This article is a continuation of Part I of Decoding Indian Accounting Standard (Ind AS) - 12 which can be accessed here. Recognition of Current Tax Liabilities and Current Tax Assets Any unpaid ta...
The Central Board of Direct Taxes (CBDT) has issued Circular No. 6/2023 dated 24/05/2023 to provide clarifications on various provisions related to charitable and religious trusts following the amendments made by the Fin...
The Finance Act 2023 introduced a new section, 194BA, in the Income-tax Act, 1961, which mandates the deduction of income tax on net winnings from any online game. The guidelines issued vide Circular No. 5/2023 ...
The Reserve Bank of India (RBI) has announced its decision to withdraw the ₹2000 denomination banknotes from circulation. However, it's important to note that these banknotes will continue to remain legal tende...
Starting from May 16, spending in foreign currency using international credit cards is now covered under the Reserve Bank of India's liberalised remittance scheme (LRS). The Finance Ministry, in consultation with the...
For individuals engaged in trading as a business, it is crucial to optimize financial management and maximize profits. One effective strategy is to claim all expenses directly connected to the trading business as legitim...
As a trader or investor, it is crucial to have a clear understanding of the income heads and income tax return (ITR) forms relevant to your financial activities. In this article, we will explore the income heads appli...
The CBIC vide Notification No. 10/2023 dated 10/05/2023 has notified the reduction in the applicability of e-invoicing threshold limit from Rs.10 Crores to Rs.5 Crores with effect from 1st August, 2023.&nb...
Tax Ninja's exclusive color-coded compliance calendar for the month of May 2023 is live now. Compliance Calendar covers Compliance under Income Tax Act, 1961, Compliance under Goods & Service Tax (GST) and Oth...
The CBIC has issued several notifications on 31/03/2023 pursuant to 49th GST Council Meeting. A summary of the same is as below: Notification No. 02/2023 : Late fee for GSTR-4 filed between April 1, 2023,...
