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India’s GST Revenue for May 2023 Surpasses ₹1.57 Lakh Crore
The gross GST revenue collected for May 2023 in India amounted to ₹1,57,090 crore, representing a 12% year-on-year growth compared to May 2022. This marks the 14th consecutive month with GST revenues...
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Recent Developments & Achievements of Accounting Profession: ICAI president
ICAI president shares Latest accomplishments and significant events of the accounting profession. He further share details of recent international engagements and expansion of the ICAI network, meetin...
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e-Waybill System – 2 Factor Authentication, Deregistration & Common Enrollment
Latest Updates on 2 Factor Authentication, Deregistration of Enrolment, and Common Enrollment in e-Waybill System The National Informatics Centre has introduced new features in the e-Waybill system, i...
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Advisory to all ECL users for PAN merger with ICEGATE ID on ICEGATE
Directorate General of Systems and Data Management CENTRAL BOARD OF INDIRECT TAXES & CUSTOMS Date: 26th May 2023, Category: Customs, Issued by: ICEGATE Subject: Advisory to all ECL users for PAN merge...
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Condonation of Delay in Filing Refund Claim & Claim of Carry Forward of Losses
CBDT revises monetary limits for condonation applications for claiming refund or carry forward of losses and set-off for application filed on or after June 01, 2023 vide Circular No. 07/2023 on 31st M...
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CBDT amends rule 11UAC of Income-tax Rules, 1962
CBDT issued Notification No. 35/2023-Income Tax on 31st May, 2023 and introduces Income-tax (Eighth Amendment) Rules, 2023 to further amend rule 11UAC of Income-tax Rules, 1962. Amendment s substitute...
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Suggestions on proposed changes to Rule 11UA of Income-tax Rules, 1962
KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R.) Date: Thursday, June 1, 2023 To, The Chairman Central Board of Direct Taxes Respected Sir, SUBJECT: Suggestions on the proposed changes to Rule 1...
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SEBI Proposes Additional Disclosures for High-Risk FPIs to Strengthen Market Transparency
SEBI proposes additional disclosures for high-risk Foreign Portfolio Investors (FPIs) to guard against circumvention of regulations and misuse of the FPI route. The proposed framework aims to enhance...
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CBDT amends Income-tax Rules for Provisional Approval under Section 80G
CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, 1962. New sub-rule (7) to rule 11AA states that for applications made unde...
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Notice to SFT Filers: Extended Filing Period and Helpdesk Support
The Income Tax Department has issued a notice informing all Statement of Financial Transaction (SFT) filers about the challenges faced during the filing process due to heavy traffic on the reporting p...
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Income-tax (Sixth Amendment) Rules, 2023
CBDT issued Notification No. 32/2023- Income Tax on May 29, 2023. This notification introduces the Income-tax (Sixth Amendment) Rules, 2023, which further amend the Income-tax Rules, 1962. The key cha...
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CBDT notifies Income Tax e-Appeals Scheme, 2023
CBDT issued Notification No. 33/2023-Income Tax on May 29, 2023. This notification introduces the e-Appeals Scheme, 2023 under the provisions of the Income-tax Act, 1961. The key points of the scheme...
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No loss to EPF members due to delay in updating of interest in passbook
Is there any financial loss to EPF members due to the delay in updating of interest in the member passbook? Updating of member passbook with interest is an important process within the EPF (Employee P...
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ICAI requests its members to pay Annual Membership & COP Fees
The Members & Students Services (Grievances Handling and e-Sahaayataa) Directorate of The Institute of Chartered Accountants of India has issued a circular regarding the Annual Membership/Certificate...
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CBDT releases draft rule 11UA to implement amendment by Finance Act 2023
F. No. 370142/9/2023-TPL(Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi dated the 26th of May 2023 Subject: Inviting comments on the draf...
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IFSCA constitutes Precious Metals Advisory Committee (PMAC)
The International Financial Services Centres Authority (IFSCA) has announced the formation of the Precious Metals Advisory Committee (PMAC). The committee’s objective is to gather input on strategic a...
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CBDT Raises Cash Equivalent Limit for Leave Salary in Income Tax Act
CBDT has issued Notification No. 31/2023-Income-Tax and Increased limit for tax exemption on leave encashment for non-government salaried employees The Income-tax Act, 1961, previously allowed a tax e...
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Section 56 Exemption on consideration for issue of shares exceeding face value
Notification under clause (ii) of the first proviso to clause (viib) of sub section (2) of section 56 of the Income tax Act CBDT issued Notification No. 30/2023 under the Income Tax Act. The notificat...
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CBDT Notifies Classes of Persons for Income Tax Purposes under Section 56
CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of the first proviso to clause (viib) of sub-section (2) of Section 56 of the...
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ITR 4 – Validation Rules for A.Y. 2023-24
Central Board of Direct Taxes, e-Filing Project ITR 4 – Validation Rules for AY 2023-24 – Version 1.0 – 23rd May 2023 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor, Jhandewalan...