Stay up to date with the latest news and developments from our firm. This section highlights important announcements, achievements, and milestones. We also share valuable insights and updates from our industry. Our goal is to keep you informed and connected with our journey. Check back regularly for the newest updates and information.
Showing 11 updates
The 52nd GST Council meeting resulted in rate rationalization across multiple sectors including insurance, online gaming, and certain essential commodities. Businesses should review their GST classification immediately.
CBIC has extended the amnesty scheme allowing taxpayers to file pending GSTR-9 and GSTR-9C for FY 2017-18 to 2022-23 with reduced late fees. Last date is June 30, 2024.
GSTIN has notified stricter ITC reconciliation rules under Rule 37A. Taxpayers must ensure that their GSTR-2B and books of accounts match to avoid disallowance of ITC claims.
CBDT has notified revised ITR forms (ITR-1 to ITR-7) for Assessment Year 2024-25. Major changes include mandatory disclosure of foreign income, new schedule for virtual digital assets, and simplified format for salary disclosures.
Taxpayers who wish to claim deductions under Section 80C (ELSS, PPF, NSC, Life Insurance, etc.) must ensure investments are made before March 31, 2024. The maximum deduction limit remains ₹1.5 Lakh.
The government has updated TDS rates for FY 2024-25. Notable changes include revised rates on e-commerce transactions, dividend payments, and professional fees. Non-filers face a higher TDS rate of 20% under Section 206AB.
Ministry of Corporate Affairs has made it mandatory to use the upgraded MCA21 V3 portal for all company filings. This includes Annual Returns (MGT-7), Financial Statements (AOC-4), and Director KYC (DIR-3 KYC).
The Companies (CSR Policy) Amendment Rules 2024 have expanded eligible CSR activities to include disaster management, skill development, national heritage, and support for armed forces personnel and their families.
Companies must file their Annual Return (Form MGT-7) within 60 days from the date of the AGM and Financial Statements (Form AOC-4) within 30 days. Late filing attracts a penalty of ₹100 per day per form.
The Reserve Bank of India has amended the FEMA regulations to allow 100% Foreign Direct Investment in insurance intermediaries such as insurance brokers, third party administrators, and surveyors under the automatic route.
Under the updated FEMA Overseas Investment Rules, residents sending money abroad under the Liberalised Remittance Scheme (LRS) must now file Form OPI within 60 days of investment. Non-compliance attracts a penalty of 3 times the amount involved.
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