GSTIN enables Two factor authentication for taxpayers
Advisory: Two-factor Authentication for Taxpayers 1. GSTN is introducing two-factor authentication (2FA) for taxpayers to strengthen the login security in GST portal. The pilot rollout...
Income Tax Department enables Discarded Return option
The Income Tax Department has enabled the feature of “Discarded return” on the Income tax website. The said feature is available for the users from...
Recommendations of 52nd GST Council Meeting
The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The meeting...
Application Deadline for the National Startup Awards 2023 extended till15th June 2023
The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry introduced the National Startup Awards (NSA) in 2020....
₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST...
Income Tax Update – Changes in the definition of strategic disinvestment
In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of subsection (2) of section 56 read with section 295...
GST Update – Extension of due dates of GSTR 1, GSTR 3B and GSTR 7 for April 2023 in the state of Manipur
The CBIC vide Notification No. 11,12,13 – Central Tax have extended the due dates of furnishing the GSTR1, GSTR 3B and GSTR 7 respectively for...
GST Update – Implementation of e-invoicing for taxpayers having ATO exceeding Rs. 5 Crores
The CBIC vide Notification No. 10/2023-Central Tax has notified that the e-invoicing shall be applicable on the taxpayers having Aggregate Turnover exceeding Rs. 5 Crores...
GST Update – Extension of time limit for issuance of order u/s. 73 of the Act
The CBIC vide Notification No. 9/2023-Central tax has extended the time limit for the issuance of the Notice u/s. 73 of the Act. Financial Year...
GST Update – Amnesty to GSTR-10 non-filers
The CBIC vide Notification No. 8/2023-Central Tax has provided the amnesty to the non filers of GSTR 10. The maximum late fee for filing the...
GST Update – Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers
In the Notification No. 07/2023-Central tax, the CBIC has notified that from FY 2022-23 onwards, the late fee in respect of the filing of GSTR...
GST Update – Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62
The CBIC vide Notification no. 6/2023-Central tax dated 31st March 2023 has notified the Amnesty scheme for deemed withdrawal of assessment order issued under Section...
Standard Operating Procedure for Scrutiny of Returns for FY 2019-20
The Central Board of Indirect Taxes and Customs (CBIC) has issued the Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 on 26th May...
GST Update – Guidelines for Special All-India Drive against fake registrations
The CBIC has issued the guidelines for Special All India Drive against fake registrations which will take place between 16th May 2023 to 15th July...
GST Update – Aadhar authentication and Bio metric verification of Application for the GST registration
In the Notification No. 4/2023 – Central Tax and Notification No. 5/2023-Central Tax, it has been laid down that the provision related to the Aadhar...
Income Tax Update – Regarding date of approval of Section 80G
The Central Board of Direct Taxes (CBDT) have notified the Notification No. 34/2023 dated 30th May 2023 in which it has been specified that the...
Income Tax update – CBDT introduces E-appeal scheme
The Central Board of Direct Taxes (CBDT) has notified the E-appeal scheme 2023 in which the Joint Commissioner (Appeals) have been made the designated authority....
Income Tax Update – Filing of SFT extended for few days
In the twitter notification by the Income tax department, the department has notified that due to the heavy traffic while filing the SFT, some taxpayers...
Draft rules on Angel tax provisions on consideration received from Non Resident investors by Closely Held Companies
The Central Board of Direct Taxes (CBDT) has published the Draft rules for valuation of unquoted equity shares. The said rules have been taken as...
Income Tax Update – Clarification regarding provisions relating to charitable and religious trust
The Central Board of Direct Taxes (CBDT) has issued the clarification regarding provisions relating to charitable and religious trusts vide Circular No. 6 of 2023...
Income Tax Update – Treatment of TDS on online gaming, amendment in section 194N and amendment in Form 16 for AY 2024-25
The Central Board of Direct Taxes (CBDT) has notified the Notification No. 28/2023 in which there has been an amendment in Section 194N, prescribing the...
Income tax Update – CBDT enlists 3 categories of persons not covered under the Angel tax provisions
The CBDT has notified the 3 categories of persons whose investments in the Closely Held Companies shall not be covered within the ambit of Angel...
Income Tax Update – Amendment in Section 56(2)(viib) for receipt of consideration from any person
In the Notification No. 30/2023, the CBDT has notified that the consideration received by Companies for share capital exceeding the face value received from any...
Income Tax Update : Limit of Leave Encashment extended for Non Government Employees
The Central Board of Direct Taxes (CBDT) has extended the limit of Leave Encashment for the Non Government employees from Rs. 3,00,000/- to Rs. 25,00,000/- ...
CA, CS and CMA brought under the PMLA net
On 3rd May 2023, the Ministry of Finance has issued the notification in which the CA, CS and CMA have been brought under the definition...