Six Types of High Value Cash Transactions That May Trigger Towards a I-T Notice on You The Income Tax Act imposes restrictions on cash transactions above specified limits, aiming to combat black money and tax evasion while promoting transparent business …
The Finance Act of 2020, effective from the Assessment Year 2021-22, introduced an amendment in the rule of determining NRI status To ascertain whether an individual qualifies as a Non-Resident Indian (NRI), it is crucial to determine their residential status …
Income Tax Scrutiny on NRIs – Focussing on 181 Days Threshold Triggering the Tax Liability In recent developments, the Income Tax Department has intensified its scrutiny of Non-Resident Indians (NRIs), requesting sworn statements to ascertain the exact number of days …
CBIC Notice Dated 4 January 2024: Calling Feedback/ Suggestion from Stakeholders by 31 january 2024 The Central Board of Indirect Taxes and Customs (CBIC) has recently issued a crucial notice on 4th January 2024, inviting valuable feedback and suggestions from …
Exporters are also awaiting for potential simplifications in the Input Tax Credit (ITC) process in the Budget 2024 Announcement In the upcoming Union Budget for the financial year 2024-25, there are expectations of key adjustments in the Goods and Services …
Key Expectations of Personal Income-Tax Payers from Interim Budget 2024 As we eagerly await the unveiling of the interim budget on February 1, 2024, all eyes are on the potential adjustments to personal income tax, a topic that captures the …
GST Dept informed Supreme Court of its intention to file petition seeking transfer of all related cases from High Courts to Supreme Court The Supreme Court has served notice to the Central Government in response to a plea from online …
29,273 bogus firms have been exposed, allegedly involved in suspected fraud by way of Input Tax Credit (ITC) evasion amounting to Rs. 44,015 crores In a relentless effort to combat fraud in the Goods and Services Tax (GST) and enhance …
E-Way Bill generation Without e-Invoice Details for B2B & B2E Transactions is Restricted from 1st March 2024 – E-Way Bill System Update 5 Jan 2024 Stay informed about the latest changes in the E-Way Bill System. Starting March 1, 2024, …
HSN Code Related Changes Effective from 1 February 2024 Stay informed about the latest changes in the HSN Code requirement. In accordance with notification No. 78/2020 –Central Tax, dated 15th October, 2020, taxpayers are now required to include at least …
CBIC Notification No. 4/2024 Dated 5th January 2024: Special Reporting Procedure Applicable to Manufacturers of Tobacco, Pan Masala etc Notification 4/2024: In a significant move to enhance transparency and compliance in the manufacturing sector under GST, the Central Government, exercising …
CBDT Notification No. 5/2024 Dated. 4 January 2024 – Corrigendum CBDT Notification 5/2024: In the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 89/2023/F.No.500/PF11/S10(23FE)/FT&TR-II(2), dated 13.10.2023, published in Part-II, Section 3, Sub-section (ii) …
CBDT Notification No. 4/2024 dated. 4 January 2024 CBDT Notification 4/2024: In a recent development, the Central Government, exercising its authority under sub-clause (ii) of clause (4G) of section 10 of the Income-tax Act, 1961 (43 of 1961), has issued …
CBIC Notification 1/2024-CTR Notification 1/2024-CTR: In a significant move, the Central Government, under the powers granted by the Central Goods and Services Tax Act, 2017, has introduced amendments through Notification 1/2024-CTR. This amendment, based on the recommendations of the Council, …
Key Income Tax Changes in Budget 2023 that will Impact your Current Year In the recently announced Union Budget 2023-24, the government has introduced a series of fresh Income Tax rules, reshaping the personal taxation landscape. These changes, aimed at …
Monthly Tax Chronicle Containing Income Tax & GST Updates of December 2023 Impacting your Current Tax Year Stay updated on the latest Income Tax and GST developments with our comprehensive monthly Tax Chronicle, offering a concise overview of crucial tax …
GST Advisory No. 620 Dt. 01.01.2024: New Online Filing functionalities for GTAs to Declare their Choice of FCM and RCM for GST Payment Explore the latest functionalities introduced by the Goods and Service Tax Network (GSTN) through Advisory No. 620 …
Key GST Reforms Initiated by CBIC during the year 2023 In a ground-breaking year for GST reforms, 2023 witnessed the Central Board of Indirect Taxes and Customs (CBIC) achieving unprecedented success, marking six years of seamless GST implementation. The latest …
Key Income Tax Reforms Initiated by CBDT in the Year 2023 In the dynamic landscape of Income Tax reforms, the Central Board of Direct Taxes (CBDT) has spearheaded citizen-centric initiatives in 2023, focusing on transparency and efficiency. These transformative tax …
Extension of Due Date for Reporting Opening Balance for ITC Reversal – GST Advisory 619 Dated. 29 December 2024 Discover the latest update from the Goods and Service Tax Network (GSTN) in Advisory 619 Dated 29 December 2023, providing a …