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Reply to demand notice for payment of Advance Tax
Date: <DD/MM/YYYY>To, The Assessing Officer, Circle/Ward................ .................................Sir/Madam,Name of assessee: M/s. ABC Pvt Ltd PAN: AAAAA1234A Asst. Year: <YYYY-YY>Sub: Reply t...
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Advisory on GSTR-1/IFF: Introduction of New 14A and 15A tables
Introduction: The recent advisory on GSTR-1/IFF introduces two new tables, 14A and 15A, aimed at capturing amendments related to supplies made through e-commerce operators. This article delves into th...
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Article: Navigating the Complexities of Input Tax Credit in Special Circumstances under GST.
Navigating the Complexities of Input Tax Credit in Special Circumstances under GST The Goods and Services Tax (GST) Act in India has established intricate provisions to govern the claiming of Input Ta...
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Cabinet approves Uttar Poorva Transformative Industrialization Scheme, 2024
Introduction: The Ministry of Commerce and Industry unveils a groundbreaking initiative, the Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI – 2024). Approved by the Cabinet, this 1...
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Income Tax Dept admits Inconsistencies in Securities Market Data (SFT-17)
Source of Discrepancy: The Income Tax Department has admits ‘certain inconsistencies’ in the Statement of Financial Transactions (SFT-17) data related to the securities market, as reported by one of t...
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Article: Unraveling the Intricacies of Assessments under GST Regime
Unraveling the Intricacies of Assessments under GST Regime The article "Unraveling the Intricacies of Assessments under GST Regime" provides a comprehensive overview of the various types of assessment...
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Indian citizens can conduct QR-code-based UPI transactions in Nepal
Introduction: In a groundbreaking development, NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), and Fonepay Payment Service Ltd have laun...
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SEBI Extends Deadline: Public Comments on Nomination Revision
The Securities and Exchange Board of India (SEBI) has extended the timeline for the submission of public comments on the Consultation Paper to Revise and Revamp Nomination in Securities Market. Initia...
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SEBI ISO Settlement Scheme, 2024: Opportunity for Illiquid Stock Options Traders
Introduction: The Securities and Exchange Board of India (SEBI) has announced the introduction of a third Settlement Scheme aimed at resolving trading irregularities in the illiquid stock options segm...
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RBI FAQs on Credit Card and Debit Card – Issuance and Conduct Directions, 2022
Credit cards play a pivotal role in financial transactions, and it’s crucial for users to understand their rights and procedures. This article delves into frequently asked questions (FAQs) related to...
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UDGAM Portal: RBI FAQs
Reserve Bank of India has ushered in a revolutionary tool, the UDGAM Portal, designed to simplify the process of locating unclaimed deposits. The UDGAM Portal emerges as a game-changer, offering indiv...
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Depositor Education and Awareness (DEA) Fund Scheme, 2014: RBI FAQs
The Depositor Education and Awareness (DEA) Fund Scheme, 2014, instituted by the Reserve Bank of India (RBI), stands as a significant initiative to address unclaimed deposits and enhance financial awa...
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Review of Foreign Direct Investment Policy on Space Sector
Introduction: The Ministry of Commerce & Industry has unveiled significant changes to the Foreign Direct Investment (FDI) Policy in the space sector. This review, effective from the date of FEMA notif...
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Meerut CGST Commissionerate Busts Rs. 1,000 Cr ITC Fraud
Introduction: In a significant development, the Anti-Evasion branch of Central Goods and Services Tax (CGST) Commissionerate, Meerut, has successfully uncovered a large syndicate involved in a major I...
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Ministry of Finance Launches e-Campaign for Advance Tax Compliance
The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance with advance tax payments for the Financial Year 2023-24. This campaig...
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Appealing an Order before the GST Appellate Authority : Law and the Procedure
1. IntroductionThe Goods and Services Tax (GST) law, which refers to Central Goods and Services Tax Act, 2017 ('CGST Act'), Integrated Goods and Services Tax Act, 2017 ('IGST Act'), State Goods and Se...
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GSTN Announcement: E-Waybill Integration with New IRP Portals
Introduction: In a significant development, the Goods and Services Tax Network (GSTN) has successfully integrated E-Waybill services with four new Invoice Registration Portal (IRP) portals via the Nat...
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Extension of Due Date for Filing Form No. 26QE for F.Y. 2022-23 retrospectively
Introduction: Circular No. 04/2024, issued by the Central Board of Direct Taxes (CBTD) on March 7, 2024, brings important relief for specified persons under section 194S of the Income-tax Act. The cir...
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No TDS on Payments to Units of IFSC – CBDT Notifies
The Government of India has issued a notification exempting specific payments made to IFSC Units from Tax Deducted at Source (TDS) under the Income Tax Act, 1961. This exemption applies for ten consec...
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Finance Head of a firm arrested for GST evasion to the tune of Rs 88 crore
Introduction: The Ministry of Finance recently made headlines with the arrest of the Finance Head of a prominent firm for alleged GST evasion amounting to a staggering Rs 88 crore. This incident, whic...