NPCI Media Statement: NPCI, 28th March 2023. UPI does not expose the sender’s KYC details and neither does it lead to a user’s mobile or App getting hacked
last moment check to make the optimum use of tax saving tools before 31 March. Health insurance Amid rising hospital treatment costs, buying health insurance is a must. However, buying health insurance also helps in saving taxes as it allows people to take an exemption of up to ₹1,00,000 in premiums under Section 80D on health …
Last moment check to make the optimum use of tax saving tools before March 31 2023 Read More »
Below are the types of tax assesses who can adopt the provisions of presumptive taxation scheme Under Section 44AD : Below conditions are to be satisfied for adopting presumptive taxation scheme under Section 44AD of the Income Tax Act: For Example, Mr. Mohan has a provisions store. The annual turnover of his shop for the …
GST WEEKLY UPDATE : 50/2022-23 (12.03.2023) 1. Mandatory reporting of 6 digit HSN codes as per Notification No. 78/2020 – Central Tax dated 15/10/2020: Advisory for e Invoice: As per the Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to mention 6-digit HSN Codes for their outward supplies …
If a person draws a cheque in favour of another, and the same cheque is returned when produced before the bank for encashment, it is legally termed as cheque dishonour and cheque bounce in general terms. Section 138 of Negotiable Instruments Act, 1881 [‘NI Act’] provides for criminal provision regarding a cheque bounced due to insufficiency of funds. When …
Section 138 of Cheque Bounce rules, format, around the legal notice for cheque bounce Read More »
Latest GST News, Information, Notifications & Announcements 1. Advisory on opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA): 2. Advisory on New e-Invoice Portal: CBIC clarified that, 1. We would like to inform you that GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices …
GST Department Issues Advisory on New e-Invoice Portal 1. We would like to inform you that GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. As a result, the beta launch of a new e-Invoice portal (www.einvoice.gst.gov.in), has been done where taxpayers can find comprehensive information on e-invoice …
Dear Valued Taxpayers, Advisory on New GST e-Invoice Portal Read More »
Dear Valued Taxpayers, 1.GSTN is pleased to inform the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic coordinates) is now available on the GST Portal. This feature is introduced to ensure the accuracy of address details in …
Taxpayers Alert: Advisory on Geocoding of Address of Principal Place of Business Read More »
GSTN enabled Option to file declaration in Annexure-V to opt for payment under FCM by GTA. Functionality can be accessed at: Dashboard > Services > User Services > Opting Forward Charge payment by GTA (Annexure V) > Select FY & apply
49th GST Council important updates
state GST department has unearthed a scam with a new modus operandi where 1,500 Aadhaar cards were illegally used in the past eight months to generate bogus GST registration numbers. To keep a check on bogus billing, the department carried out spot verification of suspected firms, including those in Surat, Bhavnagar, Ahmedabad, Anand and Rajkot, …
Big GST Scam: 24 firms verified, 12 were found to be involved in the illegal operation Read More »
Budget 2023: Finance Minister Nirmala Sitharaman presented the country’s next general budget for the financial year 2023-24 in Parliament on 1 February 2023. In this budget, under the new tax regime, the government has announced that no tax will be levied on income up to Rs 7 lakh. Along with this, for the first time, …
What is Standard Deduction? (What is standard deduction) Read More »
1. Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns (24/01/2023): Recently, a functionality of “Automated Drop Proceedings” of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is available for the taxpayers who have filed their pending returns i.e. 6 monthly or 2 …
TAX COMPLIANCE TRACKER – FEBRUARY, 2023 Sl. Compliance Particulars Due Dates 1 Due date for deposit of Tax deducted/collected for the month of January, 2023. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without …
Reserve Bank of India (RBI), vide Press Release dated 16th January, 2023, has releases Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks and has proposed a framework for adoption of an ‘expected loss-based’ approach for provisioning by banks (As part of the Statement on Developmental and Regulatory Policies released on …
RBI Discussion Paper on Expected Loss (EL)-based Approach Read More »
The Income Tax Department has allowed non-resident taxpayers who do not have a Permanent Account Number (PAN) to manually fill Form 10F till March 31, 2023. This will reduce the burden of this exercise required for TDS exemption for non-resident taxpayers and they will be able to claim a lower TDS (Tax Deducted at Source) …
