Foreign remittance is the transfer of money from one country to another. It is a common practice for people who work or live abroad to send money to their families or friends back home. However, with the new tax rules coming into effect from July 1, 2022, it is important to understand how the taxation … Read more
Professional tax is a direct tax imposed on all types of professions, trades, and employment in proportion to an individual’s income. As per Article 276 of the Constitution, the responsibility of levying profession tax lies with the state governments. That’s why it differs from state to state. Each state has different rules and regulations for … Read more
Usually, ITR filing forms for a particular financial year are notified by the end of March or early April. However, considering the amendments in the Income-Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023. … Read more
On February 18, 2023, the 49th GST Council convened in New Delhi under the leadership of Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs. In attendance were Union Minister of State for Finance Shri Pankaj Chaudhary, finance ministers from states and union territories with legislatures, as well as senior officials from the … Read more
Finance Minister Nirmala Sitharaman stated at a Confederation of Indian Industry (CII) event that the matter of GST Rate on Cement will be investigated and, if necessary, referred to the GST fitment committee. Let’s read about the latest updates on the 28% GST Rate on Cement which may be revised soon through this article. Finance … Read more
Apple’s iPhone manufacturing operation in India has apparently surpassed the $1 billion barrier in terms of export value, which is a significant milestone for the industry-leading technology company. Apple has made great progress in expanding its operations in the nation, and this announcement marks a huge step forward for the corporation. Know about the latest … Read more
Circular No. 189/01/2023-GST issued by the Central Board of Indirect Taxes and Customs (CBIC) on January 13, 2022 provides clarification regarding levy of GST on various goods. It is based on the recommendations of the 48th GST Council Meeting. The CBIC has also issued an announcement for the classification of Rab in this notification. The … Read more
Finance Minister Smt. Nirmala Sitharaman’s announcement of significant revisions to tax slabs under the new tax regime and a significant increase in expenditure for railroads and capital spending along with incentives to key sectors was good news for taxpayers and the economy. The Union Budget 2023, the fifth budget under Modi 2.0, was delivered by … Read more
Circular 190/02/2023-GST, issued by the Central Board of Indirect Taxes and Customs (CBIC) on January 13, 2023, provides guidance on whether or not GST applies to a variety of services. This also includes clarification on applicability of GST on Incentive paid by MeitY(Ministry of Electronics and Information Technology) to acquire banks under Incentive scheme for … Read more
The Central Board of Indirect Taxes and Customs (CBIC) has published clarifications on the applicability of GST on specific services in its circular numbered 190/02/2023-GST, which was published on January 13, 2022. This also includes clarification regarding Applicability of GST on accommodation services supplied by Air Force Mess to its personnel. Let’s understand this update … Read more