Ankur Goenka And Associates

29/05/2024

PAN Aadhar linking before 31st May, 2024

25/08/2023

23/08/2023

MCA Update

LLP Amnesty Scheme for Form 3, 4 & 11

Form 3 & 4 can be filled without additional fees for events from 1.1.2021 onwards & for Forms prior to 1.1.2021 can be filled with 2 times & 4 times additional fees for Small LLP & Non Small LLP respectively

Form 11 can be filled without additional fees for FY 2021-22 onwards & for Forms prior to FY 21-22 can be filled with 2 times & 4 times additional fees for Small LLP & Non Small LLP respectively

Validity of scheme:
From 1.9.23 to 30.11.23

20/08/2023

CBDT notification no. 65/2023 dated 18.08.2023

19/08/2023

CBDT Notification dated 17.08.2023

28/06/2023

Takeaway of the notification on TCS
1. ) Threshold of Rs. 7 Lakh per financial year per individual in clause (i) of sub-section (1G) of section 206C is being restored for TCS on all categories of LRS payments, through all modes of payment, regardless of the purpose: Thus, for first Rs 7 Lakh remittance under LRS there shall be no TCS.
2. To give adequate time to Banks and Card networks to put in place requisite IT based solutions, the Government has decided to postpone the implementation of its 16th May 2023 e-gazette notification. This would mean that transactions through International Credit Cards while being overseas would not be counted as LRS and hence would not be subject to TCS. The Press Release dated 19th May 2023 stands superseded.
3. Enhanced rate of 20% as against present rate of 5% on payment beyond Rs 7 lakhs on LRS shall be applicable from 1st October,2023.
Regards

28/06/2023

Date for applicability of new TCS rate extended to 1st October,2023
The new Tax Collection at Source (TCS) rule will come into effect from October 1, 2023, Ministry of Finance said in a notification on June 28, 2023. "The increase in TCS rates; which were to come into effect from 1st July, 2023 shall now come into effect from 1st October, 2023 with the modification as in (ii) above," the ministry said. "Till 30th September, 2023, earlier rates (prior to amendment by the Finance Act 2023) shall continue to apply," it added.

Budget 2023 has raised Tax Collection at Source (TCS) on foreign remittance through Liberalised Remittance Scheme (LRS) to 20 per cent from the existing 5 per cent, except in certain cases. The higher rate of TCS was about to kick in from July 1, 2023.
Regards