New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023; record growth of 16.1% Year-on-Year
In a written reply to the Lok Sabha on Monday, Finance Minister Nirmala Sitharaman said that GST evasion of Rs 14,302 crore was detected in the first two months of the current fiscal year, April-May 2023.
The Mandatory 2 Factor Authentication (2FA) requirement for taxpayers with an Aggregate Annual Turnover (AATO) above 100 Crores has been extended until August 20, 2023
As of August 1, there will be a significant change in the mandatory e-invoicing requirements in India. The aggregate annual turnover threshold for issuing e-invoices will be lowered from ₹10 crore to ₹5 crore.
CBDT vide Circular No. 14 of 2023 dated July 27, 2023 issued SOP for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155
The usage of artificial intelligence (AI) by the Income Tax department to build regression models is aimed at identifying deviations and errors in tax filing.
GSTN has introduced new tabs in the 'State Specific Information' section of the GST registration form to collect Consumer Agreement (CA) or Electricity Consumer (EC) numbers.
Income Tax Department (I-T) is currently conducting searches at multiple locations in Mumbai, Pune, and Noida, including the offices and premises of promoters of Chinese home appliance company Haier.
The fact that over 5 crore ITRs have already been filed till 27th July 2023, as compared to 30th July last year, shows a commendable commitment to meeting tax obligations promptly.
Union government has accepted the recommendation to set up an online audit mechanism under the Goods and Services Tax (GST) to streamline the process.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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