The Union Finance & Corporate Affairs Minister, Smt. Nirmala Sitharaman presided over the 48th meeting of the GST Council, which was held via video conference on December 17, 2022. At the GST council meeting today, there was no tax increase on any item. GST on online gambling and casinos, according to Revenue Secretary, was not...
Executive Summary Income Tax CBDT proposes New common ITR except ITR 1 & 4 Explanatory Notes to Finance Act 2022 issued. Goods & Services Tax (GST) & Customs CBIC Issues guidelines for verification of transition Input Tax Credit. CBIC Notifies amendment in form GSTR-9 for FY 2021-22. CBIC Clarifies issues regarding refunds. Companies Act 2013/...
Whether your company is big or small, financial and accounting tasks are difficult but essential. In addition to hiring an internal accountant, outsourcing accounting services is a more affordable choice. By handling crucial accounting and financial tasks, reputable accounting outsourcing services may free up your time and mind so you can concentrate on growing your...
Recently, in the AAR- Karnataka, has decided Supply of Computer software license amounts to supply of goods in the case of M/s SPSS South Asia Private Limited, no.: KAR-ADRG-15/2021 dated 24 March 2021. Brief Facts – M/s SPSS South Asia Private Limited (“Taxpayer”) is a trader engaged in importing of software license and further reselling...
Reporting of Specified Financial Transactions: Existing Scenario – Section 285BA of the Income-tax Act, 1961 (‘ITA’) read with Rule 114E of the Income-tax Rules, 1962 (‘ITR’) requires a ‘specified person’ to file a statement of high value financial transactions in respect of ‘Specified Financial Transactions’ or ‘SFT’ in Form 61A, undertaken during a particular financial...
Extension of time Gap between two consecutive Board Meetings – In view of the difficulties faced by various stakeholders due to resurgence of Covid-19, the Ministry of Corporate Affairs (MCA) has vide General Circular No. 08/2021 extended the time gap by a period of 60 days for the first two quarter for financial year 2021-22...
Considering the unprecedented Covid outbreak Govt. has given various relaxation in terms of extension of due dates and others: A. INCOME TAX: Circular No. 08/2021, Dated 30th April, 2021 Particulars Original Due Date Revised / Extended Due dates Belated/Revised ITR for AY 2020-21 (FY 2019-20) 31st March, 2021 31st May, 2021 Payment & Filing of...
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