In a significant move towards promoting professionalism and enhancing the quality of corporate compliance, the Institute of Company Secretaries of India (ICSI) has announced new guidelines that will impact the role of Company Secretaries in Practice (CS). During its 312th Council Meeting, held on October 8-9, 2024, ICSI introduced a cap on the number of Annual Returns (E-form MGT-7) that
As we move through FY 2023-24, taxpayers are beginning to see important updates reflected in their tax filings. One key issue arising in the September GSTR-2B is the requirement for Input Tax Credit (ITC) reversals under Rule 37A. This has become a crucial point for businesses due to the non-filing of GSTR-3B by suppliers. What does this mean for you?
Union Govt Releases ₹1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season On October 10, 2024, the Union Government made a significant financial decision by releasing a total tax devolution of ₹1,78,173 crore to various State Governments. This release includes an advance instalment of ₹89,086.50 crore, provided ahead of the festive season, in addition to
NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit The National Financial Reporting Authority (NFRA) recently imposed severe penalties on the auditors of Coffee Day Enterprises Limited (CDEL), a major player in India’s coffee business, for serious lapses during their audit of the company for the financial year 2019-2020. The NFRA’s investigation
Valuation of ESOP: Understanding the Key Elements Employee Stock Options Plans (ESOPs) have become a popular compensation tool, particularly in the startup world, to incentivize and reward key employees. ESOPs give employees the opportunity to own shares of the company at a predetermined price, benefiting from the company’s growth over time. But how do we determine the value of these
Introduction The Indian government has recently opened discussions with private equity and venture capital industries to examine the taxation of ‘carry income,’ specifically the application of Goods and Services Tax (GST) on the profits fund managers and key employees receive. These talks have generated significant interest due to the possible repercussions for Alternative Investment Funds (AIFs) in India. Given the
How the Different Types of Assessment in Income Tax Affect Your Business Filing For businesses, income tax filing isn’t just a legal obligation—it’s also essential for financial health and compliance. Understanding the different types of assessments in income tax is key to ensuring that your filings are accurate, compliant, and legally sound. The Income Tax Act, 1961, offers various methods
How Section 194F Impacts Mutual Fund Investment Process in India Mutual funds are one of the most popular investment vehicles in India, providing opportunities for higher returns with professional management. However, like other investment options, mutual funds are subject to specific tax regulations that can influence investor returns. One such regulation is Section 194F of the Income Tax Act, which
The Union Budget 2024 brought several changes that will affect the Tax Deducted at Source (TDS) rates starting from October 1, 2024. These modifications are designed to simplify taxation and provide relief in certain transactions. Let’s explore the revised TDS rates and understand how these changes impact taxpayers. What is TDS? Tax Deducted at Source (TDS) is a
Tax Audit Due Date Extended for FY 2023-24 to 7th October 2024 The Central Board of Direct Taxes (CBDT) has announced an important extension for tax audits for the fiscal year 2023-24. This extension offers taxpayers a critical reprieve, providing additional time to file essential audit reports. What is the New Deadline for Tax Audits? The new deadline for filing
