Finance Bill, 2023 as passed by the Parliament. Download pdf copy
The Finance Bill, 2023 as passed by the Parliament is now available.
Government has changed the rules related to your credit card, applicable from April 1
Finance Minister Nirmala Sitharaman introduced the Finance Bill 2023 on 24 March. More than 45 changes have been made in the Finance Bill 2023, which was passed by the Lok Sabha amidst sloganeering by the opposition members. If you also travel abroad and do ment with credit card, then this news is useful for you. …
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Last moment check to make the optimum use of tax saving tools before March 31 2023
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 …
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WEEKLY CORPORATE AFFAIRS
[Sl. Particulars Link 1 Extension of timeline for submission of public comments on the consultation paper on Regulatory Framework for ESG Rating Providers (ERPs) in Securities Market Click Here 2 Linking of PAN with Aadhaar to be done by March 31, 2023 Click Here 3 Operational Guidance – Amendment to SEBI (Buy-back …
Finance Minister’s big announcement on pension of government employees, proposal in Finance Bill
Union Finance Minister Nirmala Sitharaman introduced the Finance Bill 2023 in the Lok Sabha on Friday. During this, the opposition MPs created a ruckus regarding the Adani-Hindenburg issue. There was a demand from the MPs of the opposition parties that a JPC should be constituted regarding this matter. The Finance Bill 2023 was passed amid …
Arrests Oppo Mobiles finance manager for IT fraud amounting to Rs 19 crore on Fake Invoices
CGST Bhiwandi Commissionerate arrests Oppo Mobiles finance manager for IT fraud amounting to Rs 19 crore- An authorized signatory – Manager-Finance & Accounts of Chinese origin company M/s. Oppo Mobiles India Private Limited Mr. Mahendra Kumar Rawat has been arrested by CGST Bhiwandi Commissionerate, for fraudulent availment of ITC amounting to Rs.19cr on fake invoices. …
ICMAI CMA Result 2023: Toppers list for Intermediate & Final courses out
The Institute of Cost Accountants of India (ICMAI) has declared the Cost Management and Accounting (CMA) rank list 2023 for intermediate and final course candidates today on 22 March 2023. Among the CMA intermediate course candidates, the first four toppers are males, while the fifth one is a female. In the CMA final course rank …
ICMAI CMA Result 2023: Toppers list for Intermediate & Final courses out Read More »
Advisory for the taxpayer wishing to register as “One Person Company” in GST
Advisory for the taxpayer wishing to register as “One Person Company” in GST As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take …
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Top 10 cryptocurrencies in 2023 with their high exchange speeds
In 2023, these are the top 10 cryptocurrencies with high transaction speeds. Ripple (XRP): Ripple (XRP) is a digital payment protocol that facilitates low-cost, near-instantaneous international transactions. Ripple’s rapid transaction speed is one of its key characteristics. The XRP Ledger settles transactions in 3-5 seconds, as stated on the Ripple website. Compared to other cryptocurrencies like Bitcoin …
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Guidance Note on Audit of Banks (2023 Edition)
Auditing and Assurance Standards BoardThe Institute of Chartered Accountants of India16th March, 2023Guidance Note on Audit of Banks (2023 Edition)
Advance tax payment deadline ends today, Penalty if you fail to pay Advance tax
March 15 is last date for payment of the last instalment of Advance Tax for the financial year 2022-2023. . The Income Tax Department has also recently appealed to taxpayers to pay their last instalment of advance tax by the due date. Advance tax is the amount of income tax that should be paid in …
Advance tax payment deadline ends today, Penalty if you fail to pay Advance tax Read More »
Income Tax Department sending messages to taxpayers certain significant financial transactions relating to FY 2022-23 (AY 2023-24)
Income Tax Department is sending messages to taxpayers regarding payment of advance tax keeping in view transactions incurred during the financial year 2022-23 i.e assessment year 2023-24. The last date to make payment of advance tax is 15/03/2023. “Attention DHA——– ENTERPRISES (PAN XXXXX2657X ) Income Tax Department has received information about certain significant financial transactions …
The Collapse of Silicon Valley Bank: How Rising Interest Rates Triggered the Largest Bank Failure Since 2008
On March 10, 2023, Silicon Valley Bank collapsed, marking the largest bank failure since the 2008 financial crisis. The collapse sent shockwaves through global markets, leaving billions of dollars belonging to companies and investors stranded. The Federal Deposit Insurance Corporation (FDIC) is racing to find another bank to merge with Silicon Valley Bank to safeguard …
Critical Rule 36(4) covering all amendments and timelines! Helpful in GST Audits & Assessments
One pager on Journey of critical Rule 36(4) covering all amendments and timelines!!May be helpful in ongoing GST Audits & Assessments. RULE 36(4)-AVAILABILITY OF ITC ON THE BASIS OF GSTR-2A/2B [GSTR1 OF SUPPLIER] CHRONOLOGY OF AMENDMENTS Introduced initially as following: “36(4)- Input tax credit to be availed by a registered person in respect of invoices …
Income Tax department sends Urgent Notice Taxpayers Alert!
