Akshay Purandare

#directtaxupdate CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24 )(Total Total 641 APAs done since inception of the APA programme) Source: https://lnkd.in/gGNeuA5g Team RRGCA! #cbdt #incometaxupdate #income #tax #team #incometax #department #itr #directtax #directtaxation #teamrrgca #update #transferpricing

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Revised Criteria for classification of Non-company entities for applicability of Accounting Standards ICAI has issued an Announcement regarding the change in the applicability of Accounting Standards for non-company entities. For accounting periods commencing on or after April 1, 2024, non-company entities are now classified into 2 categories instead of 4 levels: 1. Large entities - Turnover above 250 Crore and Borrowings above 50 Crore; and 2. Micro, Small & Medium Sized Entities (MSMEs) - Turnover below 250 Crore and Borrowings below 50 Crore Exemptions/ relaxations which were available to non-company entities earlier classified under Level III & IV have been extended to all MSMEs except AS 18 & AS 28 which are applicable to non-company entities with Turnover below 50 Crore and Borrowings below 10 Crore. The said changes would bring reduced compliance for MSMEs without having a major impact on classification and recognition criteria and will be applicable for preparation & presentation of financial statements of sole proprietorships, LLPs, partnerships, etc. from FY 2024-25 onwards. #kcrkcollp #MSME #AccountingStandards #MBF

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ICAI’s New Fee Calculator for CAs ICAI has launched a fee calculator to help CAs determine minimum recommended fees. Available on the TMD website, this tool is based on the Revised Minimum Scale of Fees (Feb 2020). Key Features: >> Service Categories: Covers Income Tax, GST, Audit, and more. >> Tailored Fees: Adjusts based on complexity, time, and location. >> Transparent Pricing: Standardizes fees, ensuring professional integrity. ICAI Guidelines: >> Fees should match complexity and time spent. >> Travel and other expenses are additional. >> GST should be collected separately. Link to the tool is in the comments section below!

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Tick Talks #60: CA Firms Can't Escape ICAI Action; EAC on Pre-Merger Goodwill, Auditors & ESG Assurance, CARO Reporting & More! Read the newsletter >> https://buff.ly/3S4aq2G KNAV US #Taxsutra #tax #Greentick #ICAI #CA #audit #EAC #CARO #ESG

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Dear All, Pl. share your views on whether limitation period of 2/5 years under section 28 is applicable in case assessee has furnished Bond. For example: Bond for EPCG and PIR. OR Limitation period will start or end with the cancellation of Bond. #Tax# Custom#Duty#Limitation

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Responded to Issue Id: 4831 applying following Ind AS: 1. Companies (Indian Accounting Standards) Rules, 2015 and amendments thereto No. of Issues in Issue Repository relating to CIASR, 2015: 99 2. Ind AS 1 – Presentation of Financial Statements No. of Issues in Issue Repository relating to Ind AS 1: 294 3. Ind AS 101 – First-time Adoption of Indian Accounting Standards No. of Issues in Issue Repository relating to Ind AS 101: 171 #GAAPAdvisors - Enabling Excellence in Financial Reporting

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Purpose of GSTR-1A: GSTR-1A is an additional form available to taxpayers to add any particulars that were missed in reporting in FORM GSTR-1 of the current tax period or amend any particulars already declared in FORM GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers). #GSTR1 #GST #learning

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🚨 GST Council Update: Key Changes in Tax Rates w.r.t. Goods 🚨 The 54th GST Council meeting introduced several notable updates regarding GST rates for goods: : 1. Namkeens & Savory Snacks: GST reduced from 18% to 12% for extruded/expanded savory snacks, while un-fried or un-cooked pellets remain at 5%. 2. Cancer Drugs: GST cut from 12% to 5% on drugs like Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. 3. Metal Scrap: Reverse Charge Mechanism (RCM) applied to supplies from unregistered to registered persons; 2% TDS on B2B transactions. 4. Railway AC Units: Roof Mounted Package Units (HSN 8415) taxed at 28%. 5. Car & Motorcycle Seats: GST on car seats (HS 9401) increased to 28%, aligning with motorcycle seats. These adjustments aim to enhance compliance and offer necessary relief. Stay informed for more updates! #GST #GSTUPDATES

