CBDT issues clarification on time limit to verify Income-tax Returns The CBDT vide Notification No. 2 of 2024 dated 31.03.2024; has clarified that if income-tax return and e-verification/ITR V are submitted within 30 days of uploading, the upload date is considered as the filing date. If submitted after 30 days, the submission date becomes the filing date, with the consequence […]
GST Calendar –Compliances for the month of March’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) April 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’) April 10, 2024 GSTR-1 April 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) April 13, 2024 GSTR-6 Input Service Distributor April 13, 2024 GSTR-2B (Auto-Generated Statement) April 14, 2024 GSTR-3B April 20, […]
Lauded for its attractive array of business-friendly attributes, such as its simple tax regime, world-class infrastructure, and robust legal protection, Hong Kong has long been the go-to destination for companies of all shapes and sizes. The city’s allure hardly comes as a surprise. It serves as a bustling entrepôt, global financial hub, and an international maritime centre, among other roles. […]
Adani Ports To Buy 95% Of Odisha’s Gopalpur Port For $162 Mn India Billionaire, Gautam Adani led Adani Ports and Special Economic Zone will buy a 95% stake in Odisha’s Gopalpur Port for an equity value of $161.74 million (around INR 1,349 crore) to bolster its east coast presence. India’s largest private port operator will purchase a 56% stake in […]
Introduction The Unique Document Identification Number (UDIN) is a system introduced by the Institute of Chartered Accountants of India (ICAI) to authenticate documents and ensure their credibility. It aims to enhance transparency, accountability, and quality in professional services, including Internal Audits and Stock Takes. Importance of UDIN in Internal Audits and Stock Takes: Authentication and Traceability: UDIN serves as a […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of February, 2024 issued by MCA, RBI, SEBI, IBBI and others. MCA(Ministry of Corporate affairs) The Ministry of Corporate Affairs (MCA) has notified the Companies (Registration Offices and Fees) Amendment Rules, 2024 The Registrar of the Central Processing Center is empowered to […]
RNM Alert (Indirect Taxes) Nature of Compliances […]
Jayant Nanda VS. Union of India, [2024] 159 taxmann.com 674 (Delhi) Where based on search at premises of assessee, NRI, it was alleged that assessee had indulged in evading disclosure of a large amount of undisclosed foreign assets/income in offshore jurisdictions and LOC was issued against assessee, since assessee had not been called for investigation by authorities for two years, […]
Mukesh Ambani led Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world’s most populous nation. Largest Indian conglomerate will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake, with Disney […]
DEFINITION As per note 4 Schedule II to the Companies Act, 2013 -“Useful life specified in Part C of the Schedule is for whole of the asset. Where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful […]