02 February

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Vishnu Daya- Budget Highlights 2023-24

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 1st February 2023. 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 summarise the key changes in simpler manner under this budget highlights. Trust the same would be found useful in understanding the taxation proposals....

31 January

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Compliance calendar for the month of February 2023

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We present a compliance calendar for the due dates in the month of February 2023 covering the major due dates in Direct Taxes and Indirect Taxes....

21 January

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POSH Act and requirement of filing Annual report for 2022 by 31st January, 2023

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The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act was passed in 2013, laying down the procedures for a complaint and inquiry, and the action to be taken. Following is a gist of information with respect to compliance under POSH Act (Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013). 1. POSH Act is applicable on every Company, workspace, establishment or organisation employing 10 or more employees whether full time, part time, interns or on contract, irrespective of its nature of industry of location. 2. Internal Complaints Committee has to be mandatory set up in each...

16 January

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Vishnu Daya Newsletter – January 2023

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We are pleased to present our monthly newsletter for the month of January 2023. ...

31 December

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GST Update – 48th GST Council Meeting Changes Notified

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GST Council had announced several changes to the procedures and tax rates and also, had announced issuance clarification on various issues. Consequently, CBIC has issued notifications and circulars making the necessary changes. The gist of the changes/clarifications summarised in the attachment for your reference. ...

27 December

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Clarification issued by CBIC on Invoices not appearing in GSTR2A for the years 2017-18 and 2018-19

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CBIC has issued clarification explaining the procedure to be followed in case where the invoices are not appearing in the GSTR2A during the period 2017-18 and 2018-19. As per the clarification issued, the following procedure shall be followed: 1. Firstly, the details of all the invoices on which ITC has been availed in the GSTR3B but which are not appearing in GSTR-2A shall be furnished to the department. 2. Further, the fulfilment of the following conditions shall be justified: a. Proper tax invoice or debit note is available in respect of such supplies; b. Goods or services have been...

22 December

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Physical Verification of Registered Office Address of Company by ROC

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In terms of Section 12 of the Companies Act, 2013 (CA 2013), every company within 30 days of its incorporation and at all times thereafter, needs to maintain a registered office (RO) capable of receiving and acknowledging all communications and notices as may be addressed to it. Special attention to be given to the Notification dated August 18, 2022 inserted a new Rule 25B (New Rule), in the Companies (Incorporation) Rules, 2014 to provide the modus operandi for physical verification of the registered office (RO) of a company by the Registrar which calls for ensuring that compliances at the Registered office...

22 December

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Due date for filing belated / revised ITR for the financial year 2021-22 is 31st December 2022

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For the Financial Year, i.e. for the period from 01st April 2021 to 31st March 2022, the belated return or revised return has to be filed within 31st December 2022. Once this deadline of 31st December 2022 has crossed, the assessees will not be able to file the returns for the said period. Hope the above compliances are taken care. If not, kindly take care of the same at the earliest. Kindly let us know for any assistance in this regard. ...

18 December

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Update on GST Council Meeting held on 17.12.2022

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GST Council had held 48th GST Council meeting on 17.12.2022 and certain key issues have been discussed. The summary of the discussion has been announced by the GST Council through the press release. The copy of the press release is attached along with this email for quick reference. Key proposals are summarised below: Clarification to be issued to clarify that no GST is payable where the residential dwelling is rented to a registered person if it is rented it in his/her personal capacity for use as his/her own residence and on his own account and not on account of his...

18 December

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Update on GST Council Meeting held on 17.12.2022

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