E India CA

Professional Updates for Chartered Accountants

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Over Burden on Chartered Accountants: ICAI submits 3rd Representation to CBDT for Due Date Extension

As the due date for submitting Tax Audit Report for income tax purpose is fast approaching, the Institute of Chartered Accountants of India ( ICAI ) has submitted its third representation to the Central Board of Direct Taxes (CBDT) for an extension. The ICAI requested the Board to extend the last date for filing returns to 31st O...

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Law panel proposes abolishing HUF

The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons. In a recommendation that can cause a lot of heartburn for business houses and taxpayers, the Law Commission last week proposed doing away with the concept of Hindu Undivided Family, or HUF....

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Income-tax scrutiny all set to go electronic

The Central Board of Direct Taxes (CBDT) has mandated ‘e-proceeding’ for all income-tax scrutiny in 2018-19. It has also specified seven situations where e-proceeding will not be mandatory this year. These include search cases, cases where returns were filed in paper mode and the assessee doesn’t have an e-filing account, an...

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What are the limits provided for Audit under GST?

When Audit under GST is required? 1. If Turnover of the registered person crosses the threshold limit for audit under GST i.e. Rs. 2 cr in a financial year 2. An audit by Tax Authorities General Audit Special Audit What is the GST audit limit under GST for a financial year? The limit prescribed under the G...

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Invest in debt funds for at least 3 years for income tax benefit

If you invest for a period of at least three years in debt funds, you will get the benefit of capital gains indexation that will lower taxes on the profits from your portfolio. When this happens, the odds of beating FD returns (which do not get indexation benefits) improve dramatically. So, to answer your last question first, do con...

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CBDT releases revised Form 3CD for FY 2017-18| AY 18-19

CBDT has revised Tax Audit Form 3CD Revised vide Notification 33/2018 dated 20.07.2018 (effective from 20.08.2018) by which it has made  6 Amendments and  9 Insertions  in Tax Audit Report Form 3CD. The major changes are as follows:- Taxpayer to give GSTN number along with details of other indirect Tax registrations like ...

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Filing of Income Tax Return for FY 2017-18 i.e. AY 2018-19

Kindly note that for Salaried/Non-Corporate Assessee whose accounts are not required to be audited, the last date of filing Income Tax Return is 31st July, 2018. and for Company Assessee or Assessee required to undergo audit under income tax act, the last date of filing Income Tax Return is 30th September 2018. Penalty for late f...

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Angel Tax – Changing Paradigm of Taxation for Startups

Ministry of Commerce and Industry, Govt. of India through Department of Industrial Policy and Promotion (DIPP), with an intent to building a stronger eco-system for nurturing innovation and growth of the Start-ups in the country, has come up with a new notification (G.S.R. 364(E)) on 11th April, 2018 (“Notification”) dealing wit...