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FY2021 ITR and Tax Audit Due dates extended to 31Dec and 15Jan…

Audit, Income Tax
The CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-221. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction…
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IPad is not a computer for depreciation purposes: ITAT Amritsar

Income Tax
IPad is not a computer for depreciation purposes: ITAT AmritsarM/s Kohinoor Indian (129 taxmann. com 396 (Amritsar - Trib.)[16-08-2021])Facts:1. The issue before the ITAT was whether the iPad falls in the definition of computer or mobile phone. 2. If an iPad falls in the definition of computer then a high rate of depreciation ie 40% is allowable however if it falls within the definition of mobile phone then the lower rate of depreciation is allowable ie 15%.The ITAT held as below:1. Depreciation at lower rate is applicable on iPad as it is not a computer. Predominate purpose of iPad is communication and not use as a computing device as its main features are email, whatsapp, Facetime calls, calls, music, films etc. Though iPad may discharge some functions of computers, it…
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Tax Audit Criteria for FY 2020-2021

Audit, Income Tax
Introduction Section 44AB of the income tax act, 1961 lays down the conditions for applicability of tax audit. Tax Audit has been an important tool to increase the efficiency of tax administration and curb the menace of tax evasion. However, recently the government has taken many steps towards relaxing the compliance burden of small taxpayers and has been committed to increase the ‘ease of doing business’ .The provisions of applicability of tax audit have undergone major amendments vide Finance Act 2016 and 2020. Albeit the provisions were made to reduce the compliance burden, they have increased the confusion among the taxpayers regarding applicability of tax audit. The author tries to analyze the various provisions relating to applicability of tax audit so as to provide clarity on the subject. 1. Tax…
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Sections 206AB and 206CC – Steps for downloading Compliance Check report

Uncategorized
Finance Act, 2021 has introduced Section 206AB and 206CCA to the Income-tax Act which has been made applicable from 1st July, 2021. The said section provides that while making payment to a ‘specified person’, TDC/TCS has to be deducted/collected at the rates specified in section 206AB and 206CCA of the Act respectively. To ease the compliance on the Deductor/ Collector, the Income-tax Department has introduced a functionality on the e-filing portal, wherein the deductors/collectors can check whether a person is a ‘specified person’ under the Act by way of a ‘Compliance Check report’. The process to download the Compliance Check Report is attached herein for your ease of reference.   Compliance-Check Report Check-for-Section-206AB-206CCA-QRG-1Download
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Forms 15CA/15CB can be filed manually till 15-08-2021: CBDT

Income Tax
In view of difficulties faced by taxpayers in electronic filing of Forms 15CA/15CB on www.incometax.gov.in. The CBDT has decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till June 30, 2021. Said date was extended to July 15, 2021. Now, the board has given further relaxation and allowed manual filing of Forms till August 15, 2021. Source: 20 Jul 2021 | PRESS RELEASE | Income Tax
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Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021

GST
Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021 The 43rd GST Council meeting took place on 28th May, 2021 via video conferencing. The key takeaways of the meeting are:    a) In order to provide relief to the small taxpayers, an amnesty scheme has been recommended for reducing late fees payable.    b) Annual Return in FORM GSTR-9 will remain optional for small taxpayers for FY 2020-21    c) Import of COVID-related relief items including AmphotericinB (required for treating Mucormycosis), even if purchased or meant for donating to Govt. or to any relief agency upon recommendation of State authority, to be exempted from IGST till 31st August 2021    d) Group of Ministers to be formed quickly (by tomorrow), who will submit report by 8 June 2021; to examine need…
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CBIC has amended GST Rule 23 Revocation of cancellation of registration

GST
CBIC has amended GST Rule 23 Revocation of cancellation of registration Vide Notification No. 15/2021 Central Tax, dated 18th May, 2021 the amendment to Rule 23 is as under: Amendment in sub-rule (1) The amendment in section 30 made vide the Finance Act, 2021 has been made effective from 01.01.2021. The amended provision provides for extension of time limit for applying for revocation of cancellation of registration on sufficient cause being shown and for reasons to be recorded in writing, by: (a) the Additional or Joint Commissioner, as the case may be, for a period not exceeding thirty days; (b) the Commissioner, for a further period not exceeding thirty days, beyond the period specified in clause (a) above. Consequential amendment has been made in rule 23(1) to provide that the…
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