The financial year 2024–25 brings several practical compliance changes for Indian companies while preparing the financial statements, annual returns, and Directors’ Report under the Companies Act, 2013.With the continuing digitalisation of the MCA21 system (V3), reporting formats and disclosure expectations… Read More
12A and 80G Registration and Renewal (Due by 30th September, 2025) in India
In India, non-governmental organizations (NGOs), charitable trusts, societies, and Section 8 companies can significantly benefit from registering under Sections 12A and 80G of the Income Tax Act, 1961. These registrations provide tax exemptions for NGOs and tax deductions for donors,… Read More
Special All-India Drive against Fake Registrations under GST
CBIC vide Instruction no. 01/2023-GST dated 4th May, 2023 issued guidelines for the Special All-India Drive against fake registrations under GST. The following points were specified in the above mentioned instruction; In the meeting ; The following guidelines are being… Read More
UNION BUDGET 2023
Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2023 on 1st February, 2023. Let us discuss the proposed changes in the Income Tax and GST laws by the Union Budget, 2023. INCOME TAX AND GST UPDATES INCOME TAX UPDATES… Read More
GSTR-9 for the FY 2021-22
Deadline : GSTR-9 for the FY 2021-22 is due by 31st December, 2022. Applicability: Every registered taxpayer having aggregate annual turnover of more than Rs. 2 Crore has to file annual return in GSTR-9 mandatorily. Latest Amendments in GSTR-9: Adhere… Read More
Applicability of GST under RCM on Renting of Residential Dwelling applicable w.e.f 18th July, 2022
The Government initially exempted the services by way of renting of residential dwelling for the residential purposes through the entry no. 12 of Notification 12/2017 Central Tax Dated 28.06.2017. Eventually the Government has brought an amendment through the Notification no.… Read More
Incomplete GSTR-2B in some cases and consequent extension of deadline
The CBIC issued advisory on 15th May, 2022 regarding the difficulties being faced by the taxpayers at the time of filing GSTR-3B for the month April 2022. The department noticed that in some cases few details are not reflecting in… Read More
E-Invoicing under GST
Latest Update E-Invoicing made mandatory for turnover above Rs. 20 Cr wef 1st April, 2022 The CBIC vide its Notification no. 01/2022 dated 24th February, 2022, reduced the e-invoicing turnover from present Rs. 50 Cr to Rs. 20Cr. GST e-invoice… Read More
Trading in F&O? All you need to know!
Dealing in F&O has become a very common investment option for investors now days. Unfortunately not many people know about the tax treatment and reporting of these transactions in their income tax returns. Failing to report these transactions in your… Read More
Section 12AB Introduced by the Finance Act, 2020 (New Provisions for exemption for Charitable/religious trusts /institutions etc. w.e.f 1st October, 2020)
Latest updated; In view of the Covid-19 outbreak in the country the new provisions for renewal u/s 12AB the deadline has been extended till 31st March, 2022. Finance Minister Mrs. Nirmala Sitaraman presented the Union Budget, 2020 on 1st February,… Read More