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CBDT extends applicability of Safe Harbour rules to AY 2023-24
Central Board of Direct Taxes (CBDT) has introduced a significant amendment through Notification No. 58/2023, impacting the Income-tax Rules. This move extends the applicability of Safe Harbour rules...
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Guidelines for Compulsory Income Tax Scrutiny – FY 2023-24- clarification
Central Board of Direct Taxes has issued guidelines for the compulsory selection of returns for Complete Scrutiny during the Financial Year 2023-24. These guidelines aim to clarify the procedure for c...
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Income Tax Department Young Professional Scheme
The Income Tax Department, under the Government of India’s Ministry of Finance, introduces the Young Professional Scheme. The scheme aims to enhance departmental representation in the Income Tax Appel...
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14-Sector PLI Schemes: Boosting Indian Manufacturing & Exports
In the pursuit of achieving ‘Atmanirbhar Bharat’ or a self-reliant India, the Ministry of Commerce and Industry has rolled out Production Linked Incentive (PLI) Schemes. These are targeted at 14 key s...
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Jan Vishwas Bill 2023: Decriminalizing 183 Provisions in India
The Jan Vishwas (Amendment of Provisions) Bill, 2023, passed in both Lok Sabha and Rajya Sabha, serves as a landmark move towards the Ease of Living and Ease of Doing Business. The Bill introduces ame...
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Government Launches Vivad se Vishwas – II Scheme for Contractual Disputes
The Government of India has introduced the “Vivad se Vishwas II – (Contractual Disputes)” scheme to effectively resolve pending contractual disputes involving government and government undertakings. T...
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Sahara-SEBI Fund to Repay Investors: A Detailed Review
In a significant development, Sahara Group’s cooperative societies have informed the Central Registrar of Cooperative Societies about the withdrawal from the Sahara-SEBI fund to repay the group’s inve...
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Guide to E-Invoice Services Offered by New IRPs Under GST
Introduction: The Indian Goods and Services Tax (GST) system has introduced e-Invoicing, a significant step towards enhancing ease of doing business. This article provides an overview of the services...
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Rising GST & Tax Evasion: An Insight into Efforts & Statistics
In a rapidly digitising world, ensuring tax compliance has become a challenging task for governments worldwide, and India is no exception. In response to a recent Lok Sabha query, the Government of In...
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Tax Deduction Relaxation for Ship Lease in IFSC: Income Tax Notification 57/2023
Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes have issued Notification No. 57/2023 on 1st August, 2023. This notification offers a tax deduction relaxation for lease re...
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Income Tax Amendment 2023: New Rules for Preliminary Expenses
CBDT inserted New Rule 6ABBB. Form of statement to be furnished regarding preliminary expenses incurred under section 35D vide Notification No. 54/2023-Income Tax Dated: 1st August, 2023. The amendmen...
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Recommendations of 51st GST Council Meeting
GST Council recommends certain amendments in CGST Act 2017 and IGST Act 2017, including amendment in Schedule III of CGST Act, 2017, to provide clarity on taxation of supplies in casinos, horse racing...
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EPFO SOP For Inspection of Establishments
The Employees’ Provident Fund Organisation (EPFO) has developed a Standard Operating Procedure (SOP) for conducting inspections of establishments in a transparent and accountable manner. This document...
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EPFO Vigilance Guidelines: Filing Complaints with EPFO Vigilance
Employees’ Provident Fund Organisation (EPFO) Vigilance Division plays a vital role in addressing complaints related to corruption and vigilance matters. This article outlines the guidelines for filin...
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SEBI Consultation Paper on Account Aggregator Framework – Public Comments
Securities and Exchange Board of India (SEBI) has released a consultation paper on the Account Aggregator Framework in securities markets. The paper aims to define use cases of Financial Information U...
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Fresh guidelines for tyre manufacturers by Ministry of Commerce and Industry
Ministry of Commerce & Industry The Indian tyre industry has been witnessing a rise in the demand for production of tyres for export and domestic sales. The increasing ownership of vehicles aids the t...
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ICAI President’s Message – August 2023
In his August 2023 message, CA. Aniket Sunil Talati, President of the Institute of Chartered Accountants of India (ICAI), emphasizes the profession’s adaptability to technology while upholding ethical...
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Draft Supplier Finance Arrangements – Amendments to Ind AS 7 & Ind AS 107
Accounting Standards Board The Institute of Chartered Accountants of India 25th July, 2023 Exposure Draft of Supplier Finance Arrangements – Amendments to Ind AS 7 and Ind AS 107 As you are kindly awa...
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Draft International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12
Accounting Standards Board The Institute of Chartered Accountants of India 25th July, 2023 Exposure Draft of International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12 As you are kindly...
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July 2023 GST Revenue Collection: ₹1,65,105 Crore with 11% YoY Growth
The Ministry of Finance, Government of India, has released the GST revenue collection data for July 2023. The figures show a significant increase in GST collections compared to the same period last ye...