As per Budget announcement 2023-24, following income tax related benefits are being proposed for the Cooperative Societies: i. The new co-operative society formed on or after 01.04.2023, which commences manufacturing or production by 31.03.2024 and do not avail of any specified incentive or deduction, is proposed to be allowed an option to pay tax at […]
It has been decided that in case of import of perishable cargo, where the payment of the duty has been done but the same is not being reflected in ICES, the docks officer shall grant manual Out Of Charge if the importer produces a bank certificate indicating the payment of duty amount along with an undertaking that in case duty is found to be not credited, the importer shall deposit the same immediately.
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 3rd April, 2023 PRESS RELEASE Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by ₹2.41 lakh crore i.e. by 16.97% Direct Tax collections (provisional) for the FY 2022-23 exceed Revised Estimates […]
CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee then his default tax regime is new Income Tax regime u/s 115BAC. CBDT […]
Officers of Delhi CGST Zone detected a case of wrongful availment of input tax credit and non-deposit of GST collected from customers in the course of Audit. More than Rs. 27 Crore has since been recovered. Cases such as these go a long way in showcasing the salience of our Audit functions.
Master Circular – Scheme of Penalties for bank branches including currency chests for deficiency in rendering customer service to the members of public – The Scheme of Penalties for bank branches including currency chests has been formulated in order to ensure that all bank branches/ currency chests provide better customer service to the members of public/ linked bank branches keeping in view the objectives of Clean Note Policy and enhancing operational efficiency as part of currency management.
In the event of delay in reporting currency chest transactions, penal interest at the rate indicated in paragraph 4 of this circular shall be levied on the amount due from the chest holding bank for the period of delay.
Amendment to Notification 40/2015 – Customs dated 21.07.2015 vide Notification No. 29/2023 – Customs Dated: 03rd April, 2023 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 29/2023 – Customs Dated: 03rd April, 2023 G.S.R. 265(E).- In exercise of the powers conferred by sub-section (1) of section […]
Postponement of Chartered Accountants Examination scheduled to be held on 10th May, 2023 (Wednesday) at Examinations Centres in State of Karnataka
AO is only entitled to reopen assessment, but he cannot review an assessment in the sense that there cannot be a rethinking or different opinion on the same material, which was the subject matter of the original assessment proceedings.
