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 […]
Amidst global economic uncertainties, geopolitical tensions, and evolving market dynamics, the Financial Policy Committee (FPC) stands as a vigilant guardian of the UK’s financial stability. We delve into the FPC’s strategic responses to challenges, assessing global risk environments, financial market developments, and vulnerabilities in both household and corporate sectors. Exploring the resilience of the banking sector and the FPC’s key […]
Blackstone will sell its entire 23.9% stake valued at $833 million in India’s largest real estate investment trust Embassy Office Parks, four years after it was first listed. Blackstone will sell 223.6 million units of Embassy REITs, in one of the biggest block deals this year, at a 7.7% discount to INR 335.75 per unit price as of December 19, […]
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 […]
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 […]
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 […]
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 […]