Recently, in the AAR- Karnataka, has decided Supply of Computer software license amounts to supply of goods in the case of M/s SPSS South Asia Private Limited, no.: KAR-ADRG-15/2021 dated 24 March 2021. Brief Facts – M/s SPSS South Asia Private Limited (“Taxpayer”) is a trader engaged in importing of software license and further reselling...

Reporting of Specified Financial Transactions: Existing Scenario – Section 285BA of the Income-tax Act, 1961 (‘ITA’) read with Rule 114E of the Income-tax Rules, 1962 (‘ITR’) requires a ‘specified person’ to file a statement of high value financial transactions in respect of ‘Specified Financial Transactions’ or ‘SFT’ in Form 61A, undertaken during a particular financial...

Extension of time Gap between two consecutive Board Meetings – In view of the difficulties faced by various stakeholders due to resurgence of Covid-19, the Ministry of Corporate Affairs (MCA) has vide General Circular No. 08/2021 extended the time gap by a period of 60 days for the first two quarter for financial year 2021-22...

Considering the unprecedented Covid outbreak Govt. has given various relaxation in terms of extension of due dates and others: A. INCOME TAX: Circular No. 08/2021, Dated 30th April, 2021 Particulars Original Due Date Revised / Extended Due dates Belated/Revised ITR for AY 2020-21 (FY 2019-20)  31st March, 2021 31st May, 2021 Payment & Filing of...