REJECTION OF APPLICATION FOR RENEWAL OF TRUST REGISTRATION U/S 12AA/12AB/ 10(23C)

Chartered Accountants / By

TRUST/ SOCIETY CONVERTED TO NON-CHARITABLE UNDER INCOME TAX FREQUENTLY ASKED QUESTIONS (FAQ) BACKGROUND: A large number of Specified Persons including Trusts, Societies or institutions registered u/s 12AA/ 12AB and 10(23C) of the Income Tax Act, 1961 having previous registration approval till 31-03-2026, were required to get their Registration under the said sections to be renewed. …

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GST REFUND – CASH REGISTER, TDS/ TCS and DEEMED EXPORTS

Chartered Accountants / By

Issue 1 : Whether the provisions of subsection (1) of section 54 of the CGST Act regarding time period, within which an application for refund can be filed, would be applicable in cases of refund of excess balance in electronic cash ledger? Clarification 1 : No, the provisions of sub-section (1) of section 54 of the CGST Act regarding …

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GST (GOODS AND SERVICES TAX) – CHANGES IN BUDGET 2021

Chartered Accountants / By

Amendments carried out in the Finance Bill, 2021, will come into effect from the date when the same will be notified (except where specifically mentioned otherwise), as far as possible, concurrently with the corresponding amendments to the similar Acts passed by the States and Union territories with Legislature:-   (A)    AMENDMENTS IN CGST ACT, …

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INCOME TAX – MAJOR CHANGES IN BUDGET, 2021 FOR F. Y. 2021-22 (A.Y. 2022-23)

Chartered Accountants / By

1. Exemption from filing income tax returns for senior citizens (75 years and above) who only have pension and interest income. The paying bank will deduct the necessary tax on their income; 2. Maturity or Surrender Value of Unit Linked Insurance Plan (ULIP) with annual premium exceeding Rs. 2.50 Lakhs, issued after 01-02-2021 shall not …

INCOME TAX – MAJOR CHANGES IN BUDGET, 2021 FOR F. Y. 2021-22 (A.Y. 2022-23) Read More »

BUDGET 2021 : GST – DETENTION, SEIZURE AND RELEASE OF GOODS AND CONVEYANCES IN TRANSIT (Amended Section 129)

Chartered Accountants / By

The Finance Bill, 2020 has amended Section 129 relating to detention, seizure and release of goods and conveyances in transit. The amended section is noted below for ready reference:- “129 (1) Notwithstanding anything contained in this Act, where any person transports any goods or stores any goods while they are in transit in contravention of the …

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E-WAY BILL – COMMON ENROLMENT FOR REGISTERED TRANSPORTER ACROSS INDIA

Chartered Accountants / By

One of the requests of the transporters was that they have to be allowed to use one registration number for updation of e-way bills throughout the country. That is, once the e-way bill generated with one of GSTIN of its company, the system should enable to update the Part-B using any of their GSTINs without …

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Clarification on PM CARES Fund – Constitution, Objective & Need

Chartered Accountants / By

I have been receiving several queries regarding the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations‘ (PM CARES) Fund, related to its Constitution, Objective and Requirement and a reason why ‘Prime Minister National Relief Fund’ (PMNRF) has not been used for relief (spending) related to COVID19 and what is the need for a specialised fund …

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COVID19 RELIEF – BANK LOAN EMI MORATORIUM (DEFERMENT) PROCEDURE

Chartered Accountants / By

In accordance with the COVID-19 – Regulatory Package notification dated Mar 27, 2020 issued by Reserve Bank of India (“RBI”) and as may be updated from time to time (“Covid Regulation”), a moratorium of three months is available on payment/repayment of (i) principal and/or interest components; (ii) bullet repayments; (iii) equated monthly instalments; and/ or …

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