Webinar on Awareness on MCA21 V3 Company filings on 23 January 2023 from 3:00 pm to 5:00 pm – (23-01-2023) Webinar on MCA 21 –Version 3 GuidanceEdition # 16-January 23, 2023 | Time : 3:00 pm to 5:00 pmFees : Nil The Ministry of Corporate Affairs has launched Version – 3 of MCA-21 Portal and …
ICAI is hosting a series of Guidance webinars to assist members; free Read More »
1. House Rent Allowance House Rent Allowance (HRA), provided under Section 10(13A) & Rule 2A of the Income Tax Act, is the amount the employer pays to the employees to compensate for rent paid by them. This allowance is fully taxable if you don’t live in a rented accommodation. “The deduction for house rent allowance …
5 Major Tax-Free Allowances Provided By Govt To Salaried Individuals Read More »
Recently, a functionality of Automated Drop Proceedings of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is for the taxpayers who have filed their pending 6 monthly or 2 Quarterly returns. Such taxpayers are advised to revoke the suspension once the due returns have been filed by clicking on …
GST Suspended: Advisory on “Initiating Drop Proceeding” by taxpayers Read More »
1. GST portal update: A new functionality has been deployed on the portal where the suspended taxpayers can themselves initiate the process of drop proceedings after having filed all pending returns/statements by clicking “InitiateDrop Proceeding” button by navigating Notices/Order after login on their dashboard, if required. This form GST RFD-01 is made available on the portal …
Many new changes related to pockets are also going to happen. Some changes will be beneficial for you, while some changes can also be heavy on your pocket. At the same time, there are many such works which you can get done by December 31, then you can also get relief from paying a higher …
These 11 major changes will happen from January 1, 2023 Read More »
Clarification on passing of Ordinary and Special resolutions by the companies under the Companies Act, 2013 read with rules made thereunder on account of COVID-19-reg. In continuation to this Ministry’s General Circular No. 14/2020 dated 08.04.2020 and General Circular No. 03/2022 dated 05.05.2022 and after due examination, it has been decided to allow companies to …
GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the Finance Ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The …
Rule Change: Government has changed the GST rules for claiming input tax credit Read More »
Newsletter Contents: • SEBI Updates • MCA Updates • RBI Updates • IBC Updates • Labour Law Updates • Press Information IPO & Investment updates • IRDAI Updates Department of Telecommunications • MSME Updates • Competition Commission of India • Current Affairs – FAQ’s WEEKLY CORPORATE AFFAIRS FROM 13.12.2022 TO 20.12.2022 [Sl. Particulars Link …
We are delighted to share our 97th E-Newsletter “Weekly Taxation Newsletter” dated 20th December, 2022 from 13th November, 2022 to 20th December, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …
Banks need to provide new locker agreement to customers byJan 1, 2023 Bank locker customers must ensure that they have signed a new locker agreement which will be effective from January 1, 2023. Banks like Punjab National Bank (PNB) are sending SMSs to customers alerting them of the same. According to the message received by …
Securities and Exchange Board of India (SEBI) vide notification no. SEBI/HO/MIRSD/DoP/P/CIR/2022/143 dated 27th October, 2022 in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Section 19 of the Depositories Act, 1996, to protect the interests of investors in securities and to promote the development of, …
Sebi Clarification on Block Mechanism in Clients demat account Read More »
E Invoice mandatory w.e.f.01.10.2022: Every registered taxable person whose aggregate annual turnover exceeds Rs.10 Cr in any of the financial year since 2017-18 is liable to issue e-invoice by way of uploading its tax invoice in json file on Invoice Registration Portal (IRP) in accordance with e-invoice schema in INV-01 and getting back digitally signed …
Supreme Court gives a 30-day additional window to GSTN for opening a common portal for taxpayers to claim pending transitional credit due at the launch of #GST in 2017. The window will now open on Oct 1.
FOOD SAFETY AND STANDARDS AUTHORITY OF INDIA vide gazette id no. CG-DL-E-16062022-236584 dated 10th June, 2022 published dated 14th June, 2022 has released the “Food Safety and Standards (Vegan Foods) Regulations, 2022”. It’s a concept that prohibits the consumption of all the byproducts obtained from animals and thus one cannot consume dairy, eggs, meat, and …