20 Mar Exploring Rule 31C: Understanding the Valuation of Gaming Supplies in CGST Rules
The advent of the Goods and Services Tax (GST) in India has ushered in a new era of tax regulations, particularly impacting the gaming and casino industry....
Taxation compliance Tag
09 Mar Update on Option to File ITR-U Under Section 139(8A) of IT Act
The Income Tax Department has released a recent update, dated March 7, 2024, regarding the provision to submit an Updated Income Tax Return (ITR) under section 139(8A) of the Income Tax Act, 1961....
06 Mar CBDT Introduces Key Changes to Income-tax Rules: Fourth Amendment Rules, 2024
In a move aimed at streamlining tax compliance and ensuring transparency, the Central Board of Direct Taxes (CBDT) has issued Notification No. 27/2024 dated March 05, 2024, notifying the Income-tax (Fourth Amendment) Rules, 2024. These amendments, made to the Income-tax Rules, 1962, bring significant updates...
06 Mar Extension of Deadline for Trusts/Institutions to Rectify Audit Report Submissions for Tax Exemption
Circular No. 02/2024, issued by the CBDT on March 05, 2024, grants an extension to trusts and institutions that submitted incorrect audit report forms for the assessment year (A.Y.) 2023-24. They are allowed to rectify their submissions by March 31, 2024, especially those needing to...
05 Mar FM Sitharaman urges GST officials to provide clarity on classification-related issues
Finance Minister Nirmala Sitharaman has called upon goods and services tax (GST) officials to address classification-related concerns promptly. Speaking at the National Conference of Enforcement Chiefs of the State and Central GST Formations, Sitharaman emphasized the importance of engaging with stakeholders to understand their issues,...
05 Mar Income Tax Department enabled the Online Filing of Form I SWF
On March 04, 2024, the Income Tax Department released a notification announcing the activation of online submission for Form I SWF, as outlined in Circular No. 15 of 2020, issued on July 22, 2020....
04 Mar CBDT Introduces Income Tax Return Form ITR-7 for AY 2024-25
The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 24/2024 dated March 01, 2024, announcing the release of the Income Tax Return (ITR) Form ITR-7 for the Assessment Year (A.Y.) 2024-25. This form is specifically designed for individuals and companies obligated to...
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