Central Board of Indirect Tax and Customs has reduced the limit of turnover from existing 10 Crore to 5 Crore for applicability of e invoicing. Notification no. 10/2013 – Central Tax, Dated 10th May 2023 has been issued in this regard. The limit of turnover of Rs. 5 Crore shall be applicable with effect from …
Limit of turnover for E Invoicing reduced to 5 Crore Read More »
It has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores. To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of …
Time limit imposed to report invoices on IRP portal Read More »
The Government has notified Foreign Trade Policy (FTP) 2023. This policy shall be effective from April 1st, 2023. For Notified Foreign trade policy, click here.
Last Date of Linking of PAN with AADHAR has been extended by Government to 30 June 2023. Also government prescribed the impact of non linking of PAN with AADHAR. For press release click here.
Due date of filing of annual return of GST is approaching fast. GST Annual return is to be filed by registered taxable persons by 31 December 2022 in form GSTR 9 and GSTR 9C. The registered taxable person whose aggregate turnover in FY 2021-22 is less than 2 Crore, is not required to file GSTR …
In Finance Act 2022, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on Benefits or Perquisites provided during the course of business or profession u/s 194R. It will be a challenging compliance for deductor to comply with above section. …
Hon’ble Supreme Court in the judgement of Union of India v. Ashish Agarwal (2022 SCC Online SC 543) has effectively validated the reassessments made by the Assessing Officers after 1-4-2021 For copy of Judgment click here………
The CBDT has issued Instruction No. 01/2022, dated 11.5.2022, containing guidelines for implementation of the Supreme Court’s Judgement in the case of Union of India vs Ashish Agarwal (2022 SCC Online SC 543). It may be recalled that by this judgement the hon’ble Supreme Court has revived nearly 90000 notices issued under section 148 of …
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower startups to grow through innovation and design. To promote growth …
Widening the tax base and encouraging tax filing has always been the prime focus of government. Finance Act, 2021 has enacted certain provisions which will be very effective in achieving this target of government. Finance Act, 2021 has enacted the provisions for higher rate of TDS and TCS for non filers of Income Tax return. …