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Employees Provident Fund Organisation (EPFO), a Department under Union Ministry of Labour & Employment, launches multi location claim settlement to expedite member claims
ByTeam Editorial June 16, 2020

Taking a big leap towards ensuring uniform standards of service delivery across the country and optimum utilisation of its workforce during COVID-19 Pandemic, EPFO has recently launched a multi-location claim settlement facility. This facility will bring a paradigm shift by allowing EPFO offices to settle online claims from any of its regional offices, across the…

Read More Employees Provident Fund Organisation (EPFO), a Department under Union Ministry of Labour & Employment, launches multi location claim settlement to expedite member claims
Reduction in late fee for past GST Return
ByTeam Editorial June 13, 2020

The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of…

Read More Reduction in late fee for past GST Return
Sovereign Gold Bond Scheme
ByTeam Editorial June 10, 2020

(Updated as on February 4, 2019) 1. What is Sovereign Gold Bond (SGB)? Who is the issuer? SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is…

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Growth Trajectory of Direct Tax Collection & Recent Direct Tax Reforms
ByTeam Editorial June 8, 2020

There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of direct taxes. It is…

Read More Growth Trajectory of Direct Tax Collection & Recent Direct Tax Reforms
FDI can be explored in NBFCs to strengthen them for extending support to MSMEs- Shri Nitin Gadkari
ByTeam Editorial June 5, 2020

Shri Nitin Gadkari, Union Minister for MSME and Road Transport and Highways today held meetings via video conferencing with the representatives of Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of COVID-19 on MSMEs. During the interaction, the Minister mentioned that for providing much needed impetus to the…

Read More FDI can be explored in NBFCs to strengthen them for extending support to MSMEs- Shri Nitin Gadkari
Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting.
ByTeam Editorial June 2, 2020

In the recent past, tweets have been noticed by the Government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were required to be filed from the beginning of Goods & Services Tax (GST) i.e….

Read More Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting.
Cabinet approves Upward revision of MSME definition and modalities/ road map for implementing remaining two Packages for MSMEs (a)Rs 20000 crore package for Distressed MSMEs and (b) Rs 50,000 crore equity infusion through Fund of Funds.
ByTeam Editorial June 2, 2020

In line with Government of India’s top focus on energising MSMEs in the country, a special meeting of Cabinet Committee on Economic Affairs (CCEA) was convened under the Chairmanship of Prime Minister Shri Narendra Modi, here today, which approved the upward revision of MSME definition and modalities/ road map for laying down effective implementation mechanism…

Read More Cabinet approves Upward revision of MSME definition and modalities/ road map for implementing remaining two Packages for MSMEs (a)Rs 20000 crore package for Distressed MSMEs and (b) Rs 50,000 crore equity infusion through Fund of Funds.
Income Tax Return: You can claim deduction till June 2020.
ByTeam Editorial June 1, 2020

The Central Board of Direct Taxes(CBDT) has notified the Income-Tax return forms for the financial year ended March 31, 2020 (assessment year 2020-21). The I-T return forms (ITR-1 to ITR-7) incorporate the recent announcement made by the finance minister to ease the burden on taxpayers owing to the covid-19 pandemic. Under an earlier announcement in…

Read More Income Tax Return: You can claim deduction till June 2020.
FM launches facility of Instant PAN through Aadhaar based e-KYC
ByTeam Editorial May 29, 2020

In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a…

Read More FM launches facility of Instant PAN through Aadhaar based e-KYC
Revoke TDS deduction for e-commerce firms: IAMAI
ByTeam Editorial May 28, 2020

The Internet and Mobile Associates of India(IAMAI) said that the tax deducted at souce (TDS) application for all product and service ecommerce firms needed to be revoked by the government. TDS, Which was introduced by through Section 194-0 of the Income Tax (I-T) act under the Finance Act 2020, mandated the deduction of 1% for…

Read More Revoke TDS deduction for e-commerce firms: IAMAI
Finance Minister announces new horizons of growth; structural reforms across Eight Sectors paving way for Aatma Nirbhar Bharat
ByTeam Editorial May 19, 2020

KEY HIGHLIGHTS ü Commercial Mining introduced in Coal Sector ü Diversified Opportunities in Coal Sector ü Liberalised Regime in Coal Sector ü Enhancing Private Investments and Policy Reforms in Mineral Sector ü Enhancing Self Reliance in Defence Production ü Policy Reforms in Defence Production ü Efficient Airspace Management for Civil Aviation ü More World-Class Airports through PPP ü India to become a global hub…

Read More Finance Minister announces new horizons of growth; structural reforms across Eight Sectors paving way for Aatma Nirbhar Bharat
Today’s Announcements by FM to greatly boost our Rural Economy and Infrastructure, as well as provide Employment to crores of Poor people and Migrant Workers: Home Minister
ByTeam Editorial May 19, 2020

Union Minister for Home Affairs, Shri Amit Shah, thanked Prime Minister Shri Narendra Modi and Finance Minister Smt. Nirmala Sitharaman for today’s economic package announcements. He said, “Today’s announcements by Modi government will go a long way in realising the idea of Aatmanirbhar Bharat. These steps will prove to be a game changer for health,…

Read More Today’s Announcements by FM to greatly boost our Rural Economy and Infrastructure, as well as provide Employment to crores of Poor people and Migrant Workers: Home Minister
Relief package announced by Union Government for different sectors and new MSME definition will give huge boost to industry: Shri Gadkari.
ByTeam Editorial May 19, 2020

