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Showing posts from October, 2017

Approval of tax audit report

The Department of Income-tax (Systems) has noticed that a large number of tax audit reports have been uploaded by Chartered Accountants but the same have not been approved by the assesses under their digital signatures. The Department is already issuing SMS reminders to taxpayers. If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, then the Assessing Officer may impose penalty on such person as per the provisions of section 271B of the Income-tax Act, 1961. Tax audit reports will stand unfurnished as on 31 st  October, 2017 and may result in initiation of penalty if not digitally approved by the assessee. Assessees are advised to timely digitally approve the reports to avoid such proceedings. www.cajd.co.in
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Extension of due dates of forms under GST regime

CBEC has issued notifications for extensions of various forms for GST compliance which are as follows: Sr. No. GST Form Extended To Link to Notification 1. REG-29 : Cancellation of Migrated Dealer 31 st December, 2017 http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-51-central-tax-english.pdf 2. ITC-01 : Declaration for claim of input tax credit sec.18(1) of CGST Act 30 th November 2017 http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-52-central-tax-english.pdf 3. ITC-04 : Details of Job-work 30 th November 2017 http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-53-central-tax-english.pdf 4. TRAN-1: Transitional Form 30 th November 2017 http://www.cbec.gov.in/resources//htdocs-cbec/gst/order7-cgst.pdf http://www.cbec.gov.in/resources//htdocs-cbec/gst/order8-cgst.pdf 5. REG-26: Migration
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