-
CAIT Urges Swift Implementation of E-commerce Rules under Consumer Protection Act
Introduction: In a compelling plea addressed to Prime Minister Narendra Modi, the Confederation of all India Traders (CAIT) highlights the urgent need for the early rollout of the E-commerce Policy an...
-
E-Way Bill Changes: Mandatory e-Invoice Link from March 2024
Blocking the generation of E-Way Bill without e-Invoice/IRN details for B2B and B2E transactions for e-invoice enabled tax payers will be done from 1st March 2024. National Informatics Centre Blocking...
-
Reporting of 4/6 digit HSN in e-Waybill from 1st February 2024
Introduction: The National Informatics Centre (NIC) has issued a crucial advisory regarding the E-Way Bill System, specifically addressing the use of Harmonized System of Nomenclature (HSN) codes. Thi...
-
Corrigendum to Notification for Stichting Pension funds under section 10(23FE)
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has released a significant update through Notification No.5/2024 Corrigendum, dated January 4, 2024. This amendment revis...
-
Income Tax Notification on Non-Resident Investment in Financial Products
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued a significant notification under clause (4G) of section 10 of the Income Tax Act, 1961. Dated January 4, 20...
-
EPFO Extends Deadline for Employers: Upload Pension on Higher Wage Details
Introduction: The Ministry of Labour & Employment, through the Employees’ Provident Fund Organization (EPFO), has announced a significant extension for employers. The extension pertains to the deadlin...
-
SC issues Notice to to Finance Ministry on GST Return Revision Option on Portal
Pradeep Kanthed Vs. Union of India and Ors (Supreme Court of India) Introduction: The Supreme Court of India, in the case of Pradeep Kanthed v. Union of India and Ors [Writ Petition (Civil) No. 1006/2...
-
Exemption from specified income U/s 10(46): Madhya Pradesh Professional Examination Board, Bhopal
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has issued Notification No. 3/2024-Income Tax on January 2, 2024. This notification pertains to the exemptio...
-
Exemption from specified income U/s 10(46): Karnataka State Rural Livelihood Promotion Society
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued Notification No. 2/2024- Income Tax on January 2, 2024. This notification pertains to the taxati...
-
Exemption from specified income U/s 10(46): ‘Bellary Urban Development Authority’
Introduction: The Ministry of Finance, Department of Revenue, through the Central Board of Direct Taxes, has issued Notification No. 1/2024- Income Tax on 2nd January 2024. This notification pertains...
-
MSME Delayed Payments: Call for Rationalized Disallowance in Income Tax Act
On January 3, 2024, the All Gujarat Federation of Tax Consultants (AGFTC) and Income Tax Bar Association (ITBA) jointly addressed a letter to Hon’ble Finance Minister Smt. Nirmala Sitharaman, expressi...
-
SoP for Determination of Net Quantity in Packaged Edible Oils and Fats
Introduction: The Legal Metrology rules play a crucial role in ensuring fair trade practices, especially in the food industry. This article delves into the specific guidelines issued by the Department...
-
Electoral Bonds Sale: SBI Authorised Branches, Jan 2-11, 2024
Introduction: The Ministry of Finance, in collaboration with the State Bank of India (SBI), has announced the sale of Electoral Bonds through 29 designated branches. Commencing from January 2 to Janua...
-
12% Y-o-Y Growth, ₹14.97 Lakh Crore GST Collection in April-Dec 2023
Ministry of Finance Posting a growth rate of 12% Y-o-Y, 14.97 lakh crore gross GST collection during April-December 2023 period Gross GST collection averages 1.66 lakh crore in first 9 months of FY24...
-
Advisory on functionalities available on GST portal for GTA taxpayers
Introduction: Dear GTA Taxpayers, as of 01/01/2024, essential functionalities are available on the portal for efficient Goods and Services Tax (GST) compliance. In this guide, we’ll walk you through t...
-
Record 8.18 crore Income Tax Returns (ITRs) filed for A.Y. 2023-2024
Ministry of Finance Achieves Record Surge in Income Tax Returns Filing for A.Y. 2023-2024 In a remarkable milestone, the Income-tax Department, operating under the Ministry of Finance, has witnessed a...
-
E-Commerce Exports Handbook for MSMEs
Directorate General of Foreign Trade Ministry of Commerce and Industry Government of India With the launch of the New Foreign Trade Policy 2023, Government of India has set a target of USD 1 Trillion...
-
Walker Chandiok & Co LLP – NFRA Inspection Report on audit quality
NFRA Inspection Report, numbered 132.2-2022-05 and dated December 29, 2023, scrutinizes the audit practices of Walker Chandiok & Co. LLP (WCCL). Mandated by Section 132 of the Companies Act 2013, the...
-
FIU IND issues compliance SCN to 9 offshore VDA SPs
Introduction: The Financial Intelligence Unit India (FIU IND) has taken decisive action against offshore Virtual Digital Assets Service Providers (VDA SPs) for non-compliance with the Prevention of Mo...
-
Advisory: Date extension for reporting opening balance for ITC reversal
In a move aimed at facilitating taxpayers and ensuring accurate reporting of Input Tax Credit (ITC) reversal, the Goods and Services Tax (GST) authorities have introduced a new ledger named the Electr...