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Author: Vishnu Daya

Vishnu Daya & Co LLP > Articles posted by Vishnu Daya (Page 7)
12 July
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Recommendations of 50th GST Council Meeting

Posted by Vishnu Daya
in NewsletterAlerts

GST Council had it’s 50th Meeting on 11.07.2023. Pursuant to the meeting, several proposals have been made. Some of the key proposals are given below: 1. Recommends Casino, Horse Racing and Online gaming to be taxed at the uniform rate of 28% on full face value. 2. Recommends notification of GST Appellate Tribunal by the Centre with effect from 01.08.2023. 3. Clarification to be issued that services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company or body corporate are not taxable under...

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07 June
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Due Date for Payment of First Installment of Advance Tax is 15th June 2023 for AY 2024-25

Posted by Vishnu Daya
in NewsletterAlerts

This is to bring to your kind attention that the due date for payment of first instalment of advance tax for the financial year 2023-24 is 15.06.2023. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid before 31st March 2024 (4th Quarter) and hence no requirement of making payment in instalments. Kindly let us know for any help or clarifications in this regard....

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01 June
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NOTE ON AMENDMENTS TO THE PREVENTION OF MONEY LAUNDERING ACT

Posted by Vishnu Daya
in NewsletterAlerts

Government of India amended the Prevention of Money Laundering Act (PMLA) with a view to bring certain intermediaries also within the definition of Reporting Entity and made them accountable for the transactions carried on by them. Please find a note highlighting the salient features of such amendments, the list of intermediaries covered, and their obligations....

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18 May
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Audit trail

Posted by Vishnu Daya
in NewsletterAlerts

With effect from 1st April 2023 all Companies ( including MSME Companies, small Companies and not-for-profit companies licensed under Section 8 of the Indian Companies Act 2023) must ensure that the software which they use for accounting, generating sales invoices etc has a built-in mechanism to record audit trail of every transaction, creating an edit log of each change made in the electronically maintained books of account along with the date when such changes are made and ensure that the audit trail cannot be disabled. Once the ‘audit trail’, ‘edit log’ feature is installed or enabled all backdated entries will...

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03 May
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Due date for filing of Form 61A for Reporting Year 2022-23 is 31st May 2023

Posted by Vishnu Daya
in NewsletterAlerts

Section 285BA of the Income-tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction. Below is the list of the reportable transactions : • Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company). • Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring shares (including share application money) issued...

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02 May
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Due date of Form 10BD / Form 10BE is 31st May 2023.

Posted by Vishnu Daya
in NewsletterAlerts

One of the compliances to be made by a charitable organisation or an institution such as trust, research institutions, colleges, universities or other institutions is to file Form 10BD and issue a Form 10BE certificate to the Donor. CBDT issued a Notification no. 19/2021 dated 26th March 2021 prescribing a Form 10BD to be filed by institutions providing specific details of the donations made by the donors. After filing a statement of donations in Form 10BD, the institution has to download the certificate in Form 10BE certificate of donation and provide the same to the donors. The due date for...

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