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ICAI President’s Message – June 2024
In his June 2024 message, ICAI President Ranjeet Kumar Agarwal highlights the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in India’s economic future, emphasizing their contribution to...
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GST Council Newsletter For April 2024
The April 2024 GST Council Newsletter encapsulates significant discussions, revenue achievements, and updates within the Indian tax framework. The newsletter highlights the third National Coordination...
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CBDT notifies Amendment to Income Tax Form 27Q
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 48/2024-Income Tax, dated 31st May 2024, exercising powers conferred by the Income-tax Act...
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Important Due Dates Under Income Tax Law - May 2024.
Important Due Dates Under Income Tax Law - May 20247 May 2024 Last date for depositing Tax Deducted/Collected for April 2024. For government offices, the tax should be credited to the Central Governme...
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Notification under 10(46A) in case of Mathura Vrindavan Development Authority
The recent Notification No. 47/2024-Income Tax issued by the Ministry of Finance grants significant tax exemption to the Mathura Vrindavan Development Authority under section 10(46A) of the Income Tax...
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SCN Reply - Response to Demand Notice - Appeal for Adjustment of Demand Raised due to Variance in Turnover Reported in GSTR-3B and GSTR-7.
Response to Demand Notice - Appeal for Adjustment of Demand Raised due to Variance in Turnover Reported in GSTR-3B and GSTR-7[Date]To, The Deputy Commissioner, Goods and Services Tax, [Office Address]...
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SCN Reply - Appeal for Amendment of Clerical Error Under Section 161 of the CGST Act, 2017.
Appeal for Amendment of Clerical Error Under Section 161 of the CGST Act, 2017[Date]To, The Deputy Commissioner, Goods and Services Tax, [Office Address] [City, State, ZIP Code]Respected Sir/Madam,I a...
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SCN Reply - Reply to Show Cause Notice regarding the discrepancies observed between GSTR-1 and GSTR-3B returns.
Reply to Show Cause Notice regarding the discrepancies observed between GSTR-1 and GSTR-3B returnsDate: [Date]To, The Assistant Commissioner, [Department Address]Subject: Reply to Show Cause Notice No...
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CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2024-Income Tax Dated: 27th May, 2024 exempting the Reserve Bank of India (RBI) from the provision...
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CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2024-Income Tax Dated: 27th May, 2024 exempting the Reserve Bank of India (RBI) from the provision...
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BCI Notice: Law Colleges Prohibited from Admissions for Academic Year 2024-2025 & Beyond
The Bar Council of India (BCI), the apex regulatory body for legal education and the legal profession in India, has issued a crucial public notice concerning the admission policies for the academic ye...
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SEBI Consultation Paper on Valuation Framework for AIFs
Introduction: The Securities and Exchange Board of India (SEBI) has released a consultation paper to gather feedback on proposed revisions to the valuation framework for Alternative Investment Funds (...
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CBDT notifies Cost Inflation Index for Financial Year 2024-25
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2...
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SEBI Consultation Paper: Expert Committee Recommendations for BRSR
The Securities and Exchange Board of India (SEBI) has released a consultation paper seeking feedback on the recommendations of the Expert Committee regarding the Business Responsibility and Sustainabi...
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Section 10(46) Income Tax Exemption for Tamil Nadu Water Supply and Drainage Board
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 43/2024, dated May 22, 2024, under Section 10(46) of the Income-tax Act, 1961. This notification gran...
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SCN Reply - Response to the notice received for payment of tax on GTA services under Reverse Charge Mechanism
The Jurisdictional Officer, ______ Division, ______ CommissionerateSubject: Response to the notice received for payment of tax on GTA services under Reverse Charge Mechanism (RCM)Dear Sir/Madam,We are...
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SCN Reply - Response to the notice received for disallowance of ITC u/s 16(4).
Response to the notice received for disallowance of ITC u/s 16(4) The Jurisdictional Officer, ______ Division, ______ CommissionerateSub: Response to the notice received for disallowance of ITC u/s 16...
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SCN Reply - Appeal for Release of Temporarily Seized Bank Account under Form GST DRC-22.
Appeal for Release of Temporarily Seized Bank Account under Form GST DRC-22 Date: [Date]To, The Officer [Officer's Name] [Officer's Designation] [Department Name] [Address] [City, State, ZIP Code] Sub...
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Taxation of Real Estate Transactions Under GST: A Comprehensive Overview.
Taxation of Real Estate Transactions Under GST: A Comprehensive OverviewThe real estate sector, with its complex interplay of various services, stages, and property types, presents unique challenges u...
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SEBI Consultation Paper on Easing Business under MB, BTI & Buyback Regulations
The Securities and Exchange Board of India (SEBI) has initiated a consultation process to gather public and stakeholder feedback on the recommendations proposed by an Expert Committee. This committee,...