been reported by few taxpayers that they are facing issues in adding the required HSN details in table -12 and filing of statement of outward supplies in form GSTR-1 of July 2021

IT Dept raids Visakhapatnam based group

IT Dept raids Visakhapatnam based group

IT Department has carried out searches at 17 different premises linked to a Visakhapatnam-based group and detected undisclosed transactions worth Rs 40 Crore.

FM chairs 2nd BRICS Finance Ministers and Central Bank Governors Meeting

FM chairs 2nd BRICS Finance Ministers and Central Bank Governors Meeting

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman virtually chaired the second meeting of BRICS Finance Ministers and Central Bank Governors (FMCBG) along with Governor Reserve Bank of India

DGGI Gurugram: 2 CA arrested for ITC fraud

DGGI Gurugram: 2 CA arrested for ITC fraud

Shri Manish Modi and Sh. Gaurav Agarwal were arrested for ITC fraud on 23.08.2021 and produced before, Duty MM Delhi, who ordered judicial custody for 14 days.

Cabinet approves Memorandum of Understanding between ICAI and IPAR

Cabinet approves Memorandum of Understanding between ICAI and IPAR

The Union Cabinet has approved the signing MOU between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR)

Cabinet approves FDI proposal for an investment of up to Rs 15,000 crore in M/s Anchorage Infrastructure Investments Holding Ltd

Cabinet approves FDI proposal for an investment of up to Rs 15,000 crore in M/s Anchorage Infrastructure Investments Holding Ltd

The Cabinet Committee of Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the FDI proposal for an investment of upto ₹15,000 crore in M/s Anchorage Infrastructure Investment Holding Ltd,

ICSI on Twitter: CS exams result date to be announced soon

ICSI on Twitter: CS exams result date to be announced soon

ICSI will announce the date of result of CS Executive & Professional Examinations held in August, 2021, the official Twitter handle of the ICSI tweeted today

Bank Employees Family Pension to be increased to 30% of last pay drawn

Bank Employees Family Pension to be increased to 30% of last pay drawn

The Government has approved the Indian Banks' Association’s (IBA) proposal to increase the family pension to 30% of last salary drawn.

Cancellation of registration under GST

Cancellation of registration under GST

Tax officer can cancel the GST registration where (a) taxpayer has not filed a return for six consecutive months (b) ITC availed in violation of statutory provisions

RBI imposes a penalty of Rs 1 lakh on Lunawada Nagrik Sahakari Bank

RBI imposes a penalty of Rs 1 lakh on Lunawada Nagrik Sahakari Bank

RBI imposed a penalty of Rs 1.00 lakh on The Lunawada Nagrik Sahakari Bank Ltd., Lunawada, Mahisagar District for non-compliance with RBI directions on loans/advances to related parties.

RBI imposes a penalty of Rs 27.50 lakh on Kerala Dhanlaxmi Bank

RBI imposes a penalty of Rs 27.50 lakh on Kerala Dhanlaxmi Bank

The Reserve Bank of India issue a press release on Monday stating that it has imposed a fine of Rs 27.50 lakh on Dhanlaxmi Bank for violating norms related to the Depositors Education and Awareness Fund

348 Nidhi companies fail to comply with declaration criteria - MCA

348 Nidhi companies fail to comply with declaration criteria - MCA

Stakeholders are advised to verify the antecedents of the company functioning as a Nidhi company and ensure that the company has been declared as a Nidhi Company by the Central Government

ICSI representation to MCA for extension of timelines for holding AGM

ICSI representation to MCA for extension of timelines for holding AGM

Considering the crisis due to the Covid-19 pandemic, ICSI requests MCA to grant an extension of time to the companies for holding AGM for the year ended 31st March 2021

FM to Infosys: Issues on the Income Tax website should be resolved by 15th September 2021

FM to Infosys: Issues on the Income Tax website should be resolved by 15th September 2021

Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal

Income Tax Portal Glitches: Finance Ministry summons Infosys

Income Tax Portal Glitches: Finance Ministry summons Infosys

Between the controversies relating to the technical issues in the new income tax portal, the Finance Ministry has summoned Infosys CEO Salil Parekh

ICAI extended the last attempt to appear in CA Inter and Final old course exams

ICAI extended the last attempt to appear in CA Inter and Final old course exams

In order to remove hardship caused to the students due to Covid-19 spread, the Competent Authority has decided to extend the last attempt to appear in Final and Intermediate (IPC)

DGGI Meerut busted fake billing racket, 2 arrested

DGGI Meerut busted fake billing racket, 2 arrested

Acting upon a specific intelligence, the Officers of Directorate General of GST Intelligence (DGGI), Meerut Zonal Unit have busted a fake billing racket involved in creating numerous fictitious firms

Revised MEF Form for 2021-22 is expected to be made live in October 2021: ICAI

Revised MEF Form for 2021-22 is expected to be made live in October 2021: ICAI

The Professional Development Committee of the ICAI hosts the Multipurpose Empanelment Form every year to be filled by the CA Firms and Members applying for the Bank Audits

GST Mumbai: DGGI exposes ITC fraud case of Rs 180 crore

GST Mumbai: DGGI exposes ITC fraud case of Rs 180 crore

The Mumbai Zonal Unit of Directorate General of GST Intelligence, CBIC, (DGGI-MZU) has busted a major ITC refund fraud case and arrested Shri Santosh Doshi,

Suo Moto Registration under GST

Suo Moto Registration under GST

Suo moto GST registration can be initiated by the proper officer where he finds that taxpayer has failed to apply for registration under Goods & Services Tax.

