It was an undisputed fact that investment made by the taxpayer in shares of its overseas subsidiary was made in Euro and redemption of such shares were also made in Euro. Thus, actual profit or loss on sale / redemption of such shares were to be computed in Euro only and thereafter, converted to INR for the purposes of Section 45 of the Income Tax Act.
Under Budget 2023 important changes for professionals and business were made to Section 28, taxable benefits like perquisites now being part of those changes. Learn more…
Section 25(4A) of the Customs Act is being amended to insert a Proviso to the effect that the validity period of two years shall not apply to exemption notifications issued in relation to multilateral or bilateral trade agreements; obligations under international agreements, treaties, conventions including with respect to UN agencies, diplomats, international organizations; privileges of constitutional authorities;
Notification No. 05/2023-Central Excise dated 01.02.2023 is being issued to exempt excise duty on blended Compressed Natural Gas (CNG) from so much of the amount as is equal to GST paid on biogas /compressed bio gas contained in such blended CNG subject to the specified conditions.
Understand how the Finance Bill, 2023 proposes changes to income tax rates, including an increase in the basic exemption limit & a reduced surcharge for income above INR 5,00,00,000
Framework for Social Audit Standards defines and describes the elements and objectives of a social audit performed by social auditors. It provides a frame of reference Social auditors when performing social audit i.e., social impact assessment of project/ program executed by social enterprises.
ICAI announced results of Chartered Accountants Foundation Examination held in December, 2022. Details of percentage of candidates passed is given
Amendments carried out in the Finance Bill, 2023 related to GST except those in clause 142 will come into effect from the date when the same will be notified concurrently, as far as possible, with the corresponding amendments to the similar Acts passed by the States & Union territories with legislature. Amendments carried out in the Finance Bill, 2023, vide clause 142 will come into effect retrospectively from 1st July, 2017.
Learn what Union Budget 2023-24 has in store for India. Discover the key features of India’s financial statement of the year by reading this post!
ESG stands for Environment, Social and Governance. It is a framework consisting of factors for screening and assessing the efforts made by companies toward addressing ESG issues and creating sustainability for stakeholders and not only shareholders. It is a great way of measuring impact of company’s activities on environment, society and its governance mechanisms.
