Statutory updates

Electronic Filing of Specified Forms Under Income Tax Rules

The Directorate of Income Tax specifies twelve forms, returns, statements, reports, and orders that must be furnished electronically and verified under Rule 131 of the Income-tax…

Repealing of Life Circulars

The Insurance Regulatory and Development Authority of India repeals various circulars that apply to life insurers.

Use and File Procedure for Agriculture and Allied Retail Products

The Insurance Regulatory and Development Authority of India permits general insurers to file retail products for agriculture and allied activities under the Use and File procedure.

03/2022-Union Territory Tax : Seeks to amend notification No. 02/2019- Union Territory Tax

04/2022-Union Territory Tax : Seeks to amend notification No. 02/2017- Union Territory Tax

Amendment to Notification No. 10/2019-Central Tax

The Central Government amends notification No. 10/2019-Central Tax to revise the description of goods at serial number 4 of the Table.

Amendment to Notification No. 14/2019-Central Tax

The Central Government amends notification No. 14/2019-Central Tax to revise the entry for serial number 4 in the table.

Additions to Conduct of Business Directions of IFSCA Banking Handbook

The International Financial Services Centres Authority adds a module on Global Administrative Office to the Conduct of Business directions of the Banking Handbook.

IFSCA Banking Handbook Conduct of Business Directions- v 4.0 (COB)

Income-tax Twenty Second Amendment Rules 2022

The Central Board of Direct Taxes issues the Income-tax Twenty Second Amendment Rules, 2022 to amend the Income-tax Rules, 1962.

Income-tax (21st Amendment) Rules, 2022

The Central Board of Direct Taxes issues the Income-tax (21st Amendment) Rules, 2022 to amend the Income-tax Rules, 1962.

Bihar Electricity Regulatory Commission Income Tax Exemption

The Central Government notifies the Bihar Electricity Regulatory Commission for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961.

Jurisdiction Amendments for Income-Tax Authorities

The Central Board of Direct Taxes amends Notification No. 60/2014 to update the jurisdiction and subordination of income-tax authorities.

Reporting Inter-State Supplies and Input Tax Credit Reversal in GSTR-3B and GSTR-1

Registered persons must report correct details of inter-state supplies, input tax credit reversals, and ineligible input tax credit in FORM GSTR-3B and FORM GSTR-1.

Demand and Penalty Provisions for Fake Invoices under CGST Act

This circular clarifies the application of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 for transactions involving fake invoices.

Clarification on Deemed Export Refunds, Section 17(5), Perquisites, and Ledger Utilisation under GST

The Central Board of Indirect Taxes and Customs clarifies various GST issues regarding deemed export refunds, section 17(5) provisions, employee perquisites, and ledger…

Clarification on Inverted Duty Structure Refund for Concessional Supplies

Suppliers may claim a refund of accumulated input tax credit under an inverted duty structure when output supplies attract a lower tax rate than inputs at the same time due to a…

Manner of re-credit in electronic credit ledger using FORM GST PMT-03A

Taxpayers can take re-credit of an amount in the electronic credit ledger using FORM GST PMT-03A when they deposit an erroneous or excess refund along with applicable interest and…