CAclubindia Articles

ITR Verification Process

Poojitha Raam Vinay 22 August 2022 at 11:52

After the 31st July rush of filing the IT returns, the department of Income Tax has provided 120 days from filing of the return to e verify the return. The Central Board of Direct Taxes (CBDT) in the recent notification has cut down the time limit from 120 days to 30 days for ITRs filed on or after August 1st 2022.

Amendment in Rule 3 of the Companies (Accounts) Rules 2014

FCS Deepak Pratap Singh 22 August 2022 at 10:53

MCA has amended Rule 3 of the Companies (Accounts) Rules, 2014 through Circular dated 11th August, 2022.

Decoding ITC under GST: Eligibility and conditions with examples

Shruti 22 August 2022 at 09:29

Section 16: Eligibility and conditions for taking ITCWhat is the Eligibility Criteria?Every registered person shall be entitled to take credit of input tax char..

Credit of IGST Paid on Import of Goods not reflected in GSTR-2B

CA Sachin M Jain 22 August 2022 at 09:03

Importers can claim IGST and cess paid on their imports only after issuing the bill of entry (BoE). Hence, taxpayers must access the bill of entry on the portal to avail input tax credit seamlessly. The GST Network (GSTN) provides a framework to taxpayers for finding the relevant bill of entry.

Analysis of Companies (Incorporation) Third Amendment Rules, 2022

Ajay Kumar Maggidi 22 August 2022 at 08:51

The Regulators are becoming more stringent day by day to bring the transparency and accountability in the system.

ITC reversal in case of supplier found bogus or non existent

CS Advocate Abhishek Goyal 22 August 2022 at 08:51

Even after completing 5 years, one gets the feeling that GST is still an evolving law. Lot many changes are taking place with almost every GST council meeting. There are still some burning issues which are yet to be ironed out and decisively settled. These burning issues have been a bone of contention between department and the tax payers.

Clause 44 of Form 3CD: An illustrative analysis

CA Sudhir Halakhandi 21 August 2022 at 17:33

The ICAI has issued revised Guidance Note dated 14th Aug. 2022 on 19th Aug 2022 and with respect to the Clause Number 44.

Decoding of Clause 44 of Tax Audit Report (3CD)

Shankit Sharma 20 August 2022 at 16:40

A question may arise whether the above information is to be given in respect of each and every head of expenditure or only the total expenditure is to be given.

Identification of Green flags in Audit of Financial Statement

CA Amrita Chattopadhyay 20 August 2022 at 16:32

While conducting the audit of financial statement and fraud investigation it is imperative for the auditor to focus his attention not only for the RED Flags but also to draw his attention towards the green flags in the financial statements and the operations in the organization.

Physical Verification of Registered Office of the Companies by ROC

Affluence Advisory 20 August 2022 at 16:22

The MCA vide notification dated 18/08/2022 has notified Companies (Incorporation) Third Amendment Rules, 2022 to insert a new rule in Companies (Incorporation) Rules, 2014, which pertains to physical verification of the registered office address of the Companies.