Budget 2022-23 encapsulates the essence of Atmanirbhar Bharat. The Hon’ble Finance Minister announced this Budget as the blueprint of the next 25 years of India, from its 75 to 100 (‘Amrit Kaal’). The Digital Budget fosters the idea of Self-Reliant India by focusing on capital centric economy, robust infrastructure and sustainable business. Economy: Expected […]
Brief-Provisions For Filing ‘Updated Return’. New Section 139(8a) Proposed To Provide For Furnishing of Updated Return Giving Opportunity ( Beyond Revised Return Time Period) To Taxpayer Voluntarily Disclose Correct Income If Any Omission Happened My Quick Initial Analysis Provisions for filing of updated return – A new section 139(8A) – proposed to be introduced to […]
CA Palash Sharma Article explains Changes in GST Proposed by Union Budget 2022 related to Section 16: Input Tax Credit, Section 29: Cancellation or suspension of registration, Section 34: Credit and debit notes, Section 37: Furnishing details of outward supplies, Section 38: Furnishing the details of Inwards supplies, Section 39: Furnishing of Returns, Section 41: […]
New Provision Section 139(8A) for Updating ITR as per Budget 2022 applicable from AY 22-23 Intention behind introducing Sec 139(8A) In order to provide more time to tax payers, it is proposed to introduce a new provision in section 139(8A) of the Act for filing an Updated Return of income by any person, whether he […]
Article explains XBRL. XBRL stands for Extensible Business Reporting Language which is simply a language for information. It must accurately reflect data reported under different accounting standards. Applicability of XBRL: The following class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 read with Companies (Filing […]
DIRECT TAXATION TDS NEED TO BE DEDUCTED ON PERQUISITE / BENEFIT OFFERED 1. With effect from 1 April 2022 the Company need to deduct TDS under section 194R @ 10% provided quantum of benefit or perquisite of a business or profession exceeds 20,000. Analysis: Say as a promotional activity, the Company offer free international travels […]
Can payment of pre-deposit for filing of an appeal be made through Electronic Credit Ledger – After amendment proposed in Finance Bill 2022. In this regard I would like to first make a reference to the relevant provisions of the CGST Act, 2017 and CGST Rules, 2017: Section 2(82) of the CGST Act, 2017: “Output […]
The UAE Ministry of Finance (MoF) on 31 January 2022, announced the much awaited introduction of the Federal Corporate Tax (CT) on business profits that will be effective for financial years starting on or after 1 June 2023. The UAE Corporate Tax regime has been designed to incorporate best practices globally and minimize the compliance […]
Changes in GST proposed in The Finance Bill, 2022 Summary of the Union Budget 2022 proposals for GST – The Union Finance Minister while presenting the Union Budget 2022 on 1st of February 2022, made few important changes in the GST Laws. Below is the summary of such proposals – 1. Tightening of the Input […]
Slump sale is defined in clause (42C) of section 2 of the Act, as the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to individual assets and liabilities in such sales. Vide the Finance Act, 2021, the definition of ‘slump sale’ was amended to expand […]
