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NFRA Releases Revised SA 600 for Public Consultation to Strengthen Group Audits

   19 September 2024 at 09:13

The National Financial Reporting Authority (NFRA) has issued revised Standards on Auditing (SA 600) for public consultation, aiming to strengthen group audits in response to deficiencies highlighted in several corporate fraud cases.

Posted in Audit |   480 Views


Zomato Hit with Rs 17.7 Crore GST Demand Order

   19 September 2024 at 09:08

Online food delivery platform Zomato has received a GST demand order totaling Rs 17.7 crore from the Assistant Commissioner of Revenue, West Bengal.

Posted in GST |   66 Views


FM Sitharaman Launches NPS Vatsalya: New Pension Scheme for Parents to Secure Children's Future

   19 September 2024 at 08:59

Union Finance Minister Smt. Nirmala Sitharaman launches NPS Vatsalya in New Delhi

Posted in Income Tax |   123 Views


Income Tax Department Raises Threshold for Filing Appeals in Tribunals and Courts

   18 September 2024 at 14:40

In accordance with the latest circular from the Income Tax Department, it has raised the minimum threshold for filing appeals to the Income Tax Appellate Tribunal (ITAT) and the High Courts and Supreme Court.

Posted in Income Tax |   2283 Views


CBDT Issues SOP for Handling Internal Audit Objections

   18 September 2024 at 09:20

The Central Board of Direct Taxes (CBDT) has issued Instruction No. 2/2024 on September 09, 2024, revising the Standard Operating Procedure (SOP) for handling internal audit objections in tax assessments.

Posted in GST |   2814 Views


FM Sitharaman Hints at GST Rate Rationalisation to Simplify Tax Structure

   18 September 2024 at 09:12

On September 16th, Monday, Union Finance Minister Nirmala Sitharaman said that the Narendra Modi government is keen on the process of rationalising the GST rates to make them hassle-free and there is also the likelihood of a reduction of rates.

Posted in GST |   471 Views


GSTN Releases Draft Manual on Invoice Management System

   18 September 2024 at 09:10

In a significant leap forward in the Goods and Services Tax (GST) ecosystem, the GST Common Portal has unveiled a ground breaking new facility, the Invoice Management System (IMS), revolutionizing the way recipient taxpayers interact with invoices.

Posted in GST |   2454 Views


GSTN Issues Advisory On Re-opening of Reporting ITC Reversal Opening Balance

   18 September 2024 at 09:07

Vide Notification No. 14/2022 - Central Tax dated 05th July, 2022 (read with circular 170/02/2022-GST, Dated 6th July,2022), the Government introduced certain changes in Table 4 of Form GSTR-3B

Posted in GST |   3435 Views


ICAI to Host Multipurpose Empanelment Form (MEF) for the year 2024-25

   18 September 2024 at 09:04

Professional Development Committee (PDC) is pleased to host the Multipurpose Empanelment Form (MEF) for the year 2024-25, which is available at https://meficai.org/.

Posted in Professional Resource |   177 Views


FM Sitharaman Confirms No Tax Rate Reductions for Old Tax Regime

   17 September 2024 at 11:25

In a recent address at an event, Finance Minister Nirmala Sitharaman reaffirmed that the government will not be reducing tax rates under the old tax regime. This statement comes in response to ongoing calls from taxpayers for similar rate reductions

Posted in Income Tax |   2487 Views