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 […]
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 […]
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 […]
In this edition, we have tried to bring to your notice the latest amendment that followed in the month of October 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA The Companies (Incorporation) Third Amendment Rules, 2023 (October 23, 2023) The Ministry of Corporate Affairs (MCA) vide its notification dated October 20, 2023, has notified “The Companies (Incorporation) Third […]
7 November 2023 – Due date for deposit of Tax deducted/collected for the month of October 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day when tax is paid without production of an Income-tax Challan. 14 November 2023 – Due date for issue of […]
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 […]
GST Calendar –Compliances for the month of October’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) November 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) November 10, 2023 GSTR-1 November 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) November 13, 2023 GSTR-6 Input Service Distributor November 13, 2023 GSTR-2B (Auto-Generated Statement) November 14, 2023 GSTR-3B November 20, […]
The Central Board of Direct Taxes (CBDT), vide notification1 dated 16 July 2022, had mandated the electronic filing of Form 10F. Due to this requirement, the non-residents transacting with residents in India and relying on any provision of the tax treaty for exemption/beneficial tax rates had to face certain challenges as: To file Form 10F electronically, the non-resident had to register […]
CBDT Vide Circular No. 19/2023 dated 23.10.2023; Condonation of delay under u/s 119(2)(b) of the Act, in the filling of Form No. 10-IC for AY 2022-23; To avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT condone delay in filing subject to following conditions:- The return of income for the relevant A.Y. […]
Introduction: Continuous Auditing encompasses the ongoing risk and control assessments, enabled by technology and facilitated by a new audit paradigm that is shifting from periodic evaluations of risks and controls based on a sample of transactions to ongoing evaluations based on a larger proportion of transactions. Continuous Auditing is the “application of computer technology” to the audit, such that, tasks […]