09Sep 2021 by Asmeet No Comments

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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31Jul 2021 by Asmeet No Comments

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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15Sep 2020 by Asmeet No Comments

RBI mandates automated recognition of NPAs, provisioning by June 2021

Audit, Banking and Finance
RBI mandates automated recognition of NPAs, provisioning by June 2021 The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly. In its circular, the central bank said banks had earlier been advised to have appropriate information technology (IT) systems in place for identification of non-performing assets (NPA) and generation of related data/returns, both for regulatory reporting and banks’ own management information system (MIS) requirements.
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