PAN-Aadhaar LINK: After March 31, 2023, your Permanent Account Number (PAN) will become inoperative, if it is not linked to your Aadhaar. The centre has extended the deadline to link PAN with Aadhaar several times, however, this time the centre has sternly advised taxpayers to link their PAN with Aadhaar within the current deadline. “As per …
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Important seven financial tasks that you should complete before March 31, 2023
Here are seven financial tasks that you should complete before March 31, 2023. 1) Link PAN with Aadhar: The last date to link Permanent Account Number (PAN) and Aadhaar cards is March 31, 2023. If you miss the deadline your PAN will become inoperative. In a recent advisory, the government of India clarified that it is mandatory. …
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GST amount to be adjusted if there is an issue of mismatch in GST Return with Bank Statement
The Hon’ble Allahabad High Court in Vriddhi Infratech India Pvt. Ltd v. Commissioner, Commercial Tax and Ors. [Writ Tax No. – 4 of 2022 dated February 23, 2023] has set aside the order passed by the Revenue Department, on the grounds, that the Revenue Department and the Appellate Authority have committed the misreading of FORM GSTR-09 filed by the …
Beneficiary Schemes for the Members of ICAI
Beneficiary Schemes for the Members of ICAI 3 new Insurance Products- Direct Link ICICI Lombard – Super Top Up (New) HDFC Group Poorna Suraksha (New) ICICI Lombard – Health Insurance (New)
Bombay High Court restrains I-T department from taking coercive action against Anil Ambani
In a relief for industrialist Anil Ambani, the Bombay High Court on Friday restrained the Income Tax department from taking any coercive action against him. A division bench of Justices Gautam Patel and Neela Gokhale granted the relief to Ambani in the fresh IT notice, which sought to prosecute him under the Black Money Act …
Gross Direct Tax collections for FY 2022-23 upto 10th March, 2023
Gross Direct Tax collections for FY 2022-23 upto 10th March, 2023 are at Rs. 16.68 lakh crore, higher by 22.58% over gross collections for corresponding period of preceding yr.Net collections at Rs. 13.73 lakh crore are 16.78% higher than net collections for same period last yr
Attention Taxpayers- Advisory on Mandatory reporting of 6 digit HSN codes
Mandatory reporting of 6 digit HSN codes as per Notification No. 78/2020 – Central Tax dated 15/10/2020 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 having AATO more than Rs 5 Crores. After a few …
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Breaking: Calcutta High Court slaps ₹20,000 costs on Income Tax officer for issuing notice to non-existent entity twice
The Calcutta High Court recently imposed ₹20,000 as personal costs on an income tax Assessing Officer (AO), Bitan Roy, after the Court found that he had issued an assessment notice to a company that no longer existed after its amalgamation with another entity in 2019. [Orbit Projects Private Limited Vs Income Tax Officer, Ward 5(1), …
ICAI EXTENSION OF LAST DATE FOR ONLINE EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS FOR MAY/JUNE 2023 EXAM
ICAI IMPORTANT ANNOUNCEMENT- EXTENSION OF LAST DATE FOR ONLINE EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS FOR MAY/JUNE 2023 EXAMINATIONS UP TO 15TH MARCH 2023. It has been decided to extend the Last date of online empanelment of members to act as observers at the examination centres for the Chartered Accountants’ Examinations, May/June 2023, up to …
Clarification on the provisions under Income Tax Act’ 1961 pertaining to National Pension System (NPS)
National Pension System (NPS): Clarification on the provisions under Income Tax Act’ 1961 FOOD CORPORATION OF INDIAHEADQUARTERS16-20, BARAKHAMBA LANENEW DELHI – 110001 No. DCPS / 1 / Wage Revision / 2017-2018 Dated: 13th Feb, 2023 Circular No. FCIDCPS-02/2023 Subject: Clarification on the provisions under Income Tax Act’ 1961 pertaining to National Pension System (NPS). Implications …
5 arrested for trying to kidnap a young man posing as fake income tax officers
The police have arrested 5 students who were trying to kidnap a youth by posing as fake income tax officers. The arrested accused are Nagendra Singh Rajput, resident of Mahalpur Barodamev, Kaptan Singh, resident of Ronpur, Nafees Khan, resident of Bileta Rajgarh Alwar, Hemveer Jat, resident of Bahaj Deeg, Bhim Singh Jatav, resident of Bedham …
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Tax payers need to send the ITR-V in case of non-verification of return via digital signature or verification code! process here
ITR-V stands for income tax return – verification form. It is a document sent by the department when a return is filed online without using a digital signature. The purpose of ITR-V is to verify the authenticity of tax return. One can download the form from the department’s website or from the mail ID on …
Tax related Important deadlines in March
Here’s a list of things that one needs to look out for: The Income Tax Department has made it mandatory for PAN holders to link it with Aadhaar by the end of March this year or it will be rendered ‘inoperative.’ Individuals will be restricted from filing the income-tax return or accessing PAN-related services failing to link …
Food Safety Regulations Circulars- Updates Compliance Management for March, 2023
The Indian food processing industry is among the largest in the nation in terms of growth, production, consumption and exports. The industry produces several food products such as meat, poultry, fisheries, fruits, vegetables, spices, milk and milk products, alcoholic beverages, plantations and grains. The Food industry in India comprises various segments such as fisheries, plantations, …
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BIG NEWS: Rules for buying and selling gold changed
The central government has changed the rules for buying and selling gold and jewellery. The Consumer Affairs Ministry said that after March 31, gold jewelery without hallmark unique identification cannot be sold. Under the new rule, from April 1, instead of 4 digits, only 6 digit alpha-numeric hallmarking will be valid. Without this, consumers will …
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IBBI GET CBDT EXEMPTION UNDER CLAUSE 46 OF SECTION 10 OF INCOME TAX ACT-1961
The Central Board of Direct Taxes (CBDT) notified the Income Tax exemption to Insolvency and Bankruptcy Board of India (IBBI) under clause (46) of section 10 of the Income- tax Act, 1961 (43 of 1961). The exemption has been extended to the IBBI, a board created by the central government, was notified for the purposes …
IBBI GET CBDT EXEMPTION UNDER CLAUSE 46 OF SECTION 10 OF INCOME TAX ACT-1961 Read More »