EPFO: 12.83 lakh net subscribers added in June 2021

EPFO: 12.83 lakh net subscribers added in June 2021

The provisional payroll data of EPFO(Employees’ Provident Funds Organization) released on 20th August, 2021, highlights a growing trend with 12.83 lakh net payroll additions during the month of June, 2021

GST Ludhiana: Checks conducted at four firms to uncover bogus billing nexus

GST Ludhiana: Checks conducted at four firms to uncover bogus billing nexus

On suspicion of bogus billing, the state GST department, Ludhiana, conducted inspections at four firms that are into edible oil business. The department seized more than Rs 41 lakh cash

E-way bill generation gears up in August

E-way bill generation gears up in August

Nearest to 3.07 crore e-way bills were generated between 1st and 15th August 2021. The daily average count in the second week increased to 5% in comparison to the first week

Exchange Rate Notification No.68/2021 - Customs (N.T.)

Exchange Rate Notification No.68/2021 - Customs (N.T.)

Exchange Rate Notification No.68/2021-Customs determines the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed

Parliament winter session: Live updates from Finance Ministry

Parliament winter session: Live updates from Finance Ministry

Parliament winter session: Live updates from Finance Ministry

Pilot Launch of International Bullion Exchange

Pilot Launch of International Bullion Exchange

The International Bullion Exchange shall be the “Gateway for Bullion Imports into India”, wherein all the bullion imports for domestic consumption shall be channelized through the exchange

Guidelines and Rates notified for RoDTEP Scheme

Guidelines and Rates notified for RoDTEP Scheme

Centre has today notified RoDTEP Scheme Guidelines and Rates (Remission of Duties and Taxes on Exported Products). The rates of RoDTEP will cover 8555 tariff lines.

De-notification of ICDs or CFSs or AFSs

De-notification of ICDs or CFSs or AFSs

Providing relief to custodians of Inland Container Depots (ICDs) and Container Freight Stations (CFSs), the CBIC streamlined the procedure of closure of these facilities

India records 572% growth in grant of Patents in last 7 years - Shri Piyush Goyal

India records 572% growth in grant of Patents in last 7 years - Shri Piyush Goyal

While addressing the award function, Shri Goyal said the key achievements include Granting of 28,391 patents in 2020-21 as compared to 4,227 grants during 2013-14

IT Dept raids on a trading company in NCR

IT Dept raids on a trading company in NCR

The Income Tax Department conducted searches on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players

Technical glitches in Income Tax portal to be fixed very soon - FM Sitharaman

Technical glitches in Income Tax portal to be fixed very soon - FM Sitharaman

Finance Minister Nirmala Sitharaman said technical glitches in the new income tax e-filing portal will be largely fixed in the next couple of weeks

GSTN issue Module wise new functionalities deployed on GST Portal

GSTN issue Module wise new functionalities deployed on GST Portal

The Goods and Service Tax Network (GSTN) has released a compilation of various new functionalities implemented on the GST Portal

ED arrests CA Raman Bhuraria for Bank Fraud of Rs 3269 Crore

ED arrests CA Raman Bhuraria for Bank Fraud of Rs 3269 Crore

ED has arrested Raman Bhuraria, CA for his assistance and complicity in Rs.3269 Cr. bank fraud of M/s Shakti Bhog Foods Limited under the provisions of the PMLA

Tariff Notification No. 67/2021-Customs (N.T.)

Tariff Notification No. 67/2021-Customs (N.T.)

Tariff Notification No. 67/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Advisory on GSTR-1 filing

Advisory on GSTR-1 filing

Currently, the taxpayers are seeing the below statuses for GSTR 1, after uploading of JSON file from the offline tool: 1. Processed with Error or 2. In Progress

GST Officials arrest 2 directors for fake ITC of Rs 10.33 crore

GST Officials arrest 2 directors for fake ITC of Rs 10.33 crore

The CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd. for availing and passing fake input tax credit (ITC)

Tariff Notification No. 66/2021-Customs (N.T.)

Tariff Notification No. 66/2021-Customs (N.T.)

Tariff Notification No. 66/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

MCA amended Companies Act to disclose details of Cryptocurrency and CSR in Financial Statements

MCA amended Companies Act to disclose details of Cryptocurrency and CSR in Financial Statements

Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements.

Finance Ministry releases Revenue Deficit Grant of Rs 9,871 crore to 17 States

Finance Ministry releases Revenue Deficit Grant of Rs 9,871 crore to 17 States

State-wise details of the grant released this month and total amount of PDRD Grant released to the States in 2021-22 is annexed.

Income Tax dept launches three emails for filing grievances under Faceless Scheme

Income Tax dept launches three emails for filing grievances under Faceless Scheme

the Income Tax Department creates dedicated e-mail ids for registering grievances in respect of pending cases under the Faceless Scheme.

Vivad Se Vishwas scheme: Government settled disputed tax of Rs 99,756 crore

Vivad Se Vishwas scheme: Government settled disputed tax of Rs 99,756 crore

The scheme Vivad Se Vishwas is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers no targets were fixed by the Government

Digital payments surge from 1459.02 crore to 4371.18 crore in 3 years

Digital payments surge from 1459.02 crore to 4371.18 crore in 3 years

On digital payment ecosystem, the Minister stated that the total volumes of digital payments have also increased from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21

Javelin thrower Neeraj Chopra becomes first Indian to win Olympic Gold in Athletics

Javelin thrower Neeraj Chopra becomes first Indian to win Olympic Gold in Athletics

The 23-year-old Javelin thrower Neeraj Chopra created history by wining Gold medal in men's javelin throw at Tokyo Olympic today.

