The new fiscal year begins today and it also marks the initiation of new compliance prerequisites. The new changes that spread through an array of regulatory adjustments aim to not only enhance financial governance but also ensure adherence to new updated standards.
Few of the important disclosure requirements are as listed below:
- New Income Tax disclosures
All bank accounts, donation to political parties, winnings from online gaming, bonus payments received under insurance policies.
- Insurance rules
New surrender value guidelines for insurance policies come into effect.
- Small Business
Businesses will need to clear MSME payments within 45 days. Any delay or failure in this will lead to being liable to pay tax. MSMEs need to furnish details of their recognized status.
- Commodity check
Disclosure of the stock of wheat, rice by traders, wholesalers and retailers is mandatory.
- Pan Masala, Tobacco under scrutiny
Tobacco and Pan Masala manufacturers need to mandatorily register their machines.
- Solar Focus
Approved list of manufacturers and models come into effect. No exemptions for open access solar.
