India Financial Consultancy -

May 25, 2024 / ITR

Mismatch in information of A.Y. 2021-22 between AIS & ITR

Objectives of an Annual Information Statement (AIS) Objectives of an Annual Information Statement (AIS) typically revolve around enhancing transparency, compliance, and effectiveness in tax administration. Here are some common objectives like Improving Taxpayer Compliance, Detecting Tax Evasion, Facilitating Risk Assessment, Promoting Transparency, Enhancing Data Analytics, Supporting Policy Formulation, The objectives of AIS are aligned with …

June 27, 2024 / ITR

All about updated Income Tax Return ITR-U U/S 139(8A)

All about updated Income Tax Return ITR-U U/S 139(8A) What is updated Income Tax Return ITR-U & how can submit it. We can say that increase voluntary compliance by that person who pay tax to government. The government announced the concept of updated income tax return (ITR) in budget 2022. This concept in, section 139(8A) …

March 1, 2024 / CORPORATE AND PROFESSIONAL UPDATE

All About the Public Provident Fund Account

All About the Public Provident Fund Account When it comes to financial planning, the Public Provident Fund (PPF) is one investment that is often recommended by financial experts. A government-backed investment scheme, the PPF offers a safe and reliable way to build wealth over the long term. By investing in a PPF account, you can …

February 26, 2024 / Others

S.C. Ruled : Electoral bonds programme was unconstitutional

Supreme Court ruled that the Electoral bonds programme was unconstitutional. Electoral Bonds Scheme: In the 2017 Union Budget, electoral bonds were established as a means of improving political financial transparency. However, issues with donor anonymity and lack of disclosure emerged. The Electoral Bond is a bearer instrument in the nature of a Promissory Note & …

March 26, 2025 / GST Compliance

Overview of GST Appeal

Overview of Goods and service Tax (GST) Appeal Within three months of the date the judgement or order is informed to them, any taxpayer or unregistered individual who feels wronged by a decision or order rendered against them may file an appeal with the Appellate Authority. What are the steps of GST appeals Filling? Appeal …

February 24, 2024 / GST

Taxation implications on Payment of Labour Change

Taxation implications on Payment of Labour Change The Labour contractor is not registered under Goods & Service Tax: In case Supplying agency is not registered under Goods and service Tax Act, Service receiver should charge Goods and service Tax under RCM Mechanism. Labour contractor registered under Goods and service Tax: In case supplier agency is registered under …

February 22, 2024 / Others

Overview of Financial Intelligence Unit – India (FIU-IND)

Introduction of Financial Intelligence Unit – India (FIU-IND) FIU (Financial Intelligence Unit) is the central, national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. Financial Intelligence Unit involved in the receipt, analysis and dissemination of financial intelligence as per the mandate assigned under …

February 22, 2024 / Company Law Compliances

Roc fines Rs 3.50 Lakh for filling Illegible BS via Form AOC-4

Roc fines INR 3.50 Lakh for Submitting Illegible BS via Form AOC-4 Introduction: In , The MCA via ROC Office in West Bengal issued an adjudication order U/s 454(3) of the Companies Act, 2013, Jointly with the Companies (Adjudication of Penalties) Rules, 2014 & 2019 Amendments. This order addressing the Non Compliance regarding filing of …

February 22, 2024 / GST Compliance

GSTN : Improved E-Invoicing Initiatives & Improved E-Invoice Portal

GSTN Advisory on Improved E-Invoicing Initiatives & Introductions Improved E-Invoice Portal The e-invoice master information portal, the e-invoice QR Code Verifier app, and the additional five new IRP portals were successfully launched a year ago. The Goods and Services Tax Network is pleased to announce the launch of the updated e-invoice master information portal at …

February 22, 2024 / Direct Tax

Relief for Taxpayer on Govt waived off demands up to 1 lakh

Big Relief for Taxpayers on Govt waived off of Small tax demands up to INR 1 lakh The Central Board of Direct Taxes (CBDT) issued an order to remit and waived off the tax payer requests under the Income-tax Act, Wealth Tax Act, or Gift Act following the Finance Minister’s Budget speech. Tax demand would …