Tax and Accounting

The tax laws of the country undergo significant changes every year on the passing of the Annual Finance Act. Apart from the amendments coming out every year through the Finance Act, there are circulars/notifications issued to implement the provision of the act, clarifying the scope of the provision.

Legal Updates offer comprehensive qualitative updates across both indirect and direct taxes (advisory and litigation) work. Our tax team comprises professionals with diverse expertise, which includes not only legal professionals but also Chartered Accountants and Company Secretaries.

Get your GST registration done online in few steps- Complete guide here

GST Registration Online – An Overview Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – …

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Recommendations of 47th GST Council Meeting

All rate changes recommended by the 47th GST Council will be made effective from 18th July, 2022. Find the details here https://pib.gov.in/PressReleasePage The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance Shri Pankaj …

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All you need to know about Form 12BB- Income Tax Act

Introduction People particularly the salaried ones who are required to pay tax ahead of time otherwise called tax deducted at source (TDS) are expected to submit investment statements by the business toward the beginning of the budgetary year. Such investment disclosures qualified for deduction can reduce your taxation rate as TDS will be deducted on …

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professional tax payment

Due dates for professional tax payment

What is Professional tax ?   Professional tax is levied at the state-level (but not all states) on all workers. This includes the salaried, whether they’re working in government or non-government entities, the self-employed and professionals, including Chartered Accountants, Doctors and Lawyers. This tax has been in existence since the 1970s and states were conferred …

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GST notification- GSTR 3B

CBIC notification- Extension of due date of filing Form GSTR 3B for April 2022

CBIC Extends due date of filing FORM GSTR3B for the month of April 2022 till the 24th day of May, 2022 vide Notification No. 05/2022–Central Tax | Dated: 17th May, 2022. In exercise of the powers conferred by sub-section (6) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017) …

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PAN and Aadhar Linking

Clarification with respect to relaxation of provisions of rule 114AAA of Income-tax Rules, 1962 prescribing the manner of making Permanent Account Number (PAN) inoperative

In order to have a robust way of de-duplication of PAN data base, Finance Act, 2017 with effect from 1st April, 2017, inserted section 139AA in the Income-tax Act, 1961 making it mandatory for a taxpayer who is eligible to obtain Aadhaar, to quote his Aadhaar in the application form for PAN and return of …

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Extension Of Date For Filing Returns Under The Maharashtra State Tax On Professions, Trades, Callings And Employments Act, 1975

The Government of Maharashtra vide notification No. PFT-1222/C.R.8/Taxation-3 extended the last date of filing returns for employers, who could not pay taxes or upload returns due to technical difficulties of the automation system, under the Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975, from March 2022 to May 31st, 2022.

GST Changes ( E commerce operator) in India- 2022

The notification dated November 18, 2021 has amended a previous notification dated June 28, 2017 wherein: A proviso in entry 15 to item (b) and (c) has been added whereby passenger transportation services mediated by an e-commerce platform in a non-air conditioned contract carriage or a stage carriage has been brought under the GST net. Proviso to entry 17 …

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Cryptocurrency Taxed at 30% from April 1, 2022: Latest updates

India is implementing a 30 percent tax rate on income from virtual digital assets, such as cryptocurrency and NFT. For this purpose, section 115BBH has been inserted into the Income-tax Act, 1961. While the taxation will be effective from April 1, 2022, cryptocurrency transactions for the previous fiscal year (FY 2021-22 period) will also be …

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