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Vishnu Daya & Co LLP > NewsletterAlerts (Page 3)

Vishnu Daya- Budget Highlights 2024-25

We are delighted to provide you an analysis of the Union Budget presented by the Union Finance Minister Ms. Nirmala Sitharaman in the Lok Sabha on 23rd July 2024. We have provided you an executive summary as well as the detailed analysis of all the direct and indirect tax proposals. We have made our best effort to summarize the key changes in simpler manner under this budget highlights. Trust the same would be found useful in understanding the taxation proposals....

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53rd GST Council Meeting Recommendations

The GST Council held it’s meeting on 22nd June 2024. Following key recommendations are made by the Council: 1. Interest and penalty waiver for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025. 2. Reduction of the quantum of pre-deposit required to be paid for filing of appeals under GST. 3. Recommends certain exemptions related to accommodation services, providing relief to students and working professionals. 4. Clarification regarding valuation of supply of import of services by a related person where recipient is eligible to full input tax credit. 5. Clarification on valuation of corporate guarantee provided between related persons after insertion of...

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Due date for filing of Form 61A for Reporting Year 2023-24 is 31st May 2024

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 by...

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