Notifications and Circulars CBDT Notified Income Tax Rule 8AC so as to provide for computation of short term capital gains and written down value u/s 50 where depreciation on goodwill is received. (Notification No. 77/2021-Income Tax [G.S.R. 472(E)]) CBDT further extends the timeline for e-filing of Form 15CA/ 15CB upto 15/08/2021 in view of difficulties being reported by taxpayers in el......

Since year 2020 businesses are struggling to stabilise and thanks to Corona, the dark clouds are still following the enterprises making it more difficult for them to exist, survive and compete. Now it’s quite clear that Corona is not going to end very soon. Even if we are able to tackle the current situation, then also there are quite a large number of challenges waiting for all corporates. ......

Notifications and Circulars Furnishing & upload of Form No. 34BB on Income Tax E-filling Portal (Notification No. 05 of 2021-Income Tax 24/05/2021) CBDT notifies Rule 11UAE Computation of Fair Market Value of Capital Assets for the purposes of section 50B of Income-tax Act, 1961 (Notification No.68/2021 [G.S.R. 338(E)] 24/05/2021) CBDT notifies “Government Employees Supera......

Notifications and Circulars Government extends time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021-Income Tax/S.O. 1704(E)& Notification No. 38/2021-Income Tax/S.O. 1703(E) dated 27/04/2021) CBDT vide Notification No. 37/2021-Income Tax Dated: 26th April, 2021 amends rule 2DB which deals with Other conditions to be s......

Notifications and Circulars CBDT extends limitation dates for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt. 31st December, 2020 has been extended to 30th April, 2021 (Noti.0fication No. 10/2021-Income Tax/S.O. 966(E dated 27/02/2021) CBDT further extends the date for fili......

SOCIAL MEDIA GOVERNANCE Social media is undoubtedly a vital and necessary business tool that must get on the radar of all internal auditors. When it involves social media risks, companies got to know what they’re exposing themselves to.                          &......

Notifications and Circulars CBDT issues notification and notifies Faceless assessment scheme 2021 and direction to give effect to the Faceless Penalty scheme,2021 (Notification No. 03/2021 dated 12/01/2021) Amount of remuneration u/s 9a(3)(m) of the Income Tax Act (Circular No. 1 of 2021 dated 15.01.2021) Budget Highlights No changes in Income Tax Slab rates Employee contribution deposited la......

Notifications and Circulars Government issues a circular clarifying the requirements for opening  of Senior Citizen Savings Scheme Account (Circular  no.  File No. FS-10/17/2020-FS dated 07.12.2020) CBDT releases answers to FAQs on Vivad-se-Vishwas scheme (Circular No. 21/2020-Income Tax dated 04.12.2020) Govt further extends the dates for various compliance's such Tax Audit, ITR......

INCOME TAX AMENDMENTS NOVEMBER 2020 Notifications and Circulars CBDT issues a circular condoning the delay in filing of form No. 10 BB (Form for furnishing the audit report of the accounts of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution) for AY 2016-17 and onwards (Circular no. 19/2020 dated 03th November 2020......

Notifications and Circulars October, 2020 CBDT issues notification extending the due dates for Income Tax Returns & Tax Audit Reports, as follows (Notification no. 88/2020 dated 29.10.2020) -Without tax audit- 31.12.2020 -Transfer pricing and tax audit- 31.01.2021 -Income Tax return FY 2018-19 -30.11.2020CBDT notifies Equalisation Levy (Amendment) rules, 2020 & related forms (Notificat......

The Industrial Relations Code, 2020 (“IRC 20”) has been introduced as a part of the consolidations labour legislations in terms of the recommendation of the Second National Commission on Labour (2002). Accepting their recommendations, the Ministry of Labour and Employment has consolidated labour code in to four labour codes of (i)  Industrial Relations (ii) Wages (iii)  Soc......

Notifications and Circulars CBDT issues directions for disposal of appeals under Faceless Appeal scheme 2020 (Notification no. 77/2020 dated 25.09.2020) CBDT notifies the Faceless Appeals Scheme, 2020 (Notification no. 76/2020 dated 25.09.2020) CBDT notifies for 15C for Application by Banking Company or Insurer for receipt of sum without deduction of Tax (Notification no. 75......

CBDT notified the procedure for notification of Pension funds (PF) for claiming exemption under section 10(23FE) for income from Investment in Specified Infrastructure business (Notification no. 67/2020 dated 17.08.2020) CBDT notifies 34 authorities for Faceless Assessment (Notification no. 64/2020 dated 13.08.2020) CBDT notifies the Faceless Assessment Procedure (Notification no. 61......

Notifications and Circulars CBDT extends due date for Income Tax Returns for FY 2018-19 from 31st July 2020 to 30th September 2020 (Notification no. 56/2020 dated 29th July 2020). CMDT amends rule 31a and form 26Q from 3rd July 2020 w.r.t. providing certain information related to cash withdrawals under section 194N in form no. 26Q mandatorily. It also mandates that details of interest li......

“Many people want the Government to protect the consumer. A much more urgent problem is to protect the consumer from the Government” The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’......

