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...
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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...
GSTN launches e-invoice registration services with private IRPs
In another step towards further digitization of the business process flow, GSTN has launched the e-invoice registration services through multiple private IRPs at the recommendation...
MCA extends time for filing 45 Company e-forms and Form PAS 03 in V3.0 without addtional fee
Due to change in way of filing in Version-3, including fresh process of registration of users on MCA-21 and process of stabilization of 45 forms...
Section 115BAE – New concessional tax rate for New manufacturing Co-operative societies
In the Finance Bill 2023, a new section 115BAE has been proposed to be inserted providing the concessional tax regime to new manufacturing co-operative societies....
Union Budget 2023 – Amendment in Section 35D regarding claiming deduction on amortization of preliminary expenditure
In the existing provisions of Section 35D, the assessee, whether an Indian Company or a person other than company who is resident in India, can...
Union Budget 2023 – Rebate u/s. 87A enhanced for New Income tax regime
In the Union Budget 2023 introduced by Union Finance Minister Smt. Nirmala Sitharaman on 1st February 2023, the focus has been shifted on promoting the...
Union Budget 2023 – Increase in Income tax slab under section 115BAC
Till AY 2022-23, there has been 2 Income tax slabs. One is the old one in which all the deductions can be availed and the...
Implementation of E-Invoicing for Turnover more than Rs. 10 Crores
The Central Board of Indirect Taxes and Customs (CBIC) has published the Notification No. 17/2022-Central Tax in which it has been decided that for the...
Extension of due date of filing for DIR 3 KYC
The Ministry of Corporate Affairs (MCA) has extended the due date of the filing of DIR 3 KYC and DIR 3 KYC WEB. Currently, the...
Extension of timeline for filing of various reports of Audit for the A.Y. 2022-23
The Central Board of Direct Taxes (CBDT), vide Circular No. 19/2022 dated 30-09-2022 has extended the due date of furnishing various audit reports whose due...
Notification No. 7/2022 – Central Tax (Rate) – Seeks to amend notification No. 2/2017- Central Tax (Rate)
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Notification No. 6/2022 – Central Tax (Rate) – Seeks to amend notification No. 1/2017- Central Tax (Rate)
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Notification No. 04/2022 – Central Tax (Rate) – Seeks to amend Notification No 12/2017- Central Tax (Rate) dated 28.06.2017
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Notification No. 03/2022 – Central Tax (Rate) – Seeks to amend Notification No 11/2017- Central Tax (Rate) dated 28.06.2017
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E Invoicing mandatory for Taxable Persons having aggregate turnover exceeding Rs. 10 Crores
E Invoicing means the generation of the Invoices on the GST portal on real time basis along with the generation of E way bill in...
Time period for E verification of Income tax returns have been reduced
The Central Board of Direct Taxes has published the Notification on 29th July 2022 in which the time limit for E verification of Income tax...
CBIC issues clarification on various topics
CBIC vide Circular No. 172/04/2022-GST has issued the clarification on various issues which are as follows:- Refund claimed by the recipients of supplies regarded as...
CBIC extends time limit for issuance of order under section 73(9) of CGST Act
CBIC vide Notification No. 13/2022-Central Tax dated 5th July 2022 has extended the time limit for issuance of order under Section 73(9) of CGST Act...
CBIC extends the waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22
CBIC vide Notification No. 12/2022-Central Tax dated 5th July 2022 has waived the late fee for delay in filing Form GSTR 4 for FY 2021-22...
CBIC notifies extension of due date of filing of Form GST CMP 08 for Q1 of FY 2022-23
CBIC vide Notification No. 11/2022-Central Tax dated 5th July 2022 has extended the due date of filing of Form GST CMP 08 for Q1 of...
Rate changes recommended by 47th GST Council Meeting
In the 47th GST Council Meeting, various rate rationalizations and rate impositions have been recommended which shall be effective with effect from 18-07-2022 which are...
CBDT further extends UDIN updation till 30-9-2022
The Central Board of Direct Taxes (CBDT) has further extended the UDIN updation on the Income tax portal from 30-06-2022 to 30-09-2022. This extension has...