Guidance note on CARO 2020 by ICAI includes detailed guidance on various clauses of CARO 2020 ICAI issues Guidance note on Companies Auditor’s report order, 2020 The Ministry of Corporate Affairs (MCA) has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020, which was initially applicable for statutory audits of financial […]
GST provision impacts on restaurant and ecosystem.A recent change in the goods and services tax (GST) rules has had an impact on the restaurant industry. This change may affect the way restaurants do business and may have wider consequences for the restaurant ecosystem. IMPACT ON RESTAURANT ECOSYSTEM The recent notification stated that food ordering platforms
Striking off of LLP is a process in which the LLP is removed from the official record of registered businesses. The LLP will no longer be able to conduct business or enter into legal agreements after it has been struck off. STRIKING OFF OF LLP WITHOUT FILING ANNUAL RETURNS LLP was required to file all
Restoration of Cancelled Registration means that if a business has had its registration cancelled by the CBIC, but the decision is later overturned by an appellate court, the CBIC will reinstate the business’s registration based on the court’s order CBIC: Restoration of Cancelled Registration based on Appellate order As per S- 107 of the CGST
Insertion of new section 140B requires payment of a tax for filing a return under the proposed provisions of Section 139(8A). FINANCE BILL 2022: INSERTION OF SECTION 140B A New Section 140B has been inserted in Direct Taxation by Finance Minister in the Budget 2022 for the tax to be paid to file a return
FOUR FINTECH HELP IN EMPOWERMENT OF MSME’s TO AVAIL EASY LOAN Fintechs helps MSME’s to access loan to grow and expand their businesses. MSME is the abbreviation used for Micro, small and medium enterprises. MSM Enterprises or small-scale industries (SSIs) are like a backbone of the economy of the developing country like India. The growth
Aadhar Authentication for taxpayers involves providing their Aadhar number and undergoing a verification process to confirm their identity. The purpose of this requirement is to improve the accuracy and efficiency of the tax system, and to ensure that tax payments are being made by the correct individuals or entities. AADHAR AUTHENTICATION FOR EXISTING GST TAXPAYERS
ITR forms for FY 2021-22 contains several different ITR forms available, depending on the type of taxpayer, the nature of their income, and other factors FILING OF INCOME TAX RETURNS (ITR) ONLINE FOR THE F.Y 2021-22 (AY 2022-23) Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR
Restore of Cancellation of GST by CBIC. Taxpayers will restore their cancelled Goods and Services Tax registration by following some simple steps. CBIC: Restoration of Cancelled Registration based on Appellate order As per S- 107 of the CGST Act, 2017 any person who is aggrieved by any decision or order passed under this Act or
TDS on interest in PF Contributions is tax-free up to a certain limit. However, if the interest earned exceeds this limit, it is subject to tax deduction at source (TDS). The EPFO has issued guidelines regarding the TDS on interest earned on EPF contributions. EPFO ISSUES GUIDELINES: TDS ON INTEREST ON PF CONTRIBUTIONS The Employees’
HUF: SAVE YOUR TAXES THROUGH HUF HUF can be used as an efficient tax saving tool that can be used to reduce taxes by proper Tax Planning. The notion of HUF Hindu undivided family) is particularly relevant In India since joint families exist in Indian culture where an individual’s income is also taxed as joint
New ITR forms for the A.Y 2022-23 has issued by Indian Income Tax Department.These forms are used by taxpayers to report their income and calculate their tax liability for a particular assessment year. FILING OF INCOME TAX RETURNS (ITR) ONLINE FOR THE F.Y 2021-22 (AY 2022-23) Income Tax Department has notified 7 various forms up
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