1. Notification no. 35/2020 dated 24.06.2020 – Extension of due dates w.r.t. ITR filing for FY2018-19, TDS/ TCS returns due dates for Q4- FY 19-20. Details given below- Particulars Earlier due date Updated due date ITR filing for FY 18-19 30th June 2020 31st July 2020 TDS/ TCS return (Q4) FY 19-20 30th June 2020 31st July 2020 ......

Notifications and Circulars Notification No. 30/2020-Income Tax/G.S.R. 329(E) dated 28.05.2020- CBDT notifies new form for 26AS which shall also include information relating to assessee’s specified financial transaction (Information of property and share transactions etc.), payment of taxes, demand/ refund and pending / completed proceedings Notification No. 29/2020-Income Tax ......

Notifications and Circulars Circular no. 8/2020 dated 13th April 2020 - Government issues clarification regarding short deduction of TDS / TCS due to increase in rates of Surcharge by Finance Act 2019 Circular C1 of 2020 dated 13th April 2020-Government issues clarification regarding selection of option under section 115 BAC related to concessional rate of tax subject to the conditio......

The article highlights some of the emerging concerns over financial reporting and period end closure processes as well as audit processes due to outbreak of Corona Virus across Globe. It also highlights about the relief measures given by SEBI for the business enterprises to give them ease and comfort for complying with some stringent provisions of law. Even the credit rating agencies have also rel......

Relief Measures announced by Finance Minister due to outbreak of COVID -19 Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. Aadhaar-PAN linking date to be extended from 31st March, 2020 to 30th June, 2020. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020. Due dates for issue of notice, i......

Notifications and Circulars Notification No. 11/2020 dated 13/02/2020- CBDT notifies (Rule 114AAA) prescribing that PAN will become inoperative if a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to intimate his Aadhaar number under section 139AA(2), has failed to intimate the same on or before the 31st day of March, 2020 Notification No. 10/2020 dated ......

NOTIFICATIONS AND CIRCULARS 1.Notification No. 98/2019 dated 18th November 2019-CBDT notifies Form 16D (certificate of deduction of tax at source) and 26QD (challan-cum-statement) in relation to section 194 M (deduction of tax at source for contractual or professional payment by Individual or HUF) 2.Notification No. 95/2019-Income Tax [G.S.R .825(E)] dated 06th November 2019 Aadhar allowed to b......

A. Compliances Calendar for GST B. Compliances Calendar for ESI and PF Payments C. Compliances Calendar for Income Tax Act D. Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015 E. SEBI (Prohibition of Insider Trading) Regulations, 2015 F. SEBI Tak......

Tax on income of certain domestic companies- Option for Domestic Company for concessional tax rate of 22% (excluding surcharge & cess) subject to the condition that they will not avail any exemption/incentive. Exemptions / benefits that cannot be availed are listed below: Additional Depreciation on Plant & Machinery Additional Allowance on Scientific Research Section 32AD......

A. Compliances Calendar for GST B. Compliances Calendar for ESI and PF Payments C. Compliances Calendar for Income Tax Act D. Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015 E. SEBI (Prohibition of Insider Trading) Regulations, 2015 F. SEBI Takeo......

  A. Compliances Calendar for GST B. Compliances Calendar for ESI and PF Payments C. Compliances Calendar for Income Tax Act D. Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015 E. SEBI (Prohibition of Insider Trading) Regulations, 2015 F. SE......

Introduction The manipulations and misappropriations in the corporate world relates back to Sept 1720 when after the War of Spanish Succession, the UK signed the Treaty of Utrecht 1713 with Spain, ostensibly allowing it to trade in the seas near South America. In fact, barely any trade took place as Spain renounced the treaty;however this was concealed on the UK stock market. A speculative bubble......

A. Compliances Calendar for GST B. Compliances Calendar for ESI and PF Payments C. Compliances Calendar for Income Tax Act D. Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015 E. SEBI (Prohibition of Insider Trading) Regulations, 2015 F. SEBI Takeover Regulations 2011 G. Compliance......

Corporate Governance In simple terms, the combination of the rules, regulations, practices, policies and processes required by an entity to work upon in order to create a controlled and regulated environment is called CORPORATE GOVERNANCE. The concept of Corporate Governance is important for an entity because an entity carries a responsibility of securing the interest of all its stakeholders whi......

The compliances of statutory laws, rules & regulations carry significance in terms of discharging the legal responsibilities by the various entities operating in the country. The meeting of deadlines and submitting the periodic information to the Government authorities is one of the most important and critical part of the working of the business. For the ease of reference and smooth working, ......

The compliances of statutory laws, rules & regulations carry significance in terms of discharging the legal responsibilities by the various entities operating in the country. The meeting of deadlines and submitting the periodic information to the governing authorities is one of the most important and critical parts of the working of the business. For the ease of reference and smooth working, ......

The Internal Audit Standard Board of the ICAI has, with other pronouncements, issued five Standards on Internal Audit (SIAs) in November 2018. The SIAs are a set of minimum requirements that apply to all members of the ICAI while performing an internal audit of any entity or body corporate. However, these are not mandatory to be undertaken by other professional bodies such as Cost Management Accou......