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Amnesty Schemes 2023: Revive Your Registration and Clear Late Fees
Introduction: The year 2023 brings a ray of hope for taxpayers with the extension of multiple tax amnesty schemes. These schemes offer a chance to rectify past non-compliance and clear late fees. Let’...
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Monitoring IGST ITC Reversal: GSTR 3B SOP Guide
Introduction to the Standard Operating Procedure (SOP) on Monitoring Ineligible IGST Input Tax Credit Reversal by Taxpayers in Return Form GSTR 3B In the intricate landscape of taxation, it’s imperati...
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CBI Nabs CGST Superintendent in Bribery Case
The Central Bureau of Investigation (CBI) has detained a Superintendent from the CGST, Bhiwandi Commissionerate, Mumbai on charges of bribery. The arrest was made following the officer’s alleged accep...
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Supreme Court Guidelines for Written Submissions and Oral Arguments
Introduction: The Supreme Court of India has issued a circular, F. No. 57/Judl./2022, dated 22nd August 2023, providing comprehensive guidelines for filing written submissions and compilations before...
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Anomalies in Income Tax Law and Practice – CASS Representation
Introduction: The Chartered Accountants Association of Surat has taken a bold step, voicing concerns over significant anomalies in the country’s Income Tax law and practice. Addressing the Finance Min...
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SEBI Consultation: Recognising Corporate Bodies for Research Analyst Supervision
Introduction: The Securities and Exchange Board of India (SEBI) has ushered in a new wave of regulatory reform. The most recent consultation paper dives into the arena of Research Analysts, intending...
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Amendment to Clarification Regarding Authority Attached to Documents Issued by ICAI
The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI) has introduced an important amendment to the “Clarification Regarding Authority Attached to Documen...
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Handbook on Advance Rulings under Income Tax Act, 1961
GOVERNMENT OF INDIA MINISTRY OF FINANCE CENTRAL BOARD OF DIRECT TAX BOARD FOR ADVANCE RULINGS A HANDBOOK ON ADVANCE RULINGS DISCLAIMER This handbook should not be construed as an exhaustive statement...
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CBDT Amends Income Tax Rules for Valuation of Accommodation Perquisite
The Central Board of Direct Taxes (CBDT) has introduced an amendment to the Income Tax Rules, 1962, relating to the valuation of perquisites for residential accommodation provided by employers. The am...
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New Rule for TDS on Foreign Currency Income: Exchange Rates
Introduction: The Ministry of Finance has issued a significant notification, No. 64/2023-Income Tax, on August 17, 2023, amending the Income-tax Rules, 1962. The notification introduces a new rule, im...
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Operationalisation of the Board for Advance Rulings
Introduction: The Ministry of Finance has taken a significant step towards enhancing tax clarity and efficiency with the operationalisation of the Board for Advance Rulings. This move aims to streamli...
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GSTN issued advisory on Steps for e-Invoicing under GST
Steps For e-Invoicing A. Introduction: ‘e-Invoicing’ means reporting details of specified GST documents to a Government-notified portal i.e., Invoice Registration Portal (IRP) and obtaining an invoice...
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Recent Changes in CGST Rules, 2017
10 Recent Changes in CGST Rules, 2017 1. Rule 88 D inserted Rule 88D inserted to provide manner of dealing with difference in Input Tax Credit (ITC) available in Auto-generated Statement containing th...
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Understanding e-Invoicing: Definition, Process and Key Terms
In the era of digital transformation, e-Invoicing has emerged as a significant advancement in the realm of taxation and business operations. This article delves into the core concepts of e-Invoicing,...
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CBDT Order on Dispute Resolution Committee Formation
Introduction: The Central Board of Direct Taxes (CBDT), an integral part of the Ministry of Finance in India, has recently issued a significant office order, dated 14th August 2023. This order pertain...
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Guidelines on Taxation of sum received under a life insurance policy
Introduction: Circular No. 15 of 2023, issued by the Central Board of Direct Taxes, offers comprehensive insights into the intricate details of the guidelines under Clause (10D) of Section 10 within t...
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New Functionality for ‘Challan Correction’ on Income Tax e-Filing Portal
The Income Tax department has introduced a groundbreaking feature for taxpayers – the ‘Challan Correction’ functionality on its e-filing portal. This transformative addition offers taxpayers a conveni...
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GST Council Newsletter for the month of July 2023
The 50th meeting of the GST Council which convened in New Delhi on 11th July 2023, concluded with the formulation of several momentous decisions that are expected to impact various sectors in India. N...
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Inventory Valuation by Cost Accountants (CMAs) Draft Format released for comments
Inviting comments on the draft Form No. 6C for implementing the amendment made by the Finance Act, 2023 wrt Sub-section (2A) of the Section 142 of the Income Tax Act, 1961 regarding inventory valuatio...
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Haryana Water Resources Authority Tax Exemption – Notification No. 63/2023
The Ministry of Finance, under Notification No. 63/2023, has granted specific tax exemptions to the ‘Haryana Water Resources (Conservation, Regulation and Management) Authority,’ an entity established...