Blog

What to look for in a Practice Management Application? In current times it is very important for all Chartered Accountants to start using  Practice management applications to conduct their business efficiently.  What you should look for in a CA firm practice management product: Multi-faceted features that work together. A good practice management software should be...

Technology has changed the way CA offices are run, but one change yet to come is the high dependency on status updates from staff members. Considering the high number of clients a chartered accountant is constantly in touch with, it becomes impossible to remember it all. This is where Unpaper steps in. Unpaper’s advanced Filters...

The Ministry of Corporate Affairs has announced that no additional fees shall be levied upto 15.02.2021 for the filing of the following e-forms – AOC-4 AOC-4 (CFS) AOC-4 XBRL AOC-4 Non-XBRL The relaxation is applicable for the above forms in respect of the financial year ended 31.03.2020. Until 15.02.2021 only nominal fees shall be payable...

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...