AUDIT
Audit trail Feature is mandatory for accounting software of Company
RJA 26 Mar, 2023
Audit Trail compulsory to be installed in accounting software by Companies w.e.f. 01.04.2023 1. Every business made mandatory incorporate the audit trail capability into the accounting software with effect from 1 April, 2023, it utilizes for maintains its books of account. 2. An edit log should be included in ...
Chartered Accountants
ICAI : CA can be Director Simpliciter or Professional Director
RJA 21 Mar, 2023
ICAI Decision: CA can be Director Simpliciter/Professional Director According to a recent ruling by the Institute of Chartered Accountants of India (ICAI) Board of Discipline, a Chartered Accountant in practise is not guilty of professional misconduct if they serve as a Director Simpliciter or Professional Director. A Member of ...
INCOME TAX
PAN become inactive if it is not connected Aadhaar till 31.03.2023
RJA 19 Mar, 2023
PAN become inactive if it is not connected Aadhaar till 31.03.2023 According to the income tax dept. The Income Tax Dept does not deactivate Assessees' PAN cards unnecessarily. But, they can avoid having his PAN deactivated by mistake. Assessees can prevent his permanent account number from getting deactivated by keeping ...
RBI
18 Nations Banks allowed to get RBI's nod to trade in INR
RJA 19 Mar, 2023
18 Countries Banks allowed to get RBI's nod to trade in INR According to the government of India, the Reserve Bank of India (RBI) has allowed banks from 18 different nations to open Special Vostro Rupee Accounts (SVRAs) in order to settle payments in rupees. Bhagwat Kishanrao Karad, the ...
INCOME TAX
Tax Collections grown up to INR 13.73 lakh Cr till 10.03.2023
RJA 13 Mar, 2023
Tax Collections (Income Tax) grown up from 16.8% to INR 13.73 lakh Cr till 10.03.2023 Indian Income tax Collections up to 10.03.2023 continue to register increase growth. Income Tax collections up to 10.03.2023 disclose that Gross India collections are at INR 16.68 lakh Cr (Provisional figures) which is INR 22.58 Percentage higher than Gross collections for the ...
Chartered Accountants
Beneficiary Schemes for the Chartered Accountants : ICAI
RJA 13 Mar, 2023
Beneficiary Schemes for the Chartered Accountants Members of ICAI: The chartered accountancy profession is regulated in India by the Institute of Chartered Accountants of India (ICAI), which also establishes accounting standards and provides professional development courses. he Institute of Chartered Accountants of India have come up with new mediclaim ...
IBC
Overview on Effective Accounts Receivable Management Strategies
RJA 12 Mar, 2023
What is effective Accounts Receivable Management Strategies? · Accounts Receivable Mgt describes the procedures and guidelines used to handle unpaid invoices from customers who are past due. This process makes sure that clients always pay their bills, no matter what. · &...
Goods and Services Tax
GSTN started option to utilize Cash Ledger from 1 GSTIN to another GSTIN
RJA 12 Mar, 2023
GSTN started option to utilize Cash Ledger amount from 1 GSTIN to another GSTIN having same PAN. GSTN has started option to utilize to use the amount in cash ledger of 1 GSTIN (entity with the same permanent account number) by another Goods and Services Tax Network via transfer through form ...
NGO
Form10BB/10B to be Submit by Charitable Trust/Institution Now Changes
RJA 05 Mar, 2023
Form10BB/10B to be Submit by Charitable Trust/Institution Now Changes The Central Board of Direct Taxes has notified the Income-tax (3rd Amendment) Rules, 2023, to amend IT Rules 16CC/17B & Forms 10B/10BB amended which shall be effective as of 01/04/2023, vide Income Tax Notification 7/2023 Amended in 2023, So ...
IBC
Credit of fee by IPs & IPEs in IBBI A/c - Fee Compliance under IBBI
RJA 05 Mar, 2023
IBBI specified fee structure to be payable by IPs & IPEs Credit of fee by IPs & IPEs in IBBI A/c - Fee Compliance under IBBI - Regulatory Fee Compliance under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 r/w IBBI (Insolvency Professionals) Regulations, 2016 ...
Income tax return
The CBDT has notified Format & Particulars ITR Forms for AY 2023-24
RJA 01 Mar, 2023
The CBDT has notified Format & Particulars ITR Forms for AY 2023-24 The Central Board of Direct Taxes notified Particulars as well as Format of Income tax return Forms along with ITR Acknowledgement (ITR-V) for AY 2023-24 has been officially notified, Basically Central Board of Direct Taxes is a ...
AUDIT
Reserve Bank of India Revised the Branch Statutory Audit Policy
RJA 01 Mar, 2023
The Reserve Bank of India Revised the Branch Statutory Audit Policy · For the Financial Year 2022-23 - ONLY 70% of Fund & Non Fund Credit Exposure to be covered under statutory audit of Bank/ statutory audit Branch Audit · &...