All you need to know about the Gold Boy Neeraj Chopra

All you need to know about the Gold Boy Neeraj Chopra

An overweight 12-year-old boy from Haryana’s Khandra village, who was persistently persuaded by his family members to take up sports

Everything about e-RUPI (new digital payment instrument)

Everything about e-RUPI (new digital payment instrument)

e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. it is a pre-paid voucher which can be redeemed at any centre

No Ban on Import of Toys - Commerce Ministry

No Ban on Import of Toys - Commerce Ministry

Minister of State in the Ministry of Commerce and Industry in a written reply in the Rajya Sabha stated that Government is not considering a ban on the import of toys

GST Advisory: Blocking of E-way bill generation will resume from 15-Aug-2021

GST Advisory: Blocking of E-way bill generation will resume from 15-Aug-2021

The government has now decided to resume the blocking of e-way bill generation facility on the EWB portal from 15th August onwards.

List of measures taken by Government for attracting foreign investments

List of measures taken by Government for attracting foreign investments

This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel in a written reply in the Lok Sabha

Finance ministry released a grant of Rs 685.80 crore  to Urban Local Bodies

Finance ministry released a grant of Rs 685.80 crore to Urban Local Bodies

Grants for Urban Local Bodies have been released as per the recommendations of the 15th Finance Commission. The States are required to transfer the grants to the ULBs within 10 working days

Exchange Rate Notification No.65/2021 - Customs (N.T.)

Exchange Rate Notification No.65/2021 - Customs (N.T.)

Notification No.59/2021-Customs (N.T.) - The rate of exchange of conversion of each of the foreign currencies effective from 6th August, 2021

Register for GST online - Things you must know

Register for GST online - Things you must know

Before applying for GST online check whether you are legally bound to register for GST or not. The registration process for GST is online.

Issue of Sweat Equity Shares as per Companies Act, 2013

Issue of Sweat Equity Shares as per Companies Act, 2013

Sweat equity shares are issued to employees or directors in order to reward them. Companies issuing such shares need to comply with section 54...

Income Tax Compliance Calendar for September 2021

Income Tax Compliance Calendar for September 2021

Income Tax due dates in September 2021. Income Tax Circulars & Notifications from 1st September to date

12,889 shell companies struck off by ROC in FY 2020-21

12,889 shell companies struck off by ROC in FY 2020-21

Shell Company normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose..

CBIC launches Compliance Information Portal (CIP)

CBIC launches Compliance Information Portal (CIP)

The CBIC here today launched the Indian Customs Compliance Information Portal (CIP) for providing free access to information on all Customs procedures

Ordinary Resolution

Ordinary Resolution

As per section 114(1) of Companies Act 2013, A resolution shall be an ordinary resolution if the votes cast in favour of the resolution exceed the votes cast against it

Everything about ITR-1 (Sahaj) online for AY 2021-22

Everything about ITR-1 (Sahaj) online for AY 2021-22

ITR-1 form is for resident individuals having total income up to Rs 50 lakhs from income from salaries, one house property, other sources. File ITR1 online for AY 2021-22

Government recovers more than Rs 1900 crore in tax evasion in FY 2021-22 (till June 2021)

Government recovers more than Rs 1900 crore in tax evasion in FY 2021-22 (till June 2021)

GST evasion may be committed intentionally and at times non-payment of tax may happen due to human error. Total tax evasion detected in GST in last three years

Board resolution for opening bank account

Board resolution for opening bank account

RBI KYC norms provide a list of documents mandatory to open a bank account in India. Draft of Board resolution for opening a current bank account

Provisions of Advance Tax under Income Tax

Provisions of Advance Tax under Income Tax

Advance tax means income tax should be paid in advance in installments as per the due dates prescribed by the income tax department.

New functionalities deployed on GST portal for taxpayers in July 2021

New functionalities deployed on GST portal for taxpayers in July 2021

GST portal updated on a periodic basis to provide a hassle-free experience to the taxpayers. Functionalities deployed or to be deployed in July 2021

How to update Bank Account Details on GST portal?

How to update Bank Account Details on GST portal?

Taxpayers are required to update their Bank Account Details on GST portal within 45 days of the first login. Login to the taxpayer portal. Click on ‘Registration

Buyback of shares under Companies Act 2013

Buyback of shares under Companies Act 2013

Section 68 of Companies Act, 2013 governs the provisions of buyback of shares in India. Buyback can be made out of free reserves..

How to access and submit form 15CA online

How to access and submit form 15CA online

Form 15CA can be submitted through the following methods (a) Online Mode - through e-Filing porta (b) Offline Mode - through Offline Utility

Shri Deepak Das appointed as new Controller General of Accounts (CGA)

Shri Deepak Das appointed as new Controller General of Accounts (CGA)

Shri Deepak Das is the 25th officer to hold the position of Controller General of Accounts (CGA). He is appointed by the Government of India with effect from August 1, 2021

GST collection for July 2021

GST collection for July 2021

The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore

Issue of Bonus Shares under Companies Act 2013

Issue of Bonus Shares under Companies Act 2013

Bonus issue means an issue of additional shares at no cost to current shareholders. Issue of bonus shares is governed by section 63 of the companies act 2013.

IT dept raids on a real estate group in Jharkhand

IT dept raids on a real estate group in Jharkhand

Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate

OIDAR services under GST

OIDAR services under GST

OIDAR services refer to services provided through the medium of internet without the physical interaction of the supplier and recipient of services. Eg - web-hosting services

New functionalities deployed on GST portal w.r.t Annual Aggregate Turnover

New functionalities deployed on GST portal w.r.t Annual Aggregate Turnover

GSTN has implemented a new functionality on taxpayers' dashboards with respect to Annual Aggregate Turnover. Read complete update..

IT dept. detects Rs 2200 cr fictitious transactions in raids on a prominent group

IT dept. detects Rs 2200 cr fictitious transactions in raids on a prominent group

During the search, cyclical trading and transfer of funds among group companies engaged in unrelated businesses to the tune of Rs 2,200 crore has been found.

