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ICAI Reporting Requirements: Fees Disclosure in Revised Code of Ethics
The Institute of Chartered Accountants of India (ICAI) has recently issued an announcement outlining essential reporting requirements related to fees disclosure under the revised provisions in the Cod...
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52nd GST Council Meeting Recommendations & Amendments
The 52nd GST Council Meeting, held in New Delhi on October 7, 2023, witnessed significant recommendations and amendments aimed at simplifying the Goods and Services Tax (GST) system in India. Chaired...
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Income Tax Notification 87/2023: Dental Council of India Exemption
Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued Notification No. 87/2023-Income Tax on 6th October 2023. This notification grants an exemption to the Dental Council o...
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Streamlining Voluntary Liquidation Process: Key Proposals 2023
The voluntary liquidation process is a vital component of the insolvency and bankruptcy framework in India. It allows for the orderly winding up of a corporate entity, ensuring the efficient distribut...
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CAIT Demands Action Against Amitabh Bachchan and Flipkart
In a strongly-worded letter addressed to Smt. Nidhi Khare, IAS, Special Secretary & Chairperson (CCPA) of the Ministry of Consumer Affairs, the Confederation of All India Traders (CAIT) has raised ser...
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ICSI Requests SEBI to Waive Physical Notice & Report Dispatch
In a bid to streamline corporate governance and promote eco-friendliness, The Institute of Company Secretaries of India (ICSI) has submitted a formal request to the Securities and Exchange Board of In...
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GSTN Advisory on DRC-01C Compliance for ITC Discrepancies
The Goods and Services Tax Network (GSTN) has recently issued an advisory regarding the implementation of compliance related to DRC-01C. This advisory addresses the discrepancy in Input Tax Credit (IT...
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Cost Accountants to undertake Inventory Valuation under Section 142(2A) of Income Tax
The Institute of Cost Accountants of India is a statutory body set up under an Act of Parliament under the administrative control of Ministry of Corporate Affairs, Govt. of India. The Institute is hea...
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Income Tax Act 1961 Section 10(46) Notification for DMF Trust
Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, New Delhi, has issued Notification No. 86/2023-Income Tax dated 4th October 2023, under Section 10(46) of the Income Tax Act,...
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ICAI MEF 2023-24 Submission Deadline Extended to 21st October 2023
Introduction: The Institute of Chartered Accountants of India (ICAI) plays a crucial role in regulating and advancing the accounting profession in the country. As part of its commitment to supporting...
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GST Input Tax Credit Claim: Problems Due to Wrong Interpretation of Law
In recent years, the Goods and Services Tax (GST) system in India has been a topic of discussion and debate, particularly regarding the disallowance of Input Tax Claims under section 16(4) of the GST...
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Advisory: e-Invoice JSON download functionality Live on GST e-Invoice Portal
The Goods and Services Tax Network (GSTN) has rolled out an exciting update for taxpayers. As of October 3, 2023, the e-Invoice JSON download functionality is live on the GST Portal. This enhancement...
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ITAT Indore Hybrid Hearing Guidelines from October 9, 2023
The Income Tax Appellate Tribunal (ITAT), Indore Bench, has issued guidelines for hybrid hearings starting from October 9, 2023. These guidelines outline the procedures and options available to taxpay...
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IFSCA Sustainable Lending Framework FAQs
The International Financial Services Centres Authority (IFSCA) has introduced a Sustainable and Sustainability-linked Lending Framework (SF Framework) aimed at promoting sustainable lending practices...
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IFSCA Forms Fund Management Advisory Committee
Introduction: The International Financial Services Centres Authority (IFSCA) has taken a significant step towards enhancing the development and regulation of the fund management industry within Intern...
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ICAI President’s Message – October 2023
The Institute of Chartered Accountants of India Dear Professional Colleagues, In a historical juncture that will be etched in the annals of time, the global spotlight converged in New Delhi from 9th –...
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GST Revenue Collection in September 2023: ₹1.62 Lakh Crore
The Ministry of Finance has released the latest figures for Goods and Services Tax (GST) revenue collection for the month of September 2023. The data reveals a significant milestone in revenue collect...
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Request for Amnesty Scheme and Withdrawal of Notices for Section 16(4)
In the realm of taxation, the landscape can often be fraught with complexities and uncertainties. One such issue that has been a cause for concern among taxpayers is related to the Input Tax Credit (I...
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Over 30 Lakh Audit Reports Filed: Income Tax Department’s E-filing Success
The Ministry of Finance recently reported a significant achievement in the realm of tax compliance. More than 30.75 lakh audit reports, encompassing approximately 29.5 lakh Tax Audit Reports (TARs), h...
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IBC Discussion Paper: RP Appointment, Report Sharing, Creditor Meetings
The Insolvency and Bankruptcy Code (IBC) has been a critical framework for handling insolvency resolution processes in India. It emphasizes fairness, transparency, and the rehabilitation of debtors. I...