24 Oct 2020

VAT TO BE IMPLEMENTED FROM APRIL 2021 IN OMAN

By Admin
Category Miscellaneous
Views 363

The Sultan of Oman named Sultan Haitham bin Tariq bin Taimur has issued a Royal Decree 121/2020 on 12th October 2020 concerning the introduction of Value Added Tax (VAT) in Oman.

24 Oct 2020

Amendments in CARO 2020

By Admin
Category Company and LLP Compliances
Views 4323

Company Auditor’s Report Order (CARO) 2020 is the new format for issue of audit report, in case of statutory audits of companies under the Companies Act, 2013 which includes the additional reporting requirements after the consultations with the National Financial Reporting Authority (NFRA).

13 Oct 2020

Clarifications Regarding Availment of ITC for the Period February 2020 - August 2020

By Admin
Category Goods and Service Tax
Views 348

Rule 36(4) of CGST Rules, 2017 states that Input Tax Credit (ITC) availed by a registered person while furnishing GSTR-3B shall not exceed 110% of ITC furnished by his suppliers in GSTR-2A.

12 Oct 2020

JUDGEMENT UPDATE

By Admin
Category Miscellaneous
Views 317

The Indian company (here it is the subsidiary company) is engaged in providing taxable output services under the category of consulting engineering services, commissioning and installation services, construction services other than for residential complexes etc.

10 Oct 2020

CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO 67-2020 DATED 17 AUGUST 2020

By Admin
Category Income Tax
Views 307

Section 10(23FE) provides for an exemption to specified income like capital gains, interest, and dividend, arising from investments made by Sovereign Wealth Funds and Pension Funds in specified infrastructure activities. CBDT has prescribed additional conditions to be satisfied by the pension fund for availing the exemption.