In this edition we have tried to bring you notice the latest amendment that followed in the month of November, 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA Commerce Ministry to collaborate with e-commerce companies to promote exports from districts (November 23, 2023) In a significant move to enable micro, small and medium enterprises (MSMEs) and boost e-commerce […]
DEFINITION Audit trail is combination of two words where: Audit refers to examination of records Trail refers to series of clues that are left behind An audit trail is, essentially, proof of all the changes made to your financial data In general it is the history of a particular document since its creation PURPOSE Audit is a vast task […]
In a recent House of Commons address, Chancellor Jeremy Hunt laid out the government’s financial blueprint for the upcoming year, impacting individual finances and allocating funds for crucial public services. Here’s a concise summary of the key points: Taxation and Income Adjustments: Main National Insurance rate drops from 12% to 10% from January 6, affecting 27 million individuals. Class […]
Indirect Tax News Letter GST Calendar –Compliances for the month of December’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) December 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) December 10, 2023 GSTR-1 December 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) December 13, 2023 GSTR-6 Input Service Distributor December 13, 2023 GSTR-2B (Auto-Generated Statement) December 14, […]
Introduction Goods and Services Tax (GST) has transformed the Indian taxation system, bringing about a unified and transparent approach. However, with the implementation of GST comes the responsibility of complying with its intricate filing procedures. GST Return Audit and assessment is a crucial aspect that businesses must navigate to ensure compliance and avoid legal complications. In this blog, we will […]
INSTRUCTION NO. 2/2023 [F. NO. 312/82/2022-OT], DATED 10-11-2023 That the CBDT prescribes Monetary limit of Rs. 10 lakh or more to withhold refund under Sec. 245(2). The time limit is hereby revised to 20 days for the Faceless Assessment Unit and to 30 days for Jurisdictional Assessing Officer. CBDT extends time limit to process refund claimed ITRs for AYs 2018-19 to […]
Offshore Financial Centres (“OFCs”) are countries or jurisdictions that provide financial services beyond their borders on a scale that outpaces their domestic economies. Typical examples of OFCs are Bermuda, BVI and the Cayman Islands. Because of the unique advantages they offer, OFCs have established a central place in the global economy and are consistently sought out by sophisticated investors, established […]
India’s UltraTech Cement will buy the cement business of Kesoram Industries in an all-stock deal valued at $645 million (around INR 53 billion), boosting its capacity ambitions in a highly competitive sector. As part of the deal, Ultra Tech will issue one share for every 52 shares of Kesoram and give UltraTech ownership of two integrated cement units in southern […]