Finance Ministry increases threshold limits to file appeals against taxpayers to reduce litigations
In a highly welcome step In order to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and to facilitate…

Disciplinary body for auditors won't have power to create accounting standard, but can penalise auditors

ICAI submits 7th set of 121 Suggestions on Critical GST Issues to FM Indirect Tax Committee of ICAI have submitted its 7th Set of very very critical and important Suggestions having 121 GST legal and implementation issues to Finance Minister on 12th July…

Income Tax Return E filing portal crashes, work of tax professional hampers
The Income tax portal crashed today since afternoon. Work of thousands of Tax professionals across country have come to a standstill because of the same before the deadline of 31st…

CBDT modifies Tax Audit Report form 3CD, brings major changes related to GST, SFT and Cash transactions
The Central Board of Direct Taxes have modified the Form 3 CD popularly knows as Tax Audit Report IN THE MIDDLE OF THE YEAR via Income–tax (8th Amendment)…

Representation to CBDT for due date extension of ITR by one month The Direct Tax Committee of ICAI have submitted a representation to Chairman CBDT on 23rd July 2018 for extension of due date for filing of Income Tax Returns due on 31st July 2018.
The representation…

Due date for filing ITR extended by 1 month for categories which required to file ITR by 31st July.
The Central Board of Direct taxes have extended the due date for assessees falling under the category who were required to file Income Tax Return by 31st July…

Banking company & NBFC to pay GST under Reverse Charge Mechanism for receiving services from Individual DSA
Ministry of Finance, Govt of India have notified Services supplied by individual Direct Selling Agents (DSAs) other than a body corporate,
partnership…

ICAI issues 3rd Edition of “E-publication on E-way Bill under GST”  
In erstwhile VAT regime, for movement of goods, there was need of continuous monitoring of borders by States due to practices of goods moving without bills or multiple movements under the…

Amarjit Chopra, Chairman of NACAS, strongly defends the auditing community.

ITR preparation utilities and schema for ITR & TAR revised wef 1st August 2018
The Central Board of Direct taxes have revised the Income Tax Return preparation utilities (Excel as well as Jave based) for all ITRs i.e. ITR 1 to 7 wef 1st August 2018. The schema…

Submit feedback on proposed GST Return filing system  before 31st August 2018
The GST Council in its 27th meeting held on 4th May, 2018 had approved the basic principles of GST return design. Now in its 28th meeting held on 21st July, 2018, GST Council approved…

ICAI also suggests to  discuss and reconsider the proposed changes in Form 3CD 
The Direct Tax committee of the Institute of Chartered Accountants of India have submitted a representation to Chairman, CBDT to defer the applicability of revised Form 3 CD by…

ICAI issues E-Handbook on Classification under GST Under Indirect Tax Laws, classification is the categorization of goods or services crucial to ascertain whether a subject matter is exigible to tax, exemption, rate of tax etc. In GST regime, classification…

India Business News: ​The warning, that also acts as an advisory, comes at a time when the income tax returns filing season is on and the Central Board of Direct Taxes (CB