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Search results for: Income Tax Act

Summary of New E-Advance Rulings Scheme 2022

CBDT Notification No. 07/2022 for New E-Advance Rulings Scheme 2022

The Central Board of Direct Taxes (CBDT) has declared the E-Advance Rulings Scheme, 2022. The board for the advance ruling would circulate e-advance rulings of the applications provided or transferred to it beneath paragraph 5 as per the provisions of the policy. The board for the advance rulings would pose the additional income tax council, […]

CBDT Respond to Gujarat HC for Audit Report and ITR Filing

Not Possible to File ITR and Audit Reports Physically, CBDT to HC

The high court of Gujarat has asked the Central Board of Direct Taxes ( CBDT) to fix the technical problems which has been faced by the taxpayers while filing the Tax Audit Report (TAR ) and Income tax returns (ITR), warning to expand the deadline to March 15 in case the job is not been […]

Reduce GST on Used Cars & Two-wheelers

FADA Demands GST Reduction on Vehicles in Budget 2022-23

The majority body Federation of Automobile Dealers Association (FADA) showing the automobile dealers and retailers towards the country provided its suggestions to assist the automotive industry in the coming Union budget. “We urge the government if the concerns are accommodated in the upcoming budget this could reenergize the auto retail trade, which in turn will […]

EGROW Chairman Views for Small Firms

Firms Require Reduction in Logistics Cost and Compliance Burden, EGROW Chairman

The government is required to diminish the regulatory load and reduce the cost of performing the business towards enabling micro, small and medium entrepreneurs to differentiate the corporate sector as per the retired chief economic advisor in the finance ministry Arvind Virmani. Discussing the webinar conducted by the industry body PHDCCI and the Foundation of […]

Issues with GST Returns While WFH

WFH May Create Issues for GSTR 1 Filing and ITC, But How!

It came into the concern of the businessmen when Delhi Disaster Management Authority announced to keep private offices shut. While several of them have argued that it is not possible or feasible to work from home in every business. They also explained that it would not possible especially for the small business to work from […]

CBDT Amendment for Faceless Appeal Scheme 2021

CBDT Revises Faceless Appeal Scheme 2021 for Personal Video Hearings

The faceless appeal scheme has been revised by the Central Board of Direct Taxes ( CBDT). Whenever the taxpayer makes a request, then a personal hearing through video conferencing / telephony will be applicable in all circumstances. These are the key changes that have been made this time. Another issue that has been looked at […]

GSTR 9 and 9C Revised Due Dates

Due Date Extended for GSTR 9 & GSTR 9C FY 2020-21 (28th Feb 2022)

GSTR 9 and GSTR 9C Forms Due Date Extended Finally, GSTR 9 and 9C Due Date Extended by Government Over Multiple Request. The annual return form GSTR 9 and the reconciliation statement i.e. self-certified statement forms GSTR 9C for the FY 2020-21 due date have been extended finally by the government in order to justify […]

Monopoly Guide for CS

Simplified All Features of Monopoly with Its Types for CS

What is Monopoly? The word monopoly for CS is rendered of two words: mono indicates one and Polein points to sell. In economics, monopoly directs to a company that sells a product in the market excluding the replacement. Hence, it is a one-firm industry. All Features of Monopoly There are four main features to understand […]

New Amendment for GST ITC

Govt Authority Mandates Invoices Matched for GST ITC from 2022

Under the GST regime, the finance ministry has circulated a notice dated 1st Jan 2022 as the date towards the norms pointing 100% invoice matching essential for GST ITC (Input Tax Credit). Towards every taxpayer, the framework computes GST ITC based on the return furnished through his or her supplier. “These curb the chance of […]

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