Potential Income Tax Relief for Salaried Class Taxpayers in Upcoming Budget-2024

income tax relief

More Income Tax Relief Expected for Salaried Class under New Tax Regime in the Upcoming Interim Budget 2024 Salaried class taxpayers in India may expect for a positive development very soon, as the BJP-led Modi government contemplates announcing income tax …

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GST Advisory 618: Two-Factor Authentication for Taxpayers

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Introduction of Two-Factor Authentication in GST for enhanced Log-in Security – GSTN Advisory 618  GST Advisory 618: In a recent development, the Goods and Services Tax Network (GSTN) has issued Advisory No. 618 dated December 1, 2023, notifying taxpayers about …

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GST Advisory 616: Biometric Based Aadhar Authentication and Document Verification for a Streamlined GST Registration

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Piloting of Biometric Based Aadhar Authentication and Document Verification for GST Registration – GSTN Advisory No. 616 dated. 1 December 2023 In a recent update, the Goods and Service Tax Network (GSTN) has rolled out Advisory No. 616, dated December …

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GST Instruction 4/2023: CBIC Directive for Electronic Uploading of Summary Notices (DRC-01) and Summary Orders (DRC-07) on Portal by Proper Officers

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GST Instruction 4/2023 Dated. 23 November 2023 for Electronic Uploading of DRC-01 & DRC-07 GST Instruction 4/2023: It has been brought to the notice of the Central Board of Indirect Taxes and Customs (CBIC) that some of the field formations …

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New ‘Discard ITR’ Option Introduced by Income Tax Department from AY 2023-24: Simplified ITR Process

discard itr

New Functionality ‘Discard ITR’ in the Income Tax Portal – Effective from AY 2023-24 In a significant development, the Income Tax Department has rolled out a pivotal feature ‘Discard ITR’ on its website, empowering taxpayers to discard previously filed but …

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CBDT Notification 99/2023: Central Government Specifies Dy DG (Tech Development Dvn) UIDAI for Disclosure of Information Respecting Assessees

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Central Government Specifies Dy Director General (Tech Development Dvn) UIDAI as Authority for Disclosure of Information Respecting Assessees: CBDT Notification No. 99/2023 Dated. 20 November 2023 The Central Board of Direct Taxes (CBDT) vide its Notification No. 99/2023 Dated. 20 …

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Corrigendum to Notification 4/2021: Changes in SFT Reporting of Mutual Fund Transactions

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Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent: Corrigendum to Notification No. 4/2021 Corrigendum to Notification 4/2021: The format, procedure and guidelines for submission for SFT …

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Corrigendum to Notification No. 3 of 2021: Changes in SFT Reporting for Depository Transactions

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Corrigendum to Notification No. 3/2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions Corrigendum to Notification 3/2021: The format, procedure, and guidelines for submission of information relating to capital gains on transfer of …

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GST Advisory 615 on Direct API Integration with IRPs for Seamless e-Invoicing

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Guidelines on Direct API Integration with IRPs for Seamless e-Invoicing: GST Advisory 615 Dt. 17 November 2023 In a significant move towards simplifying e-invoicing processes, the Goods and Services Tax Network (GSTN) has recently issued Advisory 615 on 17/11/2023. This …

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CBIC Notification 54/2023-CT: Biometric Based Aadhar Authentication for GST Registration Shall Apply to Andhra Pradesh, Gujarat and Puducherry

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Biometric Based Aadhar Authentication Applicable for Andhra Pradesh along with Gujarat and Puducherry: CBIC Notification No. 54/2023 (Central Tax) The Central Board of Indirect Taxes and Customs (CBIC), on recommendation of the GST Council, makes the following further amendments in …

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GST Advisory 614: New Functionality for ITC Mismatch Reporting

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GST Advisory No. 614 Dated. 14.11.23 on Introduction of New Online Functionality for Reporting of ITC Mismatch Between GSTR-2B and GSTR-3B (Form GST DRC-01C Introduced) GST Advisory 614: In a recent groundbreaking update, the Goods and Service Tax Network (GSTN) …

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Focus is to Bring All Businesses into GST: Finance Minister N.Sitharaman

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Government’s Focus in Bringing all Businesses into GST Bracket Focus in Bringing all Businesses into GST: In a groundbreaking move, Gujarat has set a precedent by introducing biometric-based GST registration, marking a pivotal shift towards a more inclusive and transparent …

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Eliminating all GST Exemption Proposed by Government Think Tank

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NIPFP Proposes for Withdrawal of All GST Exemptions NIPFP Proposal for Eliminating GST Exemption: In a significant development, the National Institute of Public Finance and Policy (NIPFP), an independent research institute operating under the finance ministry, has put forth a …

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GST Advisory 612: Procedures & Provisions of Amnesty Scheme for Appeal Against Orders Passed Until 31.03.2023

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GST Advisory 612 Dt. 10 November 2023: Clarity on Amnesty Scheme 2023 for Deadline Missed Appeals GST Advisory 612: In a significant move aimed at providing relief to taxpayers, the Goods and Services Tax Network (GSTN) released a crucial advisory …

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GSTN Advisory No 611 Dt. 4 November 2023: Biometric Based Aadhar Authentication & Document Verification for GST Registration

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GSTN Advisory No 611 Dt. 4 November 2023 GSTN Advisory No. 611: In a recent advisory dated November 4, 2023, the Goods and Services Tax Network (GSTN) has informed to the taxpayers about a significant change in the GST registration …

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CBIC Notification 53/2023-CT: GST Amnesty Scheme to Appeal Against Orders Passed until 31 March 2023

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CBIC Notification 53/2023 Dt. 2 November 2023 CBIC Notification 53: The Central Board of Indirect Taxes and Customs (CBIC), on recommendation of the GST Council, notified that the taxable persons who could not file an appeal against the order passed …

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CBDT Notification No. 94/2023 Dt. 31 October 2023: Form ITR-7 Changed For FY 2022-23

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CBDT Notification No. 94/2023- Form ITR-7 Changed for AY 2023-24 CBDT Notification No. 94/2023: The Central Board of Direct Taxes (CBDT) vide its Notification No.94/2023 Dated. 31st October 2023 has notified some amendment in Form ITR-7 in PART-B, for the …

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CBIC Circular 206/18/2023: Clarifications Regarding Applicability of GST on Certain Services

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CBIC Circular No. 206/18/2023 Dated. 31 October 2023 CBIC Circular 206/18/2023-GST: Based on the recommendations of the GST Council in its 52nd meeting held on 7 October, 2023, at New Delhi, the Tax Research Unit (TRU) of the Department of …

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CBIC Circular 205/17/2023 Dt. 31 October 2023: Clarification on GST Rate of Imitation Zari Thread and Yarn

cbic circular

CBIC Circular 205/17/2023 Dated. 31 October 2023 CBIC Circular 205/17/2023: In its 50th meeting, the GST Council recommended a reduction in the GST rate to 5% for imitation zari thread or yarn, known by various trade names. This important clarification …

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