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News

23 Oct 24
GST Registration for Metal Scrap Buyers: GSTN issues Advisory on GST REG-07
Income Tax Department Releases Updated ITR-3 Utility Excel-Based Tool
GSTN Introduces Bank Account Validation for Non-Core Amendments
Income Tax Department Releases Updated Common Offline Utility for Form 3CA-3CD and 3CB-3CD
22 Oct 24
IMS May Add an Extra Compliance Layer for GST Taxpayers, Say Experts
GST Exemption on Premiums? The Council Will Make a Final Decision on Whether to Grant Benefits
Pre-filled GSTR-3B: A Hard-locking System for GST Liability
Rajasthan AAR Rules 18% GST on Soft Ice Cream with Mixed Vanilla Flavor
21 Oct 24
Direct Tax Share in GDP Reaches 24-Year High at 6.64% in FY24
Personal Income Tax Collection Surges 294% in FY24
New ICSI Guidelines: Company Secretaries Can Sign E-Form MGT-7 for Only 75 Firms Starting April 2025
RBI Bans Loan Sanction and Disbursal from Four NBFCs
20 Oct 24
Understanding New Tax Form 12BAA: Structure & Benefits
India’s Personal Income Tax Collection Increases by 294% Over the Past Decade
Rajasthan GST AAR: Tax on Corporate Guarantee By Overseas Group is Payable Only Once, Not Periodically
19 Oct 24
ICAI Invites Young CAs to Shine at 40 Under 40 Business Leader Awards 2024
CBDT Amends Rules for Forms 10A and 10AB under Sections 12A and 80G
GSTR-2B Now Auto-Populates GST ITC for Reversal Under Rule 37
How GSTR 1A and IMS Help to Improve GSTR 3B Filing
18 Oct 24
CBDT Exempts RBI from TCS Requirement under Section 206C(1F) of the Income Tax Act
CBDT Releases Updated TDS Rates for FY 2024-25
GST return filing process: Hard-locking of auto-populated values in GSTR-3B Form; check details
17 Oct 24
Bombay HC: Assessee Can’t Be Refused ITC Solely for Filing GST Forms Manually Due to Portal’s Functionality Issues
Gujarat HC: IT Section 68 Does Not Apply if There is No Clear Declaration of Amount in the Bank Statement
Gujarat HC: GST Credit Can’t Be Blocked in the ECL if the Balance Is Nil or Insufficient
CBDT Amends Rules for Forms 10A and 10AB under Sections 12A and 80G
16 Oct 24
Newly launched GST app to facilitate traders keep trail of transactions
CBIC Issues Clarification on Implementation of Section 16(5) & 16(6) of CGST Act 2017
Pune ITAT: Tax Deduction Can Be Claimed u/s 80IA If the Entity Operates, Develops, and Maintains Infra
CBIC Department Regularizes GST Notices to Foreign Airlines
Kerala HC Rules Issuance of Summons U/S 70 of GST Act Does Not Constitute Initiation of Proceedings U/s 6(2)(b)
15 Oct 24
ICAI Issues New Quality Management Standards: SQM 1 and SQM 2 for Auditing and Assurance
CBDT Notifies Income Tax Exemptions for Various Public Authorities u/s 10(46) of the IT Act
Income Tax Department Sets Sights on High-Risk Refund Claims
CBIC Sets 18% GST Rate on Affiliation Services to Colleges by Universities
Kerala HC: If an Assessee Fails to Submit a Sales Report for Tax Evasion, Section 74 Must Be Applied
14 Oct 24
Text of the Circular has been mentioned below
CBIC Issues Clarification on GST Rates and Classification of Goods Following 54th GST Council Meeting
13 Oct 24
Regularizing payment of GST on services of film distributors or sub-distributors who act on a principal basis to acquire and distribute films
Regularizing payment of GST on certain support services provided by an electricity transmission or distribution utility
CBIC Issues Clarifications on GST Applicability for Specific Services
Advisory for Taxpayers: New GST Provision for Metal Scrap Transactions
12 Oct 24
CBIC Introduces New Key Changes to GST Registration Regarding Suspension and Cancellation
GST ITC Reconciliation in GSTR 9 Should be Done Using GSTR 2B, Not GSTR 2A
CBIC Revises Penal Provisions in Form GST INS-01 to Align with the Bharatiya Nyaya Sanhita, 2023
11 Oct 24
CBIC Updates Penal Provisions in Form GST INS-01 in Line with Bharatiya Nyaya Sanhita, 2023
Union Minister Pankaj Chaudhary Inaugurates GST Bhawan in Delhi, Highlights Simplified Tax Compliance Initiatives
Delhi HC: GST Exemption on Foreign Reinsurance for Govt Insurance Schemes Applies Retrospectively from July 1, 2017
Delhi ITAT Quashes Reassessment, Rules Section 147 Cannot Be Invoked for Mere Change of Opinion
10 Oct 24
RBI Keeps Repo Rate Unchanged at 6.50%, Shifts Stance to Neutral Amid Inflation Concerns
CBIC Introduces Rule 47A to CGST Rules: New 30-Day Time Limit for Issuing Tax Invoices Under RCM
CBIC Notifies Reduction in Pre-Deposit Requirement for GST Appeals Effective 1st Nov 2024
Central Tax Notification No. 22/2024 to Rectification on Incorrect GST ITC U/S 16
J&K HC Voids Deficiency Memo; GST Refund Limitation Commences From Original Application Date, Not Follow-Up

