Monthly Archives: March 2021

Mandatory Accounting Software with Recording Audit Trail of Transactions and Auditors Responsibility (W.E.F 01.04.2021)

Posted on March 26, 2021

The MCA vide Notification No. G.S.R. 205(E), dated March 24, 2021 has issued Companies (Accounts) Amendment Rules, 2021 making mandatory for every company w.e.f 01.04.2021 to record audit trail of each and every financial transaction done on their accounting software. Every company … Continue reading →

Posted in Regulatory |

Amendments to Finance Bill, 2021

Posted on March 25, 2021

The Lok Sabha & Rajya Sabha have passed the Finance Bill, 2021 with some amendments. Unless otherwise stated, amendments are effective from AY 2022-23. Some of the key amendments are discussed below: 1.Definition of “liable to tax” u/s 2(29A) amended … Continue reading →

Posted in Direct Tax |

AAR UP allows Input Tax Credit on expense made under Corporate Social Responsibility

Posted on March 18, 2021

Authority of Advance Ruling vide order no. 52 dated 22.01.2020 allowed Input Tax Credit on expenses incurred with respect to Corporate Social Responsibility (CSR) for application dated 24.09.2019 of M/s Dwarikesh Sugar Industries Limited, P.O.- Medpurasultan, Najibabad, Nagina Road, Bundki, … Continue reading →

Posted in GST |

Ministry of Home Affairs (MHA) specifies rights of Overseas Citizen of India (OCI) Cardholders

Posted on March 17, 2021

Ministry of Home Affairs (MHA), vide notification no. S.O. 1050(E), dated 4th March 2021 specifies the rights of the Overseas Citizens of India (OCI) cardholders. This notification has an overriding effect on the erstwhile notifications issued by the Government of … Continue reading →

Posted in Regulatory |

CBDT Further Extends Various Time Limits

Posted on March 2, 2021

CBDT has further extended various timelines w.r.t Assessment, Reassessment and Penalty under the Income Tax Act, 1961 and certain actions under the Benami Property Transaction Act, 1988 (vide Notification No.10/2021 dated 27.02.2021). PDF version is attached: Extension of Due Dates by … Continue reading →

Posted in Direct Tax |