Recent Amendment/ Update

  • GST

 

E-Invoice Limit (Dated : 11th May, 2023)-

 

Government reduces the E-Invoicing limit to 5 Cr. with effect from 01.08.2023

 

Where all businesses whose the annual aggregate turnover exceed the 5 cr. in any preceding financial year starting from FY 17-18 to FY 22-23 then E-Invoicing is applicable from 01.08.2023

 

For more details contract us.

 

Sources -Notification No. 10/2023-Central Tax Dated: 10th May, 2023

 

  • INCOME TAX

 

1.        May 12, 2023

ITAT: Rule 6DD Benefit Denied if not Primary Cash Payment Responsibility

2.        May 11, 2023

Section 80-IA Deduction Applies with Govt. Nodal Agency Agreement: ITAT

3.        May 10, 2023

Affidavits of Typist and CA Admitting Typographical Error are Not Enough to Delete Addition for Unaccounted Purchases

 

  1. ITR Form for AY 23-24

ITR – 2 (Dated:10th May, 2023)

Excel Utility of ITR-2 for AY 2023-24 is available for filing for AY 23-24.

 

ITR – 1 & 4 (Dated: 05th May, 2023)

Latest Utility of filing ITR 1 & 4 is now being availablew.e.f. 05th May, 2023 for AY 23-24.

 

  • Company Law

 

  1. May 12, 2023

MCA Amends Strike-off Rules; brings more Clarity on Filing of Overdue Financials before Applying for Striking-off

2.        May 12, 2023

SEBI permits FPIs Direct Market Access for Commodity Derivatives on Exchanges

3.        May 12, 2023

SEBI Directs all Reporting Entities falling under Debenture Trustee Segment to Register with FINNET 2.0 System