MCA notifies effective dates for certain sections of Companies Amendment Act 2020 and 2019 The MCA has notified 22nd day of January, 2021 as the date from which specified provisions of the Companies (Amendment) Act, 2020 (29 of 2020), shall come into force, namely: Sl No. Sections …
Companies (Corporate Social Responsibility Policy) Amendment Rules 2021 The MCA has made major changes to the provisions related to Corporate Social Responsibility (CSR) under section 135 of the Companies Act 2013 and CSR Policy Rules 2014. The Key amendments made include: (1) Corporate Social Responsibility CSR has been …
Penalty cases not covered under Faceless Penalty Scheme 2021 – Proceedings related to Central Charges, International Tax Charges & TDS F. No. 187/4/2021- ITA-1Government of IndiaMinistry of Finance Department of Revenue (Central Board of Direct Taxes)***** North Block, New Delhi- 110001.Dated the : 20th January, 2021 ORDER Subject: …
Fund Managers remuneration provisions u/s 9A(3)(m) relaxed by CBDT for FY 2019-20 and 2020-21 if at arm’s length Circular No. 1 of 2021 F. No. /370142/2/2021-TPL,Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(Tax Policy and Legislation Division)****** New De1hi, 15th January, 2021 Amount of remuneration …
Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …
Waiver of bank guarantee for Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh Circular No.01/2021-Customs F.No.450/96/2020-Cus-IVGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and Customs****** North Block, New DelhiDated the14thof January, 2021 To All Principal Chief Commissioners/Chief Commissioners of …
Penalty cases not covered under Faceless Penalty Scheme 2021 – Proceedings related to Central Charges, International Tax Charges & TDS F. No. 187/4/2021- ITA-1Government of IndiaMinistry of Finance Department of Revenue (Central Board of Direct Taxes)***** North Block, New Delhi- 110001.Dated the : 20th January, 2021 ORDER Subject: …
Fund Managers remuneration provisions u/s 9A(3)(m) relaxed by CBDT for FY 2019-20 and 2020-21 if at arm’s length Circular No. 1 of 2021 F. No. /370142/2/2021-TPL,Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(Tax Policy and Legislation Division)****** New De1hi, 15th January, 2021 Amount of remuneration …
Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …
Non auto-population of e-invoice details in GSTR-1. Taxpayers advised to file Form GSTR-1 for Dec 2020 1. From 1-10-2020, certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). From 1-1-2021, the taxpayers with aggregate turnover above Rs. …
Aadhaar Authentication / e-KYC for Existing Taxpayers on GST Portal 1. Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available, has been deployed on GST Common Portal w.e.f. 6th January, 2021, for existing taxpayers. All taxpayers registered as Regular Taxpayers (including Casual Taxable person, SEZ Units/Developers), …
Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme 1. An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017. Taxpayers who …
MCA notifies effective dates for certain sections of Companies Amendment Act 2020 and 2019 The MCA has notified 22nd day of January, 2021 as the date from which specified provisions of the Companies (Amendment) Act, 2020 (29 of 2020), shall come into force, namely: Sl No. Sections …
Companies (Corporate Social Responsibility Policy) Amendment Rules 2021 The MCA has made major changes to the provisions related to Corporate Social Responsibility (CSR) under section 135 of the Companies Act 2013 and CSR Policy Rules 2014. The Key amendments made include: (1) Corporate Social Responsibility CSR has been …
Report of the Company law committee on Decriminalization of the Limited Liability Partnership Act, 2008 The Company Law Committee was set in 2019 to make recommendations to the Government inter alia on further decriminalization of certain “compoundable offences”, consequential amendments and certain other changes in the LLP Act, …
Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …
Deduction u/s 80P(2)(a)(i) allowable despite loans by co-operative societies to members not related to agriculture. ABCAUS Case Law CitationABCAUS 3440 (2021) (01) SC Important case law relied referred:Chirakkal Service Co-operative Bank Ltd. v. CIT (2016) 384 ITR 490 (Ker.)Perinthalmanna Service Co-operative Bank Ltd. v. ITO and Anr.(2014) 363 …
Penalty u/s 271E deleted when loan was paid in cash to avoid default effecting CIBIL score as signed cheque books were not available with staff ABCAUS Case Law CitationABCAUS 3439 (2021) (01) ITAT Important case law relied referred:Hindustan Steel Ltd. vs State of Orissa reported in (1972) 083 …
