# regulations
19 posts in `regulations` tag
Time Of Supply GST Act 2017 Detailed Guide
These time of supply rules are crucial for businesses and tax authorities to ensure that GST is paid promptly & accurately. This article provides a detailed exploration of the concept of time of supply under the GST Act of 2017.
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By Krishna
Fine Up To 50000 Non Display GST Number CBIC
Failure to comply with this guideline may result in fines of up to Rs 50,000. The CBIC is actively promoting GST number verification among businesses through a campaign running until September 15.
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By Krishna
Taxation On Gifts Under Section 56(2)(x)(b) Income Tax Act 1961
First of all, before receiving any gift from anyone, just ensure that the gift is from a real or genuine person or source. It must not be related to proceeds of crime, black money, or scammers.
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By Krishna
CBDT Fifth Annual APA Report Release
The Advance Pricing Agreement (APA) program by CBDT is a significant effort to create a business-friendly and non-confrontational tax environment in India.
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By Krishna
Updated Income tax regulations tax benefits employees accommodation free rent
High-earning employees who receive rent-free accommodation from their employers are set to enjoy increased savings and a larger take-home salary. The income tax department has updated its valuation guidelines for such accommodations.
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By Krishna
Understanding Section 269ss-269t Income Tax Act 1961
In this article, We will break down what they mean, why they matter, and when they apply. By the end, you'll have a better understanding of how these rules help make money dealings more honest and accountable.
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By Krishna
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
ITR Filing 2023: Exemption for Senior Citizens from Income Tax Return Filing - All the Details
Under the provisions of Section 194P of the Income Tax Act, senior citizens are exempted from filing income tax returns (ITR) if they fulfill specific conditions. These conditions include being a resident of India and reaching the age of 75 years or above by the end of the financial year 2022-23.
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By Krishna
Revenue Secretary Confirms: No Extension for Filing Income Tax Returns Deadline
Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.
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By Krishna
CBDT Clarifies Tax Implications of Offshore Investments through Alternative Investment Fund: Key Insights
The definition of 'investment fund' in the Income-tax Act, of 1961 underwent an amendment through the Finance Act of 2023.
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By Krishna
New GST Registration Rules Proposed by GST Council to Tackle GST Frauds
GST Council is continually working to check GST fraud and that’s the reason new GST registration rules are proposed by the GST authorities during the 50th GST Meeting.
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By Krishna
50th GST Council Meeting Highlights: Key Updates from July 11, 2023
On July 11, 2023, the 50th meeting of the GST Council took place at Vigyan Bhawan, New Delhi. This milestone marks the completion of 50 Council meetings since the introduction of GST.
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By Krishna
Incorrect Deductions and Exemptions in ITR: Understanding the Consequences and Avoiding Serious Penalties
It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.
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By Krishna
GST Council Considers Physical Verification for High-Risk Category Cases: What to Expect
In the upcoming council meeting on July 11th, a new provision is expected to be introduced. This provision will require mandatory physical verification of the business premises for applicants considered to be at high risk before granting them GST registration.
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By Krishna
Income Tax Department Conducts Verification of Reporting Entities: Insights and Implications
The obtained information is then presented to taxpayers in the form of the Annual Information Statement (AIS) through their e-filing accounts. This significant measure aims to simplify the process of accurately filing income tax returns for individuals.
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By Krishna
CBDT Implements Amendments to Regulations for Institutions, Trusts, and Funds
"The Central Board of Direct Taxes notified the Income-tax (Eleventh Amendment) Rules, 2023 on June 23, 2023, with the applicability of the amendments starting from October 1, 2023."
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By Krishna
Appointment of Woman Director: Optional or Mandatory? Understanding the Requirements
The representation of women in managerial positions showed a small increase from 27.2 percent to 28.3 percent between 2015 and 2019. However, in 2020, there was no further increase, marking the first year without progress since 2013.
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By Krishna
CBDT proposes changes to Rule 11UA
To bring the consideration received from non-residents for the issuance of shares under the purview of section 56(2)(viib) of the Income-tax Act, 1961 (the Act), which states that if the consideration for the issuance of shares exceeds the Fair Market Value (FMV) of the shares, it shall be chargeable to income-tax under the head “Income from other sources,” an amendment has been made to the Finance Act, 2023.
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By Krishna
RBI Will Withdraw 2000 Notes From Circulation
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 2000/- at a time at any bank starting from May 23, 2023,
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By Krishna