ICAEW Regulation and Conduct’s Post

The deadline to file an updated income-tax return (ITR-U) is March 31, 2024, for the assessment year 2021-2022 (FY21). The option to file an ITR-U gives taxpayers an opportunity to amend their past returns and ensure compliance with the tax laws. Our Partner, Ms. Ritika Nayyar shares her insightful views with Business Standard in an article titled, "File updated ITR before Mar 31 to reduce risk of scrutiny, penalties." Read more at :- https://lnkd.in/giDaAn6G #knowledgesharing #lawfirm #legaladvice #legalupdates #taxation #incometax #incometaxreturn #lawfirm #singhania

Engaging in Policy Discussions at MCCI Taxation Subcommittee Meeting I recently attended the MCCI Taxation Subcommittee meeting, where we discussed the new CFO affidavit requirement introduced by FBR and various pressing tax issues impacting our community. These discussions are crucial as we work toward streamlining tax regulations and improving compliance processes for businesses. In our ongoing effort to advocate for a fair and effective tax environment, we analyzed challenges, shared insights, and proposed practical solutions that could benefit both taxpayers and regulatory bodies. #Taxation #Policy #MCCI #FBR #Compliance #TaxAffidavit #CFO 4o

Misinterpreting tax laws or the implications of certain transactions can result in errors in filings and disputes with tax authorities. An accurate understanding of tax law is essential, and professional insight can prevent costly mistakes. Misunderstandings may lead to non-compliance and disputes with SARS. To mitigate these risks, consult with a tax expert—contact us today for clarity and compliance. https://bit.ly/48C1YOT #SARSDisputeResolution #TaxObjections #ADR #TaxAppeals #Tax #TaxConsultingSA #TaxCompliance

Exposure Draft on Audit Reports under Sections 12A/10(23C) of the Income-tax Act, 1961 Submit your comments through https://lnkd.in/dczApVzH by 29th May, 2024. To Read more: https://lnkd.in/dttwUV4J #bnc #Tax #incometax #taxes #legal #compliance #cafirm #accountant #accounting #gst #corporatetax

Misinterpreting tax laws or the implications of certain transactions can result in errors in filings and disputes with tax authorities. An accurate understanding of tax law is essential, and professional insight can prevent costly mistakes. Misunderstandings may lead to non-compliance and disputes with SARS. To mitigate these risks, consult with a tax expert—contact us today for clarity and compliance. https://bit.ly/48C1YOT #SARSDisputeResolution #TaxObjections #ADR #TaxAppeals #Tax #TaxConsultingSA #TaxCompliance

Did You Know? If a Communication Service Tax (CST) return is not filed by the due date without justification, a penalty of GH¢2,000 applies, plus an additional GH¢500 per day for each day the return remains unsubmitted. 📜 Reference: Communications Service Tax Act 2008 (Act 754), CST (Amendment) Act, 2013 (Act 864), and CST (Amendment) Act, 2020 (Act 1025). Stay informed, stay compliant! #TaxTips #GhanaTax #CST #Compliance #ABCoffie #ABWay #Audit #Tax #advisoryservices

Taxpayers in 🇵🇰 who paid less tax in 2024 compared to last year are receiving notices from #FBR to reconsider revising of their annual #incometax returns or face #audit proceedings. There are genuine cases where #income & resultant #taxliability in 2024 is less than of 2023. Let’s see how it concludes ! #rafqathussainca #taxes #taxplanning #taxfiling

Register now for our upcoming webinar, "SARS Goes After Advisors: How Tax Practitioners, Lawyers, and Accountants May End Up Liable for the Clients' Tax Debts" on 31 July 2024 at 10:00 AM (SA Time). André Daniels, Head of Tax Controversy and Dispute Resolution and Jashwin Baijoo, Associate Director and Head of Strategic Engagement & Compliance, will provide key insights into the Supreme Court of Appeal's ruling that holds professionals accountable for assisting in tax evasion. Key Topics: 🔒 Introduction to the matter and the background facts 🔒 The Significant Legal Setback 🔒 Understanding the Tax Debt 🔒 Implications of the High Court Ruling and the SCA confirmation with key takeaways Secure your spot now: https://bit.ly/4fiDZYf #ComplianceRedAlert #RiskMitigation #SARS #Tax #SCA #TaxEvasion

Taxpayers in 🇵🇰 who paid less tax in 2024 compared to last year are receiving notices from #FBR to reconsider revising of their annual #incometax returns or face #audit proceedings. There are genuine cases where #income & resultant #taxliability in 2024 is less than of 2023. Let’s see how it concludes ! #buttlawassociates #taxes #taxplanning #taxfiling

Audit objection can be a valid reason to reopen assessment under new provisions; HC uphold reassessment INCOME TAX | CASE LAW  Summary: INCOME TAX : Where revenue audit raised an objection that assessment was not completed in accordance with provisions of Act, it could not be treated as a change of opinion because this was statutory prescription and statutory ground/reason for reopening assessment as Assessing Authority had proceeded strictly in accordance with provisions of clause (ii) of Explanation 1 to section 148