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Advisory on Reporting of supplies to un-registered dealers in GSTR1/GSTR 5
Goods and Services TaxGovernment of India, States and Union TerritoriesAdvisory on Reporting of supplies to un-registered dealers in GSTR1/GSTR 5Sep 3rd, 2024Vide Notification No. 12/2024 – Central Ta...
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New RCM Liability/ITC Statement on GST Portal
Goods and Services TaxGovernment of India, States and Union TerritoriesIntroduction of RCM Liability/ITC StatementAug 23rd, 2024To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM...
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Advisory for furnishing bank account details before filing GSTR-1/IFF
Goods and Services TaxGovernment of India, States and Union TerritoriesAdvisory for furnishing bank account details before filing GSTR-1/IFF Notification No. 38/2023 – Central Tax New Delhi, the 4th A...
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New Invoice Management System (IMS) on GST Portal from Oct 2024
Goods and Services TaxGovernment of India, States and Union TerritoriesInvoice Management SystemTo enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through t...
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ICAI President’s Message – September 2024
Institute of Chartered Accountants of India (ICAI) underscores the accounting profession’s critical role in fostering sustainable development amidst global climate challenges. The message emphasizes t...
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Delhi High Court's Landmark Ruling on Tiger Global-Flipkart Transaction: Upholding Mauritius TRC and DTAA Benefits.
Delhi High Court's Landmark Ruling on Tiger Global-Flipkart Transaction: Upholding Mauritius TRC and DTAA BenefitsIn a significant and detailed judgment spanning 224 pages ((2024) TaxCorp(LJ) 34461 (H...
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SCN Reply - Reply to Show Cause Notice Under Section 271D of the Income Tax Act, 1961.
Reply to Show Cause Notice Under Section 271D of the Income Tax Act, 1961The Appellant respectfully submits this reply in response to the show cause notice issued under Section 271D of the Income Tax...
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Understanding Form 3CD: A Comprehensive Guide to Tax Audit Reporting
In the realm of Indian taxation, Form 3CD plays a pivotal role in ensuring compliance and transparency. This form, integral to the tax audit process, serves as a detailed statement of particulars that...
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ESOP Taxation in India - Recent Delhi High Court Decision and Analysis.
ESOP Taxation in India - Recent Delhi High Court Decision and AnalysisIntroductionEmployee Stock Option Plans (ESOPs) have emerged as a pivotal tool for companies to attract, retain, and incentivize t...
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SCN Reply - Appeal Against Penalty Imposed Under Section [Section Number] of the Income Tax Act, 1961 for the Assessment Year [Assessment Year].
Appeal Against Penalty Imposed Under Section [Section Number] of the Income Tax Act, 1961 for the Assessment Year [Assessment Year]To, The Commissioner of Income Tax (Appeals) [City]Subject: Appeal fo...
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Recent CBIC Circulars: Key Highlights on Corporate Guarantees, Outstanding Dues, and Refund Procedures.
Recent CBIC Circulars: Key Highlights on Corporate Guarantees, Outstanding Dues, and Refund ProceduresOn July 11, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued a series of circul...
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SEBI approved norms to regulate misinformation through finfluencers
Securities and Exchange Board of India Dated: 27th June 2024 Proposal on association of persons regulated by the SEBI and the agents of such persons with persons who directly or indirectly provide adv...
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SEBI proposes Maintenance of Record of Mandatory Communication By Regulated Entities
SEBI has issued a consultation paper to gather public feedback on a proposal requiring regulated entities to maintain records of all mandatory communications. Currently, only a limited set of communic...
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CBDT rolls out e-DRS Scheme, 2022
The Central Board of Direct Taxes (CBDT) has announced the launch of the e-Dispute Resolution Scheme, 2022 (e-DRS) under Section 245MA of the Income-tax Act, 1961. The e-DRS aims to reduce tax-related...
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SCN Reply - Clarification on Summons Issued Under Section 70 of the CGST Act, 2017
Date: [Insert Date]To,The Proper Officer,GST Department,[City]Subject: Clarification on Summons Issued Under Section 70 of the CGST Act, 2017Dear Sir/Madam,We acknowledge the receipt of the summons is...
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SCN Reply - Appeal for Waiver or Reduction of Late Fees on GSTR-9 Submission for FY 2019-20
Date: [Insert Date]To,The Proper Officer,GST Department,[City]Subject: Request for Waiver or Reduction of GSTR-9 Late Fees for FY 2019-20Dear Sir/Madam,I am writing to address the issue of late fees i...
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SCN Reply - Response to Show Cause Notice: Non-Reversal of Input Tax Credit on Post-Sale Discounts
Date: [Insert Date]To,The Proper Officer,[Insert GST Department Name][City, State, Pincode]Subject: Justification for Non-Reversal of Input Tax Credit (ITC) on Post-Sale Discounts/Incentives via Comme...
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SCN Reply - Request for Release of Vehicle and Goods Detained Due to Invoice Number Discrepancy
Date: [Insert Date]To:The Proper Officer,[Name of the Office],[Address of the Office],[City, State, PIN Code]Subject: Request for Release of Vehicle and Goods Detained Due to Invoice Number Discrepanc...
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Updates on CBIC Circulars: Corporate Guarantees, Dues Recovery, and Refunds.
Updates on CBIC Circulars: Corporate Guarantees, Dues Recovery, and RefundsOn July 11, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued several Circulars following the 53rd GST Coun...
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SCN Reply - Response to Show Cause Notice: Request for Reconsideration of Refund Application Rejection
Date: [Date]To,The Proper Officer,GST Department,Circle [Insert Circle],City [Insert City]Subject: Request for Reconsideration of Refund Application Rejection Due to Alleged Non-Compliance with Rule 1...