From August 1st, 2021, CBIC implemented the removal of the mandatory audit by CA CMA under GST. After the amendment taxpayers in India don’t need their GST audit by CA or CMA. In addition to this, they don’t need to submit the audited version of the reconciliation statement in Form GSTR-9C. In this article, we…
The income tax returns filed by any assessee are subject to the processing by Income Tax Department. There are different provisions for assessment and scrutiny in the Income Tax Act. Now, in this article our scope of discussion will be powers/jurisdiction of Assessing Authorities for Reassessment u/s 147. As per Section-147, an assessing officer has…
MAT stands for Minimum Alternate Tax. As the name suggest, it means minimum tax that any company needs to pay if other conditions are satisfied. Just like MAT has been introduced for companies, AMT (Alternate Minimum Tax) is brought for certain other entities. In this article we will discuss about MAT Credit Concepts and its…
The Companies Accounting Standard Rules, 2021 was notified by the Ministry of Corporate Affairs on 23rd June 2021. These rules include accounting standards, the revised definitions of small and medium companies (SMCs), and exemptions offered to these SMCs. These rules replace the Companies (Accounting Standards) Rules 2006. These rules are applicable to all the companies…