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 […]
Brief about Ind AS 116: Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases and faithful representation of the transactions by lessees and lessors. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity. […]
Blackstone Buys Care Hospitals, KIMS Health for $1Bn Blackstone Group Inc. has acquired controlling interests in Care Hospitals and Kims Health in a multi-layered deal valued at $1 billion, marking the private equity giant’s maiden foray into India’s healthcare sector. The New York-based firm secured roughly a 75% stake in Care Hospitals from Evercare Health Fund, an arm of TPG, […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of September, 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA Clarification on holding of Annual General Meeting (AGM) and EGM through video Confercnce (VC) or other Audio visual means (OAVM) and passing of Ordinary and Special resolutions by the companies […]
Rule 3 of Companies (Accounts) Rules states about, Manner of Books of Account to be Kept in Electronic Mode The books of account and other relevant books and papers maintained in electronic mode shall remain accessible in India, at all times so as to be usable for subsequent reference. There shall be a proper system for storage, retrieval, display or […]
Service tax liability confirmed on remuneration, bonuses, and allowances disbursed to employees seconded from foreign entities, in accordance with the decision of the Supreme Court, as upheld by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT). Summary: The CESTAT Chennai bench has affirmed the obligation of service tax on salaries paid to foreign-based expatriate employees who were […]