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Request for Permanent Extension of ITR Filing Due-Date to August 31st
All India Cost & Management Accountants Association (AICMAA) has submitted a formal request to the Hon’ble Finance Minister, Smt. Nirmala Sitaraman, urging her to extend the due-date for filing income...
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Lok Sabha Passes Jan Vishwas Bill 2023
The Lok Sabha recently passed the Jan Vishwas (Amendment of Provisions) Bill, 2023, with the aim of enhancing Ease of Living and Ease of Doing Business in India. The Bill seeks to amend 183 provisions...
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Embracing Global Horizons: Indian Hotels Announces Monumental Acquisition of Pamodzi Hotels in a $15 Million Deal
Indian Hotels Company Limited (IHCL) Expands its Global Footprint In a ground-breaking deal that underscores the continued expansion and resilience of the hospitality industry, Indian Hotels Company L...
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Exposure Draft: International Tax Reform – AS 22 Amendments
On July 25, 2023, the Accounting Standards Board (ASB) of The Institute of Chartered Accountants of India released an Exposure Draft for public review. The draft proposes Amendments to AS 22 to addres...
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Government Proposes Online Audit Mechanism for Streamlining GST Process
In response to concerns over anti-competitive practices by major tech companies, the Union government has decided to introduce an online audit mechanism under the Goods and Services Tax (GST) system....
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DGGI Meerut busts Rs. 3,242 Cr Fake Billing Racket
The Ministry of Finance’s Directorate General of GST Intelligence (DGGI) Meerut Zonal Unit has successfully exposed two significant fake billing rackets, involving 246 fake entities, with a massive tu...
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CBDT Clarification on Rule 114F(5) of Income Tax Rules
The Ministry of Finance, Department of Revenue, Foreign Tax & Tax Research Division has issued a crucial clarification in respect of Rule 114F(5) of the Income Tax Rules, 1962. This clarification addr...
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Income Tax Circular: Condonation of Delay for Deduction u/s 80P
The Indian Ministry of Finance, under the Central Board of Direct Taxes, has issued Circular No. 13/2023-Income Tax on 26th July 2023. The circular addresses the condonation of delay under clause (b)...
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Correction in Income Tax Notification: Insertion of Annexure-II to Form No. 34E
Central Board of Direct Taxes have released a corrigendum notification, No. 53/2023-Income Tax, on 26th July 2023. This notification aims to correct an oversight in Notification No. 37/2023-Income Tax...
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ICSI FAQs on Unique Document Identification Number (UDIN)
(Guidelines are approved by the Council in its 261st (Special) Meeting held on 27th June, 2019 and amended by the Council in its 263rd Meeting held on 23rd September, 2019, 269th (Adjourned) Meeting h...
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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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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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Intellectual Property Rights Policy Management
All You Need to Know The Intellectual Property Rights Policy Management (IPRPM) framework established by the Indian Ministry of Commerce & Industry encompasses eight types of intellectual property rig...
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Representation on Glitches in Income Tax Portal: Non-display of notices
This document is a representation by the Karnataka State Chartered Accountants Association (KSCAA) to the Chairman of the Central Board of Direct Taxes. The representation focuses on technical issues...
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Income Tax department warns against false refund claims & wrongful deductions
The South Central Railway’s Vijayawada Division has received a significant communication from the Chief Commissioner of Income Tax, Vijayawada. The letter highlights a concerning issue regarding false...
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Extension of ICSI UDIN Amnesty Scheme 2023 till 31.07.2023
THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body of under Act of Parliament (Under the jurisdiction of Ministry Corporate Affairs) July 21, 2023 ICSI...
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Draft Revised ‘Guidance Note on Tax Audit under section 44AB
Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 (AY 2023-24) for Public Comments (Effective for the AY 2023-24 and subject to amendments made by la...
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ICSI approves minimum stipend of Rs. 5,000 per month
Summary of crucial decisions made by the ICSI Council in its 298th meeting held on 13th July 2023 – 1. Group Mediclaim Health Insurance Policy: The ICSI Council’s approval for launching a Group Medicl...
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Request to Abolish GST Reverse Charge Mechanism
In this letter, the Advocates’ Tax Bar Association addresses the Hon’ble Finance Minister to request the abolishment of the Reverse Charge Mechanism (RCM) for registered dealers, except for Government...
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Income Tax Exemption for IFSC Aircraft Leasing under section 10(34B)
The Ministry of Finance has issued Notification No. 52/2023-Income Tax, Dated : 20th July, 2023 under section 10(34B) of the Income Tax Act, 1961. The notification provides an income tax exemption for...