Professional Updates

PF payment due dates for the FY 2022-23 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2022-23 for quick reference. PF payment due dates for the FY 2022-23 Period Due Date Day Extended D

CPE Hours requirements for the calendar years (01/01/2023-31/12/2023) ICAI w.e.f. calendar year 2023 has done away with the 3 years block period concept for CPE hours requirement. Now onwards CPE hours requirement to be fulfilled by members on calendar year basis i.e. 01st Jan 2023 to 31st Dec 2023. In a calendar year Type Structured Unstructured Member with COP and Age < 60 years (Except all those members who are residing abroad) Minimum 20 ** Hours Compulsory Minimum 20 Hours Compulsory Can be structured or unstructured Non-COP holder and Age < 60 years (And all those members who are residing abroad) Min 20 Hours either structured or unstructured COP Holder and age 60 and above Min 30 Hours either structured or unstructured ** M andatory 2 Structured CPE Hours each on topics of “ Standards on Auditing ” and “ Code of Ethics ” (total 4 Structured CPE Hours) during every Calendar year  in Physi

Periodicity for filing Maharashtra PTRC returns for the F.Y. 2023-24 Every dealer registered under The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 ("the Act") required to file monthly or annual (as applicable) returns declaring monthly number of employees on the basis of amount of salary. Periodicity for the filing of PTRC returns is determined based on Profession tax liability during the previous year.  1. How the periodicity of filing PTRC returns for the FY 2023-24 determined?  As per Rule 11 of  The Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975, periodicity of filing PTRC returns determined on the basis of amount of tax liability during the previous year.  a). If dealer having PTRC liability more than Rs. 1,00,000/- during the FY 2022-23, he will file PTRC returns on monthly basis for the FY 2023-24. And due dates will be last date of the month to which return relates.  E.g. Salary for the month of

  Cost inflation index (CII) is required to calculate the inflation-adjusted cost of asset acquisition/ improvement for computation of long term capital gain (LTCG) of assets, this indexation can help to reduce tax liabilities on long term capital gain. CBDT has  notified  provisional cost inflation index for the FY 2023-24 on 10th April 2023 vide notification no  Notification No. 21 /2023/F.No.370142/5/2023-TPL. Vide notification Notification No. 39/2023/F. No.370142/5/2023-TPL dated 12th June 2023 final CII notified . Here is the list of cost inflation index chart since FY 2001-02 Sr No Financial Year Cost Inflation Index 1 2001-02 100 2 2002-03 105 3 2003-04 109 4 2004-05 113 5 2005-06 117 6 2006-07 122 7 2007-08 129 8 2008-09 137 9 2009-10 148 10 2010-11 167 11 2011-12 184 12 2012-13 200 13 2013-14 220 14 2014-15 240

CBIC vide Notification No. 07/2023 – Central Tax dated March 31, 2023 has reduced the amount of late fees from Fy 2022-23 onwards for filing the Annual Return GSTR 9 and/or GSTR 9C under section 44. From FY 2022-23 onwards late fees for delayed filing of annual return will be turnover based.  Turnover up to Rs. 5 crores: Rs. 50 per day, maximum of 0.04% of turnover Turnover between Rs. 5-20 crores : Rs. 100 per day, maximum of 0.04% of turnover Turnover above Rs. 20 crores: Rs. 200 per day, maximum of 0.5% of turnover Sr Turnover Late Fees 1 Up to Rs. 5 Crores Rs. 50 per day, maximum of 0.04% of turnover 2 Between 5-20 crores Rs. 100 per day, maximum of 0.04% of turnover 3 Above Rs. 20 Crores Rs. 200 per day, maximum of 0.5% of turnover GST Late Fees have been capped to Rs. 20000/ for GSTR-9/9C of Fy 2017-18 to 2021-22 Also CBIC notified amnesty scheme for those taxpayers who have not filed GSTR-9/9C annual returns for any of the Financia