No Penalty under 271C of Income Tax for delayed payment of TDS or non-payment of deducted TDS : Supreme Court SUPREME COURT OF INDIA US Technologies International (P.) Ltd. v. Commissioner of Income-tax M.R. SHAH AND C.T. RAVIKUMAR, JJ. CIVIL APPEAL NO. 7934 OF 2011 AND 1258-1260 OF 2019 APRIL 10, 2023 M.R. SHAH, J. 1. Feeling… Read More »
GOODS & SERVICES TAX UPDATE-175 1. Reduction/waiver of late fee if Forms GSTR-4, GSTR-9 & GSTR-10 of earlier periods are filed within April-June 2023 Default Reduced late fee Condition Non-filing of Form GSTR-4 (Return for composition supplier) for quarters falling between the period July 2017 to March 2019 or the financial years from 2019-20 to 2021-22, by… Read More »
CRN full form in Income Tax The CRN full form is Challan Reference Number. Why does taxpayer need to create a Challan (CRN)? Resolution: In e-Pay Tax service at e-Filing portal, it is mandatory to generate the Challan for the payment of direct taxes. Every such generated Challan will have a unique Challan Reference Number… Read More »
06.04.2023 Announcement/ Mass e-mail for members Granting 4 Structured CPE hours in online mode through Digital Learning Hub and compliance of CPE hrs requirement Calendar year wise from calendar year 2023 onwards. Dear Members, Kind attention of the members is drawn towards the following decisions of the Council of the ICAI taken with regard to CPE Hour requirements/compliance applicable from Calendar… Read More »
No Restriction on issuing GST Number to Professionals doing Work From Home The Minister of State, Shri Pankaj Chaudhary in the Ministry of Finance in a written reply to a raised in Rajaya Sabha stated, “GST Number provided to Professional Working from Home.” The question that was raised by Shri Naranbhai J. Rathwa and Shri… Read More »
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Illustrative Management Representation Letter (This is sample format of MRL to be recived by auditor before Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 ) The following illustrative letter includes written representations that are required by this Implementation Guide, SA 580, “Written Representations” and other Standards on Auditing as applicable. It… Read More »
Meaning of Books of Account as per Companies Act Meaning of “Books of Account” as per Section 2(13) of the Companies Act includes records maintained in respect of— (i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place; (ii) all sales and… Read More »
Implementation Guide on Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 Rule 11(g) is reproduced below: “Whether the company, in respect of financial years commencing on or after the 1st April, 2022, has used such accounting software for maintaining its books of account which has a feature of recording audit trail… Read More »
CPE HOURS REQUIREMENTS FOR EACH CALENDAR YEAR APPICABLE FROM 1- 1 -2023 ONWARDS 1. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: a. Complete at least 40 CPE credit hours in each Calendar Year. b. Complete minimum 20… Read More »