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

The MCA videNotification 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... Read More →

Posted in Regulatory |

Amendments to Finance Bill, 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... Read More →

Posted in Direct Tax |

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

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,... Read More →

Posted in GST |

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

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... Read More →

Posted in Regulatory |

CBIC vide Circular No 147/03/2021- GST dated 12th March 2021 clarifies some refund related Issues

Clarification in respect of refund claim by recipient of Deemed Export Supply Issue Para 41 of Circular No. 125/44/2019 – GST dated 18/11/2019 stipulates that the recipient of deemed export supplies for obtaining the refund of tax paid on such... Read More →

Posted in GST |