Statutory Compliance Calendar 2023-24
Page Contents
Statutory Compliance Calendar 2023-24
Statutory Compliance Due date for the May 2024
Income Tax and GST Due Date Calendar of June 2024
Is Executive Director Provide Professional Consultancy to Co
Is the Executive Director provide Professional Consultancy Services to Company? An Executive Director can indeed provide consultancy or professional services to the company, While an Executive Director can provide consultancy services, it must be managed with transparency, appropriate oversight, and compliance with legal requirements to avoid conflicts of interest and maintain the company’s integrity. Ensuring …
Significant Development for CA: SC Verifies 60-Tax Audit Cap
Big News for Chartered Accountants – 60-Tax Audit Capping- Confirmed by Supreme Court Supreme Court in the matter of Case: B. V. Nagarathna & Augustine George Masih, JJ. The Supreme Court’s decision to uphold the 60-tax audit capping imposed by ICAI (Institute of Chartered Accountants of India) is a significant development in the accounting profession. …
How to Claim a Full Income Tax Refund
How to Claim a Full Income Tax Refund An income tax refund occurs when the tax paid by a taxpayer exceeds their actual tax liability for a financial year. This typically happens due to advance tax payments or Tax Deducted at Source (TDS) deductions that exceed the final assessed tax liability. Following are the Eligibility …
Goods and Services Tax Implications on Bad Debts
Goods and Services Tax (GST) Implications on Bad Debts The question of how GST handles bad debts arises frequently. Specifically, it concerns whether GST paid on supplies that result in irrecoverable debts can be refunded to the supplier. Bad debts pose a significant challenge for suppliers, especially when the tax has been paid but the …
Draft Letter to Avoid Dispute over Incorrect GSTN in GSTR 1
How to safeguard us via Incorrect GSTN reporting in GSTR 1? Under GST, a return that has been submitted can not be modified. Any mistake in the return can be fixed in the GSTR-1 that is submitted for the upcoming period (month or quarter). This implies that any errors found in the GSTR-1 of March …
Annual Information Statement feedback process
Annual Information Statement feedback process The new AIS (Annual Information Statement) feedback process enhances taxpayer services and compliance ease by allowing users to review their transactions and submit feedback. Here is how it works: Taxpayers can now review their transactions and submit feedback directly in the AIS system. Feedback Confirmation: Submitted feedback is taken up …
ICAI Disciplinary Action on CA -False Declaration on INC22
ICAI Disciplinary Action on Chartered Accountant for False Declaration on INC-22 ICAI has imposed significant disciplinary measures on CA for professional misconduct. The CA has been debarred for 90 days and fined Rs. 20,000 due to false declarations made on the e-form INC-22 using rental agreements and utility bills. This case, concerning the financial year …
Individuals & Firm-Insolvency Resolution Process under IBC
Individuals & Firm-Insolvency Resolution Process under IBC What is Eligibility for RP in the IBC Process for Individuals & Firms? Regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017, outlines the eligibility criteria for insolvency professionals to be appointed as resolution professionals in insolvency resolution …
ITR Filing, Audit Report Deadline for FY 2023-24(AY 2024-25)
Income Tax Return Filing & Audit Report Deadlines for FY 2023-24 (AY 2024-25) In order to ensure compliance with income tax law and avoid penalties, certain deadlines are essential. To properly fulfil these deadlines, Income tax taxpayers should prepare their financial accounts and Tax return well in advance. Here’s a summary of the Income Tax …