Key Changes in Income Tax Return (ITR) Forms for FY 2022-23 / AY 2023-24
Posted Date : 25-Feb-2023 , 07:45:41 am | Posted By
CA.Khurana Vivek
Income-tax Return Forms (ITR Forms) for A.Y. 2023-24. The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023. These ITR forms will come into effect from 1st...
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Category : ITR |
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GST Amnesty Scheme for Non Filers of GST Returns
Posted Date : 23-Feb-2023 , 10:35:05 pm | Posted By
S.Mahajan
Extension of Time Limit and GST Amnesty Scheme for Non Filers of GST Returns.
Extension of time limit for application for revocation of cancellation of registration and one time amnesty for past cases:
The Council has recommended amendment in section 30 of CGST Act, 2017 and rule 23...
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Category : GST |
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Taxability of Labour cess under CGST Act,2017. Whether it should be included in Taxable Value?
Posted Date : 22-Feb-2023 , 01:26:06 pm | Posted By
Abhishek Gupta
Labour Cess or certainly this could be referred to Building & Other Construction Workers' Welfare Cess (BOCWW Cess).
BOCWW Cess is levied on the cost of construction incurred by the employer as per the provisions of the Building and Other Construction Workers' Welfare Cess Act,1996
In order to...
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Category : GST |
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Income Tax Raid - Search or Survey | Difference between Income Tax Search & Income Tax Survey
Posted Date : 20-Feb-2023 , 10:32:02 pm | Posted By
CA.Khurana Vivek
Often termed as Raid by laymen,. Apparently, there is no word called “raid” in the Income Tax Act.
SEARCH
SURVEY
Search’ means a thorough inspection of the building, place, vehicle, vessel, aircraft and of the person. Seizure’ means taking possession under the au...
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Category : Income Tax |
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12 Important Changes in GST | Proposed Changes in GST Law | Key Changes in GST under Budget 2023
Posted Date : 14-Feb-2023 , 07:59:15 am | Posted By
S.Mahajan
1. Supplier making supplies of goods through electronic commerce, like Amazon, Flipkart, etc., can opt for a composition levy. Seeks to remove the restriction imposed on the registered persons engaged in supplying goods through Electronic Commerce Operators (“ECOs”) from opting to pay ta...
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Category : Budget |
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Deduction u/s 43B of Income Tax Act on Timely Payment to MSMEs - Advantages / Disadvantages
Posted Date : 13-Feb-2023 , 10:39:04 pm | Posted By
CA.Khurana Vivek
Budget Proposal - Clause (h) of Section 43B of Income Tax Act, 1961 | Deduction u/s 43B of Income Tax Act on Timely Payment to MSMEs - Advantages / Disadvantages. Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Further, the proviso ...
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Category : Income Tax |
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Auditor's of the Major Companies of Adani Group and Payments to Adani's Auditors for the FY 2021-22
Posted Date : 13-Feb-2023 , 10:38:06 pm | Posted By
CA.Khurana Vivek
Auditor's of the Major Companies of Adani Group and Payments to Adani's Auditors for the FY 2021-22. Adani Group - Major Group Companies:- Adani Enterprises Limited. Adani Ports and Special Economic Zone Limited. Adani Power Limited. Adani Transmission Limited. Adani Green Energy L...
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Category : Auditing |
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Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks (PSBs) for FY 2022-23
Posted Date : 13-Feb-2023 , 10:36:10 pm | Posted By
CA.Khurana Vivek
Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks (PSBs) for FY 2022-23
Sl. No.
Name of the Bank
Names of audit firms approved for appointment as SCAs for FY 2022-23
Tenure in FY 2022-23 (in years)
1
Bank ...
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Category : Bank Branch Audit |
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How Much GOLD can You Keep at Home and How is it Taxed? Must Check limits Here
Posted Date : 13-Feb-2023 , 10:35:15 pm | Posted By
CA.Khurana Vivek
Gold is more than a precious metal in India. It represents traditions, customs, love and a lot of emotions. But as much as Indians love to hold gold, there is confusion as to how much of gold can people keep including the inherited and purchased. How much gold you can keep at home? How ...
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Category : Income Tax |
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Supreme Court Latest Judgement on Leave Travel Concession (LTC)
Posted Date : 13-Feb-2023 , 10:33:45 pm | Posted By
CA.Khurana Vivek
Supreme Court Latest Judgement on Leave Travel Concession (LTC) - Exemption of LTC u/s 10(5) on Foregin Travel ? - Whether TDS to be Deducted on LTC-Reimbursements? State Bank of India vs Assistant Commissioner of Income Tax. (CJI UU Lalit, Justices Ravindra Bhat and Justice Sudhanshu D...
