GST Calendar –Compliances for the month of January’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) February 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’) February 10, 2024 GSTR-1 February 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) February 13, 2024 GSTR-6 Input Service Distributor February 13, 2024 GSTR-2B (Auto-Generated Statement) February 14, 2024 GSTR-3B February 20, […]
CBDT ORDER DATED 31.01.2024 [F. NO. 225/132/2023/ITA-II, DATED 31-1-2024] The CBDT vide this order dated 31.01.2024, to resolve grievance of taxpayer related to issue of refund in respect of returns of income validly filed electronically up to AY 2020-21, time limit of processing the same further extended the time till 30.04.2024. On 1st February 2024, Union Finance Minister Nirmala Sitharaman presented the Interim […]
BlackRock and Global Infrastructure Partners (GIP) have signed a definitive agreement for a stock and cash deal. BlackRock will acquire GIP for $12.5 billion (around INR 1,00,000 crore) which will make the world’s largest asset manager as one of the biggest players in alternative assets and private markets. BlackRock will buy GIP in $3 billion cash and roughly 12 million […]
Indirect Tax News Letter GST Calendar –Compliances for the month of January’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) January 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’) January 10, 2024 GSTR-1 January 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) January 13, 2024 GSTR-6 Input Service Distributor January 13, 2024 GSTR-2B (Auto-Generated Statement) January 14, […]
NOTIFICATION NO. 105/2023; Dated: December 22, 2023 That the CBDT vide Notification No. 105 of 2023; notifies new ITR Forms (ITR-1 SAHAJ & ITR-4 SUGAM) for AY 2024-24. Important Judicial Precedents Whether re-opening of assessment can be resorted to solely on assumption that Assessee did not file ITR for the relevant AYs, thus revealing non-application of mind on part of […]
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, […]
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 […]
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 […]
Indeed, technology serves as a valuable tool within the GST framework, facilitating the automation of processes, data collection, and enhancing overall efficiency. Nevertheless, it is the human element that breathes life into the system. Below are essential aspects highlighting the imperatives for human knowledge involvement in the GST framework: Interpreting Complex Transactions In the landscape of GST, intricate business transactions […]
HMRC Tax Repayment and Pension Updates The HMRC has provided a concise overview of key developments in the realm of pension schemes: Tax Repayment Report (July to September 2023) During this period, HMRC processed a substantial number of tax repayment claims for pension flexibility payments, including 12,007 P55 forms, 4,890 P53Z forms, and 1,954 P50Z forms. The total value repaid […]