Tax Audit Report under Section 44AB: Basics you need to know
Tax Audit Report Section 44AB requires the tax auditor to submit the audit report in the prescribed form and setting…
Gold & Silver rates for Income Tax purposes
As per the provisions under the Income Tax Act, 1961 any gain on the sale of gold, silver, or jewellery,…
Hostel accommodation to attract 12 per cent GST: AAR
The AAR, while hearing a case of Karnataka-based Srisai Luxurious Stay LLP, said that only rent for residential dwellings would…
GST Council Meet on August 2: New definition / provisions regarding online gaming
The GST Council is likely to clarify the definition of online gaming, on which it had announced a 28 percent…
FAQs on Tax Audit under section 44AB of the Income Tax Act, 1961
The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under…
Mahila Samman Saving Certificate Scheme: All you need to know
The Union Finance Minister, Smt. Nirmala Sitharaman announced Mahila Samman Saving Certificate, a new small savings scheme for women and…
No GST on Loan given to credit card holders: Calcutta HC
Loan given to credit-card holders will not be different from normal loan and will not attract Goods and Services Tax (GST), Calcutta High Court…
GST Portal: New tab on Rule 86B, which restricts the use of ITC
Rule 86B was inserted vide notification number 94/2020 dated 22nd December, 2020 and was made effective from 1st January 2021. As…
Revised booklet on Indian Accounting Standards published by ICAI
The implementation of Indian Accounting Standards (Ind. AS) in India signifies a progressive leap forward in the accounting landscape, bringing…
GST: ITC time limit u/s 16(4) upheld, is independent of Sec 16(2)
The Andhra Pradesh High Court in its recent judgment in the case Thirumalakonda Plywoods v. The Assistant Commissioner has inter alia…
Govt to set up online audit mechanism under GST: Parliamentary panel
The recommendation was made in view of the concern with respect to audit in GST under which a large number…
GST Rate Notifications issued on 26th July, 2023: All you need to know
The CBIC has issued various GST Rate Notifications dated 26th July, 2023 to give effect to the recommendation as discussed…