23 Oct 24

GST Registration for Metal Scrap Buyers: GSTN issues Advisory on GST REG-07

Income Tax Department Releases Updated ITR-3 Utility Excel-Based Tool

GSTN Introduces Bank Account Validation for Non-Core Amendments

Income Tax Department Releases Updated Common Offline Utility for Form 3CA-3CD and 3CB-3CD

22 Oct 24

IMS May Add an Extra Compliance Layer for GST Taxpayers, Say Experts

GST Exemption on Premiums? The Council Will Make a Final Decision on Whether to Grant Benefits

Pre-filled GSTR-3B: A Hard-locking System for GST Liability

Rajasthan AAR Rules 18% GST on Soft Ice Cream with Mixed Vanilla Flavor

21 Oct 24

Direct Tax Share in GDP Reaches 24-Year High at 6.64% in FY24

Personal Income Tax Collection Surges 294% in FY24

New ICSI Guidelines: Company Secretaries Can Sign E-Form MGT-7 for Only 75 Firms Starting April 2025

RBI Bans Loan Sanction and Disbursal from Four NBFCs

20 Oct 24

Understanding New Tax Form 12BAA: Structure & Benefits

India’s Personal Income Tax Collection Increases by 294% Over the Past Decade

Rajasthan GST AAR: Tax on Corporate Guarantee By Overseas Group is Payable Only Once, Not Periodically

19 Oct 24

ICAI Invites Young CAs to Shine at 40 Under 40 Business Leader Awards 2024

CBDT Amends Rules for Forms 10A and 10AB under Sections 12A and 80G

GSTR-2B Now Auto-Populates GST ITC for Reversal Under Rule 37

How GSTR 1A and IMS Help to Improve GSTR 3B Filing

18 Oct 24

CBDT Exempts RBI from TCS Requirement under Section 206C(1F) of the Income Tax Act

CBDT Releases Updated TDS Rates for FY 2024-25

GST return filing process: Hard-locking of auto-populated values in GSTR-3B Form; check details

17 Oct 24

Bombay HC: Assessee Can’t Be Refused ITC Solely for Filing GST Forms Manually Due to Portal’s Functionality Issues

Gujarat HC: IT Section 68 Does Not Apply if There is No Clear Declaration of Amount in the Bank Statement

Gujarat HC: GST Credit Can’t Be Blocked in the ECL if the Balance Is Nil or Insufficient

CBDT Amends Rules for Forms 10A and 10AB under Sections 12A and 80G

16 Oct 24

Newly launched GST app to facilitate traders keep trail of transactions

CBIC Issues Clarification on Implementation of Section 16(5) & 16(6) of CGST Act 2017

Pune ITAT: Tax Deduction Can Be Claimed u/s 80IA If the Entity Operates, Develops, and Maintains Infra

CBIC Department Regularizes GST Notices to Foreign Airlines

Kerala HC Rules Issuance of Summons U/S 70 of GST Act Does Not Constitute Initiation of Proceedings U/s 6(2)(b)

15 Oct 24

ICAI Issues New Quality Management Standards: SQM 1 and SQM 2 for Auditing and Assurance

CBDT Notifies Income Tax Exemptions for Various Public Authorities u/s 10(46) of the IT Act

Income Tax Department Sets Sights on High-Risk Refund Claims

CBIC Sets 18% GST Rate on Affiliation Services to Colleges by Universities

Kerala HC: If an Assessee Fails to Submit a Sales Report for Tax Evasion, Section 74 Must Be Applied

14 Oct 24

Text of the Circular has been mentioned below

CBIC Issues Clarification on GST Rates and Classification of Goods Following 54th GST Council Meeting

13 Oct 24

Regularizing payment of GST on services of film distributors or sub-distributors who act on a principal basis to acquire and distribute films

Regularizing payment of GST on certain support services provided by an electricity transmission or distribution utility

CBIC Issues Clarifications on GST Applicability for Specific Services

Advisory for Taxpayers: New GST Provision for Metal Scrap Transactions

12 Oct 24

CBIC Introduces New Key Changes to GST Registration Regarding Suspension and Cancellation

