Assessee in the present case had inadvertently reported supplies to a particular recipient as B2C supplies instead of B2B in its GSTR-1 return. This error resulted in recipient holding up the running bill amount of the assessee.
Assessee requested Revenue to permit it to correct its GSTR-1 return, but the
same was rejected on the ground that the timeline to apply for rectification
was over. Aggrieved, assessee filed a writ petition before the Orissa HC.
·
In 2023 at Portugal, companies must print ATCUD and QR
codes on all their invoices. They will need valid codes from the government and
tax authority-certified software before they can start generating the invoices.
· From July 2024 to January 2026, France will implement mandatory B2B e-invoicing, as well as an e-reporting obligation. This mandate impacts all companies operating in France.
1.
Interest paid under section 234B and 234C of the Income Tax
Act is not Tax Expense under AS 22
2. Advance paid for import purchases is non-monetary item under AS 11
The Foreign Exchange Management Act, 1999 (FEMA) came into force by an act of Parliament. It was enacted on 29 December 1999. This new Act is in consonance with the frameworks of the World Trade Organisation (WTO). It also paved the way for the Prevention of Money Laundering Act, 2002 which came into effect from July 1, 2005.
What is ODI ?
Overseas Direct Investment or ODI stands for investments, by way of contribution to the capital or subscription to the memorandum of a foreign entity, or by way of purchase of existing shares of a foreign entity, either by market purchase or private placement or through stock exchange but does not include Portfolio Investment.
· Mumbai ITAT held that to opt for concessional tax rate Form 10-1C has to be filed within the due date.
Do you know what lies behind those impressive CTC packages? Let me reveal the truth about inflated salaries and actual take-home pay.
E-commerce operators facilitating electronic platforms for the sale of goods and services shall comply with Section 194O. This provision mandates the deduction of TDS on payments made to e-commerce sellers. It applies to e-commerce operators with an annual gross turnover of over Rs. 10 crores.
The Transfers of Undertakings Directive 2001/23/EC is a European Union law that protects the contracts of employment of people working in businesses that are transferred between owners It replaced and updated the law previously known as the Acquired Rights Directive 77/187/EC
The Reserve Bank of India (RBI) has implemented its own Foreign Investment Reporting and Management System (FIRMS) to track foreign investments in the country. The system is an online portal that enables foreign investors to report their investments in compliance with regulations and allows the RBI to monitor and analyze foreign investment data.
What is cost optimization?
Cost optimization is the process of finding the most cost-effective way to accomplish a particular goal or task. It involves identifying ways to reduce costs without sacrificing quality or efficiency. Cost optimization can apply to a wide range of industries and activities, from manufacturing and supply chain management to software development and cloud computing.
Generally, bonds are issued at face value and a fixed interest is paid on them. But in case of Zero-Coupon Bonds (ZCB), no interest is paid to the holder. Rather, such bonds are issued at a heavy discount on the face value of the bond. On maturity, the bondholder gets back the face value of the bond. These bonds are therefore, also known as ‘Discount Bonds’. For example: - Suppose Face Value of the bond is Rs. 150 to be matured after 5 years. It is issued at Rs. 100. Thus, the bondholder initially pays Rs. 100. After 5 years, he will get back Rs. 150
The Limited Liability Partnership (LLP) is a business structure that merges the characteristics of a conventional partnership with limited liability. The LLP is regulated by the Limited Liability Partnership Act of 2008.
“Cash is king” still holds. But how do you use cash to analyze your company’s financial health? Consider these seven ratios:
This is to update you regarding the 49th GST Council Meeting concluded on February 18, 2023. Kindly note that the below proposals/ recommendations shall be given effect by way of issuance of relevant notifications/ amendments in the GST law, which could be issued in due course of time.
· In 2023 at Portugal, companies must print ATCUD and QR codes on all their invoices. They will need valid codes from the government and tax authority-certified software before they can start generating the invoices.
This Tax Alert summarizes the key amendments made to the Income Tax Return (ITR) forms for tax year 2022-23, vide Notifications No. 4 and 5 of 2023 dated 10 and 14 February 2023 (Notifications) issued by the Central Board of Direct Taxes (CBDT).
