1.CBDT issues new guidelines to handle applications for condonation of delay in filing ITR with refund/losses The CBDT vide Circular No. 11/2024 dated 1st Oct, 2024 has issued a new circular under Section 119(2)(b) of the Income-tax Act, 1961. This circular provides comprehensive guidelines for handling applications for condonation of delay in filing returns claiming refunds and carry forward of […]
Corporate tax in the UK is levied on the profits earned by limited companies, foreign companies with a UK branch, and unincorporated associations, including clubs and cooperatives. It is one of the largest sources of government revenue, and businesses are required to pay tax on their profits after deductions like allowable expenses, capital allowances, and other reliefs. This blog provides […]
Bharti Global, the international investment arm of Bharti Enterprises would acquire a 24.5% stake in BT which is Britain’s leading broadband and mobile company, for $4 billion (around INR 33,580 crores). The shares will be purchased through Bharti Televentures UK, which is wholly owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about […]
GST Calendar –Compliances for the month of September’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) September 10,2024 GSTR-8 (Tax Collected at Source ‘TCS’) September 10,2024 GSTR-1 September 11,2024 IFF- Invoice furnishing facility (Availing QRMP) September 13,2024 GSTR-6 Input Service Distributor September 13,2024 GSTR-2B (Auto Generated Statement) September 14,2024 GSTR-3B September 20,2024 GSTR-5 (Non-Resident Taxable Person) September […]
CBDT launches e-DRS 2022 to minimize litigation and offer relief to eligible taxpayers The CBDT launches e-DRS 2022 vide Press Release dated 30.08.2024; A taxpayer can opt for e-dispute resolution against the ‘specified order’ under certain conditions – E-DRS application must be filed within one month from date of receipt of specified order – if appeal is pending, E-DRS application […]
GST Calendar –Compliances for the month of July’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) August 10,2024 GSTR-8 (Tax Collected at Source ‘TCS’) August 10,2024 GSTR-1 August 11,2024 IFF- Invoice furnishing facility (Availing QRMP) August 13,2024 GSTR-6 Input Service Distributor August 13,2024 GSTR-2B (Auto Generated Statement) August 14,2024 GSTR-3B August 20,2024 GSTR-5 (Non-Resident Taxable Person) August […]
Mankind Pharma Ltd has agreed to acquire Bharat Serums and Vaccines Ltd (BSV) from private equity firm Advent International for an enterprise value of $1.63 billion (around INR 13,630 crore). The move marks a “significant leap” for Mankind Pharma, positioning it as a market leader in the Indian Women’s health and fertility drug market. The acquisition will also provide Mankind […]
The table below shows the proposed changes to Tax Deducted at Source (TDS) rates by the Finance (No. 2) Bill 2024 compared to the existing rates. Section Nature of Income Payer Payee TDS Rates Existing Proposed (a) (b) (c) (d) (e) (f) 194DA Payment in respect of Life Insurance Policy Every Payer Resident Person 5% 2% 194F Repurchase of Units […]
Adani-owned Ambuja Cements buys Penna Cement Industries for an enterprise value of $1.25 billion (around INR 10,422 crores) for its 14 mtpa of cement grinding capacity and 10.3 mtpa of clinker capacity. While PCIL has been facing liquidity issues, a potential turnaround can enhance the value for Ambuja Cements. At the same time, utilisation ramp-up at PCIL shall bring in additional […]
GST Calendar –Compliances for the month of June’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) July 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’) July 10, 2024 GSTR-1 July 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) July 13, 2024 GSTR-6 Input Service Distributor July 13, 2024 GSTR-2B (Auto-Generated Statement) July 14, 2024 GSTR-3B July 20, […]