E-Way Bill Changes – GSTN Advisory Withdrawn on Compulsory E-Invoice Link w.e.f. 1st March 2024 : GSTN Advisory on Blocking the E-Way Bill issuing or generation without e-Invoice/ unique Invoice Reference Number (IRN) has been withdrawn. Blocking the E-Way Bill generation without e-Invoice/ unique Invoice Reference Number (IRN) details for B2B and B2E transactions for …
All about deduction U/s 43B(h) for payments made to MSMEs Finance Act 2023 inserted Section 43B(h) was inserted by the Finance Act of 2023. It stipulates that any money owed to MSME Enterprises may be deducted in the same year if it is paid within the deadline stipulated by the Micro, Small and Medium Enterprises …
Overview of FCRA registration of non-governmental organization The Foreign Contribution (Regulation) Act, 2010 was enacted with an objective to regulate the utilization of foreign contributions/hospitality by individuals, associations to keep it consistent with the values of a sovereign, democratic republic. The Foreign Contribution (Regulation) Rules 2022 allows Indians to receive up to Rs 10 lakh …
DRC-01B (GSTR 3B Vs GSTR 1) functionality implemented on GSTN Portal – GST Update New GST Form DRC-01B and GST Rule 88C has been inserted recently, this will be an intimation form for the Differences in GSTR-3B & GSTR-1 for the tax period if difference more an specific percentage or amount limit, so GST taxpayers …
Unclaimed Deposits or Inoperative Ac in Banks- RBI Revised Instructions RBI has issued revised Instructions w,e.f. 1st April 2024 relating to Inoperative Accounts/ Unclaimed Deposits in all Commercial Banks (including RRBs) and all Co-operative Banks and waiver of related Penal Charges. As a result existing RBI Revised Instructions on these issues shall stand repealed from …
GSTN Advisory on IFF or GSTR-1 New 14 & 15 tables The GSTN Advisory on Invoice Furnishing Facility or GSTR-1 : Update on introduction of New 14 & 15 tables This GST Advisory provides clarification on disclosure in cases such as: ✅ Where Supplier is GST Registered, but recipient is not ✅ Where Supplier & …
MSME Payment Deductions & Union Budget 2023: Demystifying Sec 43B Income tax Sec 43B is a new income tax provision governing the deduction of certain amount sums when we are computing income tax liability. This change holds particular importance when it comes to payments made to MSMEs. New Income tax Alert Income tax Section 43B- …
Complete Explanation of Section 16(4) of Central Goods and Services Act, 2017 : Section 16(4) of the Central Goods and Services Act, 2017, pertains to basic conditions & eligibility of taking ITC. ITC allows businesses to claim a set-off on the goods and services taxes, which is paid on inputs used during the normal course …
Last Date to File Revised or Belated ITR for AY 2023-24 31/12/2023 is the Last Due-Date to File Revised or Belated Income Tax Return (ITR) for Assessment Year 2023-24 (Financial Year 2022-23) Late Filing fee for Belated Income Tax Return No Late Filling Fee if GTI (Gross Total Income) upto INR 2,50,000 Late Filling Fee …
Section 194C : TDS on car hire charges Tax Deducted at Source to be deducted on payment made on car hire. Tax Deducted at Source on car hire charges is needed to be deducted u/s 194C. When a person makes a payment to contractor on a contract, Business owner has to deduct Tax Deducted at Source on such payment made …