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All About Finance - Page 2 of 125 -

Special procedure for making payment of 35% as tax liability

S.No.609 [No.85/2020–Central Tax] Dated: 10th November, 2020   Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs G.S.R. 701(E).- In exercise of the powers conferred by section 148 read with sub-section (7) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017), (hereinafter referred to as the said Act), the … Read more

Registered person to furnish a return for every quarter from January, 2021 subject to conditions

S.No.608 [No.84/2020–Central Tax] Dated: 10th November, 2020 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs G.S.R. 700(E).- In exercise of the powers conferred by proviso to sub-section (1) of section 39 read with proviso to sub-section (7) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in … Read more

Every Registered persons are required to mention 8 digit HSN code while issuing tax invoice for specified class of supply

S.No.615 [No.90/2020–Central Tax] Dated: 1st December, 2020 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs G.S.R. 747(E).-In exercise of the powers conferred by the first proviso to rule 46 of the Central Goods and Services Tax Rules, 2017, the Central Board of Indirect Taxes and Customs, on the recommendations … Read more

Standard Operating Procedure (SOP) for verification of taxpayers granted deemed registration

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs GST Policy Wing Sub: Standard Operating Procedure (SOP) for verification of taxpayers granted deemed registration – regarding With effect from 21.08.2020, rule 9 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) provide that in cases … Read more

Income Tax relief for Real-estate Developers and Home Buyers

As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought in for real-estate developers and home buyers. Up to 2018, section 43CA of the Income-tax Act, 1961 (‘the Act’) provided for deeming of the stamp duty value (circle rate) as sale consideration … Read more

CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports

The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves … Read more

FAQs for Provisional Admission to Foundation Course

Board of Studies The Institute of Chartered Accountants of India 13th October, 2020 FAQs for Provisional Admission to Foundation Course Q-1: I am a Class XI student who passed class X recently. Am I eligible to register for the Foundation Course? Ans : Yes. Students after passing Class 10th examination conducted by an examining body … Read more

ICAI Allows Provisional Registration in CA Foundation Course after passing Class X Examination

With an aim to provide high quality education and keeping the future global business competencies in mind, the Institute of Chartered Accountants of India (ICAI) from time-to-time reviews its system of education and training to make it more contemporary & relevant to the global market. With the prime objective to develop the requisite Skill Sets … Read more