How to deal with Negative Liability while filing GSTR 4?

How to deal with Negative Liability while filing GSTR 4?

Procedure in case of negative liability in GSTR-4. A ticket may be raised to nullify the amount available in the negative liability statement. If there is no liability ..

IBBI amends Insolvency Resolution Process for Corporate Persons

IBBI amends Insolvency Resolution Process for Corporate Persons

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016

Guarantee of Profit to a Partner

Guarantee of Profit to a Partner

Sometimes, a guarantee of a specific amount of profit is given by the partner in respect of his share in the profits of the business.

Consolidated E-Way bill

Consolidated E-Way bill

A consolidated e-way bill is a document containing the multiple e-way bills for multiple consignments being carried in one vehicle. Read more

DA for Central Govt employees increased to 28% wef 1 July 2021

DA for Central Govt employees increased to 28% wef 1 July 2021

The Government has decided to increase the Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from 01.07.2021 to 28%

Finance Ministry released 75K crore to States as GST Compensation shortfall

Finance Ministry released 75K crore to States as GST Compensation shortfall

Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation

Bengaluru IT Dept detected concealment of income of 880 crores

Bengaluru IT Dept detected concealment of income of 880 crores

Income Tax Department carried out a survey operation on two business premises in Bengaluru on one of India leading manpower services provider..

CGST Zone & DGGI booked fake ITC of over 35000 crores in FY 2020-21

CGST Zone & DGGI booked fake ITC of over 35000 crores in FY 2020-21

During the FY 2020-21 CGST zone and DGGI have booked about 8000 cases involving fake input tax credit of over Rs 35000 crore. Total 426 persons were arrested..

GST CMP 03 - FAQs on Intimation of stock details on GST Portal

GST CMP 03 - FAQs on Intimation of stock details on GST Portal

In addition to filing the application to opt for Composition Levy, the Migrated taxpayers are also required to file a FORM GST CMP 03 for Stock Intimation.

CGST Delhi Zone unearths network of 23 firms claiming fake GST credit

CGST Delhi Zone unearths network of 23 firms claiming fake GST credit

The firms involved in network are M/s Girdhar Enterprises, M/s Arun Sales, M/s Akshay Traders, M/s Shree Padmavati and 19 others. Get more updates on GST fake credit.

Steps to change profile under QRMP scheme

Steps to change profile under QRMP scheme

Step 1: Login to the GST Portal with valid credentials and navigate to "Services" > "Returns" > "Opt-in for Quarterly Return" option. Step 2: The "Opt-in for Quarterly Return" page is displayed.

Buyback 2021: Record Date, Issue Date, Close Date, Price

Buyback 2021: Record Date, Issue Date, Close Date, Price

Buyback of shares means repurchasing of own shares by a company. List of Buyback in 2021 with record date and open date.

IT Dept unearths tax evasion of Rs 300 crore after raids at Hyderabad based firm

IT Dept unearths tax evasion of Rs 300 crore after raids at Hyderabad based firm

Income Tax Department carried out a search and seizure operation on 06.07.2021 on a group based in Hyderabad. The group is engaged in real estate..

GST refund on account of excess payment of tax

GST refund on account of excess payment of tax

When the excess payment of tax has been made under Goods and Services Tax (GST), the same can be claimed as a refund by filing an application on the GST portal.

Contingent asset

Contingent asset

The assets are contingent because they arise from unexpected events. Contingent assets will not be recognised in financial statements until they are certain.

Online filing of application launched for Authorised Economic Operators

Online filing of application launched for Authorised Economic Operators

Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications.

Onerous Contracts - Ind AS 37

Onerous Contracts - Ind AS 37

If an entity has a contract that is onerous, the present obligation under the contract shall be recognised and measured as a provision. Click to know more.

Dr Bhagwat Kishanrao Karad takes charge as Minister of State in the Ministry of Finance

Dr Bhagwat Kishanrao Karad takes charge as Minister of State in the Ministry of Finance

Dr Karad is a first time member of the Rajya Sabha. Active in public service, he has served as Mayor of Aurangabad Municipal Corporation

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

Delivery challan under GST

Delivery challan under GST

Rule 55 of GST lists the cases where goods may be removed on delivery challan and invoice may be issued after delivery. The challan must be in a prescribed format.

GST collection dropped below Rs 1 lakh crore in June 2021

GST collection dropped below Rs 1 lakh crore in June 2021

GST collection dropped below Rs 1 lakh crore in June 2021

Major changes related to QRMP scheme on GST Portal

Major changes related to QRMP scheme on GST Portal

Few important changes related to QRMP Scheme implemented on the GST Portal

FAQs on Invoice Furnishing Facility (IFF) under QRMP Scheme

FAQs on Invoice Furnishing Facility (IFF) under QRMP Scheme

IFF is a facility provided to quarterly taxpayers who are in QRMP scheme, to file their details of outward supplies in first two months of the quarter

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI.

Income Tax: Further relaxation in electronic filing of form 15CA/15CB

Income Tax: Further relaxation in electronic filing of form 15CA/15CB

Taxpayers can now submit the form 15CA or 15CB in manual format to the authorized dealers till 15th July, 2021

Mock test for CSEET will be conducted on 6th July 2021

Mock test for CSEET will be conducted on 6th July 2021

Mock test for CSEET will be conducted on 6th July 2021

How to appear for CSEET exam through Remote Proctored mode

How to appear for CSEET exam through Remote Proctored mode

How to appear for CSEET exam through Remote Proctored mode

जीएसटी के तहत पंजीकरण के लिए दस्तावेजों की चेकलिस्ट

जीएसटी के तहत पंजीकरण के लिए दस्तावेजों की चेकलिस्ट

जीएसटी पंजीकरण के लिए आवेदन करते समय करदाता को व्यवसाय के प्रमुख स्थान की घोषणा करनी होगी। व्यवसाय के प्रमुख स्थान के समर्थन में निम्नलिखित दस्तावेजों को जीएसटी पोर्टल पर अपलोड करने की आवश्यकता है

How to track GST refund status on the Common Portal after login?

