The Government of India, Ministry of Finance, Department of Expenditure, Procurement Policy Division has issued Office Memorandum vide No.F.1/7/2022-PPD dated May 29, 2023 has decided to implement a one-time settlement scheme called “Vivad se Vishwas II (Contractual Disputes)” to effectively settle pending disputes. The undersigned is directed to …
Advisory on due date extension of GST Returns for the state of Manipur Vide Notifications No. 11/2023 – Central Tax, 12/2023 – Central Tax and 13/2023 – Central Tax, all dated 24th May 2023, the Government has extended the due date of filing GSTR-1, GSTR-3B & …
Banks will be required to notify the income tax department about large cash deposits of ₹2,000 currency notes above a threshold as part of the statement of financial transactions (SFT) they are mandated to submit to the tax authority annually. However, the exact currency denomination of …
The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted, according to a senior official. The move also comes at …
The Finance Ministry has notified 21 countries, including the US, UK and France, from where non-resident investment in unlisted Indian startups will not attract angel tax. The list, however, excludes investment from countries like Singapore, Netherlands and Mauritius. The government had in the Budget brought overseas investment in …
The tax exemption on leave encashment of non-government salaried employees (in respect of the period of earned leave at his credit at the time of his retirement, whether on superannuation or otherwise) was earlier upto a limit of Rs.3 lakh only under section 10(10AA)(ii) of the …
Members are advised to remit Annual Membership/Certificate of Practice fees for the year 2023-2024, which became due for payment on 1st April, 2023 and needs to be paid on or before 30th September, 2023. All Members are requested to pay the fee immediately as Tax Invoice …
The Central Board of Direct Taxes (CBDT) has amended income tax rules to streamline and standardize the calculation and reporting of winnings from online gaming to improve tax compliance. The Income Tax (Fifth Amendment) Rules, 2023, notified by the direct tax authority, specifies a formula for computing …
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Income-tax Act, …
