Onfiling

CBDT notifies Income Tax Seventh Amendment Rules 2023

1. The Central Board of Direct Taxes (CBDT) has recently notified the Income Tax (7th Amendment) Rules, 2023 which bring significant changes to the tax framework.

2. Previously, the effective date of pre-approval was considered to be the order date.

3. Applicants should carefully follow the procedural requirements laid down by the Income Tax Act and Rules while applying for advance approval under Section 80G.

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2 years ago | [YT] | 0

Onfiling

No TDS u/s 194H of Income Tax Act: ITAT

1. The issue involved in the present appeal is whether on the facts and circumstances of the case, the appellant is liable to deduct tax at source u/s 194H in respect of expenditure claimed to have been debited to Profit & Loss Account under head “commission”.

2. The appellant neither paid nor credited such income to the account of the payee.

3. Keeping in view of the above decision of the Hon’ble Jurisdictional High Court (supra), ITAT hold that the assessee is not under obligation to deduct TDS in such commission expenditure.

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2 years ago | [YT] | 1

Onfiling

Government notifies the Transactions under Prevention of Money Laundering Act, 2002

1. In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act.

2. The Central Government hereby notifies that the financial transactions carried out by a relevant person on behalf of his client.

3. Organization of contributions for the creation, operation, or management of companies.

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#updates #notifications #moneylaundering #Prevention #centralgovernment #money #management #followformore #vireza #onfiling

2 years ago | [YT] | 0

Onfiling

RBI Amends Rules Governing Know-Your-Customer (KYC)Checks

1. The RBI has amended rules governing know-your-customer checks undertaken by lenders, according to a statement by the regulator on Friday.

2. The amendments grant permission to conduct Aadhaar, OTP-based e-KYC in non-face-to-face mode for periodic updation of details, the Reserve Bank of India's annexure of changes stated.

3. The RBI has also lowered the threshold for controlling ownership interest when it comes to determining beneficial ownership of a company or trust.

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#rbi #kyc #amendments #governing #body
#india #bank #followformore #vireza #onfiling

2 years ago | [YT] | 1

Onfiling

New GST rules with a turnover of over 100 crore

1. Businesses whose turnover is ₹100 crore and above will now have to upload their electronic invoices on Invoice Registration Portal (IRP) within 7 days of the issue of such invoice.

2. While issuing an advisory to the taxpayers, GST Network (GSTN) said the government has decided to impose a time limit on reporting old invoices.

3. As per GSTN, “To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting.”

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2 years ago | [YT] | 0

Onfiling

Export of Goods under LUT

1. An export supply under the GST law is also called a Zeo-rated supply since the rate of tax on export supplies is intended to effectively be nil or zero.

2. Section 54(3) (i) of the CGST act provide that the register person may claim refund of unutilised ITC for zero rated supplies made without payment of tax.

3. Provide further that no refund of unutilised ITC shall be allowed in cases where the goods exported out of India are subjected to export duty.

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2 years ago | [YT] | 1

Onfiling

Let’s work together to protect our planet. Happy Earth Day!

Our small actions can bring Big change for our planet!

Onfiling wishes you a very Happy Earth Day!

#earthday2023 #saveplanetearth #earthday

2 years ago | [YT] | 0

Onfiling

May the magic of Eid bring lots of happiness and fill your life with different colours. Have a prosperous Eid!

Onfiling wishes everyone a Happy Eid Al Fitr!!🎊🙌


#festivals #festivalsofindia #eidalfitr

2 years ago | [YT] | 0

Onfiling

Income Tax department sends notices to Charitable Trust

1. Income tax department has issued notices to approx. 8000 taxpayers on account of making large donations to charitable trust, which are suspected to evade payment of tax.

2. Tax officials say that these individuals and entity have made donations not commensurate with their earnings.

3. Officials are now investigating the experts who facilitated these transactions.

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2 years ago | [YT] | 0

Onfiling

Section 16 of CGST Act 2017: Conditions for taking ITC

1. Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49.

2. Provided that where the goods against an invoice are received in lots or installments, the registered person shall be entitled to take credit upon receipt of the last lot or instalment.

3. Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income tax Act, 1961, the input tax credit on the said tax component shall not be allowed.

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2 years ago | [YT] | 1