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15% increase in GST Collection Year-on-Year (Y-o-Y)
There has been an increase of 15% in GST Collection in the month of December (FY 2022-23) as compared to the month of December (FY 2021-22). This was stated by the Union Minister of State for Finance...
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Last date for linking of PAN-Aadhaar extended
Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 2023 vide Income Tax Notification No. 15/2023 Date: 28th March, 2023 by...
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List of Banks For Income Tax Payments on NSDL & e-Filing Portal
Updated List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS e-Payment of Taxes at Protean (previously NSDL): List of banks for tax payments available at e-Pay Ta...
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Measures taken for easing access to credit for MSMEs for ease of doing business
The Government has taken measures for easing access to credit for MSMEs. reported by Reserve Bank of India (RBI) some of the measures taken by RBI for improving flow of credit to MSME sector are as un...
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More than 2 lakh women owned MSMEs registered on UDYAM portal during special drives
“SAMARTH” initiative launched to support women-owned MSMEs with skill Development and Market Development Assistance , to train more than 7,500 women candidates from rural and sub-urban areas in the FY...
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Finance Bill 2023 – Amendments Proposed in Lok Sabha
List No. 1 LOK SABHA THE FINANCE BILL, 2023 (As introduced in Lok Sabha) Notice of Amendments *The President has in pursuance of clauses (1) and (3) of article 117 and clause (1) of article 274 of the...
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Request for extension of time period for filing of Form CSR 2
THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of Corporate Affairs) MCA: 2023 Dated:...
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CGST Bhiwandi Commissionerate arrests Oppo Mobiles finance manager
for IT fraud amounting to Rs 19 crore An authorized signatory – Manager-Finance & Accounts of Chinese origin company M/s. Oppo Mobiles India Private Limited Mr. Mahendra Kumar Rawat has been arrested...
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Advisory for GST Registration for banquet halls, farm house, marriage gardens & hotels
GOVT. OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, IP ESTATE, NEW DELHI-110002 (POLICY BRANCH) ADVISORY It has come to the notice of the Department that several banquet halls, farm house...
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Exercise of power by PCCIT for performance of functions by CIT(A)
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi Notification No. 14/2023-Income Tax | Dated: 21st March, 2023 S.O. 1329(E).—In exercise of the powers...
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Roll out of ‘AIS for Taxpayer’ Mobile App
The Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Info...
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ICAI Exposure Draft Guidance Note on Transfer of Capital Reserve
The Institute of Chartered Accountants of India Exposure Draft Guidance Note on Transfer of Capital Reserve (Last date of comments: 20thApril, 2023) Research Committee of the Institute of Chartered Ac...
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Demonetisation and its effect on Indian economy
No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published by the Government. This was stated by the Union Minister of State for...
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Advisory for the taxpayer wishing to register as “One Person Company” in GST
As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering a...
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Restaurants entitled to charge GST on service charge voluntarily paid by customer
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION NO.3167 TO BE ANSWERED ON MONDAY, MARCH 20, 2023/PHALGUNA 29, 1944 (SAKA) GST ON SERVICE CHARGE 3167. SHRI A....
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72.42 Lakh is highest number of ITR filing in a day on 31st July 2022
42.92% of total returns were processed within a span of 24 hours of furnishing of ITR. 19 banks onboarded on online tax payment system TIN 2.0. The Government has taken a number of measures in recent...
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No Restriction for GST Registration For Professional on Residential Address
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE RAJYA SABHA UNSTARRED QUESTION No. 1488 ANSWERED ON 14/03/2023 GST NUMBER TO PROFESSIONALS WORKING FROM HOME 1488. Shri Naranbhai J. Rathw...
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Delhi South CGST unearths fake invoicing racket
involving tax evasion of Rs. 17 crore, 2 held The Central Goods and Service Tax (CGST) Delhi South Commissionerate busts racket of firms fraudulently claiming Input Tax Credit (ITC) of ₹17 crore. A sp...
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Income Tax Launches Mobile App For AIS View
Income Tax Department is pacing with technology and now it has launched mobile application for AIS view. Now the taxpayer can view AIS within a click. The assessee can also provide feedback on informa...
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Yearly Know Your Member (KYM) mandatory for CA Members
PLEASE READ TO PREPARE AND SUBMIT KYM also called as ‘Know Your Member’ is a yearly activity. It is mandatory for members to file for KYM 2023-24 onwards The form displays all available information wi...