The Monetary Policy Committee (MPC) which met in the first week of April 2022, assessed the macroeconomic situation and unanimously voted to keep the policy repo rate unchanged at 4 %. They decided to maintain an accommodative stance simultaneously focusing on withdrawal of accommodation. This is to make sure that inflation remains within the target, …
An amnesty scheme has been introduced by the Maharashtra Government which is to be called as the “Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee 2022”. The Covid-19 pandemic has disrupted small industries, traders and dealers, which have sustained a lot of financial stress. A substantial number of cases which involved outstanding …
The Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme, 2022 Read More »
“DTAA is a bilateral or multilateral agreement between two or more countries to resolve the issues of taxation of income, bring the transparency and to plug the tax evasion.” Introduction: Globalization is bringing the world closer with each passing day. Many individuals are becoming global citizens, moving from one country to the other as their …
Introduction A tax audit is an examination of your tax return by the IRS (Indian Revenue Services) to verify that your income and deductions are accurate. A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate. There are various …
Made Effective from 1st January, 2021 The rule only applies to utilization of ITC and not availment of ITC. Applicability: Registered persons having taxable value of supply more than Rs. 50 Lakh in a month. Restrictions Imposed: The applicable registered persons cannot use ITC in excess of 99% of the output tax liability. Thus, it means that minimum 1% of …
Rule 86 B Under GST: Restrictions on use of Amount Available in Electronic Credit Ledger Read More »
Introduction: The much-awaited rates for Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme under Chapter 4 of the Foreign Trade Policy, 2015-20 has been finally announced. The RoDTEP scheme lists out rates ranging from 0.01% to 4.3% for different HS codes [notified at Appendix 4R] and also sets out eligibilities and conditionalities for …
INTRODUCTION Cryptocurrency, by whatever name called, means any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value which is exchanged with or without consideration, with the promise or representation of having inherent value in any business activity …
OBLIGATIONS ON COMPANIES HOLDING CRYPTOCURRENCIES AND ITS DISCLOSURES Read More »
I was plotted on the stock audit for Sanofi Ltd in the first week of June 2021. Sanofi Ltd is a pharma giant of the country which is listed on the Indian stock exchanges. It is headquartered in Paris, France and is the fifth largest Pharma company in the world in terms of prescription sales. …
Scenario Before Finance Act 2020 Presently, under section 44AB of the Income Tax Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required …
Increase in the Turnover limit for Tax Audit u/s 44AB [Budget 2021-22] Read More »
Old v/s New Income Tax Slabs Slab Rates: Annual Income Old Tax Rate New Tax rate Up to Rs. 2.5 Lakhs NIL NIL Rs. 2.5 Lakhs to 5 Lakhs 5% 5% Rs. 5 Lakhs to 7.5 Lakhs 20% 10% Rs. 7.5 Lakhs to 10 Lakhs 20% 15% Rs. 10 Lakhs to 12.5 Lakhs 30% …