ICAI Hand book on Audit of CSR Activities Under the provisions of section 135 of the Companies Act 2013 its is mandatory for Companies to take up Corporate Social Responsibility (CSR) projects on various social welfare activities provided and/or notified by MCA. ICAI Hand book on Audit of …
ICAI has issued a clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client CAs as Statutory auditor can not share client information with credit rating agencies without permission The Institute stated that it has been receiving queries from the members as …
CBDT gives one-time relaxation to update UDINs till 15.02.2021 for Forms uploaded during 27th April 2020 to 26th November 2020 CBDT is validating UDIN generated by Chartered Accountants while uploading of Tax Audit and other Income Tax Reports. In case the UDIN is not matched/validated, the forms become …
ABCAUS Excel Depreciation Calculator FY 2019-20 under Companies Act 2013 as per Schedule-II Version 05.28 Friends, The maiden ABCAUS Excel Companies Act 2013 Depreciation Calculator was first launched in March, 2015. I am so glad to publish the much awaited utility for FY 2019-20 today. The ABCAUS Depreciation …
Excel Income Tax TDS Challan ITNS-281 version 14.00 for AY 2021-22 with database facility This excel based auto Challan ITNS 281 should be used for deposit of Tax Deducted at Source (TDS) on any heads of income or for deposit of Tax Collected at Source (TCS) by both …
Excel Challan ITNS 280 FY 2020-21 AY 2021-22 with database facility. Download ABCAUS Income Tax payment Challan No. ITNS 280 This excel Challan 280 for payment of Income Tax should be used for making payment of income tax on companies (corporation tax) or income tax other than companies. This …
Empanelment for Chartered Accountant or Cost Accountant for Special audit of Central Excise, Service Tax and GST Assessees. Provisions of erstwhile section 14AA of the Central Excise Act, 1944, Section 72 of the Finance Act, 1994 and current Section 66 of the Central Goods and Service Tax Act, …
CAG Empanelment of CA firms/LLPs for the year 2021-22 from 1 January 2021 to 15 February 2020 CAG Empanelment of Chartered Accountant firms/LLPs for the year 2021-22 Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with the office of the Comptroller and Auditor …
ICAI extends last date for filling the MEF for 2020-21 till 10th November 2020 ICAI Announcement dated 6th Nov 2020 It has been decided to extend the last date for filling the Multipurpose Empanelment Form for the year 2020-21 for further 4 days, i.e., till 10th November 2020, …
Waiver of bank guarantee for Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh Circular No.01/2021-Customs F.No.450/96/2020-Cus-IVGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and Customs****** North Block, New DelhiDated the14thof January, 2021 To All Principal Chief Commissioners/Chief Commissioners of …
No requirement of filing Bill of Coastal Goods for vessels are carrying exclusively coastal goods Instruction No.01/2021-Customs F.No.450/96/2020-Cus-IVGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and Customs****** North Block, New DelhiDated the 14th of January, 2021 To All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive),All Principal …
CBIC introduces flagship Liberalised Authorised Economic Operator Package for MSMEs Recognising their critical contribution in supporting the economy especially during the present difficult times of COVID-19 pandemic, Central Board of Indirect Taxes & Customs (CBIC) has taken a new initiative to introduce its flagship “Liberalised MSME AEO Package” …
NFRA imposes penalty of Rs. 25 lakhs and debars CA for 7 years for professional misconduct in statutory audit of ILFS Financial Services Ltd ABCAUS Case Law Citation:ABCAUS 3338 (2020) (07) NFRA The National Financial Reporting Authority (NFRA / Authority) helds CA guilty of professional misconduct for performance …
Applications invited from Company Secretary Professionals for contractual vacancies in Investor Education and Protection Fund Authority (IEPFA) ICSI on behalf of Investor Education and Protection Fund Authority, (IEPFA) Ministry of Corporate Affairs has invited applications from Company Secretary Professionals for Five (5) contractual vacancies in Investor Education and …
Quality Review Board Report on Audit Quality Review 2018-19. Audit documentation, standards on quality control, written representations etc. key concern The Quality Review Board (QRB) has been set up by the Government of India under section 28A of the Chartered Accountants Act, 1949. The QRB publishes its …
