CBIC issues clarification regarding extension of limitation under GST Law

The CBIC has issued Circular No. 157/13/2021-GST dated 20th July 2021 for providing clarification on the extension of limitation period under GST Law in terms of Hon’ble Supreme Court’s Order dated 27th April 2021 Some Key Highlights from the Circular... Read More →

Posted in GST |

RBI Guidelines for Appointment of Statutory Central Auditors/ Statutory Auditors of Commercial Bank, UCBs and NBFCs

The RBI Circular issued on 27th April 2021 prescribed a set of selection criteria for appointment of Statutory Central Auditors/Statutory Auditors of Commercial banks (excluding regional rural banks), urban co-operative banks(UCBs) and non-banking financial companies(NBFC) including housing finance companies based on... Read More →

Posted in Audit & Assurance |

Key Highlights of Covid Relief Packages Announced by The FM On 28th June 2021 in View of 2nd wave of Covid-19 Pandemic

The Union Finance Minister addressing the nation on 28th June 2021, announced a slew of measures to provide relief to diverse sectors affected by the 2nd wave of COVID-19 pandemic. The measures announced also aim to prepare the health systems... Read More →

Posted in Direct Tax |

CBDT extends certain timelines & announces Exemptions for Covid-19 expenditure & ex gratia

CBDT on account of genuine hardship being faced by taxpayers in making various compliances under the Income Tax Act (‘the Act’) in view of severe Covid-19, eases the compliance burden of taxpayers by providing relaxations in respect of the following... Read More →

Posted in Direct Tax |

Compliance Check functionality of Tax Department for sections 206AB & 206CCA (applicable w.e.f 1 July 2021)

The Finance Act, 2021 had brought in section 206AB (TDS for non-filers of Income Tax Return) & 206CCA (TCS for non-filers of Income Tax Return) which is effective from 1 July 2021. These sections mandate tax deduction (section 206AB) or... Read More →

Posted in Direct Tax |