Recent Updates ITR Form-U for Updated Income Tax Return: CBDT notifies form and manner for filing Updated Return in Notification no. 48/2022 dated 29.04.2022. Updated return can be filed from the assessment year 2020-21 inwards. CBDT issues revised norms for constitution of committee to deal taxpayer’s grievance from high pitched assessment. Instruction F. No. 225/101/2021-ITA-II, DATED 23-4-2022 Important Judicial Precedents OECD […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of April, 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA MCA has Stakeholders are requested to use their V2 user ID and Password to log into the new V3 portal Stakeholders are requested to use their V2 […]
GST Calendar –Compliances for the month of April’2022 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) May 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) May 10,2022 GSTR-1 May 11,2022 IFF- Invoice furnishing facility (Availing QRMP) May 13,2022 GSTR-6 Input Service Distributor May 13,2022 GSTR-2B (Auto Generated Statement) May 14,2022 GSTR-3B May 20,2022 GSTR-5 (Non-Resident Taxable Person) May […]
Loss from one Virtual Digital Asset (VDA) cannot be set off against income from another VDA. In our February month’s tax alert we mentioned the new scheme of taxation on virtual digital assets and also brought up the issue regarding the set-off of loss from one VDA with income of another VDA. Relevant extracts of the February tax alert: “Whether […]
Axis Bank to acquire Citi’s consumer business in India for $1.6 bn: One of the leading private sector banks in India, Axis Bank has agreed to acquire Citibank’s consumer business in India. The deal will be undertaken for INR 12,325 crore ($1.62 billion), in an all-cash deal, which includes Citi’s credit cards, retail banking, wealth management, and consumer loan business. Presently, Citibank […]
GST Calendar –Compliances for the month of March’2022 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) April 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) April 10,2022 GSTR-1 April 11,2022 IFF- Invoice furnishing facility (Availing QRMP) April 13,2022 GSTR-6 Input Service Distributor April 13,2022 GSTR-2B (Auto Generated Statement) April 14,2022 GSTR-3B April 20,2022 GSTR-5 (Non-Resident Taxable Person) April […]
In this edition, we have tried to bring you to notice of the latest amendment that followed in the month of March 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by SEBI SEBI has issued a Notification regarding Change in control of the Sponsor and/or Manager of the Alternative Investment Fund involving the scheme of arrangement under the […]
In February 2020, MCA notified the new CARO 2020, thereby, replacing the erstwhile CARO 2016. The new CARO 2020 has introduced a number of new or modified reporting requirements to be fulfilled by the auditors such as revaluation of property, plant, and equipment (including the right of use assets) or intangible assets, Benami property, working capital limits on basis of […]
1. Introduction Every successful business depends on accurate information to make informed decisions. Whether it is a startup, a growing company, or a multinational corporation, managers need insights into costs, revenues, profits, and operational performance. This is where management accounting becomes essential. Management accounting helps organizations collect, analyze, and interpret financial and operational information to support planning, budgeting, cost control, […]
A computerised accounting system is an accounting information system that processes financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements. The features of computerised accounting software are: The following are some principal advantages of computerised accounting: The following are some significant disadvantages of computerised accounting. Modern computerised accounting systems are based […]