News & Updates

▶️ 25,000 Km of National Highways to be constructed in FY 23
▶️ Rs. 2.7L Cr. to be allocated for farmers under MSP
▶️ Agri startups to get funding from NABARD
▶️ 400 new Vande Bharat Trains to be initiated in next 3 years
▶️ Allocation for Emergency Credit Guarantee Scheme for MSMEs increased by Rs.50K Cr.
▶️ PM E-Vidya program to be increased to 200 channels giving boost to education in vernacular languages
▶️ A digital platform to be created for the hea

Tax relief to persons with disability 

• Payment of annuity and lump sum amount from insurance scheme to be allowed to differently abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years.

Parity in National Pension Scheme Contribution

• Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees. 

Effective for Financial years starting on or after 1 June 2023

The Ministry of Finance to introduce federal corporate tax on business profits that will be effective for financial years starting on or after 1 June 2023. 

Tax Rate :
With a standard statutory tax rate of 9% and a 0% tax rate for taxable profits up to AED375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world. 

Person having lot of confusion regarding mentioning Bill to and ship to in original invoice of material. Which place will be considered as a place of supply of material (End Point) and place of Business as well as which place will be considered as a last point of sale so that correct place of supply of material can be mentioned in EWAY while transporting the material from one place to other place without any confusion.

1. Place of business 
A place from where the business is ordinarily carried

CHANGES IN CUSTOMS 

The Finance Minister has introduced the Finance Bill, 2022 in Lok Sabha today, that is 1st February, 2022. Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2022. 

Unless otherwise stated, all changes in rates of duty will take effect from the midnight of 1st February/ 2nd February, 2022. A declaration has been made under the Provisional Collection of Taxes Act, 1931 in respect of clause 97 (a) of the Finance Bill, 20

Cryptocurrency Tax News: India has finally introduced crypto tax regime! IN Budget 2022-22, the Government took a conservative stand on taxation by announcing flat 30% on income from digital virtual assets or crypto.

In her Budget Speech 2022, Finance Minister Nirmala Sitharaman said that 30% tax would charged on income from transfer of virtual digital assets. She further said no set off will be allowed in case of losses. Also, gifts in virtual digital assets would be taxed in the hands of the recipient.<

Up until now, the digital world has not affected the banking business in India but with the Reserve Bank getting ready for the digitisation of the Rupee, this move could perhaps be history in the making where such a bold move has been put forth by the Honourable Finance Minister on 1st Feb 2022. This move could also be a loud and clear answer to the increasing threat being posed by cryptocurrencies.

In the West, even today, players such as PayPal still rely on customers linking the service to their bank debit and

Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Income Tax Return or GST Return or complying with the ROC Annual filing, a business has to keep a close watch over the deadlines of all the mentioned compliance. Each month of the year is important as far as Statutory Compliance and Tax Compliance are concerned. Here is a calendar for various tax and Statutory due dates relating to ROC filing, OPC Ann

                                                              General Circular No. 01/2022 
                                                              F.No. 01/34/2013 CL-V -Part-III  <

On the above issue, an Independent witness submitted the following suggestion: 

"Establishment of Indian Institutes of Accounting

This proposal is for establishing a string of Indian Institute of Accounting (IIA) that will raise the standards of accounting education and offer competition to the Institute of Chartered Accountants of India.

Here is an outline of what the IIAs would be like:

• The IIAs will be statutory bodies established by a central law similar to IITs and IIMs