The DGFT vide Notification No. 16/2015-2020 dated August 09, 2021 has further amended para 2.05(d) of Chapter-2 of Foreign Trade Policy, 2015-2020 to extend the period of updating/ confirming the details in Import Export Code (“IEC”).An IEC holder has to ensure that details in its IEC is updated electronically every year, during April-June period. However,…
Read moreDeduction of Tax at Source at a Higher Rate – Sec 206AB
Introduction of Section 206AB of Income tax Act 1961 effected Deduction of Tax at source at higher percentage from specified persons. Some of the highlights of the Provisions are summarised below. Effective Date: with effect from 1st July 2021. Applicability to Specified Persons:Specified Person – with respect to tax deductions Chapter XVIIB Not filed…
Read moreFlood Cess applicable up to 31st July, 2021
The Kerala Government has announced that the flood cess would be applicable till 31st July 2021.Government has directed the businesses to make necessary changes in their billing software accordingly.
Read moreConcurrent Audit SBI
SBI invited application for Chartered Accountant Firms for empanelment as Concurrent Auditors in the Bank branches / outfits. Application for Empanelment of Chartered Accountant Firms for Concurrent Audit” should reach the respective Circle Audit Office on or before 29.05.2021 by 5.00 P.M. Please find the link https://bank.sbi/webfiles/uploads/files_2122/17052021_ENGAGEMENT%20OF%20CHARTERED%20ACCOUNTANT%20FIRMS%20AS%20CONCURRENT%20AUDITORS%20IN%20SBI%202021-22.pdf
Read moreIncome Tax – Extension of time limits
In view of difficulties arising due to resurgence of Covid-19, CBDT has extended time limits of certain compliances under Income Tax. 1. Return of Income for the Assessment Year 2021-22 The due date of furnishing of Return of Income of Regular Assessee for the Assessment Year 2021-22 has extended to 30th September 2021(previously 31st July 2021). 2….
Read moreCompanies Act – Relaxation by MCA
In view of difficulties arising due to resurgence of Covid-19, MCA has decided to grant relaxations on the following matters: 1. Relaxation of Levy of Additional Fee in Filing Certain forms under the Companies Act, 2013. For the General Circular, click here : http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf 2. Relaxation of time for filing forms related to creation or modification of…
Read moreFinal and Intermediate Chartered Accountants Examinations Postponed.
In view of the ongoing COVID-19 pandemic and in the interest of welfare & well – being of students and to mitigate their hardships, it has been decided by ICAI to postpone the Final and Intermediate Chartered Accountants Examinations which are scheduled to commence from 21st (Final) / 22nd (Intermediate) May, 2021 across the globe….
Read moreGuidance Note on Audit of Banks – 2021
Auditing and Assurance Standards Board of ICAI has brought out the revised edition of Guidance Note on Audit of Banks 2021. For the complete Guidance Note on Audit of Banks (2021 Edition), click on the following link: ICAI – The Institute of Chartered Accountants of India
Read moreTechnical Guide on Revised Long Form Audit Report (LFAR) 2021
Auditing and Assurance Standards Board of ICAI has brought out the Technical Guide on Revised Long Form Audit Report (LFAR) – 2021 . For the Technical Guide on Revised Long Form Audit Report (LFAR) – 2021, click on the following link: ICAIhttps://resource.cdn.icai.org/63901aasb-tg-lfar.pdf
Read moreApplicability of Kerala Flood Cess extended to 1st July 2019
Kerala Flood Cess on intra-state supply of goods or services or both made by a taxable person to an unregistered person in respect of specified supplies extended to 1st July 2019 by the Government of Kerala.
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