09 Feb ICAI released handbook on Commonly Found Errors in Reporting Practices
The Institute of Chartered Accountants of India (ICAI) released a handbook on Commonly Found Errors in Reporting Practices (January 2024 edition)....
February 2024
09 Feb Changes in Income Tax Return Forms: MSME Registration Number and Recognition Status Mandatory for Filing New ITR-5 & ITR-6 Effective April 1, 2024
Streamlining Tax Processes for Businesses: To simplify tax procedures for businesses, the income tax department has relaxed criteria for presumptive taxation under Section 44AD of the Income Tax Act, 1961. This includes the introduction of a new column in ITR forms 5 and 6 for...
07 Feb Government to Boost Rooftop Solar Adoption with Increased Subsidy under Pradhan Mantri Suryoday Yojana
New Delhi: The Indian government, aiming to accelerate the adoption of solar energy across the nation, has announced a substantial increase in subsidy rates for rooftop solar installations under the proposed Pradhan Mantri Suryoday Yojana. Union Minister for New and Renewable Energy, RK Singh, revealed...
07 Feb Indian Union Budget 2024: Boost for Startup and Tech Sectors
The Indian Union Budget 2024 brought unexpected yet significant developments for the startup and technology industries, signaling a pivotal moment for the nation's progress....
07 Feb Parliament panel recommends below 18% GST on health insurance, microinsurance
The finance parliamentary panel, led by MP Jayant Sinha, has proposed a reduction in the Goods and Services Tax (GST) on health insurance products for senior citizens and microinsurance products to below 18 percent, aiming to enhance affordability. In its report on the 'Performance review...
07 Feb GST Council to review online gaming after March 31: Revenue Secretary
Revenue Secretary Sanjay Malhotra announced that the GST Council will reconsider the imposition of a 28 percent Goods and Services Tax (GST) on the full face value of online gaming, but not until after March 31. He clarified that the review will not occur during...
06 Feb Centralized Processing of all e-Forms by MCA Commences from Today
The Ministry of Corporate Affairs (MCA) has announced that, starting from February 6, 2024, the Central Processing Centre (CPC) will undertake the processing and approval of e-forms submitted by companies. This marks a shift from the current practice where regional offices, including Regional Directors and...
05 Feb GST Update: Tobacco Product Manufacturers Face Rs 1 Lakh Penalty for Unregistered Packing Machines
Starting from April 1, manufacturers of pan masala, gutka, and similar tobacco products could be subject to penalties of up to Rs 1 lakh if their packing machinery is not registered with GST authorities. This measure aims to tackle revenue leakage within the tobacco manufacturing...
03 Feb Recap on Interim Budget 2024
This recap provides a comprehensive overview of the government's fiscal priorities in the coming months. Focused on economic recovery and sustainable growth, the budget allocates substantial funds to key sectors such as healthcare, education, and infrastructure. A significant emphasis was placed on addressing the challenges...
03 Feb CBIC extends the last date for submission of feedback on Harmonization of GST Rate Schedule on Services and the Classification of Services adopted for GST
The CBIC extends the last date for submission of feedback on the Harmonization of the GST Rate Schedule on Services and the Classification of Services adopted for GST. Please see the enclosed notice, published on the CBIC website on January 04, 2024, calling for feedback/ suggestions...