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Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)
Ministry of Finance Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel tour packa...
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CGST Delhi West Commissionerate Exposes Network of Fraudulent Firms and Arrests Key Suspect
CGST Delhi West Commissionerate busts nexus of more than 30 fake firms and arrests a person in special drive against fake registrations In a critical crackdown on financial malpractices, the CGST Delh...
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Major Fraud Syndicate Involving Fake Firms Busted by DGGI in Jaipur
Introduction In an ongoing battle against fraudulent practices, the Directorate General of GST Intelligence (DGGI), Jaipur Zonal Unit, has made a significant breakthrough. The unit successfully expose...
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Deemed Arm’s Length Price for Assessment Year 2023-2024
Notification No. 46/2023-Income-Tax notifies the deemed arm’s length price for assessment year 2023-2024. The notification introduces a tolerance range for wholesale trading and other cases in interna...
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Increased TCS rates on Foreign Remittance to apply from 1st October 2023
Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of m...
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Mandatory e-Filing of Appeals before ITAT: Important Update
Supreme Court of India has recently issued an order requiring all revenue appeals before the Income Tax Appellate Tribunal (ITAT) to be filed exclusively through the e-filing mode. This directive aims...
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Right to adequate housing and climate change: One Nation One Housing Policy
One Nation One Housing Policy (India Centric Vision 2030 – Dravidian Model of Eradicating Universal Shelterlessness) And in Line with United Nation Special Rapporteur Report of March 2023 Document No....
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ECGC Ltd. Advances Digital Transformation, Enhances Export Credit Insurance Coverage
The Union Minister of Commerce and Industry, Shri Piyush Goyal, recently announced several promising developments for the Export Credit Guarantee Corporation of India Limited (ECGC Ltd.) in a media br...
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DGFT Simplifies Policy for Export of Drones/UAVs from India for Civilian Use
DGFT has announced a simplified and liberalized policy for the export of drones and UAVs from India for civilian purposes. This move is in line with India’s Foreign Trade Policy 2023, which focuses on...
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Amnesty Scheme Under GST – Avail benefits before 30th June 2023
Hurry up Taxpayers! 30th June, 2023 is the last day to avail the benefits of the Amnesty Scheme Under GST. Amnesty scheme under the Goods and Services Tax (GST) scheme offers benefits to non-filers of...
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CBDT approves University of Patanjali’ for Social Science Research under Section 35 of Income Tax Act
The Ministry of Finance, Department of Revenue, has recently issued Notification No. 44/2023 on June 23, 2023. This notification grants approval to ‘M/s Patanjali Yog Peeth Nyas, Delhi’ for its univer...
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CBDT amends rules pertaining to registration, approval & activities of Institutions, trusts & funds
The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompass multiple provisions and rules within the Income-tax Act, 1961. The notific...
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CBDT Notifies New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24
CBDT issued Notification No. 43/2023-Income Tax dated 21st June 2023 and notified New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24. This notification introduces new rules to am...
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RBI Framework for Compromise Settlements & Technical Write-offs – FAQs
The Reserve Bank of India (RBI) issued a circular on June 8, 2023, providing further clarification on its framework for compromise settlements and technical write-offs. The circular seeks to clear mis...
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CBDT Order: Scope of e-Appeals Scheme under Income-tax Act Specified
Central Board of Direct Taxes (CBDT) has issued an order specifying the scope of the e-Appeals Scheme under sub-section (6) of section 246 of the Income-tax Act, 1961. The order states that all appeal...
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CBIC releases National Time Release Study (NTRS) 2023 report
Introduction: The Central Board of Indirect Taxes and Customs (CBIC) has published the National Time Release Study (NTRS) 2023 report, which evaluates the performance of cargo release times at Indian...
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Strong Growth in Direct Tax Collections for FY 2023-24; Refunds Surge by 30.13%
The Ministry of Finance recently released the figures for direct tax collections in the Financial Year 2023-24, showcasing a substantial growth rate and a notable increase in refunds. This article pro...
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CBI Arrests CGST Officials in Jabalpur Bribery Case, Chargesheet CIT & Arrests EPFO Officer
The Central Bureau of Investigation (CBI) has made significant progress in multiple bribery cases, including the arrest of CGST officials in Jabalpur and the filing of a chargesheet against a former I...
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Consultation Paper on IFSCA (Payment Services) Regulations, 20XX: Seeking Public Input
The International Financial Services Centres Authority (IFSCA) has released a consultation paper on the proposed IFSCA (Payment Services) Regulations, 20XX. The objective of this paper is to invite co...
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SEBI (LODR) Regulations 2015: Latest Amendments (2023) & Applicability
The Amendment under SEBI (LODR) Regulations, 2015 has been made vide Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023. The...