Assessees with turnover exceeding ₹10 Crores must verify Form 26AS, AIS, and TIS before filing tax audit reports u/s 44AB. For notice representations or DRC-01 reply preparation, contact our Direct Tax & GST departments.
GST & INDIRECT TAXESPublished by Kevisha Consultancy Pvt. Ltd. Editorial • Official Update
Madras High Court Ruling on Rule 86A: Automatic Expiry of Electronic Credit Ledger Blocking after 1 Year
The Hon'ble Madras High Court has reiterated that under sub-rule (3) of Rule 86A of CGST Rules 2017, any order blocking Input Tax Credit in the electronic credit ledger ceases to have effect upon the expiry of a period of one year from the date of imposing such restriction. Proper officers cannot continue blocking credits indefinitely without issuing a formal Show Cause Notice (SCN) under Section 73 or 74.
Key Takeaway for Taxpayers: Businesses whose ITC has remained unutilized due to departmental freeze exceeding 12 months are entitled to immediate unfreezing. Kevisha Consultancy Pvt. Ltd. assists corporate taxpayers with formal representations before the Joint Commissioner (Appeals).
DIRECT TAX & NRI ADVISORYCBDT Notification • Standard Operating Procedure
Strict Scrutiny on Foreign Remittances: Mandatory Verification of 15CA & 15CB with Authorised Dealers
The Central Board of Direct Taxes (CBDT) has tightened guidelines for outbound foreign currency remittances made by residents, overseas entities, and Non-Resident Indians. Banks acting as Authorized Dealers (AD Category-I) are mandated to match the online acknowledgment numbers of Form 15CA Part C with Chartered Accountant certifications in Form 15CB prior to processing SWIFT transfers.
Verification of Double Taxation Avoidance Agreement (DTAA) beneficial tax treaties.
Tax Residency Certificate (TRC) and Form 10F electronic verification.
Penalty provisions under Section 271-I for non-furnishing or erroneous disclosures.
CORPORATE AFFAIRSMCA Circular No. 04 • ROC Chennai Guidelines
MCA V3 System: Director KYC (DIR-3 KYC) and Annual Financials Filing (AOC-4 & MGT-7)
Ministry of Corporate Affairs enforces stringent penalty rules for companies failing to file their statutory annual accounts. Directors who fail to complete their Web-based or E-form DIR-3 KYC are marked as 'Deactivated due to non-filing of DIR-3 KYC' with an automatic ₹5,000 fine per Director Identification Number (DIN).
Company Closure Alternative: If your company has been inoperative for more than 2 years without commencing business, avoid recurring ROC penal interest by filing for voluntary strike off under Fast Track Exit (Form STK-2).
Statutory Bank Audits: Mandatory Stock Audit for Working Capital Limits Exceeding ₹5 Crores
Reserve Bank of India guidelines instruct Nationalized and Private Sector Commercial Banks to conduct independent stock, book debt, and physical inventory audits by empaneled Chartered Accountant firms for all cash credit (CC) and overdraft facilities exceeding ₹5 Crores.
Kevisha Consultancy Pvt. Ltd. maintains dedicated empanelment readiness and prepares detailed Credit Monitoring Arrangement (CMA) reports for swift project finance approvals.
