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Rising GST & Tax Evasion: An Insight into Efforts & Statistics
In a rapidly digitising world, ensuring tax compliance has become a challenging task for governments worldwide, and India is no exception. In response to a recent Lok Sabha query, the Government of In...
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Tax Deduction Relaxation for Ship Lease in IFSC: Income Tax Notification 57/2023
Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes have issued Notification No. 57/2023 on 1st August, 2023. This notification offers a tax deduction relaxation for lease re...
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Income Tax Amendment 2023: New Rules for Preliminary Expenses
CBDT inserted New Rule 6ABBB. Form of statement to be furnished regarding preliminary expenses incurred under section 35D vide Notification No. 54/2023-Income Tax Dated: 1st August, 2023. The amendmen...
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Recommendations of 51st GST Council Meeting
GST Council recommends certain amendments in CGST Act 2017 and IGST Act 2017, including amendment in Schedule III of CGST Act, 2017, to provide clarity on taxation of supplies in casinos, horse racing...
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EPFO SOP For Inspection of Establishments
The Employees’ Provident Fund Organisation (EPFO) has developed a Standard Operating Procedure (SOP) for conducting inspections of establishments in a transparent and accountable manner. This document...
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EPFO Vigilance Guidelines: Filing Complaints with EPFO Vigilance
Employees’ Provident Fund Organisation (EPFO) Vigilance Division plays a vital role in addressing complaints related to corruption and vigilance matters. This article outlines the guidelines for filin...
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SEBI Consultation Paper on Account Aggregator Framework – Public Comments
Securities and Exchange Board of India (SEBI) has released a consultation paper on the Account Aggregator Framework in securities markets. The paper aims to define use cases of Financial Information U...
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Fresh guidelines for tyre manufacturers by Ministry of Commerce and Industry
Ministry of Commerce & Industry The Indian tyre industry has been witnessing a rise in the demand for production of tyres for export and domestic sales. The increasing ownership of vehicles aids the t...
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ICAI President’s Message – August 2023
In his August 2023 message, CA. Aniket Sunil Talati, President of the Institute of Chartered Accountants of India (ICAI), emphasizes the profession’s adaptability to technology while upholding ethical...
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Draft Supplier Finance Arrangements – Amendments to Ind AS 7 & Ind AS 107
Accounting Standards Board The Institute of Chartered Accountants of India 25th July, 2023 Exposure Draft of Supplier Finance Arrangements – Amendments to Ind AS 7 and Ind AS 107 As you are kindly awa...
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Draft International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12
Accounting Standards Board The Institute of Chartered Accountants of India 25th July, 2023 Exposure Draft of International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12 As you are kindly...
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July 2023 GST Revenue Collection: ₹1,65,105 Crore with 11% YoY Growth
The Ministry of Finance, Government of India, has released the GST revenue collection data for July 2023. The figures show a significant increase in GST collections compared to the same period last ye...
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Impressive Growth in Monthly GST Collection for FY 2021-22 & FY 2022-23
The Ministry of Finance has disclosed the monthly average gross Goods and Services Tax (GST) collection for the financial years 2021-22 and 2022-23, showcasing significant year-on-year growth. This ar...
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CBDT notifies Ten Year Zero Coupon Bond of REC Ltd. under Section 2(48) of Income tax Act, 1961
Vide Notification No. 56/2023-Income Tax Dated: 1st August, 2023 The Ministry of Finance has issued Notification No. 56/2023 under the Income Tax Act, 1961, specifying the details of a zero coupon bon...
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Section 10(46) – IT Act 1961 – Joint Electricity Regulatory Commission (Goa & UTs)
The Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes have issued a crucial notification (No. 55/2023-Income Tax) dated 1st August, 2023. This notification concerns Section...
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Allocation of Jurisdiction among Competent Authorities – Benami Property Act
The Ministry of Finance, Department of Revenue, through its Competent Authority Cell, issued Notification No. 04/2023 on 31st July 2023. This notification pertains to the Prohibition of Benami Propert...
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Record 6.77 Crore ITRs Filed till 31st July 2023; 16.1% YoY Growth
The Ministry of Finance has announced a significant achievement in the filing of Income Tax Returns (ITRs) for the Assessment Year 2023-24. The record-breaking number of ITRs filed till July 31, 2023,...
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Updates on NPS-Lite-Swavalamban Scheme: Must-know Facts
Pension Fund Regulatory and Development Authority (PFRDA) has released important updates on the NPS-Lite-Swavalamban Scheme. This notice carries critical information regarding subsequent contributions...
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Advisory on Regularisation of Bills of Entry: Customs (Waiver of Interest) Third Order
The Directorate General of Systems and Data Management, under the Central Board of Indirect Taxes & Customs, has issued an important advisory regarding the Customs (Waiver of Interest) Third Order, 20...
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Updated SOP for Income Recomputation of Sugar Co-ops in India
CBDT has issued a Standard Operating Procedure (SOP) regarding the recomputation of total income of co-operative societies engaged in the business of sugar manufacturing vide Circular No. 14 of 2023 D...