What is Penalties for Non-compliance of MCA Notification on Audit Trail (Edit Log) w.e.f 1st April 2023 The penalties for non-adherence to the MCA Notification on Audit Trail (Edit Log), effective from April 1, 2023, are stringent and cover companies, their officers, and auditors. For Companies: Penalty for Non-Compliance (Section 128(5)): A company failing to …
CBDT Guideline: Apply for condonation delay in filing ITRs for claims refunds or C/F losses New guidelines issued by the CBDT streamline the process for condonation of delay in filing ITRs specifically for claims related to income tax refunds or carrying forward losses. These Guideline Rules, which override all previous Income Tax instructions, grant different …
GST treatment on cross-border advertising services offered by Indian companies to foreign clients The Circular No. 230/24/2024-GST, dated 10th September 2024, provides significant clarifications on the GST treatment of advertising services offered by Indian companies to foreign clients. This circular addresses important concerns related to the status of intermediaries, place of supply, and classification of …
CBDT notifies Rules & Forms for Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024). The Central Board of Direct Taxes (CBDT) has officially notified the rules and forms for the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024). This scheme, first introduced by the Hon’ble Finance Minister during the Union Budget 2024, …
HSN(harmonized system of nomenclature) and SAC codes (Services Accounting Code) in Goods and Services Tax Under GST, all goods and services supplied in India have been classified – Goods are classified under the HSN Code(harmonized system of nomenclature) and Services are classified under the SAC Code(Services Accounting Code). Based on the HSN or SAC code …
Union Cabinet approved the Unified Pension Scheme (UPS) The Union Cabinet, led by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS), which guarantees a pension of 50% of the average basic pay from the last 12 months before retirement, provided the employee has served for at least 25 years. The scheme also offers …
New GST Ledger from Aug 2024| RCM Liability and ITC Statement To aid GST Taxpayers in accurately reporting Reverse Charge Mechanism transactions, the GST Portal has introduced a new statement called the “RCM Liability/ITC Statement.” This statement is designed to improve accuracy and transparency in handling Reverse Charge Mechanism transactions by capturing the following: RCM …
Consequences of Not Filing ITR on Time If you are mandated to file an Income Tax Return and miss the deadline, you can still file your tax return as a belated ITR. While it is possible to file a belated ITR, it is important to be aware of the penalties and potential complications that can …
Indexation benefits & its Limitation under Capital gains tax calculation In a significant development, the FM -Nirmala Sitharaman has moved for amendments to the Finance Bill, introducing changes to the Long-Term Capital Gains tax calculation on real estate properties. This move provides taxpayers with a choice in how they calculate their capital gains tax for …
If you fail to file ITR before 31 July, can result in consequences FY 2023-24 Missing the ITR filing deadline of 31 July can indeed have significant consequences for taxpayers this year, particularly due to the new provision related to the old and new tax regimes. Details is here under : No Old Regime Automatic …