The Central Board of Direct Taxes (CBDT) has announced significant amendments to the Income-tax Rules through Notification No. 111/2024, dated October 15, 2024. Effective from October 1, 2024, these changes aim to streamline the registration process for charitable institutions, trusts, and non-profit organizations under sections 12A and …
The Central Board of Direct Taxes (CBDT) has issued Notification No. 112/2024 on October 15, 2024, introducing significant modifications to the Income-tax (Eighth Amendment) Rules, 2024. These changes primarily impact the provisions surrounding tax deductions at source (TDS) and tax collection at source (TCS), particularly under section 192(2B). Key …
India is preparing to align with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) by adopting Pillar 2, which mandates a global minimum corporate tax rate of 15% for multinational corporations (MNCs). According to official sources, the government is set to include enabling …
Auditing and Assurance Standards Board The Institute of Chartered Accountants of India 14th October 2024 Issuance of SQM 1, SQM 2 The Institute of Chartered Accountants of India (ICAI) is issuing the following standards: S. No. Standards 1. SQM 1, Quality Management for Firms that Perform …
Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal from …
Like Rome wasn’t built in a day, every flourishing Chartered Accountant practice today is the result of years of hard work and substantial monetary investments. CAs offer very special services to the society, the efficiency of which is largely dependent on knowledge and skillsets that must …
State Financial Commissioner (Taxation) Krishan Kumar conducted a surprise inspection in the old market area near Rainak Bazaar, uncovering a common practice of shop owners selling items without issuing bills to evade GST. While no penalties were imposed during the visit, the Commissioner issued warnings to …
SpiceJet announced on Friday that it has cleared all pending salary and GST dues, following the recent infusion of ₹3,000 crore through a Qualified Institutional Placement (QIP) of shares on September 23. The airline, which has been grappling with financial difficulties and legal challenges, has also …
On October 4, Finance Minister Nirmala Sitharaman called on the Income Tax department to address a complaint raised by a taxpayer who has faced delays in receiving a tax refund. Responding to a post on X (formerly Twitter), a user highlighted that his wife has been …
In a dramatic protest, Meerut-based iron trader Akshay Jain stripped down to his underwear at the Mohan Nagar GST office in Ghaziabad, alleging persistent harassment by officials of the department. A video of his protest went viral on social media, prompting Samajwadi Party chief Akhilesh Yadav …
