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Impressive Growth in Monthly GST Collection for FY 2021-22 & FY 2022-23
The Ministry of Finance has disclosed the monthly average gross Goods and Services Tax (GST) collection for the financial years 2021-22 and 2022-23, showcasing significant year-on-year growth. This ar...
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CBDT notifies Ten Year Zero Coupon Bond of REC Ltd. under Section 2(48) of Income tax Act, 1961
Vide Notification No. 56/2023-Income Tax Dated: 1st August, 2023 The Ministry of Finance has issued Notification No. 56/2023 under the Income Tax Act, 1961, specifying the details of a zero coupon bon...
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Section 10(46) – IT Act 1961 – Joint Electricity Regulatory Commission (Goa & UTs)
The Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes have issued a crucial notification (No. 55/2023-Income Tax) dated 1st August, 2023. This notification concerns Section...
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Allocation of Jurisdiction among Competent Authorities – Benami Property Act
The Ministry of Finance, Department of Revenue, through its Competent Authority Cell, issued Notification No. 04/2023 on 31st July 2023. This notification pertains to the Prohibition of Benami Propert...
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Record 6.77 Crore ITRs Filed till 31st July 2023; 16.1% YoY Growth
The Ministry of Finance has announced a significant achievement in the filing of Income Tax Returns (ITRs) for the Assessment Year 2023-24. The record-breaking number of ITRs filed till July 31, 2023,...
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Updates on NPS-Lite-Swavalamban Scheme: Must-know Facts
Pension Fund Regulatory and Development Authority (PFRDA) has released important updates on the NPS-Lite-Swavalamban Scheme. This notice carries critical information regarding subsequent contributions...
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Advisory on Regularisation of Bills of Entry: Customs (Waiver of Interest) Third Order
The Directorate General of Systems and Data Management, under the Central Board of Indirect Taxes & Customs, has issued an important advisory regarding the Customs (Waiver of Interest) Third Order, 20...
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Updated SOP for Income Recomputation of Sugar Co-ops in India
CBDT has issued a Standard Operating Procedure (SOP) regarding the recomputation of total income of co-operative societies engaged in the business of sugar manufacturing vide Circular No. 14 of 2023 D...
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Request for Permanent Extension of ITR Filing Due-Date to August 31st
All India Cost & Management Accountants Association (AICMAA) has submitted a formal request to the Hon’ble Finance Minister, Smt. Nirmala Sitaraman, urging her to extend the due-date for filing income...
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Lok Sabha Passes Jan Vishwas Bill 2023
The Lok Sabha recently passed the Jan Vishwas (Amendment of Provisions) Bill, 2023, with the aim of enhancing Ease of Living and Ease of Doing Business in India. The Bill seeks to amend 183 provisions...
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Embracing Global Horizons: Indian Hotels Announces Monumental Acquisition of Pamodzi Hotels in a $15 Million Deal
Indian Hotels Company Limited (IHCL) Expands its Global Footprint In a ground-breaking deal that underscores the continued expansion and resilience of the hospitality industry, Indian Hotels Company L...
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Exposure Draft: International Tax Reform – AS 22 Amendments
On July 25, 2023, the Accounting Standards Board (ASB) of The Institute of Chartered Accountants of India released an Exposure Draft for public review. The draft proposes Amendments to AS 22 to addres...
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Government Proposes Online Audit Mechanism for Streamlining GST Process
In response to concerns over anti-competitive practices by major tech companies, the Union government has decided to introduce an online audit mechanism under the Goods and Services Tax (GST) system....
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DGGI Meerut busts Rs. 3,242 Cr Fake Billing Racket
The Ministry of Finance’s Directorate General of GST Intelligence (DGGI) Meerut Zonal Unit has successfully exposed two significant fake billing rackets, involving 246 fake entities, with a massive tu...
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CBDT Clarification on Rule 114F(5) of Income Tax Rules
The Ministry of Finance, Department of Revenue, Foreign Tax & Tax Research Division has issued a crucial clarification in respect of Rule 114F(5) of the Income Tax Rules, 1962. This clarification addr...
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Income Tax Circular: Condonation of Delay for Deduction u/s 80P
The Indian Ministry of Finance, under the Central Board of Direct Taxes, has issued Circular No. 13/2023-Income Tax on 26th July 2023. The circular addresses the condonation of delay under clause (b)...
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Correction in Income Tax Notification: Insertion of Annexure-II to Form No. 34E
Central Board of Direct Taxes have released a corrigendum notification, No. 53/2023-Income Tax, on 26th July 2023. This notification aims to correct an oversight in Notification No. 37/2023-Income Tax...
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ICSI FAQs on Unique Document Identification Number (UDIN)
(Guidelines are approved by the Council in its 261st (Special) Meeting held on 27th June, 2019 and amended by the Council in its 263rd Meeting held on 23rd September, 2019, 269th (Adjourned) Meeting h...
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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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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...