Updated Return – additional window for income tax return compliance

10 May 2022Tax

In recent times, the reduction in time limits for filing belated or revised income tax returns provides taxpayers a short timeframe to rectify the inadvertent…

Reassessment Controversy – put to an end!

07 May 2022Tax

The Finance Act 2021 revamped the reassessment process effective 1 April 2021. In early FY 2021-22 the tax authorities had issued more than 90000 notices…

Extending Trade Credit to an associated enterprise can not be equated to the loan facility; Mumbai Tax Tribunal

06 Apr 2022Tax

Tech Mahindra Limited (taxpayer) is an Indian multinational information technology services and consulting company1. Part of the Mahindra Group, the company is headquartered in India.

MCA extends timelines for CSR-2 filing and implementation of the audit trail feature

04 Apr 2022Assurance

On 11 February 2022, the Central Government notified amendments to Companies (Accounts) Rules, 2014. The amended Rules apply to companies required to undertake Corporate Social…

Bombay High Court quashes reassessment notices as null and void. States that explanations to Taxation and Other Laws (TOLA) notification

01 Apr 2022Tax

The provisions to reopen the assessment contained in the Act have undergone a huge change. As per this newly introduced provision, before issuing a notice…

IFRS amendments applicable from 1 January 2022

17 Mar 2022Assurance

International Accounting Standards Board (IASB) has announced amendments to International Financial Reporting Standards (IFRS) which are applicable for reporting periods beginning on or after 1…