The Ministry of Corporate Affairs has notified the Companies (Accounting Standards) Rules, 2021 on June 23, 2021. The Accounting Standards shall come into effect in respect of accounting periods commencing on or after the 1st day of April 2021. Key features of the Rules are as follows: The notification deals with small and medium companies […]

Income Tax rules necessitate few taxpayers to get their accounts audited under Section 44AB. The threshold limit of Rs 1 crore for a tax audit is increased to Rs 5 crores from AY 2021-22 and further to Rs.10 crore with effect from AY 2022-23 (FY 2021-22) if the taxpayer’s cash receipts are limited to 5% […]

The 1st Proviso to Rule 46 of CGST Rules 2017 has been amended, vide Notification No.79/2020-CT dated 15-10-2020, for declaration of HSN code in invoice. Under this amended Proviso, Notification No. 78/2020 – Central Tax, dated 15.10.2020 has been issued to make HSN code mandatory up to 4 digits in the B2B invoices with effect from 01.04.2021 issued […]

CBDT vide circular No. 15/2021 dated 03.08.2021 Extended time lines for electronic filing of various Forms under the Income-tax Act, 1961 in view of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms and considering the non-availability of the utility for e-filing of certain Forms. Forms for which dates been extended are Form […]

Need of E-Way Bill ? 1. Tracking Transportation of Goods (as GST is a Destination Based Tax System) 2. To Avoid Tax Evasion When E-Way Bill Needs to be Issue ? When ever there is Movement of Goods + Value of Goods Exceed 50,000 Note : 1. Value means TAXABLE VALUE of Goods is Inclusive of GST (Does not Include […]