05 May Activities carried out by CA, CS and CWA on behalf of clients to be covered under PMLA
The Government has issued a notification to amend the definition of a 'person carrying on designated...
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05 May Institutions earning profit from educational activities will not get tax exemption, reiterates Supreme Court
Recently, the Supreme Court overturned a judgement by the Punjab and Haryana High Court which allowed an educational institution, Baba Banda Singh Bahadur Education Trust, to receive tax exemption despite earning a profit from educational activities. The Supreme Court held that an institution must exist...
04 May New GST rules to be applicable from 1st May for businesses having turnover more than Rs.100 Cr.
Starting May 1, 2023, businesses with an annual turnover of 100 crore and above will have to upload their electronic invoices on the Invoice Registration Portal (IRP) within 7 days of issuing the invoice, according to an advisory by GST Network (GSTN). Currently, businesses upload...
01 Feb Finance Minister Speech on Budget 2023
The Union Budget 2023 was unveiled by Finance Minister Nirmala Sitharaman on Wednesday amid a challenging economic climate, including inflation and potential GDP growth slowdown in FY24. The budget, presented in Parliament, aims to expand upon the progress made in previous budgets and the vision...
01 Feb Memorandum Explaning the Finance Bill 2023
The Indian Constitution defines the Finance Bill as a Money Bill, and it contains the tax proposals put forth by the government. This bill outlines changes in existing taxes, new taxes, expenditures, revenues, and government borrowings, and is a crucial component of the Union Budget....
01 Feb Finance Bill 2023
Nirmala Sitharaman, the finance minister, launched the presentation of the Modi government’s last full budget with these words: “This is the first budget of Amrit Kaal”. She stated that the world recognizes India’s economy as a shining example, with a 7% growth in the current...
28 Jan The ReCap of July2022
"The ReCap," a monthly newsletter from NYCA, the premier chartered accounting firm, delivers updates and expert insights on the ever-evolving fields of Income Tax, GST, Corporate Law, Schemes, CFO Eyes, System forensics, and Professional Deck. The July 2022 edition of The ReCap is a must-have...
22 Aug Subsidies – An Introduction
In India, subsidies are a form of financial assistance provided by the government to certain sectors or groups of people in order to alleviate the burden of certain costs or to encourage the growth of certain industries or activities. Subsidies may take the form of...
20 Aug Project Office for Foreign Companies
Reserve Bank of India has brought new guidelines to establish Project Office in India for Foreign Companies through Notification No. FEMA 22(R)/ 2016-RB latest amended by Notification No. FEMA 22(R)(2)/2019-RB dated January 21, 2019, which will affect Project Office for foreign companies in India. A...
30 Jun Concept of telescoping and peak credit & Telescoping in Income Tax assessments
During the course of assessment of income, the AO may discover cash receipts in the books, or cash deposits in the bank...