"16 January 2023" Archive

NFRA to introduce Annual Transparency Report by the Audit Firms

As a step towards enhancing the transparency about management and governance of audit firms and their internal policy framework to ensure high quality audits and preventing conflict of interest by maintaining independence, the National Financial Reporting Authority (NFRA) has published draft requirements regarding preparation and publicat...

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Posted Under: Company Law |

Tax Reforms and India’s Budgetary System

India’s budget history dates back to 1860, when the first budget of colonial India was tabled in the Legislative Council of the British Raj. Since then, budget presentations have been a regular exercise in India. India has seen tremendous growth and progress in its economic and fiscal situation over the decades. This article aims to [&h...

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Posted Under: Company Law |

Progressive Taxation: A Look at Modern Income Tax Systems

The history of income tax in India dates back to ancient times and can be traced to the Mauryan Empire in 200 BCE. Before the British colonial period, India had a system of land taxes and poll taxes, but income tax was not a common feature. The modern Indian income tax system was first introduced […]...

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Posted Under: Company Law |

GSTR-1 Json to Excel Conversion Tool

Instructions to use GSTR-1 JSON TO EXCEL Converter & Consolidation Tool 1. You can use this tool by using Microsoft Excel version 2016,2019,2021 or Office 365. 2. Save only GSTR-1 Json files after Extracting From the Zip file into One Folder (only in Desktop not in One drive or Google drive e.t.c.,) 3. Kindly  don’t […]...

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Posted Under: Company Law |

Reduce late filing fees for Form GSTR 9, GSTR 4 & GSTR 10

It is earnestly requested to grant a one-time reduction in late fees and waiver of the penalty (wherever applicable) for filing of the Annual Return in Form GSTR 9 for all periods, before notifying this decision and introducing it on the GST Common Portal....

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Posted Under: Company Law | ,

Exposure Draft on International Tax Reform- Pillar Two Model Rules

Exposure Draft on International Tax Reform- Pillar Two Model Rules would introduce a temporary exception to accounting for deferred taxes arising from implementation of said rules and targeted disclosure requirements....

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Posted Under: Company Law |

Validity of Second notice issued under Section 148 of Income Tax Act without disposing return filed to first notice

Messrs. Elite Pharmaceuticals And Anr Vs ITO (Calcutta High Court)

A short question of law involved in this writ petition is that whether a second notice under Section 148 of the Income Tax Act, 1961 issued by the assessing officer after the expiry of one year as per Section 153(6)(i) is valid without disposing the return filed to the first notice issued under Section 148 of the Income Tax Act for the ve...

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Options available to Indian Private & Multinational Companies to Discharge Gratuity Liability

I hope the below article may help you in understanding the requirement of Accounting and Irrevocable Gratuity Trust for Group Gratuity Scheme for Discharge of Gratuity Liability. 1. An Overview of Gratuity Benefits Gratuity benefits are governed by “The Payment of Gratuity Act 1972” and paid by the Company to an employee in ad...

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Posted Under: Company Law |

Everything a business needs for E-invoicing under GST

E-invoicing under GST or electronic invoicing is the invoice document exchange between a supplier and a buyer in an integrated electronic format. The government of India announced on October 2022 as India moves towards complete digitalization it is mandatory for businesses above 10 crores to file for e-invoices. In the near future governm...

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Posted Under: Company Law |

TDS on year end provisions…When applicable, when not

The question which has arisen many a times is that how TDS Provisions can be applied where Payee is not known as TDS is deducted and deposited in payee’s name? At the year-end on accrual basis and prudence, certain expenses have to be accounted for in the relevant financial year on “estimated basis” to bring […]...

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Posted Under: Company Law |

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