Revised Procedure of Refund Applications by ‘CSD’ with CBIC Clarifications
CBIC prescribes revised procedure for online filing and e-processing of refund claim applications in the case of Canteen Stores Department (CSD) from 10/07/2024.
GST Liability/ITC on Warranty Period Replacement/ Repair Services: CBIC Clarifications
CBIC clarifications on GST liability and the requirement for ITC reversal in respect of warranty replacements and repair services supplied without consideration during the warranty period.
New Mechanism for GST Post-Sale Discount Evidence
CBIC circular on compliance mechanism for post-sale discounts, by obtaining CA/CMA certificates or recipient undertakings.
Enhancement in the GST Portal from 3rd May, 2024
GSTN has notified the taxpayers about the launching of enhanced version of GST portal on 3rd May 2024.
Revised Special Procedures for Registered Manufacturers of Pan-Masala by CBIC
CBIC notifies the revised Special Procedures for Registered Manufacturers of Pan-Masala effective 01/04/2024, vide Central Tax Notification 4/2024.
CBDT Notification on 30-Days Time Limit for Verification After ITR Uploading
CBDT has issued Notification 2/2024 to clarify the timeline of 30 days for verification after uploading the ITR, effective 01/04/2024.
RBI’s Updated Master Circular 2024 on Prudential (IRAC) Norms for Loans & Advances
The RBI has issued a revised Master Circular consolidating guidelines (IRAC Norms 2024) on income recognition, asset classification, and provisioning for loans & advances until March 31, 2024.
Health and Education Cess Rates under Income Tax (AY 2024-25)
Explore about the Health and Education Cess Rates applicable under the Income Tax in respect of AY 2024-25 for all types of assessees and taxation schemes.
Income Tax Rebate u/s 87A for Individuals AY 2024-25
Discover about the Income Tax Rebate available to Resident Individuals in respect of AY 2024-25 u/s 87A of the Income Tax Act, 1961.
Alternate Minimum Tax (AMT) for Non-corporate Taxpayers (AY 2024-25)
Explore the concept of Alternate Minimum Tax (AMT) which ensures fair share of tax liability for non-corporate taxpayers availing deductions and exemptions.