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The Financial Express: Tax Connect's Article Published on April 17, 2024 : ITR Filing: How to claim TDS Credit not reflecting in Form 26AS There are ways and means by which the taxpayers can claim TDS credit as per the procedures laid down by the Government.   Vivek Jalan, Partner with Tax Connect Advisory Services LLP & Chairperson of The National Fiscal Affairs and Taxation Committee of The Bengal Chamber of Commerce & Industry said Tax Deducted at Source (TDS) applies to various income sources, including salaries, business income, property sales, and interest on bank deposits. When a payer deducts TDS from your income, they essentially withhold a portion of your tax liability. This deducted amount is then credited to your tax account and is supposed to be reflected when you file your tax return. However, there can be instances where this TDS credit isn’t immediately available in your tax records. This may happen due to numerous reasons like non-deposit of TDS to the Government by the counter party, due to mismatch in details or any other reason. Yet, the tax payer need not lose his sleep. The remedies are available in these cases and we suggest the following ways and means by which the taxpayers can claim such TDS as per the procedures laid down by the Government. Link for accessing the Article : The Financial Express :- https://lnkd.in/gYttYQWP #tax #incometax #incometaxreturn #TDS

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Tax Audit & MSME Reporting Dear Friends, the amendment in the provisions of section 43B(h) i.e. the allowability of payments due to Micro / Small Enterprises on actual payment basis has invited the attention of Tax Auditors in context of filling form 3CD as well as to auditees subject to tax audit provisions. The video link given in the comment portion is an attempt to make you understand the theme, respective changes made in form 3CD as well as key questions / aspects for applicability of such provisions. I hope you will find the content useful. Any suggestions / queries are most welcome. #taxaudit #taxauditduedateextention #3cd #msme #MsmeAndSec43B(h) #section43B(h) #msmedues #TaxAuditAndMsmeDues #Clause26OfForm3CD #TaxAuditReport #form3cd #ay202425 #incometaxaudit \

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Proposed Accounting Standard and Standard on Auditing for #LLPs As per section 34A of the Limited Liability Partnership Act 2008, ICAI's recommendation regarding Accounting Standards for Limited Liability Partnerships (LLPs) have been considered by the NFRA and it has been decided that Accounting Standards notified as Companies (Accounting Standards) Rules 2021 will be applicable to LLPs. For the purpose of applicability of Accounting Standards: LLPs will be Classified into two categories viz. Large LLPs (Turnover > 250 Cr and Borrowings > 50 Cr) and Small & Medium-sized LLPs (Turnover < 250 Cr and Borrowings < 50 Cr). Exemptions/ relaxations which are currently applicable to Level III and Level IV non-company entities will be applicable to all Small & Medium-sized LLPs with the exception of exemption from AS 18 and AS 28 to LLPs with Turnover below 50 Cr and Borrowings below 10 Cr. These recommendations have been sent to MCA for their consideration and comments. For non-company entities to whom Accounting Standards issued by the ICAI apply, Similar changes with regard to classification and relaxations/exemptions are being made. Further, the ICAI has recommended that the Standards on Auditing (SAs), should also apply mutatis mutandis to the audit of Limited Liability Partnerships (LLPs). In line with this recommendation, ICAI submitted its proposal on Auditing Standards under Section 34A of the Limited Liability Partnership Act, 2008. This submission underscores ICAI's commitment to ensuring consistency and rigor in auditing practices across different types of business entities, thereby enhancing the quality and reliability of financial reporting for LLPs in line with established standards for companies. The Institute of Chartered Accountants of India Ranjeet Kumar Agarwal

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The much awaited explanation for Clause 22-23 of Form 3CD is finally here. Reposting from CA. Pramod Jain’s Tax Audit Series ⬇️ #taxaudit #capramodjain

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Join us today for the Panel Discussion on "2nd Accounting Standards Day" starting at 02:30 PM at NDMC Convention Centre, CP, New Delhi. We'll be joined by experts to delve into the below:- 📌 Framework, Formats & Applicability of Accounting Standards 📌 Critical aspects of assets related standards 📌Critical aspects of Liabilities & Expense related standards 📌 Critical aspects of Revenue related standards For further details refer attached flyer. #AccountingStandardsDay #Accounting #NewDelhi

