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Maharashtra Budget 2023 taxation highlights

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Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023 Maharashtra Dy CM (Finance) Shri Devendra Fadnavis during his budget speech proposes Amnesty Scheme on various taxes levied by Sales Tax Department before introduction of GST Act.  To provide relief to the common citizen, the industry and business, he propose to introduce amnesty scheme. This Scheme is applicable regarding concessions on various taxes levied by Sales Tax Department before introduction of GST Act. Highlights of The Budget Speech dated 09th March, 2023 Maharashtra government proposes Amnesty Scheme on various taxes levied by GST Department before introduction of GST Act and duration of this Amnesty Scheme will be from May 1, 2023 to October 31, 2023 Complete waiver of the arrears in cases where arrears are Rs. 2,00,000/- or less per year. As a result small dealers will be benefited in around one lakh cases. Dealers having arrears up to Rs. 50 lakhs or less per statutory order will pay only
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Renewal of LUT for the FY 2023-24

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Submit Letter of Undertaking (LUT) for the FY 2023-24 by March 31, 2023   U nder GST Law, Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules). Under the said provisions, an exporter is required to furnish a bond or Letter of Undertaking (LUT) to the jurisdictional Commissioner before effecting zero-rated supplies. Notification No. 37 /2017 – Central Tax dated 04/10/2017 extended facility of filing LUT for all the taxpayers.
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Karnataka profession tax slab 2023-24 for salary and wages earners

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Revised profession tax on salary and wage earners in the state of Karnataka Karnataka Tax on Profession, Trades, Callings and Employments (Amendment) Act, 2023 revised profession tax slab for salary and wage earners. According to this amendment there will no profession tax on salary & wages up to Rs. 25,000/- per month. This notification will be effective from April 01, 2023 Sr No Class of Persons Rate of Tax per month 1 A)   Salary & wages earners whose monthly salaries or wages are i)                      Up to Rs. 25,000/- Zero ii)                     More than 25,000/- Rs. 200/-
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Defining the Scope of the Audit with an Engagement Letter

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Creating a Strong Foundation: Importance of an Audit Engagement Letter An effective audit engagement letter is a critical component of a successful audit. It establishes the terms of the audit, outlines the responsibilities of both the auditor and client, and serves as a reference point throughout the audit process. In this article we will discuss importance, contents and other aspects of an audit engagement letter. Before proceed further you must be aware of Standard on Auditing issued by the ICAI   SA 210* Agreeing the Terms of Audit Engagements.  Which is soul of this article, but we will discuss only about Engagement letter.  What is an audit engagement letter? An audit engagement letter is a document that outlines the scope and objectives of an audit engagement and serves as a contract (along with your mandate) between the auditor and the client, which also defines services to be provided by the auditor, timeline, cost involved, limitations if any. Why is an audit engagement lette
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Audit-verification of fixed assets

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Fixed assets verification/audit Brief on audit/verification of fixed assets: Fixed assets are a crucial component of any business, providing the necessary resources for operations and growth. Regular fixed assets verification and audit is important to ensure that they are properly accounted for and protected. Fixed assets verification is the process of physically inspecting and confirming the existence and condition of a company's fixed assets. Verification includes checking location, serial numbers, and condition of each asset, as well as ensuring they are properly recorded in accounting records. The purpose of fixed assets verification is to ensure that the assets are still in use and their values are accurately reflected in financial statements. Fixed assets audit is a more in-depth review of a company's fixed assets. Audit includes physically inspecting and verifying assets, evaluating the company's policies and procedures for managing and protecting them, and evaluatin
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