NRIs, PIOs, and foreign nationals – Foreign Remittances and Tax Implications This notification, FEMA 13 (R)/2016-RB, issued by the Reserve Bank of India on April 1, 2016, governs the remittance of assets outside India under the Foreign Exchange Management Act (FEMA), 1999. The regulations provide a framework for NRIs, PIOs, and foreign nationals to remit …
GSTR 2B ITC Issue : GSTN Advisory on how to fix it for FY 2023-24 Recent Goods and Services Tax Network advisory and the concept explained by Rajput Jain and Associates Experts chartered Accountants in the context of GSTR-2B and ITC issues. Here are the scenarios outlined in the Goods and Services Tax Network advisory …
IBBI, IBA to launch centralised platform (eBKray platform) for asset liquidation The eBKray platform is a crucial step toward modernizing the IBC’s liquidation framework. By addressing issues like fragmented processes, limited buyer access, and inadequate recovery rates, it ensures fairer, more efficient outcomes for all stakeholders. This reform not only supports creditors and buyers but …
Taxpayers warns: Revise ITR to Show Foreign Assets or Face 10 Lakh Penalty Income Tax Dept has initiated a Compliance-Cum-Awareness Campaign aimed at ensuring that taxpayers accurately disclose foreign assets and income in their Income Tax Returns for Assessment Year 2024-25. Details about the CBDT Compliance-Cum Awareness Campaign are available here under: CBDT initiated Targeted …
Rule 86B, introduced by Notification No. 94/2020 – Central Tax on December 22, 2020, effective from January 1, 2021, limits the use of Input Tax Credit for discharging output tax liability. Registered taxpayers with a monthly taxable turnover exceeding INR 50 lakh are required to pay at least 1% of their OTL in cash, …
File GSTR-3B by Nov 30, 2024, to Claim Pending ITC for FY 2023-24 The deadline for claiming Input Tax Credit for Financial Year 2023-24 is fast approaching. The final deadline to claim any outstanding Input Tax Credit or correct errors in GST returns for the financial year (FY) 2023-24 is November 30, 2024. This is …
Income Tax Department identify cases where capital gain tax has not been paid by land owners : The Income Tax Department’s recent focus on capital gains tax compliance under Section 45(5A) of the Income Tax Act emphasizes the importance for landowners (individuals and HUFs) involved in Joint Development Agreements to meet their tax obligations. Here’s …
Overview on RBI Penalties is not a ‘Supply’ Under GST law : The recent ruling by the Maharashtra Authority for Advance Ruling on RBI penalties and GST offers a clear interpretation in alignment with Goods and Service Tax laws and guidelines. AAR has delivered an important clarification regarding the taxability of penalties, late fees, penal …
File Fresh declaration required for Goods Transport Agency Services Managing billing under both Forward Charge Mechanism and Reverse Charge Mechanism for a transporter client involves meticulous compliance with GST regulations. Services to unregistered persons or those transporting exempt goods fall under FCM. Services to specified entities (as per RCM rules) fall under RCM. Unregistered Transporter …
GST Returns to Become Time-Barred After 3 Years The upcoming change in the GST system, effective from early 2025, will significantly impact taxpayers by imposing a 3 year time limit for filing monthly and annual GST returns. Under the Finance Act, 2023 (8 of 2023), effective from October 1, 2023, via Notification No. 28/2023 – …