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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)

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.

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.

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.

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.

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

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

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

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

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

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

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

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.

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

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.

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.

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.

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,

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

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 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. Read more about applicability of tax audit under Income Tax

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 - 10 things you must know

Register for GST online - 10 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.

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

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

E-way bill validity new rules, computation, and e way bill validity extension

E-way bill validity new rules, computation, and e way bill validity extension

The validity of the e way bill will start once the vehicle number is updated in part B of the e-way bill. As per new rules, the validity is for 1 day up to 200 Kilometers

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.

What is a revised tax invoice under GST?

What is a revised tax invoice under GST?

A revised tax invoice may be issued against an invoice already issued between a period of the effective date of GST registration and grant of certificate.

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

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.

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

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 GST has been made, the refund on account of excess payment of tax can be claimed by filing a refund application on 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

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 taxpayer if he is engaged in any kind of taxable supply in the taxable territory. Learn steps to apply for registration as a 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

How to surrender GST registration (with screenshots)

How to surrender GST registration (with screenshots)

The application for surrender of registration in GST will be filed in form GST REG-16 on the GST portal. Step by step guide to surrender of GST number.

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

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.

Revocation of cancelled GST registration

Revocation of cancelled GST registration

Taxpayer has an option to file an application for restoration of cancelled GST number. Revocation application to be filed in FORM GST REG-21 after login to GST portal.

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

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.

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, CWA, CS, or any person with prescribed qualifications.

Checklist of documents for registration under GST

Checklist of documents for registration under GST

Complete list of documents for GST registration according to constitution of business. Applicant will have to declare principal place of business while applying for GST.

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

Applicability of Internal Audit - Companies Act 2013

Applicability of Internal Audit - Companies Act 2013

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

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.

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 various services to TDS deductors. On the Login page, enter valid login credentials

Input Service Distributor (ISD) under GST

Input Service Distributor (ISD) under GST

Input Service Distributor is an office of the supplier of goods or services which receives input tax credits on invoices related to input services and distributes such credits 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 inter-state supplies. The inter-state supplier will pay IGST after adjusting the available credit of IGST, CGST, and SGST.

GST refund on export of goods (With payment of tax)

GST refund on export of goods (With payment of tax)

In the export of goods, the exporter does not require to file a separate refund application. Shipping bill filed by an exporter shall be treated as an application

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

Composition dealer can opt-out of the composition scheme by his choice by filing form GST CMP 04 on GST portal. Read more on withdrawal from the 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 means cancellation of GST registration by the officer on its own motion. The tax officer must have a valid reason for initiation of proceedings.

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.

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

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.

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

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.

GST on exports

GST on exports

Exports shall be treated as inter-state supply in GST. Registration is compulsory in GST for exports in case of services if annual turnover exceeds 20 lakhs.

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 view submitted Letter of Undertaking (LUT) on the GST portal?

How to view submitted Letter of Undertaking (LUT) on the GST portal?

Steps to view submitted Letter of Undertaking. Access the GST Portal. Login to the GST Portal with valid credentials. Click to know complete procedure

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 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 for rental income from shop, office, or residence are explained.

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

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

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%.

Securities Premium Account

Securities Premium Account

Where a company issues shares at a premium, the premium amount shall be transferred to a securities premium account. Know more on premium along with journal entries

Increased GST registration limit

Increased GST registration limit

The increased GST exemption threshold for suppliers of goods is Rs 40 lakhs. GST registration limit for service providers in India is 20 lakhs

Compulsory registration under GST

Compulsory registration under GST

Registration under GST is compulsory for certain persons even their annual turnover is less than the exemption limit. Know more about compulsory GST registration

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..

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.

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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