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New functionalities to be deployed on GST Portal in the month of July, 2021 As per GSTN advisory, the following changes were recently deployed/ would be deployed shortly, on the GST portal: (1) Registration Module Form/ Functionality Functionality released/ to be released for Taxpayers Current Status Timelines for …
CIT assuming jurisdiction u/s 263 has no power to direct initiating penalty proceedings u/s 271(1)(c) CIT Revision u/s 263 for AO accepting revised return without initiating penalty proceedings u/s 271(1)(c) quashed by ITAT following jurisdictional High Court order In the instant case, the assessee had challenged the revisionary …
SEBI reduces advance intimation timelines for modifications in the contract specifications of commodity derivatives contracts SEBI has specified the procedure for carrying out modifications in the contract specifications of commodity derivatives contracts vide circular no. SEBI/HO/CDMRD/CIR/P/2019/135 dated November 14, 2019. Based on their materiality, the contract modifications …
ICAI amends Form 18 to incorporate particulars of non CA partners under Regulation 53B ICAI has amended the Chartered Accountants Regulations, 1988 by notifying the Chartered Accountants (Amendment) Regulations, 2021. The amendment has substituted Form 18 , in Schedule “A” of the Chartered Accountants Regulations, 1988. Chartered Accountants …
Definition of Micro Small and Medium Enterprises – Retail & Wholesale Trade added The Ministry of Micro , Small and Medium Enterprises (MSMEs) has decided to include Retail and wholesale trades as MSMEs and they are allowed to be registered on Udyam Registration Portal. However, benefits to …
List of newly appointed and removed union cabinet ministers and minister of states in Modi cabinet of Ministers List of new cabinet / State ministers in Modi cabinet The following new ministers have been removed/appointed as the members of the Council of Ministers with effect from 7th July, …
Computation of STCGs & WDV u/s 50 where depreciation on goodwill has been obtained CBDT has introduced new Rule for Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained. The Income tax Amendment (19th Amendment) Rules 2021 …
Important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below: A. Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A taxpayer …
SEBI issues SoP for listed subsidiary company desirous of getting delisted through Scheme of Arrangement SEBI issues Standard Operating Procedure for listed subsidiary company desirous of getting delisted through a Scheme of Arrangement wherein the listed parent holding company and the listed subsidiary are in the same line …
ICAI issues Guidance Note on Accounting for Derivative Contracts ICAI has formulated a ‘Guidance Note on Accounting for Derivative Contracts’ for uniform accounting principles for accounting of derivative contracts. The Guidance Note provides guidance on accounting for financial and commodity derivative contracts consistent with the extant international practices. …
