List of 16 Social Audit Standards (SASs) with ICAI Framework (2023)
ICAI has published the final set of its "Social Audit Standards (SASs)" along with the framework. Social Auditors are required to follow these 16 SASs from January 14, 2023.
CBIC Clarifications on GST Rates/ Classification: Circular 189/01/2023
CBIC has issued various clarifications regarding GST rates and the classification of certain goods, including the following key issues, in GST Circular 189/01/2023: 1. No GST will be levied …
CBIC Clarifies GST Applicability on certain Services: Circular 190/02/2023
The CBIC has clarified the issues concerning the applicability of GST to certain services, such as Air Force Mess accommodations and MeitY incentives to acquiring banks for RuPay Debit …
Draft ICAI Guidance Note on Audit of Public Charitable Institutions u/s 12A Income Tax
The Institute of Chartered Accountants of India (ICAI) has released an exposure draft of the “Guidance Note on Audit of Public Charitable Institutions u/s 12A of the Income Tax …
Limit of Rs 5000 abolished for SFT Reporting of Interest Income
CBDT has abolished the limit of interest income exceeding Rs 5,000 for the purpose of SFT reporting, vide Notification 1/2023, w.e.f. 05/01/2023. Now the information in SFT is required …
Compliance Deadline Relaxed for Claiming IT Exemption u/s 54-54GB: CBDT
CBDT has further extended/relaxed the compliance deadline for claiming exemption under sections 54 to 54GB of the Income Tax Act, 1961, in light of the hardship experienced by taxpayers …
GST-free Residential Renting for Personal use from January 1, 2023
CBIC notifies that residential premises rented to registered persons will be exempt from GST liability beginning January 1, 2023, provided the dwelling unit is rented to a registered person …
Savings Booster Q4 2022-23: Interest Rates Increased for Small Saving Schemes
The Goverment has increased interest rates for Small Saving Schemes in Q4 2022-23. Learn which schemes have been affected and how to make the most of them.
MCA Clarification on Holding AGMs in 2023 using VC/ OAVM
MCA clarifies that where AGMs are scheduled for 2023, companies can hold them using VC/ OAVM until September 30, 2023.
Ind-Aus ECTA becomes effective from December 29, 2022
The Economic Cooperation and Trade Agreement (Ind-Aus ECTA) between India and Australia is now in force, which means it will have legal ramifications as of December 29, 2022. India …