Revision in Valuation of Rent Free Accommodation Under the Income Tax Act, 1961 The Central Board of Direct Taxes (‘CBDT’) vide its notification dated August
Updates of 50th GST Council Meeting On July 11, 2023, the 50th GST council meeting was held in New Delhi, and the following recommendations were
Inoperative PAN : Income Tax Department Issues Clarifications for NRIs, OCIs Several non-resident Indians (NRIs) and Overseas Citizenship of India (OCIs) have not been able
Deadlines for Submission of Certain TDS/TCS Statements Extended. The press-release by The Central Board of Direct Taxes dated 28th June, 2023 offered relaxations w.r.t. some
Key Takeaways from latest CBDT Press Release The Central Board of Direct Taxes clarifies that payments made by an individual using their International Debit or
PAN-Aadhaar Linking Due date for linking the PAN with Aadhaar is June 30, 2023. Failure to do so will lead to the unlinked PAN becoming
Timelines for Issue of Objections or Suggestions & Confirmation Order w.r.t Mergers or Amalgamations Ministry of Corporate Affairs (MCA) has made amendment in Companies (Compromises, Arrangements
Special All India GST Drive to Detect Fake GSTINs CBIC vide Instruction No-01/2023-GST dated 04.05.2023, has announced that a special GST drive shall be initiated
Applicability of e-invoicing from August 1, 2023, onwards. CBIC vide notification no. 10/2023- Central Tax dated 10th May 2023, extended the applicability of e invoicing
The CBIC has notified the much-anticipated amnesty scheme through Central Tax Notifications dated 31st March 2023.
GSTN has issued an updated advisory on time limit for Reporting of E Invoices on the IRP Portal as on 13th April 2023.
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.
The CBDT vide Notification No. 21/2023, dated 10-04-2023, has notified ‘348’ as the Cost Inflation Index (provisional) for the Financial Year 2023-24.
Employer to Deduct tax as per new tax regime if employee didn’t intimate about opting of old regime
The Ministry of Finance has notified Mahila Samman Savings Certificate, 2023 that offers 7.5% per annum interest rate on deposit made under the scheme.
The Central Board of Direct Taxes(‘CBDT’) has substituted Rule 114AAA to notify consequences that shall apply if a PAN becomes inoperative due to non-linking with Aadhaar.
Enclosed is the press release issued by the Central Board for Direct Taxes (CBDT) regarding PAN to be linked with Aadhar by 31st March 2023.
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
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.
MCA is launching Second set of Company Forms covering 56 forms in two different lots on updated version (3)
The Indian entity may lend or invest in any debt instrument issued by a foreign entity or extend non-fund based commitment to or on behalf of a foreign entity including overseas step down subsidiaries of such Indian entity subject to the following conditions within the financial commitment limit as prescribed in the Foreign Exchange Management (Overseas Investment) Rules, 2022.
Economic survey includes an analysis of the economic performance, key trends, and outlook for the current financial year, along with policy initiatives and reforms
CBDT Circular No. 6: Relief for TDS/TCS Deductors on PAN-Aadhaar Linkage The Central Board of Direct Taxes (CBDT) has taken a significant step towards addressing
Implementation of e-Verification Scheme-2021 The Income Tax Department has spotted mismatches in interest and dividend income data from third parties versus taxpayers’ filed returns. On-screen
Audit Trail and Back-Up Verification BackGround a.) Additional Reporting for Statutory Auditors: As per the Companies (Audit and Auditors) Rules, 2014, additional reporting requirements have
Amendment in Section 115A of Income Tax Act-ROYALTY/FTS BackGround One of the key and major amendments introduced while passing the Finance Bill, 2023, by Lok
Legal Entity Identifier (LEI) The Legal Entity Identifier (LEI) is a unique global identifier for legal entities participating in financial transactions. Also known as an
Dematerialization of Securities by Private Limited Companies The Ministry of Corporate Affairs, vide notification dated October 27, 2023, has made it mandatory for all private
Failing to file Form 10C Could Lead to Imposition of Higher Rate of Taxes Please find enclosed a recent judgment by the Hon’ble Delhi High
Order by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli Registrar of Companies, Gujarat, Dadra & Nagar Haveli has issued order for violation of
Revision in Valuation of Rent Free Accommodation Under the Income Tax Act, 1961 The Central Board of Direct Taxes (‘CBDT’) vide its notification dated August
Updates of 50th GST Council Meeting On July 11, 2023, the 50th GST council meeting was held in New Delhi, and the following recommendations were
