49th GST council meeting – Proposed GST Amnesty Scheme : Goods and Services Council held its 49th Goods and Services Council Meeting at New Delhi on 18th Feb 2023 which was chaired by Nirmala Sitharaman -Finance Minister. What was the agenda of the 49th GST council meeting? Goods and Services Council Meeting held on 18th February 2023 recommended various Goods …
Normal GST Tax Evasion instances observed during the GST law Fake invoices with fake GST number raised to collect Goods and services tax, but not deposited with government. Making sales of services to GST registered persons not in line of same business, and thereby transfer the balance/unutilized Input tax credit and receive cash against the …
TAX REGIME AFTER BUDGET 2023 Major Direct tax proposals (from speech) 1. Rollout of next gen ITR form 2. New limit for 44AD & ADA : 3 crore & 75 Lacs 3. Expense deduction to MSME to be allowed on payment basis 4. New cooperatives manufacturing tax @ 15% if upto 31.03.24 5. Higher loan …
Consolidated Financial Statement (a part of Financial Statement) Financial Statement A. The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board at least by the following: Chairmen of the company,or, By two directors out of which one shall be managing …
What is Implications of Investing in Distressed Assets in India From the beginning of the 21st century, India has been experiencing strong growth along with many companies expanding their capacities. With the expansion of companies loan books of the companies also increasing at the same pace. Although, since 2012, the country has a sudden growth …
Maintaining of the Statutory Registers & Records by the Company Statutory Books:- The term statutory register means the specified records related to a directors, companies shareholders & details of the meeting held. These are the additional records which are maintained by the company. Mostly companies keep their records and statutory records in a bound book …
Now Negative figure will be allowed in GSTR-3B -Table 4(eligible Input Tax credit) GSTN will soon allow negative values in Table 4 of GSTR-3B return (i.e. eligible Input tax credit, which will allow users to disclose the Input tax credit available net off the credit notes values in Table 4A of GSTR-3B return. This will …
Taxpayers Relief to Claim Tax Deductions U/s 115BAC to boost Alternative Tax Regime Union Budget for 2023 is coming and Individuals are concerned about the relief that will be provided Budget for 2023. Last budgets provided a range of benefits, including exemptions and deductions, which were frequently subject to several restrictions, People are interested in …
A new way of online transaction without Bank Account – Digital Rupee What is Digital Rupee? Reserve Bank of India launched Digital rupee and it is considered as a mean to implement monetary policies to provide control growth, stability & influence inflation. Digital Rupee is a Centrally Backed Digital Currency (CBDC) which is like regular …
Tax & Statutory Compliance Calendar for January 2023 Income Tax Income Tax – Tax Deduction At Source/Tax Collection At Source Liability Deposit Dec-22, 7-Jan-23 Due date of depositing Tax Deduction At Source/Tax Collection At Source liabilities under the Income Tax Act, 1961 for the previous month. Income Tax: Tax Deduction At Source Liability Deposit Oct-Dec, …