A new rule has been put in place to help small and medium-sized businesses in India get paid on time. From April 1, 2024, the government will allow buyers to claim income tax deductions for expenses only when they pay their suppliers, specifically the MSEs. This rule is a big deal for businesses in India, … Read more
Under the guiding principles of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the comprehensive national approach of “Sabka Prayas,” Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament. The key highlights of the budget can be summarised as follows: Budget 2024 Highlights: Direct and Indirect Tax No … Read more
The CBDT (Central Board of Direct Taxes) has released a new notification on October 23, 2023. This new notification is a huge relaxation and allows people more time to submit a Form 10IC for the year 2021-22. Let’s understand it in detail so that you can benefit from it. CBDT’s New Deadline for Form 10-IC … Read more
As per the sources, plans are underway to implement a centralization of decision-making for all regulatory forms filed by companies. Thus, the responsibility for these decisions, currently held by Registrars of Companies (RoCs), will be transferred to a centralized facility by December. Presently, only decisions regarding applications for voluntary company strike off are centralized, facilitating … Read more
The government is going to give people another chance to apply for its Rs 76,000 crore plan to make computer chips. The three applications it got last year had problems with starting their own factories, so they need to try again. Chip Manufacturing Incentives Scheme Applications Open Again The government had a first opportunity for … Read more
In April, India experienced a significant increase in electronics exports, surging by more than 26% to reach $2.11 billion compared to the previous year. This growth was primarily driven by a substantial rise in mobile phone shipments, which totaled $1.08 billion, marking an impressive surge of over 80% compared to the previous year. Apple and … Read more
The Ministry of Corporate Affairs (MCA) has implemented stricter rules regarding the Company Strike Off or removal of company names from the Register of Companies (RoC) New Rules Restrict Company Closure Without Financial Statements The Ministry of Corporate Affairs (MCA) has recently made it compulsory for companies to submit all overdue financial statements and annual … Read more
The Indian Standard number will soon be seen on clothes and shoes, thanks to the Union Ministry of Textiles. The initiative of the Indian Clothing Size Chart will bring numerous benefits by ensuring a better fit for Indians. Currently, both international and domestic brands use US and UK standards for clothing sizes, which don’t cater … Read more
The Finance Ministry of India has issued a notification stating that investments made by twenty-one countries in Indian start-ups will be exempted from Angel Tax. The list of countries includes the United States, the United Kingdom, France, and several others. The Central Board of Direct Taxes (CBDT) has notified that non-resident investments in unlisted Indian … Read more
During the initial week of a special drive to detect fake GST Registrations, officials from both central and state goods and services tax departments uncovered approximately 10,000 fraudulent GST registrations. This is a clear indication that you need to get GST Registration through the proper legal process. Otherwise, there can be serious consequences damaging you … Read more