Professional Updates

In the dynamic landscape of the Goods and Services Tax (GST) era, the concept of electronic invoicing, commonly known as e-invoicing, has emerged as a game-changer . With the aim of fostering transparency, reducing errors, and simplifying tax compliance, e-invoicing has gained substantial traction among businesses. While many are now acquainted with its application for regular invoices, there exists a significant lack of awareness regarding its extension to debit and credit notes .  What is e-invoice ? E-invoicing under the Goods and Services Tax (GST) system refers to the digital creation of business-to-business (B2B) invoices. These invoices are formatted in accordance with the standardized e-invoicing structure approved by the Goods and Services Tax Network (GSTN). The purpose of this standardized format is to ensure uniformity and consistency in the presentation of invoices before they are uploaded onto the GST portal. As per Rule 48(4), notified person has to prepare invoice by up

Maharashtra minimum wages July 2023 The Minimum Wages Act is applicable to any establishments / industries / factories / employment either registered under the shops & establishment Act or the Factories Act,  irrespective to the strength of employment . That is even if anybody  employs an one employee he has to pay Minimum Wage .  The term Minimum Wage includes the Basic Wage plus Special allowance, as prescribed & published by Labour department, time to time for a given schedule of employment. Brief summary of the Minimum Wages Act in Maharashtra for easy understanding: Maharashtra minimum wages are set by the state government and can vary depending on the type of work and the skill level required. The minimum wages in Maharashtra are reviewed and revised periodically by the state government. The wages are determined by the labor department and relevant authorities. Employers in Maharashtra are legally required to pay their employees at least the state-mandated minimum wage. F

Is license required to play music at Weddings or Religious Ceremony? PUBLIC NOTICE : No. P-24029/56/2023-IPR-VII dated 24th July 2023 Department of Promotion of Industry and Internal Trade (DPIIT) has received several complaints, representations, grievances from the general public as well as other stakeholders about alleged collection of royalties by the Copyright Societies for performance of musical work, communication to the public of sound recording etc. in marriage functions in contravention to letter and spirit of Section 52 (1) (za) of Copyright Act 1957. It is well known that Section 52 of Copyright Act 1957 enumerates certain acts which shall not constitute an infringement of Copyright. Section 52 (1) (za) specifically mentions the performance of a literary, dramatic, or musical work or the communication to the public of such work or of a sound recording in the course of any bonafide religious ceremony or an official ceremony held by the Central Government or the State Gover

Are you a resident tax filer as per Indian Income tax laws? Do you hold any foreign assets? If yes then this write is for you! For residents in India with foreign bank accounts, assets, or income, filing the Income Tax Return (ITR) can be more complex than for others. The Foreign Asset Schedule is an essential part of the ITR , and non-disclosure can lead to severe penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This blog sheds light on the importance of complying with foreign asset disclosure and the consequences of non-compliance. Who Needs to File the Foreign Asset Schedule? As per Indian tax regulations, residents in India who possess foreign bank accounts, assets, or receive income from abroad as beneficial owner, beneficiary or legal owner must file the Foreign Asset Schedule along with their ITR. However, this requirement does not apply to individuals categorized as 'not ordinarily resident' or 'non-resident.