In this edition we have tried to bring you notice the latest amendment that followed in the month of November, 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA Commerce Ministry to collaborate with e-commerce companies to promote exports from districts (November 23, 2023) In a significant move to enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India is collaborating
Month: December 2023
Audit trail Feature in Accounting Software
DEFINITION Audit trail is combination of two words where: Audit refers to examination of records Trail refers to series of clues that are left behind An audit trail is, essentially, proof of all the changes made to your financial data In general it is the history of a particular document since its creation PURPOSE Audit is a vast task depending on the financial statement there are some inherent limitation of audit that an auditor is not expected to mitigate
Chancellor Jeremy Hunt Unveils Pivotal Financial Roadmap for the Year Ahead
In a recent House of Commons address, Chancellor Jeremy Hunt laid out the government’s financial blueprint for the upcoming year, impacting individual finances and allocating funds for crucial public services. Here’s a concise summary of the key points: Taxation and Income Adjustments: Main National Insurance rate drops from 12% to 10% from January 6, affecting 27 million individuals. Class 2 National Insurance for self-employed individuals earning over £12,570 abolished from April. Class 4 National Insurance for self-employed individuals, paid
Indirect Tax Alert – November 2023
Indirect Tax News Letter GST Calendar –Compliances for the month of December’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) December 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) December 10, 2023 GSTR-1 December 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) December 13, 2023 GSTR-6 Input Service Distributor December 13, 2023 GSTR-2B (Auto-Generated Statement) December 14, 2023 GSTR-3B December 20, 2023 GSTR-5 (Non-Resident Taxable Person) December 20, 2023 GSTR-5A (OIDAR Service Provider) December 20, 2023 PMT-06
GST Return Audit & Assessment: What to Expect
Introduction Goods and Services Tax (GST) has transformed the Indian taxation system, bringing about a unified and transparent approach. However, with the implementation of GST comes the responsibility of complying with its intricate filing procedures. GST Return Audit and assessment is a crucial aspect that businesses must navigate to ensure compliance and avoid legal complications. In this blog, we will delve into the key elements of GST Return Audit and assessment, shedding light on what businesses can expect during this
RNM Tax Alert – Direct Tax Part for November 2023
INSTRUCTION NO. 2/2023 [F. NO. 312/82/2022-OT], DATED 10-11-2023 That the CBDT prescribes Monetary limit of Rs. 10 lakh or more to withhold refund under Sec. 245(2). The time limit is hereby revised to 20 days for the Faceless Assessment Unit and to 30 days for Jurisdictional Assessing Officer. CBDT extends time limit to process refund claimed ITRs for AYs 2018-19 to 2020-21 to January 31, 2024 [F. NO. 225/132/2023/ITA-II; dated 01.12.2023] The CBDT in view of pending taxpayer grievances related to
Offshore Financial Centres: Why do Business Offshore?
Offshore Financial Centres (“OFCs”) are countries or jurisdictions that provide financial services beyond their borders on a scale that outpaces their domestic economies. Typical examples of OFCs are Bermuda, BVI and the Cayman Islands. Because of the unique advantages they offer, OFCs have established a central place in the global economy and are consistently sought out by sophisticated investors, established financial institutions and innovative entrepreneurs. Indeed, global capital markets are underpinned by OFCs and offshore companies. As of June 2022,
Ultratech To Acquire Kesoram’s Cement Business In $645 Mn Deal
India’s UltraTech Cement will buy the cement business of Kesoram Industries in an all-stock deal valued at $645 million (around INR 53 billion), boosting its capacity ambitions in a highly competitive sector. As part of the deal, Ultra Tech will issue one share for every 52 shares of Kesoram and give UltraTech ownership of two integrated cement units in southern Indian states of Karnataka and Telangana. The deal implies an offer price of INR 173.15 per share, a 24.2% premium