Goods and Services Tax

Out- Come of A Special All-India Drive on GST

RJA 19 Jul, 2023

Outcome of A Special All-India Drive on GST  A Senior Tax Official of Goods and Services Tax stated that GST officials have so far cancelled over 4,900 bogus GST Registrations as part of a nationwide drive. Moreover, this GST special Drive has been discovered 17,000 GSTINs that do ...

INCOME TAX

Guidelines Compulsory Scrutiny of ITR Returns for FY 2023-24

RJA 14 Jul, 2023

Guidelines Compulsory Selection of Income Tax Returns for Complete Scrutiny during FY 2023-24 Central Board of Direct Taxes issues guidelines for compulsory selection of ITR Returns for Complete Scrutiny during the FY2023-24 along with the compulsory selection of Scrutiny procedure, Compulsory selection Parameters of returns for Complete Scrutiny as ...

GST Consultancy

50th GST council meeting Important Decisions taken

RJA 11 Jul, 2023

50th GST council meeting Important decisions taken- Details are here under System-based intimation to the taxpayers in respect of the excess availment of input tax credit in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B 28% Goods and Services Tax on the full value of the ...

Goods and Services Tax

GSTN :Geocoding-Businesses can have to geocode their addresses

RJA 10 Jul, 2023

Geocoding can help in finding out exact location of the registered businesses entity & their addresses, to check bogus registrations. Geocoding makes it possible to pinpoint the location of registered firms and ensures that the address information in GSTN records are streamlined. For the purpose of to assure the accuracy ...

Goods and Services Tax

INR 1.61 Cr Gross Goods and Services Tax revenue collected for June 2023;

RJA 05 Jul, 2023

INR 1.61 Cr Gross Goods and Services Tax revenue collected for June 2023, Records 12% Growth Gross Goods and Services Tax Revenue collected in the month of June, 2023 is INR 1,61,497 crore of which Central Goods and Services Tax is INR 31,013 crore, state Goods and Services Tax  is INR 38,292 crore, Integrated Goods ...

TDS

New Tax deducted at Source & Tax Collected at Source Update

RJA 01 Jul, 2023

New Tax deducted at Source & Tax Collected at Source Update : CBDT  CBDT extends due date certain TDS/TCS Statements Central Board of Direct Taxes extends the due date for submission of certain Tax Collected at Source or Tax deducted at Source TDS Statements. Due date ...

GST Filling

FAQS ON ONLINE RETURN COMPLIANCE IN FORM DRC-01B

RJA 01 Jul, 2023

FAQS ON ONLINE RETURN COMPLIANCE IN FORM DRC-01B : GSTN Advisory Goods and Services Tax Network  has developed a functionality to enable the Goods and Services Tax taxpayer to explain the difference in GSTR-3B & GSTR-1 return online mode as directed by the Goods and Services Tax Council. ...

COMPANY LAW

Taxation & Statutory Compliance Calendar for July 2023

RJA 01 Jul, 2023

Taxation & Statutory Compliance Calendar for July 2023 Important dates in July 2023 for compliance under GST & Income tax & Other Law  S. No. Under Law Purpose of compliance Period of Compliance TimeLine Date Details of Compliance 1 Income Tax Tax Collected at Source or Tax deducted at Source ...

TDS

Important changes w.r.t LRS Scheme & Tax Collected at Source

RJA 01 Jul, 2023

Important changes w.r.t Liberalised Remittance Scheme and Tax Collected at Source The Finance Ministry, Gov of India has, via a press release dated 28th June, 2023, announced significant changes to the LRS & TCS, which shall be implemented from 1st October, 2023 as against earlier deadline of 1st July, 2023. One ...

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 ...

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