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📢 Update from SEBI: Relaxation from Compliance with certain provisions of SEBI LODR Regulations, 2015: On October 7, 2023, SEBI announced a relaxation of regulations for Annual General Meetings (AGMs) and electronic general meetings, extending compliance deadlines until September 30, 2024. This follows the MCA's earlier relaxations. Recently, the MCA extended the exemption from sending physical copies of financial statements to shareholders for AGMs until September 30, 2025. Consequently, SEBI has now aligned its relaxations to also extend until September 30, 2025. Listed entities must continue to adhere to specific compliance conditions outlined in the Master Circular dated July 11, 2023, while benefiting from these relaxations. For more details, refer to the latest circular. #SEBI #CorporateGovernance #AGM #RegulatoryUpdate

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Hi All - Please find attached our news alert on the recent important guide released by FTA on 'Determination of Taxable Income’ from Corporate Tax Perspective. Most of the points simplified in this guide with clear examples are emanating from the decree/ decisions issued earlier. We have reiterated such important points in the attached tax alert for ready reference. This should be a useful read and most of the examples given in the guide are directly relevant to most of the taxpayer’s fact pattern. Hope you find this useful. Up North Advisors Pranuve Subramanian SANGEETHA P Jomin Joseph #fta #uae #taxes #corporatetax

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#Pillartwoseries - Post 6 What are flow-through entities? What are tax transparent, reverse hybrid and hybrid entities? Article 10.2.1 defines the term 'Flow-through entity' (FTE) as an entity that is fiscally transparent with respect to its income, expenditure, profit or loss in the jurisdiction where it was crated. An entity is treated as fiscally transparent under the laws of a jurisdiction, if such jurisdiction treats the income, exp, profit or loss of the entity as if they were derived or incurred by the direct owner of the entity in proportion to its ownership interest. For eg. Real estate Investment Trusts in India wherein Indian tax laws treats specific income of REITs as income derived directly by the unitholders. To the extent of such income, REITs will qualify as FTEs under GloBE rules. FTE can be of 2 types - Tax transparent entity or Reverse hybrid entity. When the tax laws of the owner of the FTE also treats such entity as fiscally transparent i.e. taxes the income of the entity as if such income is derived directly by the owner (Admin guidance clarifies that the owner will be the entity which is the closest owner of such entity in the ownership chain and which itself is not regarded as a FTE). Whereas, when the tax laws of the owner of the FTE treats such entity as tax opaque i.e. taxes the income as and when the income is distributed or paid by the entity, such FTE is referred to as a reverse hybrid entity. Therefore, the type of FTE would depend upon the tax treatment of such FTE in the owner's jurisdiction. Example to illustrate the above:- A Co. (in Country A) is owned by B Co. (in Country B) and C C. (in Country C). A co. is treated as fiscally transparent in Country A for tax purposes. Both the owners B Co. and C Co. are treated as tax opaque in their respective jurisdictions. However, under the tax laws of Country B, A Co. is treated as fiscally transparent whereas under the tax laws of Country C, A Co. is treated as tax opaque. In this case, A Co. will be considered as a tax transparent entity in Country B, but a reverse hybrid entity in Country C. Hybrid entity is defined under Article 10.2.5, according to which it is an entity that is treated as a separate taxable person for income tax purposes in the jurisdiction where it is located (i.e. a tax resident) but treated as fiscally transparent in the jurisdiction where its owner is located. For eg. An Australian company which is elected as disregarded entity by it's owner being a US entity, under check the box regime of US. Such Australian company will be regarded as a hybrid entity since it is a tax resident in Australia and is not fiscally transparent in Australia. But since it is fiscally transparent in it's owner jurisdiction i.e. US, it is considered as a hybrid entity. It is important to understand these concepts in order to understand the rules on allocation of GloBE Income and Covered Taxes of FTEs #Pillar2 #BEPS2 #Internationaltax #Globalminimumtax

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