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CBDT Amends Income Tax Rules for Valuation of Accommodation Perquisite
The Central Board of Direct Taxes (CBDT) has introduced an amendment to the Income Tax Rules, 1962, relating to the valuation of perquisites for residential accommodation provided by employers. The am...
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New Rule for TDS on Foreign Currency Income: Exchange Rates
Introduction: The Ministry of Finance has issued a significant notification, No. 64/2023-Income Tax, on August 17, 2023, amending the Income-tax Rules, 1962. The notification introduces a new rule, im...
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Operationalisation of the Board for Advance Rulings
Introduction: The Ministry of Finance has taken a significant step towards enhancing tax clarity and efficiency with the operationalisation of the Board for Advance Rulings. This move aims to streamli...
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GSTN issued advisory on Steps for e-Invoicing under GST
Steps For e-Invoicing A. Introduction: ‘e-Invoicing’ means reporting details of specified GST documents to a Government-notified portal i.e., Invoice Registration Portal (IRP) and obtaining an invoice...
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Recent Changes in CGST Rules, 2017
10 Recent Changes in CGST Rules, 2017 1. Rule 88 D inserted Rule 88D inserted to provide manner of dealing with difference in Input Tax Credit (ITC) available in Auto-generated Statement containing th...
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Understanding e-Invoicing: Definition, Process and Key Terms
In the era of digital transformation, e-Invoicing has emerged as a significant advancement in the realm of taxation and business operations. This article delves into the core concepts of e-Invoicing,...
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CBDT Order on Dispute Resolution Committee Formation
Introduction: The Central Board of Direct Taxes (CBDT), an integral part of the Ministry of Finance in India, has recently issued a significant office order, dated 14th August 2023. This order pertain...
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Guidelines on Taxation of sum received under a life insurance policy
Introduction: Circular No. 15 of 2023, issued by the Central Board of Direct Taxes, offers comprehensive insights into the intricate details of the guidelines under Clause (10D) of Section 10 within t...
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New Functionality for ‘Challan Correction’ on Income Tax e-Filing Portal
The Income Tax department has introduced a groundbreaking feature for taxpayers – the ‘Challan Correction’ functionality on its e-filing portal. This transformative addition offers taxpayers a conveni...
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GST Council Newsletter for the month of July 2023
The 50th meeting of the GST Council which convened in New Delhi on 11th July 2023, concluded with the formulation of several momentous decisions that are expected to impact various sectors in India. N...
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Inventory Valuation by Cost Accountants (CMAs) Draft Format released for comments
Inviting comments on the draft Form No. 6C for implementing the amendment made by the Finance Act, 2023 wrt Sub-section (2A) of the Section 142 of the Income Tax Act, 1961 regarding inventory valuatio...
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Haryana Water Resources Authority Tax Exemption – Notification No. 63/2023
The Ministry of Finance, under Notification No. 63/2023, has granted specific tax exemptions to the ‘Haryana Water Resources (Conservation, Regulation and Management) Authority,’ an entity established...
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Urban Improvement Trust Udaipur Tax Exemption – Notification No. 62/2023
The Ministry of Finance has issued Notification No. 62/2023, dated 16th August 2023, detailing specific tax exemptions for the ‘Urban Improvement Trust Udaipur.’ The notification comes after an Order...
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New Income Tax Rules on Taxation of Life Insurance Policy Receipts
The Ministry of Finance has issued Notification No. 61/2023, dated 16th August 2023, pertaining to a new amendment in the Income Tax Rules of 1962. This Sixteenth Amendment focuses on the computation...
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SEBI Voluntary Delisting Norms Review 2023
Introduction: Explore the Consultation Paper Review of Voluntary Delisting Norms under SEBI’s Delisting of Equity Shares Regulations, 2021. This analysis delves into the objectives, background, sub-gr...
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Appeal for GST Amnesty for year 2017-20: Penalties, Interest & ITC
The Karnataka State Tax Practitioners Association has recently submitted an extensive request to the Honourable Minister of Finance, Smt Nirmala Sitaraman. The request primarily focuses on providing a...
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Equilibrium between GST & Personal Income Tax Contributions to India’s GDP
The interplay between taxation and economic development is a complex and dynamic phenomenon that often mirrors the broader financial landscape of a nation. A recent report released by the Finance Mini...
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Breaking: Rs 15,000 Crore Tax Evasion Exposed in Insurance Sector as I-T Department Wraps Up Probe
Introduction In a significant development, the Income Tax (I-T) department has wrapped up its extensive investigation into insurance companies, exposing a staggering tax evasion totaling over Rs 15,00...
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IRDAI’s Quantitative Impact Study -1 on Indian Risk-Based Capital Framework
Introduction: The Insurance Regulatory and Development Authority of India (IRDAI) is driving the development of the Indian Risk-Based Capital (Ind-RBC) Framework to enhance the capital adequacy of ins...
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Monsoon Session of Parliament 2023: Key Bills and Productivity
The Monsoon Session of Parliament for the year 2023 has drawn to a close, leaving behind a trail of significant legislative accomplishments and advancements. Spanning 23 days and 17 sittings, this ses...