Compliance News


New Functionalities in GST Portal: December 2022

New Functionalities in GST: The Goods and Service Tax Network has issued a list of new functionalities made available for Taxpayers on the GST Portal (December 2022). The new functionalities include topics like drop proceedings, recompute interest, validation duplicate checks and others. Registration Form/Functionalities: Automation of Drop…

Seed is not an Agricultural Produce, Not Eligible for Exemption

Seed is not an Agricultural Produce: The appellant is registered under GST having GSTIN number 36 AAACG3220D1ZB. M/s Narsimha Reddy & Sons are primarily engaged in production and processing of agricultural seeds. In the process of production, the applicant outsources certain services such as cleaning, drying, grading…

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Section 192 TDS on Salary

Section 192: Section 192 of the Income Tax Act, 1962 pertains to the tax deduction at source (TDS) for salaried individuals. It lays down the rules for the tax deduction from the salary income of employees and the responsibilities of the employer in this regard. The tax is deducted at the rates in force, as…

Budget 2023: ICAI Suggestion to Increase section 80C limit to Rs 2.5 lakh, raise PPF investment limit to Rs 3 lakh

Budget 2023: The Institute of Chartered Accountants of India (ICAI) has submitted the “PRE-BUDGET MEMORANDUM – 2023 for DIRECT TAXES AND INTERNATIONAL TAXATION. In that ICAI stated that: Section 80C – Various suggestions Issue/Justification: PPF is used as a means of savings by entrepreneurs and professionals. While the assessees in employment have the compulsion of…

Income Tax Rates for Financial Year 2022-23/ AY 2023-24

Income Tax Rates for Financial Year (FY) 2022-23/ Assessment Year (AY) 2023-24: In this section, you will learn about the normal tax rates applicable to different taxpayers. Normal tax rates for Individuals & HUF The normal tax rates that apply to a resident individual depend on that person’s age. However, regardless of age, the tax…

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New Definition of Small Company – Section 2 (85)

New Definition of Small Company: The Ministry of Corporate Affairs (MCA) has issued notification regarding the Companies (Specification of Definition details) Amendment Rules 2022. Rule 2(1)(t) as inserted by the Companies (Specification of Definition details) Amendment Rules 2022: ParticularsOldNewPaid up Share Capital; and2 Crore4 CroreTurnover 20 Crore40 Crore Not ExceedDefinition of Small company Read the…

ICSI Request for extension of time limit for filing of DIR-3 KYC-reg.

MCA 2021 September 28, 2021 Shri Rajesh Verma, IASSecretaryMinistry of Corporate AffairsGovernment of IndiaShastri BhawanDr. Rajendra Prasad RoadNew Delhi -110001 Subject: Request for extension of time limit for filing of DIR-3 KYC-reg. Respected Sir We would like to draw your kind attention to the provisions of Rule 12A of the Companies (Appointment and Qualification of…

MCA – Clarification on offsetting the excess CSR spent for FY 2019-20

MCA – Clarification on offsetting the excess CSR spent for FY 2019-20 E-file no. CSR-01/4/2021-CSR-MCAGovernment of IndiaMinistry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan,Dr. R. P. Marg, New Delhi-110001Dated: 20th May 2021 Circular To,All concerned stakeholders. Subject: Clarification on offsetting the excess CSR spent for FY 2019-20 – reg. Madam/ Sir, Keeping in…

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