How to track GST refund status on the Common Portal after login?

Steps to track GST refund status on the Common Portal after login

Relaxations in the Cost and Works Accountants Regulations, 1959 on account of Covid-19

Relaxations in the Cost and Works Accountants Regulations, 1959 on account of Covid-19

Relaxations in the Cost and Works Accountants Regulations, 1959 on matters relating to Regional Councils of the Institute for the year 2021

FAQs on amendment of GST registration

FAQs on amendment of GST registration

The taxpayer has to file an application for amendment of registration in GST. Amendment application is categorized in two types - Core fields & Non-core fields.

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Retail and wholesale trades allowed to register as MSME

Retail and wholesale trades allowed to register as MSME

Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs

New functionality in GST portal to register complaint on misuse of PAN

New functionality in GST portal to register complaint on misuse of PAN

To file a complaint of misuse of PAN in GST registration, new functionality in GST Portal has been introduced recently.

GST registration process for a non-resident (NRI)

GST registration process for a non-resident (NRI)

GST registration is compulsory for a non-resident if he is engaged in any kind of taxable supply in the taxable territory. Steps to get registered as NRI in GST.

Admit card released for CSEET being held on 10th July 2021

Admit card released for CSEET being held on 10th July 2021

Admit card released for CSEET being held on 10th July 2021

Supreme Court Judgement on CA Exam July 2021

Supreme Court Judgement on CA Exam July 2021

Supreme Court Judgement on CA Exam July 2021 - Order Copy

Exchange Rate Notification 57/2021 - Customs

Exchange Rate Notification 57/2021 - Customs

Exchange Rate Notification 57/2021 - Customs

How to register for e-Filing on new Income Tax Portal?

How to register for e-Filing on new Income Tax Portal?

Pre-login service is available to all taxpayers (except Companies) who want to register on and access the e-Filing portal. Steps to register on income tax portal

Income Tax: How to register as a representative on new website

Income Tax: How to register as a representative on new website

The service allows users to register as representative assessees and register themselves to act on behalf of another person. Steps to register as a representative on Income Tax Portal

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

Bonus shares declared by companies in 2021

Bonus shares declared by companies in 2021

List of companies declared bonus shares in 2021.

FAQs on LLP E Filing - MCA portal

FAQs on LLP E Filing - MCA portal

The first step to register Limited liability partnership is reservation of name of LLP. eForm 1 has to file for ascertaining availability of name of a LLP business.

FM asks Ministries to front-load capital expenditure & ensure clearance of SMEs dues at earliest

FM asks Ministries to front-load capital expenditure & ensure clearance of SMEs dues at earliest

6th review meeting by the Finance Minister - Smt. Nirmala Sitharaman here today held a virtual meeting with senior government officials to discuss the infrastructure roadmap

Centre announces COVID-19 relief package of Rs 6,28,993 crore

Centre announces COVID-19 relief package of Rs 6,28,993 crore

Centre announces COVID-19 relief package of Rs 6,28,993 crore

Refund of GST paid on Intra-State Supply which is subsequently held to be Inter-State Supply and Vice Versa

Refund of GST paid on Intra-State Supply which is subsequently held to be Inter-State Supply and Vice Versa

If an order is issued by the tax officer against which the refund is arising due to a change in place of supply of a particular transaction, GST refund can be claimed

Hawala racket exposed after Income Tax Raid in Raipur

Hawala racket exposed after Income Tax Raid in Raipur

IT Department carried out search and seizure action on 21.06.2021 on a Raipur based hawala operators. Unaccounted cash amounting to approximately Rs. 6 crore has been seized

GST on Goods Transport Agency (GTA)

GST on Goods Transport Agency (GTA)

GST will apply to the service of transportation of goods by road only if services are provided by GTA or courier agency.

All about pre-deposit for filing an appeal under GST

All about pre-deposit for filing an appeal under GST

A registered person can file an appeal before GST Appellate Authority or Tribunal only after pre-deposit of the prescribed amount

DIN Identification Number

DIN Identification Number

DIN is an 8-digit unique identification number allotted to an individual who is appointed as a director of a company. Steps to apply Director Identification Number

Consignment note under GST

Consignment note under GST

Consignment note means a document issued by a GTA against the receipt of goods for the purpose of transport of goods by road in a goods carriage.

Clarification on section 206AB and 206CCA

Clarification on section 206AB and 206CCA

Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from the 1st day of July 2021

Highlights of FM meeting with Infosys on glitches in new Income Tax Portal

Highlights of FM meeting with Infosys on glitches in new Income Tax Portal

A meeting was held between senior officials of the Finance Ministry and Infosys on 22.06.2021 on issues in the new Income Tax Portal.

Bonus issue journal entry

Bonus issue journal entry

Journal entries for the issue of fully paid-up bonus shares. Accounting treatment of bonus issue by converting partly paid shares into fully paid share..

Board Resolution for closure of bank account

Board Resolution for closure of bank account

Where Company's management thinks it is necessary to close the current bank account of a company then a resolution would be passed in the Board meeting

NTPC group recorded the highest ever PAT in FY 2021

NTPC group recorded the highest ever PAT in FY 2021

In FY21, NTPC group has recorded the highest ever gross generation of 314.07 Billion units as against 290.19 Billion units during the previous year

Board Resolution for Appointment of Additional Director

Board Resolution for Appointment of Additional Director

Section 161 prescribes the provisions of appointment of Additional Director. Additional Director can be appointed by passing a resolution in the Board meeting or by Circulation

GST Compliance Calendar for November 2021

GST Compliance Calendar for November 2021

GST Compliance Calendar for November 2021

Draft of Board Resolution for recommending Bonus Issue

Draft of Board Resolution for recommending Bonus Issue

Issue of bonus shares must be recommended by Board in meeting. Here is a format of Board resolution for bonus issue.

