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 ...

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 ...

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Landmark Supreme Court judgments concerning homebuyers' rights are safeguarded

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Highlights on Extended deadline for declaring foreign assets & ITRs

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Reassessment proceedings u/s 148- Validity of notices issued u/s 148A(b) & 148A(d)

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