As a onetime opportunity companies can apply to govt. to get credit of input taxes for period prior to GST law started in 2017. Govt. has released detailed procedures in this regard. This facility is available only from Oct/1-Nov/30, 2022.Download
A new version of MCA Portal (V3) is being launched. In this process, some forms will be not be available from August 15, 2022 to August 31, 2022. Any pending SRN for these forms should be paid by 15th August.Download
BDT has reduced the time limit for verification of income-tax return ("ITR") from 120 days to 30 days for ITR filed on or after August 1, 2022. For ITR filed up to July 31, 2022, earlier time limit of 120 days would continue to apply.Download
In a major step towards ease in corporate compliance, government has further relaxed the definition of 'small companies' w.e.f September 15, 2022. In this alert, we have discussed the revised definition of small companies and benefits enjoyed by them.Download
The Finance Act, 2022 had inserted a new section 194R in the Income-tax Act, 1961 applicable with effect from July 1, 2022, to provide for TDS on benefits/perquisites provided in respect of business or profession. CBDT has issued further clarifications on section 194R. GSAP Alert in this regard is attached.Download
The Supreme Court of India and recently passed a ruling regarding service tax liability on cross charge of secondment costs. Please find attached GSAP Alert in this regard.Download
