MCA made it mandatory for every company to fulfill requirement of an audit trail feature in their accounting software from 1st April, 2023.
Ensure timely GST compliance by opting for the Composition scheme for the financial year 2023-24 before March 31, 2023. Conduct thorough GST reconciliation for sales and ITC claims, including checks on GSTR-1, GSTR-3B, and GSTR-2B. Address any discrepancies, reconcile invoices, and ensure correct categorization. Additionally, consider the option for GTA to pay GST under the forward charge and submit the necessary form by March 15, 2023. Stay updated and compliant with GST regulations.
Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in […]
A Company Secretary can comprehensively interpret the law of GST and provide complete guidance and advisory to the business entities. Company Secretaries are more suited for their services because of their knowledge of laws and good communication skills.
Directorate General of Systems and Data Management CENTRAL BOARD OF INDIRECT TAXES & CUSTOMS Dept. of Revenue, Ministry of Finance, Government of India Advisory No: 04/2023 Date: 24th March, 2023 Category: IGCR, Imports Issued by: DGoS, ICES Subject – Generation of IGCR Intimation Number (i.e. IIN) at ICEGATE under IGCR Rules for the Financial Year […]
Nothing in Safety Glass (Quality Control) Order, 2020 shall apply to import of safety glass by a vehicle manufacturer for manufacturing up to ten thousand vehicles manufactured in India per financial year
AS PASSED BY LOK SABHA ON 24.03.2023 Bill No. 17-C of 2023 THE FINANCE BILL, 2023 A BILL to give effect to the financial proposals of the Central Government for the financial year 2023-2024. BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. Short […]
ITAT Delhi held that AO drew belief on the reasons which were later found to be totally non-existent. Such defect in the reasons cannot be ascribed as a mere technical irregularity and consequently defect cannot be cured by applying Section 292B of the Income Tax Act.
CESTAT Chennai held that services rendered to the domestic vendors by procuring orders from foreign companies rendered are classifiable under Support Services of Business or Commerce (SSBC) and not under Business Auxiliary Service (BAS).
NCLT Mumbai held that petition under section 7 of Insolvency and Bankruptcy Code (IBC) duly admissible, as two essential qualification i.e. ‘debt’ and ‘default’ existed.
