On July 15th, 2024, the Government of Assam issued a significant notification regarding annual return filings for businesses. The notification provides an exemption for certain businesses based on their financial turnover.
Key Details of the Notification
Exemption Criteria: Businesses with an aggregate turnover of up to ₹2 crore for the financial year 2023-24 are exempt from filing their annual return for that fiscal year.
Impact of the Notification
This exemption aims to reduce the compliance burden on smaller businesses by eliminating the need for them to file annual returns if their turnover is within the specified limit. The retroactive effective date ensures that businesses can benefit from this exemption without delay.
Effective Date: This notification shall be deemed to have been issued on July 10th 2024
