Month: September 2021
Time limit to generate UDIN extended to 60 days from 15 days to align it with Standards on Auditing and Standard on Quality Control ICAI extends UDIN generation time limit to 60 days Sandard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working Papers) requires …
Recommendations of 45th GST Council Meeting. Decisions taken by GST Council The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister. The GST Council has inter-alia made several recommendations relating to changes in GST rates on supply of …
The Tribunal (Conditions of Service) Rules, 2021 The Ministry has notified the Tribunal (Conditions of Service) Rules, 2021. These Rules shall apply to the Chairperson and Member of the Tribunal as specified in column (2) of the First Schedule of the Tribunal Reforms Act, 2021 which includes NCLATs …
Without specific communication of deficiency, no effective opportunity of being heard can be said to have been granted In a recent judgment the ITAT has held that without specific communication of deficiency in submissions made, no effective opportunity of being heard can be said to have been granted …
Relaxation in Study Period for students appearing in May, 2022 Intermediate Examination after passing July, 2021 Foundation Examination ICAI has given relaxation in study period for students who are appearing in May, 2022 Intermediate Examination after passing July, 2021 Foundation Examination Students who have cleared July, 2021 Foundation …
Exemption of CA Course fee for students who have lost their any parent during Covid-19 pandemic The ICAI has decided that the registration fee of CA Course at all levels including ICITSS and AICITSS would be exempted for such students who have lost their any parent during …
No modifications or withdrawals of CoC-approved Resolution Plans at behest of successful Resolution Applicant once plan submitted to Adjudicating Authority- Supreme Court In a recent judgment the Hon’ble Supreme Court have held that under the existing insolvency framework in India there is no scope for further modifications or …
CBDT prescribes Income Tax Authority other than Assessing Officer who can also issue notice u/s 142(1) CBDT has notified the Income-tax (29th Amendment) Rules, 2021. They shall come into force from the date of its publication in the Official Gazette. The amendment has inserted Rule 12F in the …
Formula for Refund of ITC u/s 89(5) is not ultra vires. Supreme Court urges GST Council to reconsider formula and take a policy decision ABCAUS Case Law CitationABCAUS 3550 (2021) (09) SC Important case law relied referred:VKC Footsteps India Pvt. LtdTvl. Transtonnelstroy Afcons Joint Venture Section 54 of …
CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment CBDT clarification on carry forward of losses for shareholding change due to strategic disinvestment Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide …
