The Central Board of Indirect Taxes and Customs (CBIC) has provided guidance on the limitations on the import of plastic products. The Ministry of Environment, Forests, and Climate Change (MoEFCC) has prohibited the use of “single-use plastic” as of July 1, 2022. The MoEFCC has now provided a list of what would be prohibited as … Read more

The Home Ministry extended the FCRA licences of those NGOs whose renewal applications are still pending or whose validity is about to expire until September 30. However, the home ministry made clear that NGOs whose renewal application was rejected would not be permitted to receive foreign funds.The Foreign Contribution (Regulation) Act of 2010 mandates registration … Read more

According to a notification from the Ministry of Corporate Affairs (MCA), failure to comply with the National Financial Reporting Authority Rules, 2018 will result in a fine of no more than Rs. 5,000. A punishment provision is added to the rules by way of a notification, which also changed the existing regulations. According to the … Read more

The new section 194S of the Income-tax Act of 1961 will be applicable as of July 1st, 2022, according to guidelines published by the Central Board of Indirect Taxes and Customs. According to the new section, anyone who has pay a resident any money as payment for the transfer of a virtual digital asset (VDA) … Read more

The Haryana State Government has issued guidelines for employing women during night shifts in IT, ITEs, banking, three-star or above hotels, logistics, and warehousing enterprises. Under the Punjab Shop and Commercial Establishment Act, 1958, the government has established the following standards to be followed while engaging female workers on the night shift. The employer must … Read more

The CBDT has released the Income-tax (Seventeenth Amendment), Rules, 2022 to change the Income-tax Rules, 1962 (the IT Rules) in the following ways: Income attributable to units held by non-residents in a specified fund is not exempt unless the specified fund produces an annual statement of exempt income in a specific way, according to new … Read more

Few taxpayers (supplier recipients) have reported seeing the same invoice twice in GSTR 2B for the months of April and May 2022, according to the Goods and Services Tax Network (GSTN). The GSTN has advised taxpayers not to claim ITC twice on the same invoice. According to the Department, a remedy to the problem will … Read more

The Central Board of Direct Taxes (CBDT) issued guidelines to resolve possible problems arising from the application of the recently enacted section 194R of the Income Tax Act, which requires withholding of 10% tax (TDS) on non-salary benefits or perquisites. From July 1, the new provision of the Finance Act 2022 will take effect. The … Read more

INTRODUCTION In simple terms, the word limitation refers to a restriction, a regulation, or constrained circumstances. The statute of limitation has been defined as the time period that an aggrieved individual has to file a lawsuit in order to seek redress or justice from the court. The core idea of limitation refers to the setting … Read more

For the preparation and filing of ITR-5, the Central Board of Direct Taxes (CBDT) has published Excel Offline Utility. The form can be found on the income tax website’s downloading section. The taxpayer can then upload the JSON to the Income-tax website once it has been prepared.Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial … Read more