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Category : Income Tax |
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Important GST Notifications released in June 2022
Posted Date : 04-Jul-2022 , 08:10:07 pm | Posted By
CA. Dr. Gaurav Bhambri
Â
GST Notification 8/2022 | E-comm operators (GSTIN listed in notification) who could not file GSTR 8 for specified tax periods due to technical glich on portal but have deposited tax for the said months in ECL are waived from interest on delay in filing GSTR 8.
Â
No inter...
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Category : GST |
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Important amendments to IRAC norms for bank branch auditors-2022
Posted Date : 05-Apr-2022 , 01:51:39 pm | Posted By
Mahesh Bansal
The RBI had issued certain clarifications vide its notification dated 12th Nov 2021 with a purpose to more accurately interpret the extant IRAC norms which we must keep in mind while conducting branch audits this time. The gist of the same are reproduced below which are very important from the persp...
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Category : Bank Branch Audit |
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Names of audit firms approved for appointment as SCAs) / SAs of Private Sector Banks, Foreign Banks, Small Finance Banks, Payments Banks and Local Area Banks
Posted Date : 03-Apr-2022 , 09:27:57 am | Posted By
CA.Khurana Vivek
Names of audit firms approved for appointment as Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Private Sector Banks, Foreign Banks, Small Finance Banks, Payments Banks and Local Area Banks for FY 2021-22
SI. No.
Name of the bank
Names of audit firms approved for appointment...
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Category : Bank Branch Audit |
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Tax Compliance and Statutory due dates for the month of April, 2022
Posted Date : 31-Mar-2022 , 01:19:20 pm | Posted By
Ishita Ramani
Compliance Calendar for the month of April 2022
A new Financial Year 2022-23 has begun and being the first month of the new Financial Year, April 2022 is an important month if we look at it from the Tax Compliance and other Statutory Compliance' point of view. There are multiple Statuto...
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Category : Corporate Law |
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Unicorn Infra.Market :under I-T lens for alleged evasion
Posted Date : 22-Mar-2022 , 01:44:54 pm | Posted By
CA. Dr. Gaurav Bhambri
Infra.Market, an online platform for construction materials is under the scanner of the tax department for alleged evasion.
While the authorities did not name the company, a statement issued by the Central Board of Direect Taxes (CBDT) said that on March 9, search and seizure operations&n...
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Category : Corporate Law |
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Double TDS : Non Filing of income tax return by due date...
Posted Date : 14-Mar-2022 , 11:38:15 am | Posted By
CA. Dr. Gaurav Bhambri
Budget 2022 proposed that if you haven’t filed your income-tax returns for a year, you will need to pay a higher TDS (tax deducted at source). Earlier, this window was two years. But there is a catch.
The due date to file your returns for income earned in 2021-22 is coming up in July 202...
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Category : Income Tax |
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Tax Compliance and Statutory due dates for the month of March, 2022
Posted Date : 03-Mar-2022 , 11:48:31 am | Posted By
Ishita Ramani
Compliance Calendar for March 2022
Being the last month for the financial year, March is a significant month from the point of view of the tax compliance and other statutory due dates for ROC Reporting, GST Return Filings, and Income Tax Filing as it is the last month of the fiscal year. Ev...
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Category : Corporate Law |
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Undisclosed income found in tax raids : Budget 2022 bars set off of losses
Posted Date : 07-Feb-2022 , 05:43:58 pm | Posted By
CA. Dr. Gaurav Bhambri
In this article we explored The Budget 2022 which has proposed a new anti-tax evasion rule that will prevent people from misusing the provision of setting off losses on any undisclosed income discovered during a search operation or a survey by the income tax department. The Finance Bill 2022 has pro...
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Category : Income Tax |
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Guidance on uploading of Manually submitted Form 15CA and Form 15CB
Posted Date : 03-Feb-2022 , 04:09:04 pm | Posted By
CA. Rahul Dwivedi
Guidance on uploading of Manually submitted Form 15CA and Form 15CB 7th between June to 15th August 2021
At the initial time of Migration from Old income Tax Portal to Advance version of Income Tax Portal, the facility for uploading the form 15CA & 15CB was not activated on the new portal &...
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Category : Income Tax |
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TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions
Posted Date : 02-Feb-2022 , 01:46:47 pm | Posted By
KRIESHAN GROVERR
TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions :
Nature of Payment
Basic Cut off (Rs)
Individual /Company and others New Rate %)
If No Pan or Invalid PAN (Rate %)
192 – Salaries
Slab Rate
...
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Category : Income Tax |
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