Income Tax Return due date extended from 31-10-2024 to 15-11-2024
The Central Board of Direct Taxes (CBDT) has extended the date for filing the Income tax returns, the due date of which is 31st October...
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Tax Audit due date extended
The CBDT has extended the due date of filing the deadline of Tax Audit Report filing from 30th September 2024 to 07th October 2024 vide...
Circular 9 of 2024 – Income Tax – Enhancement of monetary limits of filing appeals by the Department
In the circular No. 9 of 2024, the CBDT has further enhanced the limit of filing the appeals by the Department before Income Tax Appellate...
Hosting of Multipurpose Empanelment Form (MEF)- 2024-25
Professional Development Committee The Institute of Chartered Accountants of India 17th September, 2024 Announcement Hosting of Multipurpose Empanelment Form (MEF)- 2024-25 Professional Development Committee (PDC)...
Circular No. 233/27/2024-GST – Clarification regarding regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, in cases where the exporters had imported certain inputs without payment of integrated taxes and compensation cess
Circular No. 233/27/2024-GST F. No. CBIC-20001/6/2024-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing...
Circular No. 232/26/2024-GST – Clarification on place of supply of data hosting services provided by service providers located in India to cloud computing service providers located outside India
Circular No. 232/26/2024-GST F. No. CBIC-20001/6/2024-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing...
Circular No. 231/25/2024-GST – Clarification on availability of input tax credit in respect of demo vehicles
Circular No. 231/25/2024-GST F. No. CBIC-20001/6/2024-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing...
Recommendations during 54th meeting of the GST Council
The 54th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The...
Analysis of Invoice Management System (IMS)
On the GST portal, a new facility shall be implemented with effect from 1st October 2024 in which the supplier and recipient will be able...
Changes in the Black Money Act provisions related to disclosure of foreign assets or income in Income tax returns
With the increasing cross border investment, there has been an inadvertent requirement for the changes in the provisions related to the Black Money Act, 2015...
Changes in allowed partnership remuneration and TDS on payment to Partners in case of Partnership firms
In the Finance Bill (No.2) 2024, the amendments have been made for the taxation of the Partnership firms. In the first instance, the provisions of section...
Budget (No. 2) 2024 updates – Increase in the standard deduction for salaried individuals
For the salaried persons, there has been a demand for the increase in the benefits to the individuals from a very long time. After the...
Download Finance Bill (No. 2) 2024 and Memorandum explaining the provisions in Finance Bill
The first Union Budget for Modi 3.0 Government has been presented on 23rd July 2024. To download the Finance Bill and Memorandum explaining the provisions...
Recommendations of 53rd GST Council Meeting
The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The meeting...
Cabinet portfolio of Modi 3.0 Government
The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of...
Income tax update – Amended in Form 27Q
The Central Board of Direct Taxes (CBDT) has amended the Form 27Q by inserting the Note 7A under the head “Verification”. The notification reads as...
Information System Audit – Assessment test on 13th July 2024
The Institute of Chartered Accountants of India (ICAI) has issued the announcement on 29th May 2024 in which it has been stated that the Assessment...
CPE hours requirement for Chartered Accountants from 01-01-2024 onwards
With effect from 01-01-2024, the norms for CPE hours have changed for the CA members. The basic requirement for the CA members with respect to...
Cost Inflation Index for FY 2024-25
The Ministry of Finance has notified the Cost Inflation Index for FY 2024-25, which is 363. Financial Year Cost Inflation Index 2001-02 (Base year) 100...
Understanding the Assessment year and Previous year
In Indian income tax laws, understanding the concepts of the assessment year (AY) and the previous year (PY) is crucial for taxpayers to correctly determine...
All about the New tax regime for AY 2024-25
The Income tax department has released the utilities and forms for the filing of Income tax returns for the AY 2024-25. For the filing of...
Circular 7/2024 – Income Tax || Extension of due date for filing of Form No. 10A/10AB under the Income tax act
The Income Tax Department vide circular dated 25th April 2024 has extended the due date for filing of Form No. 10A/10AB till 30-06-2024. The due...
Circular 6/2024 – Income Tax || Extension of date for PAN become operative in case of non deduction of TDS at higher rates
The Income Tax Department has issued the Circular No. 6/2024 dated 23rd April 2024 in which it has been stated that the Department shall not...
GSTN advisory – Enhancement in GST portal
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is...