Vishwas Associates, Bhilwara

21/08/2024

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC).

It is being erroneously reported that all Indian citizens must obtain ITCC before leaving the country. This position is factually incorrect.

Vide Finance (No.2) Act, 2024, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ( the ‘Black Money Act’) has been added to the list of Acts u/s 230(1A) of the Income-tax Act, 1961, whereby any resident leaving the country is required to obtain a tax clearance certificate in certain circumstances.

This insertion has been made only to cover the liabilities under the Black Money Act.

For details, pl check the Press Release:
pib.gov.in/PressReleasePa…

14/06/2023

Amnesty Scheme under GST

13/06/2023

करदाता कृपया ध्यान दें!
15 जून, 2023 तक अपनी अग्रिम कर की पहली किस्त का भुगतान करना न भूलें।

Kind Attention Taxpayers!
Do remember to pay your first instalment of Advance Tax by 15th of June, 2023.

25/05/2023

CBDT issues Notification No.31/2023 dt 24.05.2023 increasing limit for tax exemption on leave encashment for non-government salaried employees to Rs.25 lakh w.e.f. 01.04.2023.

For more details, please see the Press Release:
pib.gov.in/PressReleseDet…

24/05/2023

CBDT issues Circular No. 6 dt 24.05.2023 containing clarification regarding provisions relating to Charitable and Religious Trusts.

The due date for furnishing the application by the charitable or religious trusts and institutions for re-registration/approval has been extended from 25.11.2022 to 30.09.2023.

The due date for furnishing application for regular registration/approval by provisionally registered/approved trusts or institutions has also been extended from 30.09.2022 to 30.09.2023 for registration under section 10(23C) and 12AB of the Income-tax Act, 1961.

The Circular is available on:
incometaxindia.gov.in/news/circular-…

19/05/2023

*RBI to withdraw 2,000-rupee banknotes from circulation*

*No need to panic read following and take action*

⁃ The Reserve Bank of India said 2,000-rupee banknotes will be withdrawn from circulation as they constituted only 10.8 percent of notes in circulation as on March 31, 2023
⁃ Further, the note is not commonly used for transactions.
- The RBI has, however, said that banknotes of the 2,000-rupee denomination will continue to
be legal tender.
- RBI said it has advised banks to stop issuing 2,000-rupee notes "with immediate effect"
- However, the Central Bank said people can approach bank branches to deposit or exchange
the 2,000-rupee bank notes held by them. This facility will be available till September 30, 2023.

11/05/2023

29/11/2022

Tax Deductors may please note!
The due date of filing TDS Statement in Form 26Q for the second quarter of F.Y. 2022-23 is 30th November, 2022. Do e-file the TDS Statement before the due date to avoid late fee.

31/03/2022

Central Govt relaxes provisions of TCS under Section 206C(1G) of IT Act,1961 in respect of non-resident individuals visiting India. The provisions shall not apply to an individual who is not a resident in India in terms of Clause 1&1A of Section 6 of the Act. Press Release issued https://t.co/qU79x5tlyP

31/03/2022

CBDT amends Income Tax Rules,1962 for prescribing fee u/s 234H of IT Act,1961. Window of opportunity provided to taxpayers upto 31st March,2023, vide Notification No. 17/2022 dt 29/03/2022 for intimating Aadhaar on payment of certain fee. Circular No. 7/2022 dt 30/3/2022 issued. https://t.co/oqSHSyFHro

29/03/2022

25/02/2022

*E-Invoicing mandatory*

CBIC has made the e-invoicing system mandatory for taxpayers with a turnover *higher than Rs.20 crore from 1st April 2022*.

Therefore the taxpayer’s whose turnover in the financial year 2021-22 (01.04.21 to 31.03.22) was Rs. 20 Crore and more have to generate e-invoice on all *B2B supplies* starting from 01.04.2022.

*N. No. 1/2022 - Central Tax, dated 24-02-2022*