ICAI Disciplinary Committee can take action against the CA & CA Firm In a significant ruling, the Delhi High Court has granted the Disciplinary Committee of the ICAI the authority to take action against an entire Chartered Accountant firm, even if no individual member of the firm is directly implicated in the allegations. This ruling …
Common Misconceptions & Realities on Filing Income Tax Returns A lot of people are concerned about the time of year when ITR Filling Due date is coming due. ITR filing process may appear difficult, confusing, or even intimidating. Moreover, there are Various ITR Return myths that may exacerbate these emotions. In this blog, we hope …
CBDT Issue Clarification on Section 115 BAC The Finance Act 2020 introduced Section 115BAC in the Income Tax Act, offering individuals and Hindu Undivided Families (HUFs) the option to be taxed under a new concessional tax regime. This new section permits taxpayers to choose between the old tax regime and the new concessional rates, provided …
Tax audit applicability under income tax law DOCUMENTATION OF AUDIT & WORKING PAPER FOR AUDIT The skill of an accountant can always be ascertained by an inspection of his working papers. Documentation Standard on Auditing (SA) 200, “Basic Principles Governing an Audit” (Paragraph 11), states, “The auditor should document matters which are important in providing …
Complete Understanding on the FRRO Process for Hosts in India Form C for Foreigners Regional Registration Office Purposes Form C is a Important document for Foreigners Regional Registration Office in India. It is used to monitor & report accommodation of foreign nationals to ensure their movements are tracked for security & administrative purposes. When Should …
Recent CBIC Updates on GST Electronic Cash Ledger- Payment Mechanism under GST Regime Electronic Credit Ledger is blocked due to Input Tax Credit denial : The Madras High Court recently addressed a significant issue regarding the pre-deposit requirements when a taxpayer’s access to the Electronic Credit Ledger is blocked due to Input Tax Credit (ITC) …
Ministry of Finance issued 16 circulars under GST dated 26/06/2024- as per recommendations of 53rd GST Council On June 26, 2024, the Ministry of Finance issued 16 circulars under the Goods and Services Tax (GST) framework as per recommendations of 53rd GST Council. These circulars cover various updates and clarifications related to GST policies and regulations. …
Complete Understanding the taxation of foreign companies in India Understanding the taxation of foreign companies in India involves navigating through various legal provisions, especially those pertaining to residency, types of income, and the applicability of Double Taxation Avoidance Agreements (DTAAs). Understanding the taxation regime in India for different types of companies and their residency status …
53rd GST Council Meeting Recommendations & Relief Measures We under the blog provide an update on the significant relief measures and recommendations made by the Good and Services Tax Council during the 53rd Good and Services Tax Council Meeting. The 53rd GST Council met in New Delhi today, chaired by Union Minister for Finance and Corporate …
Introduction of Form GSTR-1A under GST The introduction of GSTR-1A is a significant step towards enhancing the GST return filing system, providing taxpayers with more flexibility and accuracy in reporting In the 53rd GST Council Meeting, Union Finance Minister Nirmala Sitharaman proposed the introduction of GSTR-1A, a new optional facility designed to facilitate amendments in …