Saving tax is a big challenge in front of the salaried calss. Most people get involved in manipulating tax saving in the last days of filing tax returns. But with a little planning, you can save a large part of tax if you want, the government itself has given many ways for this, through which…
To further enhance ease of living experience for its members, EPFO has recently launched WhatsApp based helpline-cum-grievance redressal mechanism, under its series of Nirbadh initiatives aimed at ensuring seamless and un-interrupted service delivery to subscribers during COVID-19 pandemic. This new grievance redressal mechanism using Whatsapp has gained immense popularity amongst EPFO’s stakeholders. So far, EPFO…
1. Where are a benefit available to a senior citizen and very senior citizen in respect of tax rates? Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay…
Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020. Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also includes the data for FY…
On hearing the name of the tax, the sweat of the good is left. This is the story of every year that as soon as the date of filling ITR comes near, we start searching for CA. Due to the coronavirus epidemic, the CBDT has extended the last date for filing Income Tax Return (ITR)…
In the GST Council meeting held on Monday, many important decisions were taken to give relief to the traders. The council has announced a big relief to small businessmen in filing tax returns. Now taxpayers will have to fill only 8 returns instead of 24 returns annually. Aadhaar has been made necessary in the return…
There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applicability of these provisions. Finance Act, 2020 amended…
Government has put in place a liberal and transparent policy for Foreign Direct Investment (FDI), wherein most of the sectors are open to FDI under the automatic route. The Government reviews the FDI policy on an ongoing basis and makes changes from time to time, to ensure that India remains an attractive & investor friendly…
The Ministry of Corporate Affairs (MCA) has notified and deployed a web-form namely ‘SPICe+’ (pronounced SPICe Plus) vide notification no. GSR 128 dated 18.02.2020 (effective from 23.02.2020) as a part of Government of India’s Ease of Doing Business (EODB) initiatives. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance &…
As per provision in Sections 7, 8 & 10 of the GST (Compensation to States) Act, 2017, the issue of pending GST compensation and future course of action to meet the GST compensation shortfall has been discussed in 41st GST Council meeting on 27.08.2020 in the light of the opinion given by Ld. Attorney General of…
The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY…
A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) today, for data exchange between the two organisations. The MoU was signed by Shri Pramod Chandra Mody, Chairman, CBDT, and Shri M. Ajit Kumar, Chairman, CBIC, in the presence of senior officers…
The Fifteenth Finance Commission today held a meeting with Union Minister Shri Hardeep Singh Puri and senior officials of the Ministry of Housing & Urban Affairs (MoHUA) on issues including property taxation by Urban Local Bodies (ULBs). This was in context with the Commission’s recommendations for 2020-21 which had mandated the States to notify floor…
The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return….
In pursuance to the Government’s decision vide Press Note dated April 8th, 2020 to issue pending income tax refunds in order to help taxpayers in a COVID-19 pandemic situation, the Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period…
With a view to improving the liquidity position of NBFCs as well as HFCs, the Union Minister for Finance & Corporate Affairs Smt Nirmala Sitharamanhad announced on 13th March 2020, launch of a Special Liquidity Scheme of Rs. 30,000 crore. RBI will provide funds for the Scheme by subscribing to government guaranteed special securities issued by…
GST Day, 2020 or third anniversary of introduction of GST was marked by CBIC and all its field offices across India on July 01, 2020. GST has been instrumental in Breaking Barriers to build an AatmaNirbhar Bharat and taking forward the motto of One Nation One Tax One Market. Considering the COVID pandemic most of…
As already declared by the Union Ministry of Micro, Small and Medium Enterprises (MSME), vide the Notification Dated 26th June, 2020, the new process of Classification and Registration of enterprises is starting from 1st July, 2020. An enterprise for this purpose will be known as Udyam and its Registration Process will be known as ‘Udyam…
In a major move towards GST taxpayers’ facilitation, the Government has decided to provide the facility of SMS filing of NIL statement of FORM GSTR-1from 1st week of July 2020. The Central Board of Indirect Taxes and Customs (CBIC) said that the filing of NIL statement in FORM GSTR-1 also through SMS would substantially improve ease…
In a historic move, bold initiative and landmark decision, Ministry of Micro, Small and Medium Enterprises (MSME) has come out with a consolidated notification in the form of guidelines for classification and registration of MSMEs. It may be recalled that Ministry had published a Notification on 1st June, 2020 with new criteria for classification of MSMEs…
The Government has notified the new Floating Rate Savings Bonds, 2020 (Taxable)Scheme in place of 7.75 percent Savings (Taxable) Bonds, 2018Scheme which ceased for subscription from the close of banking business on May 28, 2020. The broad features of thenew Floating Rate Savings Bonds, 2020 (Taxable) scheme are given below: Sl. No. Item Details 1. Scheme name…
Minister of MSME, Shri Nitin Gadkari today launched the Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) which is also called “Distressed Assets Fund–Sub-ordinate Debt for MSMEs”. As per the Scheme, the guarantee cover worth Rs. 20,000 crores will be provided to the promoters who can take debt from the banks to further invest in their…
A Memorandum of Understanding has been signed between Ministry of Housing & Urban Affairs and Small Industries Development Bank of India (SIDBI), here today, in order to engage SIDBI as the Implementation Agency for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) – a Special Micro-Credit Facility for Street Vendors. The MoU was signed by Shri…
Shri M. Ajit Kumar, Chairman, Central Board of Indirect Taxes and Customs (CBIC) launched the e-Office application in over 500 CGST and Customs offices across India here today. The e-Office application was launched remotely in the presence of over 800 senior officers of CBIC. Dr Neeta Verma, DG, National Informatics Centre, (NIC) was also present….