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In faceless Assessment ,NEC will issue notice under section 143(2) online by uploading the digitally signed copy on the registered income tax account or by sending notice to the assessee’s registered email address or uploading the copy on a mobile app. A real time alert will be sent through SMS or the mobile app.
The taxpayer has a period of fifteen days to file a response with the National E-Assessment Center.
The taxpayer’s case is assessed under e-assessment only when the taxpayer voluntarily fails to submit the income tax return or asks the taxpayer to submit the return in response to the notice.
Income Tax
Faceless Assessment
GST registration can be cancelled or suspended under CGST Rule 21A at the discretion of the tax officer in the following cases:
- Major discrepancies between the GSTR-3B vis-a-vis the GSTR-1 and GSTR-2B
- Utilisation of ITC from electronic credit ledger to discharge more than 99% of the tax liability for specified taxpayers – with the total taxable value of supplies exceeding Rs.50 lakh in the month, with some exceptions.
- A taxpayer has not filed GSTR-1 due to GSTR-3B not being filed for more than two consecutive months (one quarter for those who opt into the QRMP scheme)
GST
Cancellation of Registration
No change in the additional fee logic of eform MGT-7 and AoC-4/AOC-4 XBRL/AOC-4 CFS/AOC-4 NBFC for the FY 2019-20 w.e.f 01 January 2021 since extension was provided to all the companies for conducting AGM and not for filing the form. Hence, the due date of form filing shall be computed based on the actual date of AGM or due date/extended due date of AGM as the case may be. Post 31st December 2020, additional fee shall be applicable from the actual date of AGM or due date/extended due date of AGM + 30/60 days as the case may be and Rs.100 per day shall be charged starting from such day even if such date falls prior to 31st December 2020.”
MCA
The government of India has now passed the Taxation and Other laws (Relaxation and Amendment of certain Provisions) Act, 2020 on September 29, 2020 to incorporate the Faceless Assessment Scheme under the provisions of Income Tax Act, 1961.
The National Faceless Assessment Centre (NFAC) will serve a notice to the taxpayer under section 143(2) of the Act. The taxpayer should file his/her response to the notice within 15 days of receipt of the notice from the NFAC.
After considering the material available on record, the assessment unit will prepare draft assessment order either accepting or modifying the returned income of the taxpayer and send it to NFAC along with the details of penalty proceedings to be initiated (if any).
Income Tax
Faceless Assessment
As per The Finance Act 2020, new Income Tax provisions have been introduced on all forex transactions under LRS (Liberalised Remittance Scheme) from 1st Oct’2020.
Under this Scheme, all resident individuals, including minors, are allowed to freely remit / avail foreign exchange facility up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both
Tax Collected at Source (TCS) at 5% shall be applicable on aggregate forex transactions under LRS exceeding INR 7 Lakhs in a FY.
For remittances towards pursuing overseas education, TCS at 0.5% shall be applicable, if the amount remitted is obtained through a loan from a financial institution.
FEMA
LRS 2020
HMRC confirmed that the UK will defer implementation of the initial reporting deadlines required by Directive 2018/822 (DAC6). The reporting deadlines will be delayed by 6 months so that:
- 28 February 2021 is the deadline for reporting of cross-border reportable arrangements with an implementation first step between 25 June 2018 and 30 June 2020
- 31 January 2021 is the deadline for reporting of cross-border arrangements with an implementation first step, or advised on etc. by an intermediary between 1 July 2020 and 31 December 2020.
DAC 6 MDR
UK &EU
The US GAAP lease accounting standard, ASC 842, requires that all leases, both operating and finance, are moved on-balance sheet unless the lease term is less than 12 months. The on-balance sheet requirement of the new standard is creating a huge implementation challenge for many companies
US GAAP
ASC 842
In response to the challenges of the COVID-19 pandemic, FASB issued Accounting Standards Update (ASU) 2020-05, which provides a one-year deferral of the effective dates of ASC 606, Revenue from Contracts with Customers. Early adoption is permitted for ASC 606
US GAAP
ASC 606
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