NFRA extends public consultation on small companies’ audit till Nov End
Posted Date : 11-Nov-2021 , 07:54:50 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has extended its public consultation to decide on relaxing the statutory audit obligation of small companies till end of November, showed an official order. The earlier due date for receiving comments and suggestions was 10 November.
The audit r...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 996
|
 |
Income Tax Deptt Roll out of new Annual Information Statement (AIS)
Posted Date : 02-Nov-2021 , 08:07:47 am | Posted By CASANSAAR
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 with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statemen...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2345
|
|
Canadian immigration is making major changes to the NOC in 2022
Posted Date : 01-Nov-2021 , 08:14:59 am | Posted By CASANSAAR
Canada has introduced NOC 2021 and the immigration system will incorporate the changes in 2022.
The National Occupational Classification (NOC) is a major part of Canada’s immigration system. Skilled worker candidates and temporary foreign workers need to demonstrate their work experience ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2349
|
|
HC notice to Centre on petition challenging faceless income tax assessment
Posted Date : 29-Oct-2021 , 08:03:15 am | Posted By CASANSAAR
The Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act.
The court restrained the tax department from recovering additional demand and posted the matter to Novemb...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1387
|
|
Tax Audit Utility for Form 3CA-CD & 3CB-CD enabled by CBDT
Posted Date : 27-Oct-2021 , 08:36:48 am | Posted By CASANSAAR
Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD & 3CB-CD)
The form is enabled for AY 2021-22 and AY 2020-21, prior years would be available shortly.
This version can be used for Tax Audits in cases not involving large number of records. T...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2050
|
|
RBI imposes monetary penalty on two cooperative banks
Posted Date : 27-Oct-2021 , 08:19:38 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on 26 October imposed monetary penalty on two cooperative banks for various rule violations. These two banks are Vasai Vikas Sahakari Bank, Maharashtra and the Citizens Urban Co-operative Bank Ltd., Jalandhar, Punjab.
A penalty of Rs 7 lakhs was imposed on Citizens Urb...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 970
|
|
NFRA asks ICAI to reconsider structure of its accounting standards proposal
Posted Date : 04-Oct-2021 , 10:01:49 am | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has asked the Institute of Chartered Accountants of India (ICAI) to conduct a regulatory impact assessment of its proposed revisions to the existing accounting standards of companies.
These standards are for companies that are not required to f...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2294
|
|
NFRA issued consultation paper for REMOVING COMPULSORY AUDIT for Micro, Small & Medium Companies
Posted Date : 30-Sep-2021 , 08:15:37 am | Posted By CASANSAAR
India is unique among the big economies of the world in statutorily mandating compulsory audit for all companies, irrespective of their size and characteristics. In view of the significant role played by companies in India in the economic growth and development of the Nation, it is essential that th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1433
|
|
I-T dept asks taxmen to accept applications till Sep 30 for settlement before Interim Board
Posted Date : 30-Sep-2021 , 07:46:17 am | Posted By CASANSAAR
The Income Tax department has issued an order asking taxmen to accept till September 30, applications for settlement of pending tax cases.
The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 to provide that the Income-tax Settlement Commission (ITSC...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1032
|
|
Legitimate tax planning not illegal - ITAT
Posted Date : 23-Sep-2021 , 08:02:10 am | Posted By CASANSAAR
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that minimisation of tax liability through legitimate tax planning is not illegal.
In the case of Michael E Desa, a US-based non-resident, it upheld in a recent order the set-off of loss arising on sale of shares of a private c...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1986
|
|
Govt relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act
Posted Date : 18-Sep-2021 , 07:58:41 am | Posted By CASANSAAR
The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other tha...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2841
|
|
FM Nirmala Sitharaman announces over Rs 30,000 cr guarantee for bad bank
Posted Date : 17-Sep-2021 , 08:16:38 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday announced a formal government guarantee on the securities receipts that the planned ‘bad bank’ will issue to banks as it takes on non-performing assets from their books. The government guarantee will be Rs 30,600 crore, she said.
The Uni...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1322
|
|
Responsibility of Govt to design convenient tax system so that individuals can budget & plan - SC
Posted Date : 10-Sep-2021 , 10:50:13 am | Posted By CASANSAAR
The Supreme Court on Thursday said that in a taxation regime there is no room for presumption and it is the responsibility of the government to design a tax system which is convenient and simple so that an individual or a corporate can budget and plan.
The top court, which allowed a batch of appe...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1639
|
|
Govt. must constitute GST tribunal - Supreme Court
Posted Date : 07-Sep-2021 , 06:03:33 am | Posted By CASANSAAR
The Supreme Court on Monday said the government had no option but to constitute the Goods and Services Tax (GST) Appellate Tribunal.
The tribunal has not been constituted even four years after the central GST law was passed in 2016. “You have to constitute a Tribunal,” a Special Bench...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 949
|
|
Government sets up board for advance rulings in income tax matters
Posted Date : 07-Sep-2021 , 05:58:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes has set up three Boards for Advance Rulings (BAR) to offer clarity on tax implications of transactions and to help avoid income tax disputes.
