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Latest News
GST Update
Tue November 07, 2023Amnesty Scheme for Delayed Filing of Appeals under GST: 1. The Govt. has notified "Amnesty Scheme under GST for delayed filing of appeals" vide Notification No. 53/2023-CT dated 02.11.2023, against the Orders passed on or before 31.03.2023 under section 73 or 74 of CGST Act, for: • Taxable persons who could not file appeal within the time period specified and/or • Taxable persons whose appeal against the said order was rejected as the said appeal was not filed within the time period specified. 2. Now, the time period to file above referred appeals has been extended to 31.01.2024. The appeal shall be allowed to file only if: • Admitted liability (tax, interest, fine, fee and penalty) is paid in full. • 12.5% of disputed tax liability is deposited - 10% through Credit ledger and 2.5% through Cash Ledger
Export News
Mon October 30, 2023DGFT has introduced automated system for issuing the Status Holder Certificate. Exporters are now not required to submit application separately. The certificate is auto generated based on shipment details and e-BRCs etc. This will reduce cost and processing time, enhance automation and transparency in the sector. Eligible exporters will be benefited by getting real time recognition ranging from 1 Star to 5 Star
MCA Update
Mon October 30, 2023Ministry of Corporate Affairs has announced on October 27, 2023 that the Private companies are now required to dematerialize their securities, private companies (other than small company) must complete this process within eighteen months of closure of the financial year March 2023, comply with the provisions of this rule.
MCA Update
Mon October 30, 2023MCA vide notification dated 27.10.2023 has required all LLPs: 1) to maintain the register of partners since incorporation. 2) report to Registrar (RoC) beneficial owners on the lines of a company. 3) identify and report a designated partner responsible for furnishing beneficial owners details
GST Update
Mon October 30, 2023GST portal requires users to register their devices for each specific login ID. This means that if a user attempts to log in from a different system, an OTP will be necessary to access the GST portal. This step aims to enhance security and ensure that only authorized users can access the portal from registered devices
Relief to companies from income tax
Wed October 25, 2023CBDT has issued Circular giving relief to those companies which have opted lower rate of tax of 22% while filing tax return for AY 2021-22 but the benefit of this lower rate was denied as form no 10-IC was missed out/not filed with the return of income resulting levy of tax at higher rate of 30% as well as Minimum alternate Tax ( MAT)
E-Invoicing limit in GST reduced to 5 Crores w.e.f 01.08.2023
Thu May 11, 2023E-Invoicing limit in GST reduced to 5 Crores w.e.f 01.08.2023
Changes Applicable From 1st April 2023
Wed April 05, 2023Debt mutual funds with less than 35% investment in equity shares will be taxed according to slab rate – indexation benefits end
Changes Applicable From 1st April 2023
Wed April 05, 2023For INDIVIDUALS New Tax Regime: The new income tax regime will become the default option. Individuals will have the option to choose the older regime
Benefit Middle Class, Says Finance Minister
Mon March 13, 2023Finance Minister Nirmala Sitharaman today said the new tax regime will benefit the middle class, as it will leave more money in their hands.
Budget 2023: Centre Simplifies Tax Benefits For Cooperatives, Startups, MSMEs
Mon March 13, 2023The government on Wednesday simplified various tax benefits on MSMEs, cooperatives, startups and boards, authorities and commissions
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Learning Resources
How to pay tax online
The Income Tax Department provides an online platform called the "Income Tax e-Filing Portal" for taxpayers to pay their taxes online. Here's an overview of the process:
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How does online accounting wor ...
Online accountancy is a way to manage your business accounts and finances online. This will save your time, money, and efforts so that you can focus on your business. This can be done through the use of the internet and you don’t need to be tech-savvy or have any prior knowledge about how to use a computer. This means that virtually anybody can connect with your accountant and the accountant als ...
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