The e-advance rulings (Amendment) Scheme, 2023 was notified by the Central Board of Direct Taxes (CBDT) on June 12, 2023. The amendment aims to improve the efficiency and effectiveness of the e-advance rulings (EAR) scheme. Official copy of the notification has been attached herewith MINISTRY OF …
The Income-tax (Ninth Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on June 12, 2023. The amendment aims to improve the efficiency and effectiveness of the Income-tax Act, 1961. The key amendments to the Income-tax Act include Amendment to Rule 44E: Rule …
The Institute of Cost Accountants of India (ICMAI) has decided to no longer use the acronym ICAI after the Institute of Chartered Accountants of India (ICAI) won a trademark infringement lawsuit against them. The Delhi High Court issued an interim order on March 21, 2023, restraining …
Central Government releases ₹1,18,280 crore as 3rd instalment of tax devolution to State Governments as against normal monthly devolution of ₹59,140 crore The Union Government has released 3rd instalment of tax devolution to State Governments amounting to ₹1,18,280 crore on 12th June, 2023, as against normal monthly devolution …
The Reserve Bank of India (RBI) conducted a variable rate reverse repo (VRRR) auction on Friday, but banks remained reluctant to park funds with the central bank. This is because banks are expecting over Rs 2 trillion outflows this month, due to advance tax payments and …
The Central Board of Indirect Taxes and Customs (CBIC) is considering introducing pre-filled consolidated GST return forms, similar to the Annual Information Statement (AIS) used by the Income Tax department. The move is aimed at reducing the compliance burden on taxpayers and improving the ease of …
The National Informatics Centre (NIC) has announced that 2-factor authentication (2FA) will be made mandatory for all taxpayers with an Aggregate Annual Turnover (AATO) above Rs. 100 crore from July 15, 2023. This is being done to enhance the security of the e-Way Bill/e-Invoice System and …
Three traders of FMCG were arrested in Madurai for evasion of Rs 75 crore in GST. The Directorate General of GST Intelligence (DGGI) conducted raids on the premises of the three traders on May 11, 2023. The raids revealed that the traders had been evading GST …
On Thursday, the Directorate General of GST Intelligence (DGGI) arrested one Sanjay Dhingra, the promoter of Good Health Industries Pvt Ltd, Rajouri Garden, Delhi, which is engaged in manufacturing of ‘Dairy Best’ brand of desi ghee having manufacturing units at Mewat in Haryana and Saharanpur in …