Letter of Undertaking (LUT) under GST

Letter of Undertaking (LUT) under GST

LUT is an undertaking to be furnished by exporter in the prescribed format in FORM GST RED-11 in order to export goods or services without payment of IGST.

Credit Note in GST

Credit Note in GST

The issuance of the credit note allows the supplier to decrease his tax liability in his GST returns without requiring him to undertake any tedious process of refunds.

Income Tax collections of Rs 1,85,871 crore for FY 2021-22

Income Tax collections of Rs 1,85,871 crore for FY 2021-22

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%. Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780 crore

Cost Inflation Index(CII) for FY 2021-22 and subsequent years is 317

Cost Inflation Index(CII) for FY 2021-22 and subsequent years is 317

This notification shall come into force with effect from the 1st day of April 2022 and shall accordingly apply to the Assessment Year 2022-2023 and subsequent years

New Income Tax portal issues: FM officials to hold meeting with Infosys on 22nd June

New Income Tax portal issues: FM officials to hold meeting with Infosys on 22nd June

The new income tax website has upset taxpayers with several technical glitches. Finance Ministry will hold an interactive meeting with Infosys on 22nd June 2021

New functionalities deployed on GST portal (June 2021)

New functionalities deployed on GST portal (June 2021)

GST portal updated on a periodic basis to provide a hassle-free experience to the taxpayers and simplify the process of GST compliances.

What is form 15CB?

What is form 15CB?

Form 15CB is the Tax Determination Certificate in which the Chartered Accountant examines a remittance with regard to changeability provisions.

Authorised Signatory in GST

Authorised Signatory in GST

An authorised signatory refers to a person who is authorised by the taxpayer to perform activities on the GST portal on his behalf. Learn more...

What is Form 15CA?

What is Form 15CA?

Every person making a payment to Non-Residents shall deduct TDS if such sum is chargeable to Income Tax and the details are required to be furnished in Form 15CA.

Relaxation in electronic filing of 15CA/15CB

Relaxation in electronic filing of 15CA/15CB

Due to difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal, Authorized dealers are advised to accept such Forms till June 30th, 2021

Authorized representative under GST

Authorized representative under GST

Authorized representative may be a relative, an employee, an advocate, CA, CMA, CS, or any person. He can appear in any proceedings under GST.

Checklist of documents for registration under GST

Checklist of documents for registration under GST

Applicants while applying for registration on the GST portal need to upload documents. Find the list of GST registration documents required for every business.

Income tax notice valid? Check on new income tax portal

Income tax notice valid? Check on new income tax portal

Notice or order issued by income tax department can be verified by both registered and unregistered users on new income tax portal pre login.

Recommendations of 44th GST Council Meeting

Recommendations of 44th GST Council Meeting

GST Council in 44th meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September, 2021

Income Tax Slabs for Domestic Company for AY 2021-22

Income Tax Slabs for Domestic Company for AY 2021-22

The Companies opting for a special rate of taxation u/s 115BAA or 115BAB will not be allowed certain deductions like section 80IA, 80IAB, 80IAC

Steps to file NIL CMP-08 by SMS

Steps to file NIL CMP-08 by SMS

Composition taxpayers can file a nil statement in Form GST CMP-08 via SMS instead of filing it online on the GST common portal. Know how to file CMP 08 through SMS.

Draft of resolution for appointment of internal auditor

Draft of resolution for appointment of internal auditor

Board resolution for appointment of internal auditor in a company should be filed Form MGT-14 with the concerned Registrar of Companies within 30 days

Reserve and Surplus in Balance Sheet

Reserve and Surplus in Balance Sheet

Reserve and surplus are created from undistributed profits for specific purposes. Reserves will be shown under the heading of Shareholders Fund in the balance sheet.

Export to Nepal and Bhutan under GST

Export to Nepal and Bhutan under GST

exports of both goods and services to Nepal and Bhutan are treated as ‘normal exports and refund can be claimed

Input Service Distributor (ISD) under GST

Input Service Distributor (ISD) under GST

Input Service Distributor (ISD) is an office of the supplier which receives input tax credit on invoices related to input services and distributed such GST credit to other units

Income tax slab applicable to non-residents (NRI) for AY 2021-22

Income tax slab applicable to non-residents (NRI) for AY 2021-22

Non-resident individuals, HUF, AOP, BOI, and co-operative society can opt for the existing tax regime or the new tax regime with a lower rate of Income Tax

Income tax slab applicable to salaried employees for AY 2021-22

Income tax slab applicable to salaried employees for AY 2021-22

Salaried employees can opt for the existing tax regime or the new tax regime with a lower rate of taxation under section 115 BAC of Income Tax Act

Inter-state supplies in GST

Inter-state supplies in GST

IGST will be levied and collected on interstate supplies. The inter-state supplier will pay IGST after adjusting the available credit of IGST, CGST, and SGST.

GST on Legal Services

GST on Legal Services

GST notification exempts the legal services provided by a senior advocate or firm of advocates in certain cases. Legal services will be covered under reverse charge.

GST refund on export of goods (With payment of tax)

GST refund on export of goods (With payment of tax)

The exporter is entitled to receive a refund on account of the export of goods with payment of tax. Check out the conditions and process.

