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Representation on adjustments (over & above 20% of disputed demand) by CPC
The Karnataka State Chartered Accountants Association (KSCAA) has submitted a formal representation to the Commissioner of Income Tax in Bengaluru, challenging the Central Processing Centre’s (CPC) ta...
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New RPU Version 4.7: Updates in e-TDS/TCS Returns for FY 2023-24
As of September 1, 2023, Return Preparation Utility (RPU) version 4.7 has been released, bringing several updates for the preparation of regular and correction quarterly e-TDS/TCS statements, effectiv...
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New File Validation Utility Versions: FVU 2.178 & FVU 8.2 for e-TDS/TCS Statements
The tax landscape is ever-changing, and with the commencement of FY 2023-24, two new versions of the File Validation Utility (FVU) have been released: FVU version 2.178 for quarterly e-TDS/TCS stateme...
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Indian Cyber Crime Coordination Centre (I4C): Alert on Counterfeit Emails
In today’s interconnected world, cybercrime is an increasingly alarming concern, especially when it involves impersonation of government bodies. One such critical issue that has recently come to light...
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Notification No. 76/2023-Income Tax Dated: 1st September, 2023
under section 10 sub section 46 of Income tax Act 1961 in case of Chhattisgarh, Uttarakhand, Madhya Pradesh, Punjab Real Estate Regulatory Authority. MINISTRY OF FINANCE (Department of Revenue) (CENTR...
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Notification No. 75/2023-Income Tax | Dated: 1st September, 2023
Notification No. 75/2023-Income Tax Dated: 1st September, 2023 under section 10 sub section 46 of Income tax Act 1961 in case of E-Governance Society, Department of Food, Civil Supplies and Consumer A...
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Notification No. 74/2023-Income Tax, Dated: 01.09.2023
Notification No. 74/2023-Income Tax Dated: 1st September, 2023 under section 10 sub section 46 of Income Tax Act 1961 in case of Rajasthan State Dental Council. Ministry of Finance (Department of Reve...
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Faux Pas of Income Tax Portal
Introduction: The Chartered Accountants Association, Surat, recently sent a pointed letter to the Finance Minister addressing concerns over errors in the Income Tax portal. These errors led to thousan...
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Representation on Incorrect Processing of Income Tax Returns Filed
KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) Date: 01st September 2023 To, Commissioner of Income Tax, CPC, Bengaluru Honourable Sir, SUBJECT: REPRESENTATION REGARDING INCORRECT PROCESSING OF...
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ICAI President’s Message – September 2023
Dear Professional Colleagues, “Sustainable development is the pathway to the future we want for all. It offers a framework to generate economic growth, achieve social justice, exercise environmental s...
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₹1.59 Lakh Crore GST Revenue, 11% YoY Growth in August 2023
The Ministry of Finance has recently announced significant developments in GST revenue collection during August 2023, showcasing a remarkable 11% year-on-year growth. August 2023 GST Revenue Collectio...
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Report of expert committee on ‘Onshoring Indian Innovation to GIFT IFSC’
International Financial Services Centres Authority (A statutory authority established by Government of India) Press Release Report of the expert committee on ‘Onshoring the Indian Innovation to GIFT I...
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Proposed Amendments on IFSC Insurance Office Investment Regulations 2023
Introduction: The International Financial Services Centres Authority (IFSCA) is at the forefront of a major shift in the regulatory landscape concerning the investments made by the International Finan...
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Advisory on Reporting of ITC Reversal opening Balance
Please read the following advisory carefully before proceeding ahead for reporting the ITC Reversal opening balance: 1. Taxpayers are permitted to use this facility to report their ITC Reversal Balanc...
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CTD Cracks Down on Fake GST Bill Operators
Introduction: The Commercial Taxes Department (CTD) of Bengaluru’s South Zone recently brought to light a massive fraud scheme involving fake GST bill operations. The operation is one of its kind wher...
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Solutions for ITC Mismatch in the GST Regime
Introduction The Goods and Services Tax (GST) regime, now in its seventh year, has undergone various evolutions. Despite its extended tenure, practical challenges like the ITC mismatch persist, affect...
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CBDT New Rule 134 & Form 71: TDS Credit Application – Section 155(20)
Introduction: The Central Board of Direct Taxes (CBDT) has issued a new rule, Rule 134, along with Form No. 71, related to the application under sub-section (20) of section 155 for the credit of tax d...
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Correction to Income Tax Notification for Accommodation Perquisite Valuation
Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th August, 2023 related to Amended Income Tax Rules for Valuation of Accom...
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Annual Report on APA Programme by CBDT: Highlights & Insights (2019-22)
The Advance Pricing Agreement (APA) programme has been a key component in shaping India’s tax regime over the past decade. Designed to promote an investor-friendly tax environment, the Central Board o...
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FAQ’s on Income Tax Form 27C
On August 28, 2023, the Income Tax Department unveiled the most recent set of Frequently Asked Questions (FAQs) pertaining to Form 27C. As taxpayers grapple with their income tax obligations, these FA...