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Understanding the Implications of Related Person Transactions under GST Law.
Understanding the Implications of Related Person Transactions under GST Law Editorial Note:The Goods and Services Tax (GST) has brought about significant changes in the indirect tax landscape of India...
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ICSI: Compulsory Switchover to New Training Structure w.e.f. 1st April, 2024
The Institute of Company Secretaries of India (ICSI) has issued an imperative directive regarding the transition to a new training structure, effective April 1st, 2024. This announcement is pivotal fo...
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Trends and Growth In GST Collection
The financial year 2023-24 has ended on a high note, from GST view point. GST collection has once again been robust in March, 2024. GST collection is second highest monthly Gross GST Revenue collectio...
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Time limit for verification of return of income after uploading
Introduction: Notification No. 2 of 2024, issued by the Central Board of Direct Taxes (CBDT), addresses the time limit for verification of Income Tax Returns (ITRs) after uploading. This notification...
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Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onw...
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Capital Asset under Capital Gains Tax: An Overview.
Capital Asset under Capital Gains Tax: An Overview A capital asset encompasses a wide range of properties held by an assessee, including both movable and immovable assets. However, certain personal as...
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SCN Reply - Reply to Show Cause Notice for Not Obtaining Registration as a Goods Transport Agency under GST
Subject: Reply to Show Cause Notice for Not Obtaining Registration as a Goods Transport Agency under GST Date: [Insert Date] To The Jurisdictional Officer, [Insert Division], [Insert Commissionerate]...
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Managing Input Tax Credit (ITC) Transitions and Reversals in GST.
Managing Input Tax Credit (ITC) Transitions and Reversals in GST In the realm of Goods and Services Tax (GST), the efficient utilization and handling of Input Tax Credit (ITC) play a pivotal role for...
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SCN Reply - Reply to the Notice for Rejection of Refund Application filed under Section 54(3)(ii) of the CGST Act.
Subject: Reply to the Notice for Rejection of Refund Application filed under Section 54(3)(ii) of the CGST ActDate: [Insert Date]To The Jurisdictional Officer, [Insert Division], [Insert Commissionera...
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Tax Planning- Deductions Available to Salaried Persons
Tax planning plays a crucial role in effective financial management, enabling individuals to minimize their tax liabilities and maximize their savings. While navigating the complex landscape of tax pr...
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Animal Husbandry Infrastructure Development Fund Guidelines
Circulation of Amended Implementation Guidelines for Animal Husbandry Infrastructure Development Fund (AHIDF) Animal Husbandry Infrastructure Development Fund (AHIDF), Central Sector Scheme under the...
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ICAI President’s Message – April 2024
Fortifying a nation’s financial foundations is paramount for building a resilient economy. In India’s journey towards becoming a developed nation, effective government accounting and public finance ma...
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ICSI Extends Last Date for Mandatory CPE Credits till May 31, 2024
Introduction: The Institute of Company Secretaries of India (ICSI) plays a pivotal role in regulating the profession of company secretaries. In line with its commitment to ensuring professional excell...
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March 2024 GST Revenue Hits ₹1.78 Lakh Crore
Introduction: The Ministry of Finance recently announced a significant milestone in GST revenue collection for March 2024, recording the second-highest monthly collection at ₹1.78 lakh crore. This art...
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Clarification regarding applicability of new tax regime and old tax regime
Amidst circulating misinformation on social media, it’s crucial to understand the nuances of the new tax regime introduced under section 115BAC(1A) in the Finance Act 2023. This Press Release from Gov...
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Reply to SCN - Appeal against Reversal of Input Tax Credit due to Retrospective Cancellation of Supplier's Registration.
Appeal against Reversal of Input Tax Credit due to Retrospective Cancellation of Supplier's Registration Statement of Facts: The appellant, XYZ Corporation, is a registered entity in the State of Maha...
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Changes in ITR form V and Acknowledgement for A.Y 2024 25
as per the amendments in the provisions of the Income tax Act, 1961 and In the Income tax Rules, 1962 in consequence of the Finance Act, 2023 Introduction: The Ministry of Finance, through Notificatio...
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Navigating GST Refunds for Startups and Businesses Receiving International Payments through Online Gateways.
Navigating GST Refunds for Startups and Businesses Receiving International Payments through Online Gateways IntroductionIn the rapidly evolving landscape of global business, Indian startups and compan...
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Notification No. 36/2024: Income Tax Exemption- National Mission for Clean Ganga
The Ministry of Finance, under the Department of Revenue, Central Board of Direct Taxes, issued Notification No. 36/2024 on March 26th, 2024. This notification pertains to the tax treatment of the Nat...
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Reply to SCN - Waiver of Penalty under Section 126 of the CGST Act
Subject: Request for Waiver of Penalty under Section 126 of the CGST ActDear Sir/Madam,We are writing to you in response to the show cause notice issued under the GST laws of India. We kindly request...