GST Compliance for Credit Notes: a separate SAC or HSN code In GST, credit notes for trade discounts and cash discounts are linked to the original transaction and are not assigned a separate SAC (Service Accounting Code) or HSN (Harmonized System of Nomenclature) code. Here’s how it works: Reference to the Original Invoice: A credit note …
GSTN advisory on implementation of reporting HSN codes in GSTR-1 & GSTR-1A GSTN advisory issued by GSTN regarding the implementation of Phase-III for reporting HSN codes in GSTR-1 and GSTR-1A introduces significant enhancements to streamline the reporting process. The advisory regarding HSN code reporting in Table 12 of GSTR-1/1A highlights several changes introduced in Phase-3 …
Comprehensive Breakdown Critical Analysis of Sec 29A of the IBC code The introduction of Sec 29A in the IBC, 2016, marked a critical step in preventing errant promoters and connected parties from misusing insolvency proceedings to regain control of their defaulting businesses. Sec 29A of the IBC outlines the ineligibility criteria for resolution applicants during …
Certification of Provisional Financial Statements for Non-Corporate Entities (except LLPs) w.e.f. 01.04.2024 The Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has issued Guidance Note on Financial Statements of Non-Corporate Entities, prescribing standardized formats for presenting financial statements of such entities. Scope of Applicability: This Guidance Note applies to: Sole Proprietorships …
Difference between Financial Intelligence Unit (FIU) & Foreign Assets Investigation Unit (FAIU): The Financial Intelligence Unit (FIU) and the Foreign Assets Investigation Unit (FAIU) serve distinct roles in India’s financial and tax enforcement system. FIU is centered on suspicious financial transactions within the country and ensuring compliance against financial crimes. FAIU specifically deals with foreign …
Compliance Calendar: January 2025 Compliance Deadlines for January 2025 7 January 2025 TDS/TCS Deposit Deposit TDS/TCS deducted or collected for December 2024, except for Sections 194-IA, 194-IB, 194M, and 194S. Quarterly TDS Deposit for October to December 2024 for taxpayers permitted under Sections 192, 194A, 194D, and 194H. GST Filing (GSTR-7 & GSTR-8) File returns …
Implementing the Digital Personal Data Protection Act, 2023 The draft Digital Personal Data Protection Rules, 2025, introduced by MeitY, provide the much-needed framework for implementing the Digital Personal Data Protection Act, 2023. Sixteen months after the new Digital Personal Data Protection Act, 2023 (hereinafter referred to as the “Act”), the Ministry of Electronics and Information …
Section 87A Rebate Restored- utility update disallowed rebate on Special Rate Income The Income Tax Department’s announcement about the updated utilities for ITR-2 and ITR-3 incorporating Section 87A rebate provisions is a notable development, especially for taxpayers dealing with income taxed at special rates such as Short-Term Capital Gains u/s 111A and Long-term capital gains …
GSTN Clarification on GST Portal Issues/ Errors Encountered The Goods and Services Tax Network (GSTN) has recently addressed several issues encountered on the GST portal: Duplicate Invoices in GSTR-2B: Some taxpayers have reported duplicate invoices in their GSTR-2B for September and October 2024. This duplication resulted from a technical glitch in the Invoice Matching System …
SWOT Analysis- is tool of self-assessment framework for CFOs The “SWOT Analysis” focuses on a structured self-assessment framework for CFOs, enabling them to evaluate personal and professional challenges, strengths, weaknesses, opportunities, and threats. Executive Summary & Main part of SWOT analysis: CFOs face challenges including: Balancing strategic and operational demands: Managing long-term strategies while ensuring …