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SCN Reply - Reply to Show Cause Notice for Reversal of ITC availed on Non-Business Transactions & Exempt Supplies
Date: [DD/MM/YYYY]To, The Jurisdictional Officer, [Address]Subject: Reply to Show Cause Notice for Reversal of ITC availed on Non-Business Transactions & Exempt SuppliesRespected Sir/Madam,This is in...
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Enhancing GST Compliance: A Closer Look at Physical Verification Post-Aadhaar Authentication.
Enhancing GST Compliance: A Closer Look at Physical Verification Post-Aadhaar AuthenticationIntroductionThe procedure for registering under the Goods and Services Tax (GST) in India has incorporated s...
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Notice inviting comments, by MCA, on review of rules prescribed under IBC 2016
The Ministry of Corporate Affairs (MCA) has initiated a significant step toward enhancing the regulatory framework under the Insolvency and Bankruptcy Code, 2016 (IBC). With the aim of ensuring robust...
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New FVUs and Return Preparation Utility for e-TDS/TCS Statements
Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU) e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms...
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CBDT signs record 125 Advance Pricing Agreements (APAs) in FY 2023-24
In a significant development for India’s tax landscape, the Central Board of Direct Taxes (CBDT) has achieved a remarkable milestone by signing 125 Advance Pricing Agreements (APAs) during the fiscal...
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Representation on deficiency in GST Portal functioning
On the 10th and 11th of April 2024, the All Gujarat Federation of Tax Consultants (AGFTC) and the Income Tax Bar Association (ITBA), Ahmedabad, encountered significant challenges with the GST portal’s...
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Central Govt Approves Amul R&D Association for Tax Benefits
Ministry of Finance, Department of Revenue, specifically the Central Board of Direct Taxes (CBDT), issued Notification No. 38/2024-Income Tax on April 9, 2024. This notification pertains to the approv...
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Income Tax Return Filing Initiation from 1st April: Enhancing Taxpayer Services
The move by the Income Tax Department of India to allow tax payers file their Income Tax Returns (ITRs) for Assessment year 2024-25 from April 1, 2024 which is the first day of the new financial year...
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Registration of Reporting Entity on ICSI-PMLA Portal as Per AML & CFT Guidelines
Introduction: The Institute of Company Secretaries of India (ICSI) has introduced registration requirements on its PMLA Portal to ensure compliance with Anti-Money Laundering (AML) and Combating the F...
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Representation on Incorrect/Delay In Submitting Application U/S 12A(1)(ac)
The Karnataka State Chartered Accountants Association (R) (KSCAA) presents a representation to Shri. Nitin Gupta, Chairperson of the Central Board of Direct Taxes, concerning challenges with applicati...
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CBDT mandates electronic filing of 8 income tax forms starting April 1, 2024
Government of India, under the Ministry of Finance, has issued Notification No. 01/2024 dated 26th February 2024, specifying forms, returns, statements, reports, and orders to be electronically furnis...
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Document Identification Number (DIN) under GST.
Document Identification Number (DIN) under GST Introduction In line with the government's objective of transparency and accountability in the functioning of the indirect tax administration, the Centra...
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Submissions in respect of Notice under Section 250 of the Income-tax Act.
Addition in respect of capitalization of one-time settlement of society maintenance charges Subject: Submissions in respect of Notice under Section 250 of the Income-tax Act, 1961 for A.Y. <XXXX-XX>Re...
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Interim Action Plan FY 2024-25 of Income Tax Department
The Central Board of Direct Taxes, under the Ministry of Finance, Government of India, has issued an Interim Action Plan for the financial year 2024-25. This comprehensive plan outlines key result are...
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CBDT Clarifies on Misleading Reports on HRA Claims
The Ministry of Finance recently issued a clarification regarding media reports suggesting a special drive by the Central Board of Direct Taxes (CBDT) to reopen cases linked to House Rent Allowance (H...
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Ayushman Bharat Health Account (ABHA) – Frequently Asked Questions
The Ayushman Bharat Health Account (ABHA) is a revolutionary initiative aimed at digitizing healthcare records in India. This article provides an in-depth ex-ploration of ABHA, addressing frequently a...
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SEBI Draft Circular on Requirement for AIF Private Placement Memorandum Changes via Merchant Banker
Introduction: The Securities and Exchange Board of India (SEBI) has released a draft circular seeking public comments on proposed relaxations in the requirement of intimation regarding changes in the...
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FAQs on UDIN for Practicing Cost Accountants/CMAs
Frequently Asked Questions on Unique Document Identification Number (UDIN) (Updated as on March 30, 2023) Q.1 What is Unique Document Identification Number (UDIN)? What is the objective of UDIN? Ans....
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Income Tax Returns Invalid if Unverified Within Time Limit: CBDT
The Government of India, through its Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, often issues crucial notifications impacting taxation procedures. A recent corrigendum t...
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Reply to SCN - Excess ITC claimed on post-sales discounts
Date: <DD/MM/YYYY>To, The Jurisdictional GST Officer <PLACE>Subject: Reply to Show Cause Notice No. ......... dated ......... for the Financial Year <20XX-XX>Dear Sir/Madam,This is in response to the...