Applicability of e invoicing from 1st August 2023 onwards
Applicability of e invoicing from 1st August 2023 onwards CBIC vide notification no. 10/2023- Central Tax dated 10th May 2023, extended the applicability of e invoicing for all the taxpayers having aggregate Annual Turnover of INR 5 Crore or more from FY 2017-18 onwards, applicable with effect from 01st August 2023. Complete Circular attached here
Updated Advisory on Time limit for Reporting E Invoices on the IRP Portal.
GSTN has issued an updated advisory on time limit for Reporting of E Invoices on the IRP Portal as on 13th April 2023.
Time limit for Reporting E Invoices on the IRP Portal.
The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated April 12, 2023 on time limit for Reporting Invoices on the IRP Portal.
Employer to deduct tax as per new tax regime
Employer to Deduct tax as per new tax regime if employee didn’t intimate about opting of old regime
Govt. Brings Crypto Assets Under the Purview of PMLA
A person carrying on designated business or profession under section 2(1)(sa) of the PMLA, 2002 shall include exchange between virtual digital assets and fiat currencies
CBDT Notifies ITR Forms for AY 2023-2024
The Income-tax Return (ITR) forms for the Assessment Year 2023-24. These forms are applicable for filing the return for income earned/accrued during the Financial Year 2022-23.
Applicability of E Invoicing
Advance Tax in India CBIC vide notification no. 17/2022- Central Tax dated 01st August 2022, extended the applicability of e invoicing for all the taxpayers having aggregate Annual Turnover of INR 10 Crore or more from FY 2017-18 onwards, applicable with effect from 01st October 2022. Complete circular attached
Newly Incorporated Section 194R (Income Tax Act 1961)
As per clause (iv) of section 28 of the Act, the value of any benefit or perquisite, whether convertible into money or not, arising from business or exercise of profession is to be charged as business income in the hands of the recipient of such benefit or perquisite.