TDS
India crypto TDS % on cryptocurrency trading
RJA 07 Feb, 2023
India crypto TDS % on cryptocurrency trading A significant crypto tax is expected to be implemented in India in 2023, which could strangle the cryptocurrency sector. Cryptocurrency transactions are subject to a sizable 30% tax, which is deductable from income and other revenue from any source. This taxation rule will apply to cryptocurrency ...
INCOME TAX
Shift between old and new tax regime, Cant come back to old tax regime
RJA 07 Feb, 2023
The new income tax regime is now the default choice for income taxpayers under budget 2023. Therefore, the updated new income-tax system will apply unless a person declares that they are choosing the old income tax regime. Many taxpayers may now question if the advantage of switching between the old and ...
COMPANY LAW
Tax & Statutory Compliance Calendar for February 2023
RJA 03 Feb, 2023
Tax & Statutory Compliance Calendar for February 2023 S. No. Statue Objective of compliance Period of Compliance Timeline Particular of Compliance 1 Labour Law PF / Employees' State Insurance Scheme January 2023 15- February -2023 Timeline for payment of Provident fund and Employees' State Insurance Scheme contribution for the previous month. 2 Goods and Services ...
COMPANY LAW
Tax & Statutory Compliance Calendar for January 2023
RJA 29 Jan, 2023
Tax & Statutory Compliance Calendar for January 2023 S. No. Statue Purpose Compliance Period Timeline Date Compliance Details 1 Under Goods and Services Tax GSTR-1- Quarterly Returns with Monthly Payment October -December, 2022 13- January 2023 GSTR-1 of registered person with turnover less than INR 5 Crores during the preceding year and who has ...
GST Filling
Time Schedule for Filling of GST Refund Application
RJA 29 Jan, 2023
Time Schedule for Filling of GST Refund Application Punctual refund procedures are important for the best tax management since they open the door to trade by releasing restricted money. The claim for GST Refund process is now completely online and scheduled under the GST regime, throwing the previously time-consuming ...
NRI
CBDT exempts NRIs from Online filing form 10F Upto 31 March 2023
RJA 26 Jan, 2023
Central Board of Direct Taxes exempts non-resident Indians (NRIs) from Online filing form 10F Upto 31 March 2023, The Central Board of Direct Taxes has exempted non-resident Indians (NRIs) without PANs from Online filing Form 10F up to March 2023. Central Board of Direct Taxes notification No. 03/2022, dated July 16, 2022, issued by the Directorate ...
TDS
TDS applicability when Purchased Crypto Currency
RJA 26 Jan, 2023
TDS (Tax deducted at source) when you purchased Bitcoin or Crypto Currency 1% Tax deducted at source on the sales transaction will be applicable if a customer exchanges a Bitcoin or Crypto Currency or Virtual Digital Assets to purchase another Bitcoin or Crypto Currency or Virtual Digital Assets. For Example, if ...
Valuation - Merger & acquisition
Purpose of valuation Report from an IBBI Registered Valuer required
RJA 25 Jan, 2023
Purpose of valuation Report from an IBBI Registered Valuer required We've compiled a list of reasons why you should get a business valuation: Change in ownership due to retirement or succession for the heir. Gifting shares of the business to your successors. Merger with another entity New shareholders addition ...
GST Filling
Clarification on HSN code Summary in annual GSTR 9 Return
RJA 26 Dec, 2022
Key Clarification on Harmonized System of Nomenclature Code Summary in annual GSTR 9 Return Annual GSTR 9 Return Disclosure of Harmonized System of Nomenclature Code Summary. Harmonized System of Nomenclature Code Summary should be after net of Credit Note & Debit Note/adjustment. Exempted & Taxable Supply Harmonized System of Nomenclature Code ...
INCOME TAX
Reverse Tax benefit on Home Loan if Selling House in 5 years of possession
RJA 25 Dec, 2022
Selling House within 5 years of taking possession will Reverse Tax advantage on Home Loan As per Sec 80C of income tax act 1961, In case we sell house within 5 years from the end of the FY in which property possession was taken, all the income tax advantage availed U/s 80C&...
GST Compliance
48th Meeting GST Council recommendations highlights
RJA 19 Dec, 2022
Brief highlights of 48th Meeting GST Council recommendations The GST Council has, among other things, recommended the following amendments to the GST tax rates, trade facilitation measures, and GST compliance streamlining measures: E-invoice Related : CBEC Circular will be issued for clarification on GST New e-invoices applicability with effect from 1...
INCOME TAX
Consequences of ignorance & Non-Filling of Tax Return
RJA 17 Dec, 2022
What are the consequences of ignorance & Non-Filling of Tax Return? Income Tax Return as it is generally referred to, is a formal document that you are mandated by law to submit annually. ITR filing is required if you want to avoid certain serious consequences, even though it may seem ...