Non-resident taxable person under GST

Non-resident taxable person under GST

Non Resident Taxable Person is a person who temporarily supplies within India even though he is not a resident. GST registration is compulsory for non resident.

Withdrawal from GST composition scheme

Withdrawal from GST composition scheme

Taxpayer can opt-out of the composition scheme by his choice by filing form GST CMP-04 on GST portal. Read more about withdrawal from GST composition scheme.

How to file a reply suo moto cancellation notice in GST?

How to file a reply suo moto cancellation notice in GST?

To file a reply to the GST cancellation notice, visit the GST portal and navigate to the Services and click on the application for filing clarifications

Suo Moto Cancellation of GST registration

Suo Moto Cancellation of GST registration

Suo Moto cancellation under GST means cancellation of registration by the officer on its own motion. Officer must have a valid reason for suo moto proceedings.

Valuation of Goodwill

Valuation of Goodwill

Goodwill is an intangible asset and its valuation is required in various cases. There are three methods for the valuation of goodwill

Certain company law forms can be filled till 31.08.2021 without additional fees

Certain company law forms can be filled till 31.08.2021 without additional fees

General Circular No. 11/2021 dated 30.06.2021 granted additional time up to 31st August 2021 to companies/ LLPs to file certain forms under Companies Act 2013

What is ITR-2?

What is ITR-2?

ITR-2 form is mainly for individuals, non-residents and HUFs not having any income from profit and gains of business or professions. ITR2 form notified for AY 2021-22

GST on freelancer services

GST on freelancer services

All GST provisions relating to service providers shall apply to freelancers. GST rate would be 18% for freelancer services if no specific rate is notified

Imports under GST

Imports under GST

Under the GST regime, import of goods or services shall be deemed to be inter-state supplies and would be subject to Integrated tax.

How to register a One Person Company (OPC)?

How to register a One Person Company (OPC)?

OPC is a company incorporated by a single person. Know the steps to register One Person Company in India.

FAQs on SPICe+ forms

FAQs on SPICe+ forms

While SPICe is an eform, SPICe+ is an integrated Web form offering 10 services by three Central Govt Ministries & Departments and one State Government.

GST website: FAQs on Electronic Credit Ledger

GST website: FAQs on Electronic Credit Ledger

Electronic credit ledger is maintained electronically by the GST official site. Here is a complete list of FAQs related to the electronic credit ledger under GST

CBIC guidelines: GST cancellation order must be  passed within 30 days

CBIC guidelines: GST cancellation order must be passed within 30 days

Where a person who has submitted an application for cancellation of his registration is no longer liable to be registered or his registration is liable to be canceled, the proper officer shall issue an order in FORM GST REG-19, within a period of thirty days

E-way bill via SMS

E-way bill via SMS

To generate e way bill without login, the user has to send the SMS in a prescribed format to a designated number. SMS must be accurate to create the correct e-way bill through SMS

List of goods exempted under GST

List of goods exempted under GST

Compiled list of GST exempted goods with chapter and HSN code

10 चीजें जो जीएसटी के लिए ऑनलाइन पंजीकरण करने से पहले जाननी चाहिए

10 चीजें जो जीएसटी के लिए ऑनलाइन पंजीकरण करने से पहले जाननी चाहिए

जीएसटी (GST) के लिए आवेदन करने से पहले आपको सबसे पहली बात यह जाननी चाहिए कि क्या आप कानूनी रूप से जीएसटी के लिए पंजीकरण करने के लिए बाध्य हैं या नहीं

E-way bill exempted goods list

E-way bill exempted goods list

Certain goods are exempted from e-way bill rules. The movement of exempted goods does not require a generation of e-way bill

Common credit under GST with example

Common credit under GST with example

Common credit will be proportionally distributed while paying GST dues. Common credit arrives after reducing the ITC of taxable supplies from the total ITC..

Electronic Credit Ledger in GST

Electronic Credit Ledger in GST

The electronic credit ledger is maintained in electronic form on the GST portal for every taxpayer. Balance in credit ledger will be used to pay tax dues.

Notified rate of foreign exchange with effect from 21st May 2021

Notified rate of foreign exchange with effect from 21st May 2021

CBIC Notification No.46/2021-Customs determines the rate of exchange of conversion of each of the foreign currencies into Indian currency or vice versa with effect from 21st May.

Copy of SOP issued by Centre on amended provisions of revocation of cancellation of GST

Copy of SOP issued by Centre on amended provisions of revocation of cancellation of GST

CBIC released standard operating procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration

How to check GST registration status online?

How to check GST registration status online?

An applicant can track his GST registration application status online by using the Application Reference Number (ARN). Learn steps to check GST number status.

Aadhaar authentication under GST

Aadhaar authentication under GST

Aadhaar Authentication process has been introduced under GST law with effect from 21.08.2020 for the persons applying for GST registration.

Input tax credit utilisation rules under GST

Input tax credit utilisation rules under GST

Sections 49(5), 49A, 49B, rule 88A and Circular No. 98/17/2019 GST together prescribe the order of utilisation of input tax credit (ITC). Restrictions on utilisation of ITC

How to view submitted Letter of Undertaking (LUT) on the GST portal?

How to view submitted Letter of Undertaking (LUT) on the GST portal?

Step by step guide to view submitted Letter of Undertaking (LUT) on the GST official website.

What is a Bill of Supply?

What is a Bill of Supply?

Bill of supply is issued by the registered person in prescribed format instead of a tax invoice when GST is not levied or when GST need not be collected

How to transfer input tax credit between multiple GST numbers?

How to transfer input tax credit between multiple GST numbers?

ITC shall be transferred in the ratio of the value of assets held by the transferee on the date of registration. Easy steps to file Form GST ITC-02A on the GST portal

How to file ITC-04 on the GST portal?

