Both direct and indirect tax departments employ data analytics, big data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly The Government is using data analytics, big data and Artificial Intelligence/Machine Learning in tax administration …
The Finance Bill 2023 was been passed in Lok Sabha without a discussion and the House was adjourned to meet again on March 27. Moving amendments to the Finance Bill, Nirmala Sitharaman said, “It has been represented that payments for foreign tours through credit cards are …
Credit card payments for foreign travel will be brought under Reserve Bank’s Liberalised Remittance Scheme (LRS) to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister …
The TDS or tax deducted at source on online gaming applications will now be effective from 1 April, 2023 as against an earlier provision of 1 July, 2023. This comes as the online gaming industry stakeholders had approached the Central Board of Direct Taxes (CBDT) and …
Executive summary 1 Certain Ind AS require capital reserve to be created toward unrealised profits arising from certain transactions or other events. However, currently, there is no specific guidance on their subsequent transfer to retained earnings or other free reserve. The Guidance Note sets out principles …
A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive. The Parliamentary Standing Committee on Finance in its report on demands for …
The Lok Sabha on Friday, March 24, passed the Finance Bill, 2023 with some amendments. Union Finance Minister Nirmala Sitharaman tabled ‘The Finance Bill, 2023’ in the lower house amid sloganeering by Opposition MPs demanding a JPC inquiry into the Adani Group issue. FM Sitharaman said …
With the annual closing of accounts just 10 days away and the financial year 2022–23 coming to a close, the Reserve Bank of India (RBI) has directed all banks to keep their branches open until the end of the working hours on March 31. In a …
