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CBDT further extends various Income Tax compliance Deadlines

CBDT further extends various Income Tax compliance deadlines prescribed under for Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, in view of the challenges being faced by …
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GST Council provides Relief for GSTR 3B delays

GST Council, in its 40th Meeting held on 12/06/2020 has recommended to reduce/ waive the interest/ late fee for delayed filing of GSTR 3B by small taxpayers (having turnover …
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Schedule VII (CA 2013) amended; PM CARES Fund inserted in CSR Policies Activities

MCA amends Schedule VII to the Companies Act 2013, relating to CSR Policies Activities. Accordingly, the words “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES …
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RBI extends Pre/ Post Shipment Export Credit/ Advance Period from 12 to 15 Months

RBI has notified extension of Period of Advance from 12 months to 15 months in the case of all Pre/ Post Shipment Export Credits disbursed upto 31 July 2020, …
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ICAI’s Guidelines for Auditor’s Consideration (COVID-19)

ICAI has issued different Guidelines which prescribes key points/ questions for Auditor’s Consideration, like Physical Inventory Verification, Going Concern, Subsequent Events, Auditor’s Reporting, Financial Reporting & Auditing of Financial …
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No Penal Damages for PF Deposit Delays during Lockdown (COVID-19): EPFO

EPFO has provided relief to employers from levy of penal damages for any delay in deposit of PF contribution(s)/ administrative charges due for the period during Lockdown (COVID-19). No …
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Highlights of Special GOI Package of Rs 20 lakh crores for Atmanirbhar Bharat (COVID-19)

Key Highlights of the Special economic and comprehensive package of Rs 20 lakh crores Announced by the Govt. of India, for relief and credit support related to businesses, especially …
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Seventh Provsio to Section 139(1): Conditions for Mandatory filing of Tax Return (ITR) u/s 139(1)

Seventh Provsio to Section 139(1) inserted by the Finance Act, 2019 which pprescribes conditions for mandatory filing of Tax Return (ITR) u/s 139(1).
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Effect of Uncertainties on Revenue Recognition (AS 9)

Effect of Uncertainties on Revenue Recognition may either result in postponement of recognition of revenue in full or partial adjustment thereof by way of provisions for a particular accounting …
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Comprehensive Relief Package for Compliance Deadlines announce by Govt. (COVID-19)

Govt. announces comprehensive relief package for routine/ year end closing compliance and filing deadlines, to avoid penal consequences for taxpayers/ businessman who are already facing stress of COVID-19. GOI …
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