CAclubindia Articles

Section 139(8A) of IT Act: ITR-U (Updated Income Tax Return)

CA Piyush Agarwal 16 May 2022 at 16:23

The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions.

New Age Tech Companies: Time to Avoid or Give it a Miss?

CA Ranganatha Achar K 16 May 2022 at 11:26

The argument put forward by NATC is that the present loss will be converted into Potential profitability with the expansion of the market and customers base and the accruing potential realization into sales and eventual profitability, but the period of conversion from the potential transaction to the profitable transaction is a question mark?

Preparation Of Financial Statement Of General Insurance Companies And Amended Provisions Of Insurance Laws (Amendment) Act 2015

FCS Deepak Pratap Singh 16 May 2022 at 09:12

The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business.

Extension of time for Holding of AGM & EGM through VC

CS Divesh Goyal 16 May 2022 at 08:50

MCA has issued General Circular No 2/2022 and 3/2022 in respect of clarification of holding of AGM & EGM through Video Conferencing (VC).

What is Import Export Code (IEC)?

CA Sachin M Jain 16 May 2022 at 08:39

Let us know about the significance of IEC and how to obtain the IEC number

Updated Return - Opportunity to file tax return even after prescribed time limit

Ajay Kumar Maggidi 16 May 2022 at 08:28

With the Introduction of "Updated Return", tax department aimed to reduce the potential litigations that arise due to non filing of ITR or inaccurate ITR's. And, Helps the taxpayers to rectify the discrepancies in filed tax returns.

E-way bill is redundant - Why not abolish?

Lekhraj sood 16 May 2022 at 08:28

In a dispute concerning e-waybill, recently Hon'ble Gujarat High Court ruled in favor of taxpayer in the case of Dhabriya Polywood Limited Vs Union of India. In this case, everything was correct like invoice, e-waybill etc. except a small mistake of selecting wrong ODC type of vehicle in the e-waybill.

ITC reversal for Credit Notes in GSTR-3B - What if Net ITC is reported directly in GSTR-3B?

Vivek Agarwal FCA, CS, LLB 14 May 2022 at 19:53

In this article, the author has provided draft contentions that can be used to defend this query of the department.

Common FAQs on income tax return filing

Vaibhav Singh 14 May 2022 at 13:12

It's time to get your income and investment proofs ready to ensure a hassle-free tax filing. I will try to address your tax queries to make your ITR Filing easy. Here are the top questions which have stumped taxpayers for a long time. Let's get the solutions right Away and axe taxes immediately.

Detailed Audit Programme On Important Areas Of Insurance Business

FCS Deepak Pratap Singh 14 May 2022 at 11:50

As you are aware that an Insurance Company is a company incorporated under provisions of the Companies Act, 1956/2013, licensed under the Insurance Act, 1938 and IRDAI Act,1999.