How to file ITC-04 on the GST portal?

Easy steps to submit Form ITC-04 on the GST portal. The form can be filed on the GST portal either directly online or by using an offline excel utility.

GST on rental income

GST on rental income

Renting immovable property in India is a taxable service and would attract GST @18%. Provisions in GST on rental income from shop, office, residential property.

How to file ITC-02 on the GST portal?

How to file ITC-02 on the GST portal?

Easy steps to file Form ITC-02 on the GST portal.

Place of business under GST

Place of business under GST

As per Section 2(85) of the CGST Act 2017, place of business includes a place from where the business is ordinarily carried on and includes a warehouse, a godown or any other place

Documents required for claiming Input Tax Credit under GST

Documents required for claiming Input Tax Credit under GST

One of the requirements to claim input tax credit (ITC) is that the taxpayer must have possession of a tax-paying document. List of required documents for taking ITC

Derivatives, futures and forward contracts in GST

Derivatives, futures and forward contracts in GST

Whether GST will applicable on derivatives futures and forward contracts? Service charges, documentation fees, broking charges would be liable to GST.

How to pay TDS online?

How to pay TDS online?

Step 1 Visit the NSDL website (Income Tax department site) to pay TDS online. On this page, select ‘CHALLAN NO./ITNS 281’ under TDS/TCS section.

Summary of GST relief measures in the second wave of coronavirus

Summary of GST relief measures in the second wave of coronavirus

Interest rate reduced for late payment of GST in view of the Covid-19 pandemic. Late fee waived for filing GSTR-3B for the month of March’2021

Appeal to Appellate Tribunal under GST

Appeal to Appellate Tribunal under GST

Any person aggrieved by an order passed by an AA or RA under Goods and Services Tax law may appeal to GST Appellate Tribunal.

GST on restaurant services

GST on restaurant services

Compliances, procedures and tax rates for restaurants under Goods and Services Tax. Know GST input tax credit provisions applicable to restaurant services.

GST on bloggers

GST on bloggers

Compliances, procedures and applicable tax rates for bloggers under Goods and Services Tax. GST rate on blogging services is 18%.

Job work under GST

Job work under GST

GST law provides that the principal can claim the credit of tax paid on inputs sent to the job worker. GST rate and registration rules applicable to job work services.

Journal entry for rent paid

Journal entry for rent paid

Rent is treated as an indirect expense and will be recorded in the books as per the method of accounting followed by an organization. Rent paid journal entries

Prepaid Expenses

Prepaid Expenses

Prepaid expenses are those expenses that are paid in advance and the business firm continues to receive the benefit until the next year either wholly or partially

Outstanding Expenses

Outstanding Expenses

Outstanding expenses are those expenses which have already been incurred but not been paid yet. Accounting treatment and journal entry for outstanding expense

Buyback journal entry

Buyback journal entry

Journal entries for buyback of shares. A company shall create a capital redemption reserve to the extent of the shares bought back.

Interest on capital

Interest on capital

Interest on Capital is paid by the firm to compensate a partner for contributing capital to the firm in excess of profit sharing ratio. The maximum rate of interest can be 12%.

Interest on drawings

Interest on drawings

Interest is charged on drawings made by the partners only when there is an agreement among the partners. Journal entries for interest on drawings.

Capital Redemption Reserve Account

Capital Redemption Reserve Account

Section 69 of the Companies Act requires a certain amount to be transferred to the capital redemption reserve account if the company buy-back its own shares.

Securities Premium Account

Securities Premium Account

if the share issue price is higher than face value, the excess amount shall be transferred to a securities premium account. Know more about security premium

What is a Receipt Voucher in GST?

What is a Receipt Voucher in GST?

On receipt of advance payment with respect to any supply of goods or services, a registered person shall issue a Receipt Voucher evidencing receipt of such payment.

GST on works contract services

GST on works contract services

The works contractor shall be entitled to claim GST credit on all input used in the supply of works contract services subject to the provisions of section 17(5)(e) of the GST Act.

Rejection of GST refund claim

Rejection of GST refund claim

If the GST officer is satisfied that the amount claimed as refund is not admissible, he shall issue a show-cause notice to the applicant in form RFD-08.

Interest on delayed refund of GST

Interest on delayed refund of GST

If the refund is not processed within 60 days of receipt of an application by the officer then the refund has to be paid with an interest at 6% pa.

Principle of unjust enrichment under GST

Principle of unjust enrichment under GST

Every GST refund claim made must pass the test of unjust enrichment. Read more

FAQs on Set Off and Carry Forward of Losses

FAQs on Set Off and Carry Forward of Losses

If in any year the taxpayer has incurred loss from any source under a particular head of income, then he is allowed to adjust such loss against income from any other source

What is a Shell Company?

What is a Shell Company?

It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose

How to track GST payment status online?

How to track GST payment status online?

A taxpayer can check the status of his monthly or quarterly GST payments before or after login into the common portal

Managerial remuneration as per Companies Act 2013

Managerial remuneration as per Companies Act 2013

Managerial remuneration means remuneration paid by the company to its Key Managerial Personnel (KMPs) and other directors. Companies act provisions explained.

Internal Audit and External Audit

Internal Audit and External Audit

Relationship and major differences between Internal Audit and External Audit.

FAQ on treatment of Securities Premium Account under Ind AS

FAQ on treatment of Securities Premium Account under Ind AS

FAQ on the treatment of Securities Premium Account under Ind AS on the date of transition has been issued by the ICAI.

Show Cause Notice under section 73 of GST Act

Show Cause Notice under section 73 of GST Act

Section 73 of GST Act applies to the cases when any reason other than fraud (without any intention of tax evasion): Tax has not paid or, Tax has short paid or, Refund has wrongly received

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