GST ITC Reconciliation in GSTR 9 Should be Done Using GSTR 2B, Not GSTR 2A

CBIC Revises Penal Provisions in Form GST INS-01 to Align with the Bharatiya Nyaya Sanhita, 2023

11 Oct 24

CBIC Updates Penal Provisions in Form GST INS-01 in Line with Bharatiya Nyaya Sanhita, 2023

Union Minister Pankaj Chaudhary Inaugurates GST Bhawan in Delhi, Highlights Simplified Tax Compliance Initiatives

Delhi HC: GST Exemption on Foreign Reinsurance for Govt Insurance Schemes Applies Retrospectively from July 1, 2017

Delhi ITAT Quashes Reassessment, Rules Section 147 Cannot Be Invoked for Mere Change of Opinion

10 Oct 24

RBI Keeps Repo Rate Unchanged at 6.50%, Shifts Stance to Neutral Amid Inflation Concerns

CBIC Introduces Rule 47A to CGST Rules: New 30-Day Time Limit for Issuing Tax Invoices Under RCM

CBIC Notifies Reduction in Pre-Deposit Requirement for GST Appeals Effective 1st Nov 2024

Central Tax Notification No. 22/2024 to Rectification on Incorrect GST ITC U/S 16

J&K HC Voids Deficiency Memo; GST Refund Limitation Commences From Original Application Date, Not Follow-Up

Due Date Reminder

Jan	Feb	Mar	Apr	May	June
July	Aug	Sep	Oct	Nov	Dec
All

29 Oct 24 Filing of financial statements by Cos (Other than OPCs) for FY 2023-24 with the ROC. (30 days from AGM.)

29 Oct 24 Report on Annual General Meeting by Listed company when AGM held on 30 Sep. (within 30 days from completion of AGM).

29 Oct 24 Statement of Accounts and Solvency for 2023-24 to be filed by every LLP.

30 Oct 24 Half-yearly return by Nidhi Companies for April to September.

30 Oct 24 Issue of TCS certificate by All Collectors for September quarter.

30 Oct 24 Deposit of TDS u/s 194-IA on payment made for purchase of property in September.

30 Oct 24 Deposit of TDS u/s 194-IB @ 5% on total payment of Rent more than 50,000 pm by individual or HUF (not liable to tax audit) during FY 24-25, where lease has terminated in Sep. (Else TDS is to be deposited on annual basis by 30 April of next year.)

30 Oct 24 Deposit of TDS on certain payments made by individual/HUF u/s 194M for September.

30 Oct 24 Deposit of TDS on Virtual Digital Assets u/s 194S for September.

31 Oct 24 Specified Companies(receiving supplies from Micro & Small Enterprises whose outstanding dues exceed 45 days) to file details of all outstanding dues to Micro or Small enterprises suppliers for Apr to Sep. Details of even those MSME vendors to be given, to whom payment was made whether within 45 days or later.

31 Oct 24 Avail QRMP for Oct-Dec onwards.

31 Oct 24 Taxpayers to declare opening balance for these new GST ledgers.

31 Oct 24 Report cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for Electronic Credit Reversal and Re-claimed Statement.

31 Oct 24 Online Application by Domestic Co. (other than to whom transfer pricing provisions are applicable) for exercise of option u/s 115BAA (22% tax)

31 Oct 24 Online Application by new Manufacturing Domestic Co. (other than to whom transfer pricing provisions are applicable) filing ITR for first time, for exercise of option u/s 115BAB (15% tax).

31 Oct 24 Online Application by Individual/HUF carrying business / profession, for exercise of option u/s 115BAC(1), where due date of ITR is 31 Oct.

31 Oct 24 Online Application by resident co-operative society, for exercise of option u/s 115BAD(1) where due date of ITR is 31 Oct.

Readmore...

Blog News

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07 Jan 2022 Tax Audit u/s 44AD – Aug 2019 - Part 1 – https://www.youtube.com/watch?v=YTMKXUgOj58&feature=youtu.be ...

07 Jan 2022 Webinar on Reassessment provisions - Youtube link to view the recording of session on reassessment provisions by CA D...

07 Jan 2022 Concessional tax regime u/s 115BAC - Watch detailed analysis of 115BAC by CA Deepak Chopra:

31 Dec 2021 About Us - Deepak Niraj & Associates is a well established firm of Chartered Accountant...

About Deepak Niraj & Associates

Deepak Niraj & Associates is a well established firm of Chartered Accountants engaged in the field of Accounts, Audits, taxation, investment, RBI Matters, Legal & Secretarial Services, Business Processing, Project Financing and other related fields.

We have a team of well experienced and motivated professionals. We not only provide our clients with business solutions under one roof but also regularly and timely upgrade their knowledge. We believe to stay ahead in the changing economy to provide our clients with the most consistent and prompt quality services such as outsource accounting services, payroll processing, tax consultancy and other accounting services.

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