FY2021 Tax Audit Report and ITR Filing due dates extended
FY2021 Tax Audit Report and ITR Filing due dates extended
FY2021 ITR and Tax Audit Due dates extended to 31Dec and 15Jan…
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…
Tax Audit Criteria for FY 2020-2021
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…
CSR: Excess CSR paid in ‘PM CARES Fund’ for FY 2019-20 can be offset as CSR spent in F.Y. 2020-21
CSR: Excess CSR paid in ‘PM CARES Fund’ for FY 2019-20 can be offset as CSR spent in F.Y. 2020-21 E-FILE NO. CSR-01/4/2021-CSR-MCA, Dated a21 May 2021 Keeping in view the spread of COVID-19 in India, an appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies in terms of market capitalization, to contribute generously to “Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund” (PM CARES Fund). In the appeal, it was mentioned that such contribution may, inter-alia, include the unspent CSR amount, if any, and an amount over and above the minimum prescribed CSR amount for FY 2019-20, which can later be offset against the CSR obligation arising in subsequent financial years. The said appeal was uploaded on the website of the Ministry and sent to e-mails…
MCA registers 1.55 lakh company incorporations in FY 2020-21
MCA registers 1.55 lakh company incorporations in FY 2020-21 During the Financial Year 2020-21, the Ministry of Corporate Affairs (MCA) has registered more than 1.55Lakh company incorporations as compared to 1.22 Lakh companies during FY 2019-20, an increase of about 27%. Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against 36,176 last year, an increase of about 17%. The increase is significant considering the unprecedented situation faced by the country due to COVID-19 pandemic
Provisional Indirect Tax Collections for FY 20-21 show growth of more than 12% from FY 19-20: Press Release
Provisional Indirect Tax Collections for FY 20-21 show growth of more than 12% from FY 19-20 Press Release dated April 13th, 2021 The provisional figures for indirect tax collections (GST & non-GST) for the Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a growth of 12.3%. As regards customs, net tax collections stood at Rs. 1.32 lakh crore during Financial Year 2020-21 as compared to Rs.1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21%.