Chartered Accountants
ICAI Council: Restricting revocation of UDINs within 48 hours
RJA 25 Jun, 2023
ICAI: Restricting revocation of UDINs within 48 hours ICAI Important New Announcement on Restricting revocation of Unique Document Identification Number (UDINs) within 48 hours– The Institute of Chartered Accountants of India -Council, in its 420th meeting held on 23rd-24th March, 2023, decided that revocation of Unique Document Identification Number (UDINs) would ...
RBI
FATCA Reporting by reporting entities in India
RJA 20 Jun, 2023
Foreign Account Tax Compliance Act (FATCA) Reporting by reporting entities in India 1. United States of America & India have entered into FATCA Non tax treaty for for disclosure of foreign assets of United States of America residents located outside United States of America . 2. Internal Revenue Service (IRS) of United ...
RBI
Clarification on FATCA Reportable Accounts
RJA 20 Jun, 2023
Foreign Tax & Tax Research Division issue Clarification on FATCA Reportable Accounts Foreign Tax & Tax Research Division has issued a Clarification on frequently asked questions issued by United States of America Internal Revenue Service for Foreign Account Tax Compliance Act - FATCA Reportable Accounts: 1. The Indian ...
INCOME TAX
Central Board of Direct Taxes Amends Rule 11AA of Income Tax Rules
RJA 01 Jun, 2023
Central Board of Direct Taxes Amends Rule 11AA of Income Tax Rules Central Board of Direct Taxes has issued a notification proposing change to Rule 11UA to implement the changes brought by the Finance Act 2023, The change expand scope of section 56(2)(viib) to include share application premium/money from ...
COMPANY LAW
Tax & Statutory Compliance Calendar for June 2023
RJA 01 Jun, 2023
Tax & Statutory Compliance Calendar for June 2023 S. No. Statue Purpose Compliance Details Compliance Period Due Date 1 Income Tax Tax deduction at source / Tax collected at source Liability Deposit TimeLine date of depositing Tax deduction at source / Tax collected at source liabilities for the previous month. May-2023 7-Jun-23 2 Income Tax ...
INCOME TAX
Statement of Financial Transactions to be filed by 31.05.2023.
RJA 31 May, 2023
Statement of Financial Transactions to be filed by 31.05.2023. SFT is a report of specified financial transactions by specified persons including specified reporting specified financial transactions. The income tax authority or another specified authority or agency must provide Statement of Financial Transactions from such specified persons who register, retain, or ...
INCOME TAX
Income Tax Liability on Re-Development Carried from 31st March 2023
RJA 28 May, 2023
Income Tax Liability on Re-Development Carried out in Societies from 31st March 2023 Normally, housing societies Re-development are being carried out through some Developer. A Development Agreement has to be executed between the Developer and Hosing Society. By virtue of this agreement, the Housing Society transfers development rights [Floor Space Index ...
Outsourcing Services
Why Should You Use Outsourced Accounting Services from a Delhi based CA Firm?
RJA 28 May, 2023
Why Should You Use Outsourced Accounting Services from a Delhi based CA Firm? Outsourcing vs. in-house accounting management is a discussion that many early companies face today. Many business owners want to develop their company, but with growth comes growing pains, particularly in accounting. Weighing the benefits and drawbacks of ...
Valuation - Merger & acquisition
CBDT: Proposed changes to Rule 11UA for valuation of shares
RJA 28 May, 2023
CBDT: Proposed changes to Rule 11UA for valuation of shares Central Board of Direct Taxes through Press release on 19.05.2023, Has proposed amendment to Income Tax Rule 11UA for objective of Valuation of shares . In addition to the Discounted cash flow & Net Asset Value valuation methods, it is recommended to ...
INCOME TAX
Tax exemption limit of Leave Encashment increased to INR 25 Lakhs
RJA 28 May, 2023
Central Board of Direct Taxes increased limit of Leave Encashment exemption u/s 10(10AA) to Rs. 25 Lakhs for Non- Government Employees Central Board of Direct Taxes through Income tax Notification No. 31/2023 dated 24th May 2023 has notified INR 25,00,000/- as exemption limit U/s 10(10AA) with regard to Leave Encashment ...
INCOME TAX
Avoid Mistakes While submitting ITR’s For AY24
RJA 27 May, 2023
Avoid Mistakes While submitting ITR’s For AY24 Despite the fact that ITR e-filing has been enabled, Income tax taxpayers are able to start filing their income tax returns for FY 2022-23 (or AY 2023-24). If you are doing the ITR on your own, there are a few pitfalls ...
INCOME TAX
Compulsory Selection of ITR’s for Complete Scrutiny during FY 2023-24
RJA 26 May, 2023
CBDT Directions on Compulsory Selection of ITR’s for Complete Scrutiny during FY 2023-24 The Central Board of Direct Taxes releases directions for the mandatory selection of Income Tax returns for Complete Scrutiny during the Fiscal Year 2023-24, as well as the method for the mandatory selection of Scrutiny. ...
