Starting from the fiscal year 2025, the government will introduce a regulation mandating that payments to micro, small, and medium enterprises (MSMEs) must be settled within a 45-day period. Failure to comply will result in companies facing taxation on the outstanding amount, as revealed by...
Circular No. 02/2024, issued by the CBDT on March 05, 2024, grants an extension to trusts and institutions that submitted incorrect audit report forms for the assessment year (A.Y.) 2023-24. They are allowed to rectify their submissions by March 31, 2024, especially those needing to...
Finance Minister Nirmala Sitharaman has called upon goods and services tax (GST) officials to address classification-related concerns promptly. Speaking at the National Conference of Enforcement Chiefs of the State and Central GST Formations, Sitharaman emphasized the importance of engaging with stakeholders to understand their issues,...
On March 04, 2024, the Income Tax Department released a notification announcing the activation of online submission for Form I SWF, as outlined in Circular No. 15 of 2020, issued on July 22, 2020....
The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 24/2024 dated March 01, 2024, announcing the release of the Income Tax Return (ITR) Form ITR-7 for the Assessment Year (A.Y.) 2024-25. This form is specifically designed for individuals and companies obligated to...
On March 1, 2024, the Central Board of Direct Taxes (CBDT) issued an important order addressing the processing of income tax returns (ITRs) electronically filed with refund claims under section 143(1) of the Income-tax Act, 1961, extending beyond the prescribed time limits in non-scrutiny cases....
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The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 06/2024 –Central Tax dated February 22, 2024, introducing the "Public Tech Platform for Frictionless Credit." This platform, endorsed by the Reserve Bank of India and developed by its subsidiary, the Reserve Bank...
The President of the Institute of Chartered Accountants of India (ICAI) has brought forth a proposal suggesting that chartered accountants hailing from the United Kingdom and Canada could potentially practice in India. This proposition, set forth on February 21, aims to establish a reciprocal arrangement...
In a bid to bolster GST collections, the Directorate General of GST Intelligence (DGGI) has initiated investigations into the operations of 18 foreign shipping lines with offices in India....
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