An order from CBDT showed that provisions for replacing the Authority for Advance Rulings (AAR), set up in 1993, with BAR...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1129
|
|
CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961
Posted Date : 30-Aug-2021 , 08:20:38 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electr...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1038
|
|
CBDT extends date under section 3 of the Vivad se Vishwas Act
Posted Date : 30-Aug-2021 , 08:17:29 am | Posted By CASANSAAR
Under The Direct Tax Vivad se Vishwas Act 2020 (hereinafter referred to as “Vivad se Vishwas Act”), the amount payable by the declarant is stated in the table under section 3 of the Vivad se Vishwas Act.
As per the latest notification dated 25th June 2021, the last date...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 860
|
|
FinMin gives time to Infosys till Sept 15 to fix glitches in income tax portal
Posted Date : 24-Aug-2021 , 09:15:30 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman has given time to Infosys till September 15 to fix glitches in the new e-filing portal of the Income Tax Department, said a statement issued by the government on August 23.
Sitharaman, who summoned Infosys top brass for a meeting earlier in the day, conveyed th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 929
|
|
FinMin summons Infosys CEO Salil Parekh over new e-filing portal glitches
Posted Date : 23-Aug-2021 , 08:13:38 am | Posted By CASANSAAR
The Ministry of Finance has summoned Infosys on August 23 as the new IT portal continues to see glitches even 2.5 months after the launch. The portal was not accessible from August 21.
In a tweet, the IT department said, “Ministry of Finance has summoned Salil Parekh, MD&CEO @Infosys on...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 983
|
|
Accounting standards and special courts to be created for LLPs - MCA
Posted Date : 19-Aug-2021 , 08:53:41 am | Posted By CASANSAAR
The regulatory framework for limited liability partnerships (LLPs) is set to get more refined with a new set of accounting standards, a special regime for startups using the LLP form, and special courts for trial of offences.
The ministry of corporate affairs (MCA) has said amendments to the LLP ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1025
|
|
49,000 Cr Foreign Funds Received By Indian NGOs In 3 Years - Govt
Posted Date : 12-Aug-2021 , 09:25:25 am | Posted By CASANSAAR
Over ₹ 49,000 crore in foreign funds were received by more than 18,000 NGOs in the country in the last three years, Rajya Sabha was informed on Wednesday.
Union Minister of State for Home Nityanand Rai said ₹ 16,940.58 crore were received by the NGOs in 2017-18, ₹ 16,525.73 crore were recei...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 12227
|
|
Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme
Posted Date : 10-Aug-2021 , 08:24:19 am | Posted By CASANSAAR
The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 12138
|
|
Govt introduces bill in Lok Sabha to scrap retrospective tax law
Posted Date : 06-Aug-2021 , 09:21:36 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman yesterday introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.
The bill seeks to amend the Income Tax Act of 1961...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 11903
|
|
Delhi HC recalls CBI probe order after Income Tax department says email was sent due to systems error
Posted Date : 03-Aug-2021 , 09:17:27 am | Posted By CASANSAAR
The Delhi High Court has recalled an order directing CBI to probe whether an email that was sent to a private company by the Income tax department was genuine or not, after the authorities submitted that the communication was “triggered due to a systems error” and withdrew its allegation...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 12436
|
|
IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 22-Jul-2021 , 09:52:53 am | Posted By CASANSAAR
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 on 14th July, 2021.
The amendment regulations enhance the discipline, transparency, and account...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1148
|
|
Delhi High Court orders CBI to probe Income Tax department email
Posted Date : 20-Jul-2021 , 08:37:55 am | Posted By CASANSAAR
The Delhi High Court has directed the Central Bureau of Investigation (CBI) to launch an enquiry into an email, sent from the official address of the Income Tax Department to a taxpayer seeking adjournment of the case under e-proceedings.
The court order follows the petitioner, Three C Homes, whi...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2361
|
|
New curbs on insolvency resolution professionals
Posted Date : 17-Jul-2021 , 09:06:18 am | Posted By CASANSAAR
Insolvency resolution professionals hired by lenders to rescue bankrupt companies cannot continue in that role if any of their colleagues represent any of the parties in that case, says a new rule brought out by the Insolvency and Bankruptcy Board of India (IBBI).
The change seeks to eliminate a ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1232
|
|
CBDT extends date for manual filing of tax forms for foreign remittance
Posted Date : 06-Jul-2021 , 09:40:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes, CBDT has granted further relaxation in electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July, 2021. The taxpayers can now submit these forms in manual format to the authorized dealers till 15th of this month...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1206
|
|
Govt announces inclusion of Retail and Wholesale trades as MSMEs
Posted Date : 02-Jul-2021 , 02:26:16 pm | Posted By CASANSAAR
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. In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening of MSME and make them engine...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1334
|
|
Govt grants further extension in timelines of compliances
Posted Date : 26-Jun-2021 , 09:00:20 am | Posted By CASANSAAR
The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19. The details are as follows:
A. &n...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1048
|
|
|