INCOME TAX
How to compute ‘Net Winnings’ from online games u/s 115BBJ & 194BA
RJA 22 May, 2023
How to compute ‘Net Winnings’ from online games u/s 115BBJ & 194BA: CBDT Central Board of Direct Taxes published Notification No. 28/2023 on May 22, 2023, announcing the new Rule 133 under the Income-tax (Fifth Amendment) Rules, 2023. Above new income tax rule prescribed, How to calculate 'Net Winnings' from online games ...
GST Registration
Automated scrutiny of GST Returns set to roll out under GST law
RJA 16 May, 2023
GST Returns scrutiny via using Advanced Analytics in Indirect Taxation system Company owners will need to be extra cautious while filing GST returns because the automated GST scrutiny system is going to use advanced artificial intelligence and data analytics to check discrepancy. The new system, which is due to be ...
GST Filling
CBIC will soon have Advance Analytics in Indirect Taxation
RJA 16 May, 2023
CBIC will soon have Advance Analytics in Indirect Taxation Vivek Johri, Chairman of the Central Board of Indirect Taxes and Customs, announced in a newsletter that the Central Board of Indirect Taxes and Customs will soon have Advance Analytics in Indirect Taxation (ADVAIT). ADVAIT (Advanced Analytics in Indirect Taxation) has ...
Goods and Services Tax
GST Inspector visit at Business Premises of dealers from 16th May to 15th July 2023
RJA 15 May, 2023
GST Inspector will visit at Business Premises of all dealers during special drive from 16th May to 15th July, 2023 The issue of unscrupulous participants utilising the identities of others to obtain fake/bogus GST registration was discussed during the National Co-ordination Meeting. Fake/non-genuine registrations are being utilised to ...
Chartered Accountants
Applicability of laws of the PMLA on CA's, CS’s & CWAs
RJA 11 May, 2023
One Significant Development - PMLA will now apply to CAs CSs, & CWAs The laws of the PMLA will now apply to CAs, CSs, and CWAs, forcing them to comply with several obligations such as keeping financial transaction records, identifying and authenticating clients, and reporting suspicious transactions to ...
GST Consultancy
Highest GST Revenue collection in HP ever in the month of April 2023
RJA 10 May, 2023
Highest GST Revenue collection in Himachal Pradesh ever in the month of April 2023 Commissioner of State Taxes and Excise Yunuspur Himachal Pradesh said in a report that, the GST collection in the month of April is 19% more than the last year’s GST collected in the state of Himachal ...
IBC
IBBI invites comments from Public on Regulations notified under IBC
RJA 07 May, 2023
IBBI invites comments from Public on Regulations notified under IBC Law The public is invited to comment on the rules announced under the 2016 Insolvency and Bankruptcy Code of the Insolvency and Bankruptcy Board of India. Public consultation allows for collaborative decision-making and hence plays an important part in the regulatory ...
IBC
Circular to facilitate on GST tax due recovery from IBC Companies
RJA 07 May, 2023
The government will release a circular to facilitate the recovery of tax debts from insolvent enterprises, which may force new buyers to settle "agreed tax claims" while a resolution package is finished. Revenue Department will consult with the MCA, which administers the IBC, on any necessary changes. The ...
INCOME TAX
Is Provision for warranty allowed/ disallowed as an expense?
RJA 07 May, 2023
Is warranty expenses provision allowed/disallowed as an expense? A warranty is an official assurance provided by the manufacturer to the purchaser of a product, committing to repair or replace it if necessary within a set time frame. As a consequence, it is a future expense that a manufacturer may ...
COMPANY LAW
Tax and Statutory Compliance Calendar for May 2023
RJA 02 May, 2023
Tax and Statutory Compliance Calendar for May 2023 S. No. Under the law Objective Period of Compliance Timeline Date Details of Compliance 1 Goods and services Tax Act GSTR - 3B April 2023 20-May-23 1. Goods and services Tax Filing of returns by registered person with aggregate turnover exceeding Rs. 5 Cr. during Last ...
GST Filling
Employee from branch office to head office, & vice versa to attract 18% GST
RJA 29 Apr, 2023
Employee services from a branch office to the headquarters will be subject to an 18% GST: Profisolutions Pvt Ltd (Applicant) Services provided by employees of a company's branch office to its head office and vice versa located in different states would be subject to 18% Goods and Services Tax, the Authority ...
GST Consultancy
Why GST Registered firms are getting Notices from the GST Dept.?
RJA 26 Apr, 2023
Why Goods and Services tax Registered firms are getting Notices from the GST Dept. GST Notices for tax evasion, rate non-compliance, late filing, absent or incorrect invoices, eWay Bill inconsistency, and non-payment are frequently issued. Understanding the various notices that a company or professional could get, as well as their ...