Inoperative PAN : Income Tax Department Issues Clarifications for NRIs, OCIs Several non-resident Indians (NRIs) and Overseas Citizenship of India (OCIs) have not been able
Deadlines for Submission of Certain TDS/TCS Statements Extended. The press-release by The Central Board of Direct Taxes dated 28th June, 2023 offered relaxations w.r.t. some
Key Takeaways from latest CBDT Press Release The Central Board of Direct Taxes clarifies that payments made by an individual using their International Debit or
PAN-Aadhaar Linking Due date for linking the PAN with Aadhaar is June 30, 2023. Failure to do so will lead to the unlinked PAN becoming
Timelines for Issue of Objections or Suggestions & Confirmation Order w.r.t Mergers or Amalgamations Ministry of Corporate Affairs (MCA) has made amendment in Companies (Compromises, Arrangements
Special All India GST Drive to Detect Fake GSTINs CBIC vide Instruction No-01/2023-GST dated 04.05.2023, has announced that a special GST drive shall be initiated
Applicability of e-invoicing from August 1, 2023, onwards. CBIC vide notification no. 10/2023- Central Tax dated 10th May 2023, extended the applicability of e invoicing
GSTN has issued an updated advisory on time limit for Reporting of E Invoices on the IRP Portal as on 13th April 2023.
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.
The CBIC has notified the much-anticipated amnesty scheme through Central Tax Notifications dated 31st March 2023.
The CBDT vide Notification No. 21/2023, dated 10-04-2023, has notified ‘348’ as the Cost Inflation Index (provisional) for the Financial Year 2023-24.
Employer to Deduct tax as per new tax regime if employee didn’t intimate about opting of old regime
The Ministry of Finance has notified Mahila Samman Savings Certificate, 2023 that offers 7.5% per annum interest rate on deposit made under the scheme.
The Central Board of Direct Taxes(‘CBDT’) has substituted Rule 114AAA to notify consequences that shall apply if a PAN becomes inoperative due to non-linking with Aadhaar.
Enclosed is the press release issued by the Central Board for Direct Taxes (CBDT) regarding PAN to be linked with Aadhar by 31st March 2023.
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
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.
MCA is launching Second set of Company Forms covering 56 forms in two different lots on updated version (3)
Every year The Central Board of Direct Taxes (‘CBDT’) issues guidelines regarding tax to be deducted at source on salary under section 192 of the Income Tax Act, 1961. The guidelines focuses on the documents to be collected by the employer and submitted by the employee to his/her employee so that employer will deduct the tax accordingly.
In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place with effect from July 11, 2022 an additional arrangement for invoicing, payment, and settlement of exports / imports in INR.
RBI amendment in Master Direction For Import of Goods and Services.
In exercise of the powers conferred by section 247 read with section 458,459 and 469 of the Company’s Act, 2013, the Central Government hereby makes the following rules further to amend the Companies (Registered Valuers and Valuation) Rules, 2017
In furtherance to Circular issued by IBBI dated 31/10/2022 and in consequence of amendments in Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and in suppression of the Circular No: IPA/009/2018 dated 19th April, 2018,
The Late Submission Fee (LSF) was introduced for reporting delays in Foreign Investment (FI), External Commercial Borrowings (ECBs) and Overseas Investment related transactions
MCA has issued Companies (Specification of Definition details) Amendment Rules 2022.
IBBI prescribes minimum fees and performance incentive for Interim Resolution Professionals(IRPs)/ Resolution Professionals(RPs) under CIRP Regulations. IBBI has notified the defined fee structure payable to IRPs and RPs who are appointed on or after 1st October 2022.
Removal of Names of Companies from Register of Companies MCA has issued Second Amendment Rule, 2022 in Companies (Removal of Names of Companies from Register
To promote education related to culture is an eligible activity under Schedule VII of the Companies Act,2013 for CSR spending.
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
GST Rate Changes after 47th GST Council Meeting..
The Consumer Affairs Ministry has issued a press release which stipulate that hotels or restaurants shall not add service charge automatically or by default in a food bill. No hotel or restaurant shall force a consumer to pay service charge & shall clearly inform the consumer that service charges is voluntary, optional & at the consumers discretion.
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.
All non-individual borrowers enjoying aggregate exposure of ₹5 crore and above from banks and financial institutions (FIs) shall be required to obtain LEI codes as per the timeline given below.