Union Minister for MSME and Road Transport and Highways Shri Nitin Gadkari has said that the relief package announced by the Union Government for different stakeholders/sectors including MSME, labour, agriculture etc. and the new definition of MSMEs will give huge boost to industry. He called for exploring the rating of MSMEs and asked the participants…

Read More Relief package announced by Union Government for different sectors and new MSME definition will give huge boost to industry: Shri Gadkari.
Finance Minister announces Government Reforms and Enablers across Seven Sectors under Aatma Nirbhar Bharat Abhiyaan.
ByTeam Editorial May 19, 2020

KEY HIGHLIGHTS ü Rs 40,000 crore increase in allocation for MGNREGS to provide employment boost ü Increased investments in Public Health and other health reforms to prepare India for future pandemics ü Technology Driven Education with Equity post-COVID ü Further enhancement of Ease of Doing Business through IBC related measures ü Decriminalisation of Companies Act defaults ü Ease of Doing Business…

Read More Finance Minister announces Government Reforms and Enablers across Seven Sectors under Aatma Nirbhar Bharat Abhiyaan.
MCA’s Frequently Asked Questions on eligibility of CSR expenditure related to COVID-19 activities.
ByTeam Editorial April 17, 2020

The Ministry of Corporate Affairs (MCA) has been receiving several references/ representations from various stakeholders seeking clarifications on eligibility of CSR expenditure related to COVID-19 activities. In this regard, a set of Frequently Asked Questions (FAQs) along with clarifications are provided below for better understanding of the stakeholders. Fre quently Asked Questions (FAQs) Reply Whether…

Read More MCA’s Frequently Asked Questions on eligibility of CSR expenditure related to COVID-19 activities.
MCA allows companies to hold Extraordinary General Meetings (EGMs) through VC or OAVM complemented with e-Voting facility/simplified voting through registered emails.
ByTeam Editorial April 9, 2020

The Ministry of Corporate Affairs (MCA) is fully cognizant of the difficulties faced by companies on account of the ongoing nation-wide lockdown and social distancing due to COVID 19. The Ministry has also taken note of various representations received from industry associations and corporates on the need to facilitate companies in taking certain emergent/ urgent…

Read More MCA allows companies to hold Extraordinary General Meetings (EGMs) through VC or OAVM complemented with e-Voting facility/simplified voting through registered emails.
GST Revenue Collection for March, 2020
ByTeam Editorial April 9, 2020

The gross GST revenue collected in the month of March, 2020 is Rs. 97,597crore of which CGST is Rs. 19,183 crore, SGST is Rs. 25,601 crore, IGST is Rs. 44,508 crore (including Rs. 18,056 crore collected on imports) and Cess is Rs. 8,306 crore (including Rs. 841 crore collected on imports). The total number of GSTR-3B Returns filed for the month of February up to 31st March, 2020 is 76.5 lakh. The government has settled Rs….

Read More GST Revenue Collection for March, 2020
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today.
ByTeam Editorial April 9, 2020

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation…

Read More Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today.
Ministry of Corporate Affairs introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19.
ByTeam Editorial April 8, 2020

In pursuance of the Government of India’s efforts to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19, the Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a…

Read More Ministry of Corporate Affairs introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19.
Income Tax Appellate Tribunal holds All India Video Conference on ‘The Direct Tax Vivad Se Vishwas Act, 2020’
ByTeam Editorial April 8, 2020

At a time when the entire world, including India, is traversing in the uncharted territory of the pandemic of Coronavirus COVID-19, and is virtually in a complete lockdown of 21 days effective 24th March, 2020 announced by the Government of India, the Income Tax Appellate Tribunal (ITAT), held an All India Video Conferencing of its Members…

Read More Income Tax Appellate Tribunal holds All India Video Conference on ‘The Direct Tax Vivad Se Vishwas Act, 2020’
CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions.
ByTeam Editorial April 8, 2020

Due to outbreak of the Covid-19 pandemic, there is severe disruption in the normal working of almost all sectors. To mitigate the hardships of taxpayers, the CBDT has issued the following directions/clarifications by exercise of its power u/s 119 of the Income-tax Act, 1961 (the Act): All the assessees who have filed application for lower…

Read More CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions.
Finance Minister announces Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus.
ByTeam Editorial March 30, 2020

Insurance cover of Rs 50 Lakh per health worker fighting COVID-19 to be provided under Insurance Scheme 80 crore poor people will to get 5 kg wheat or rice and 1 kg of preferred pulses for free every month for the next three months 20 crore women Jan Dhan account holders to get Rs 500…

Read More Finance Minister announces Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus.
Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak.
ByTeam Editorial March 30, 2020

The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced much-needed relief measures in…

Read More Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak.
GeM takes a number of initiatives for procurement of goods and services by Government departments in the fight against COVID-19 Pandemic.
ByTeam Editorial March 30, 2020

Government e-Marketplace (GeM), a Special Purpose Vehicle under the Ministry of Commerce and Industry, has taken a number of initiatives in the fight against COVID-19 Pandemic. GeM, which operates a dynamic, self-sustaining and user friendly portal for procurement of goods and services by Government offices, has taken steps to enable quick, efficient, transparent and cost-effective purchases…

Read More GeM takes a number of initiatives for procurement of goods and services by Government departments in the fight against COVID-19 Pandemic.