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The government has given an update on the Goods and Services Tax (GST) official portal that the E-Way Bill (EWB) generation facility will be blocked for all taxpayers, irrespective of the Aggregative Annual Turnover, if they defaulted in filing two consecutive GSTR-3B returns. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017,...

The Central Board of Direct Taxes (CBDT) condoned the delay in filing of the audit report in Form 10BB applicable to entities viz. trusts, institutions, universities and hospitals who claim tax exemption under section 10(23C). CBDT issued Circular No. 19/2020 dated 03-11-2020 under section 119(2)(b) through which the delay in filing of the audit report...

Tax Audit of an Individual Assessee – 15 Points to Consider While conducting the tax audit of an individual assessee, a tax practitioner must take into consideration the below important check points.  1. Presumptive Taxation Ascertain if the assessee has opted for any presumptive Taxation Scheme as per sections 44AD, 44ADA, 44AE, 44B, 44BB, 44BBA,...

The Institute of Chartered Accountants of India (ICAI) published the First Edition of Tax Audit Checklist on October 27, 2020. This document is a joint effort of the Direct Taxes Committee and the Taxation Audit Quality Review Board of ICAI. This checklist is designed to assist the members in enhancing the quality of tax audit...

Due dates for GST Annual Return and Reconciliation Statement for FY 2018-19 Extended The Government has been receiving a number of representations regarding need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions,...

Income tax due dates extended for the FY 2019-2020 (AY 2020-21) On October 24, 2020 the Income Tax Department extended the due dates for various compliances for FY 2019-2020. The due date of furnishing Income Tax Returns(ITRs) for taxpayers whose accounts require to be audited has been extended to 31st, January, 2021. The due date...

Virtual AGMs – an essential pandemic initiative According to Section 96 of the Companies Act 2013, all companies,except one-person companies, must hold their first annual general meeting (AGM) within nine months from the end of their financial year and subsequent AGMs within six months from the end of the next financial year, ensuring the time...

Extension of Annual General Meeting for the financial year ended 31.03.2020 According to the Companies Act, 2013, all companies except one person company should hold an Annual General Meeting (AGM) within a period of six months from the end of each financial year. The exception to this is if the company is holding its first...

Incomplete information from clients a constant hurdle? One recurring issue practicing Chartered Accountants face is clients delaying to send information on time. Most meetings end with clients saying their team will forward the required details, but there’s always some vital information missing. Incomplete accounts delays your team and creates a large number of pending tasks....

Digital workflow management is transforming CA practices, are you updated? New technology is transforming the way accountants around the world work, yet despite its capability to transform businesses the concept of digital workflow management still manages to mystify many in the accounting profession. – Automation is best applied on repetitive and assignable tasks, relieving accountants...