CAclubindia Articles

GST on Sale of Land

Deepak Bapat 09 October 2021 at 11:00

GST on the sale of land is not payable as per Para 5 of Schedule III of the CGST Act which provides that a transaction of sale of land shall be treated neither as a supply of goods nor a supply of services.

Interplay of Section 43CA vs. Section 44AD - Part II

CA.R.S.KALRA 09 October 2021 at 09:46

Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.

Comments on NFRAs Consultation Paper On Statutory Audit And Auditing Standards for MSMCs

kotte murali krishna 09 October 2021 at 09:45

In case, NFRA takes any drastic decision to exempt the need for statutory audit of MSME companies for any reason, the size of frauds would go up and the Indian economy will be in the doldrums.

No auto cancellation of Registration of Recipient for fraud by the Supplier - Orissa High Court

Lekhraj sood 09 October 2021 at 09:45

Section 16 of the OGST Act with Rule 21 of the OGST Rules provides that there is no provision that enables the cancellation of the registration of the purchaser for fraud committed by the seller.

Controversial issues pertaining to SEBI (LODR) Third Amendment Regulations, 2021

K.V.Lakshmi 09 October 2021 at 09:45

One of the most contentious amendments is insertion of a new proviso under Regulation 23 (2) prescribing that only independent directors, who are the members of the Audit Committee shall approve related party transactions.

Why is failure necessary?

CA Anurag Sharma 09 October 2021 at 09:45

Failures test our potential to come back. Every success story we read or hear have failures behind them. Those who succeed didn't let failures take the better of them.

Key changes in ITR Forms for AY 2021-22 - Part 2: ITR 3

Neethi V. Kannanth 08 October 2021 at 15:59

Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).

Why it is important to check Form 26AS before filing Income Tax Return

CA. Pushp Kumar Sahu 08 October 2021 at 09:41

Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.

Legality Status of ITC Block by GST Department

CA PIYUSH KAPOOR 08 October 2021 at 09:41

As per Rule 86A, a commissioner or any officer authorized by them can block the ITC available in the electronic credit ledger of the taxpayer if they have reasons to believe that he has fraudulently availed ITC.

Key changes in ITR Forms for AY 2021-22 - Part 1: ITR 1 Sahaj and ITR 2

Neethi V. Kannanth 07 October 2021 at 17:21

The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.