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Proposed Amendments on IFSC Insurance Office Investment Regulations 2023
Introduction: The International Financial Services Centres Authority (IFSCA) is at the forefront of a major shift in the regulatory landscape concerning the investments made by the International Finan...
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Advisory on Reporting of ITC Reversal opening Balance
Please read the following advisory carefully before proceeding ahead for reporting the ITC Reversal opening balance: 1. Taxpayers are permitted to use this facility to report their ITC Reversal Balanc...
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CTD Cracks Down on Fake GST Bill Operators
Introduction: The Commercial Taxes Department (CTD) of Bengaluru’s South Zone recently brought to light a massive fraud scheme involving fake GST bill operations. The operation is one of its kind wher...
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Solutions for ITC Mismatch in the GST Regime
Introduction The Goods and Services Tax (GST) regime, now in its seventh year, has undergone various evolutions. Despite its extended tenure, practical challenges like the ITC mismatch persist, affect...
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CBDT New Rule 134 & Form 71: TDS Credit Application – Section 155(20)
Introduction: The Central Board of Direct Taxes (CBDT) has issued a new rule, Rule 134, along with Form No. 71, related to the application under sub-section (20) of section 155 for the credit of tax d...
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Correction to Income Tax Notification for Accommodation Perquisite Valuation
Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th August, 2023 related to Amended Income Tax Rules for Valuation of Accom...
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Annual Report on APA Programme by CBDT: Highlights & Insights (2019-22)
The Advance Pricing Agreement (APA) programme has been a key component in shaping India’s tax regime over the past decade. Designed to promote an investor-friendly tax environment, the Central Board o...
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FAQ’s on Income Tax Form 27C
On August 28, 2023, the Income Tax Department unveiled the most recent set of Frequently Asked Questions (FAQs) pertaining to Form 27C. As taxpayers grapple with their income tax obligations, these FA...
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Representation regarding disposal of appeals before CIT (Appeals)
Introduction: A recent representation to the Hon’ble Finance Minister, Smt. Nirmala Sitharaman, has highlighted significant delays and challenges in the faceless appeal scheme. Drafted jointly by the...
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Flexibility in Social Stock Exchange (SSE) Framework
Introduction: The Securities and Exchange Board of India (SEBI) recently released a consultation paper concerning flexibility in the framework on Social Stock Exchange (SSE). Aimed at refining and adv...
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CBDT inserts New Income Tax Rule 13 & 13A & New Form No. 6C and 6CA
CBDT vide Notification No. 70/2023-Income tax Dated: 28th August, 2023 inserted new Income Tax Rule 13. Procedure to requisition services under sub-section (2) and to make a reference under sub-sectio...
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9 Years of Pradhan Mantri Jan Dhan Yojana: Impact, achievements & contributions
Introduction: The Pradhan Mantri Jan Dhan Yojana (PMJDY), a cornerstone of financial inclusion in India, celebrates its ninth anniversary with remarkable achievements. Since its inception in 2014, PMJ...
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DPIIT Notifies Quality Control Orders for Solar DC Cable, Fire Survival Cable & Cast Iron Products
Introduction: The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has recently taken a significant stride in enhancing the quality control l...
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Advisory for Applicants: Biometric-based Aadhaar Authentication for GST Registration
Introduction: The Goods and Services Tax Network (GSTN) has issued a significant advisory to GST (Goods and Services Tax) applicants regarding the Aadhaar authentication process for registration. The...
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Use of technology in Income Tax tax proceedings & its impact on taxpayers: ITBA Suggestions
Income Tax Bar Association’s Stance on Technological Shift in Tax Proceedings The Income Tax Bar Association (ITBA) of Varanasi, well-known for its continuous engagement in suggesting improvements for...
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Study on Post-IBC Firm Outcomes: Effectiveness Report
The Insolvency and Bankruptcy Code (IBC) of 2016 revolutionized the management of distressed businesses in India. By offering ‘resolution’, it allowed struggling entities to navigate financial distres...
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Expert Committee Report on Onshoring Indian Innovation to GIFT IFSC Released
Introduction: The International Financial Services Centres Authority (IFSCA) has received a comprehensive report from a Committee of Experts. This report focuses on the critical theme of ‘Onshoring th...
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SEBI’s New Proposal: Fee Collection Mechanism for IAs & RAs
Introduction: The Securities and Exchange Board of India (SEBI) has recently released a consultation paper that revolves around a novel proposition. It aims to establish a structured ecosystem for fee...
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SEBI’s Consultation on “Finfluencers” Regulation, 2023
SEBI Considers Regulation on Association with Unregistered ‘Finfluencers’ On August 25, 2023, the Securities and Exchange Board of India (SEBI) released a consultation paper aiming to regulate the ass...
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How to Apply for ICSI Marks Verification: Student User Manual 2023
Introduction: The Institute of Company Secretaries of India (ICSI) provides students with the facility to verify their marks or obtain certified copies of their answer books. This article walks throug...