Central Board of Direct Taxes (CBDT) issued the Income-tax (Twelfth Amendment) Rules, 2023 on July 17, 2023. The amendment aims to provide exemptions and regulations regarding certain income and financial instruments for non-residents.
The Income Tax Department (ITD) has clarified that the PAN cards of NRIs who have not met the following two criteria have been made inoperative
Request for Information on Post-implementation Review of IFRS 15, Revenue from Contracts with Customers issued by the IASB
CBIC vide Circular No. 192/04/2023-GST dated July 17, 2023 has issued clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof.
CBIC vide Circular No. 196/08/2023-GST dated July 17, 2023 has issued a clarification on the taxability of shares held in a subsidiary company by the holding company.
CBIC vide Circular No. 197/09/2023- GST dated July 17, 2023 has issued clarification on various issues relating to GST refunds.
Clarification regarding the taxability of services provided by an office of an organisation in one State to the office of that organisation in another State, both being distinct persons.
Various amnesty schemes for non-filers of GSTR-4, GSTR-9 & GSTR-10 have been extended till August 31, 2023. The original deadline for these schemes was June 30, 2023.
Offline utility of ITR-5 for AY 2023-24 is available for filing.
The Income Tax Department (ITD) raided the house of a YouTuber named Taslim in Uttar Pradesh on July 15, 2023. The ITD found ₹ 24 lakh cash during the raid, along with gold jewellery and other valuables.
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