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 […]
Indeed, technology serves as a valuable tool within the GST framework, facilitating the automation of processes, data collection, and enhancing overall efficiency. Nevertheless, it is the human element that breathes life into the system. Below are essential aspects highlighting the imperatives for human knowledge involvement in the GST framework: Interpreting Complex Transactions In the landscape of GST, intricate business transactions […]
HMRC Tax Repayment and Pension Updates The HMRC has provided a concise overview of key developments in the realm of pension schemes: Tax Repayment Report (July to September 2023) During this period, HMRC processed a substantial number of tax repayment claims for pension flexibility payments, including 12,007 P55 forms, 4,890 P53Z forms, and 1,954 P50Z forms. The total value repaid […]
GST Calendar –Compliances for the month of October’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) November 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) November 10, 2023 GSTR-1 November 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) November 13, 2023 GSTR-6 Input Service Distributor November 13, 2023 GSTR-2B (Auto-Generated Statement) November 14, 2023 GSTR-3B November 20, […]
CBDT Vide Circular No. 19/2023 dated 23.10.2023; Condonation of delay under u/s 119(2)(b) of the Act, in the filling of Form No. 10-IC for AY 2022-23; To avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT condone delay in filing subject to following conditions:- The return of income for the relevant A.Y. […]
Blackstone Buys Care Hospitals, KIMS Health for $1Bn Blackstone Group Inc. has acquired controlling interests in Care Hospitals and Kims Health in a multi-layered deal valued at $1 billion, marking the private equity giant’s maiden foray into India’s healthcare sector. The New York-based firm secured roughly a 75% stake in Care Hospitals from Evercare Health Fund, an arm of TPG, […]
Service tax liability confirmed on remuneration, bonuses, and allowances disbursed to employees seconded from foreign entities, in accordance with the decision of the Supreme Court, as upheld by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT). Summary: The CESTAT Chennai bench has affirmed the obligation of service tax on salaries paid to foreign-based expatriate employees who were […]
CBDT Vide Circular No. 16/2023 dated 18.09.2023; Extends Due Date For Filing Of Form 10B/10BB and Form ITR-7 For Assessment Year 2023-24; The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30-9-2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31-10-2023. The due date of furnishing […]
Every business, regardless of its size or industry, relies on sound financial management for its success. However, managing finances isn’t just about number-crunching or adhering to regulations. It’s about strategic planning, insightful decision-making, and optimizing resources. The linchpin for all these tasks is often a proficient Chartered Accountant Firm. Finding the right one is like adding a visionary financial partner […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of July, 2023 issued by MCA, RBI, SEBI, IBBI and others. SEBI LAWS SEBI amends guidelines for institutional placement of units by InvITs, REITs (July 05, 2023) SEBI amended the guidelines for preferential issue and institutional placement of units by Infrastructure Investment […]