Finance Minister Nirmala Sitharaman has asked the revenue departments under the Central Board of Indirect Taxes and Customs (CBIC) to use artificial intelligence, data analytics and internet of things (IoT) to identify leadages arising from frauds and tax evasion. She said that the traing for tax officials in all these areas would comence soon. The…
It has been constant endeavor to improve the user experience and performance of GSTR-1/IFF filing and hence significant improvements in Summary Generation process, quicker response time and enhanced user-experience for the taxpayers have been achieved. In order to further simplify the return filing experience a single click NIL filing of GSTR-1 has been introduced on…
The last date for filing ITR was 31st July and the government did not extend it even further. In such a situation, if you have not filled your ITR, then now fill it with fine. Meanwhile, the government has changed another major rule of ITR. The government has tightened the rules of e-verification. According to…
If a person will rent his house to a GST registered person or company even if he is not registered in GST, then the tenant will have to pay 18% GST. GST on casinos, online gaming and horse racing will be discussed in the meeting of the GST Council to be held at the end…
Atal Beemit Vyakti Kalyan Yojana (ABVKY) is a welfare measure for the employees covered under the Employees’ State Insurance (ESI) Act, 1948 in the form of cash compensation up to 90 days once in lifetime of the worker in the contingency of Insured Persons’ (IPs’) unemployment. The scheme came into force on 01.07.2018 and extended…
The changes relating to GST rate, in pursuance of recommendations made by the GST Council in its 47th meeting, came into effect from today, 18th of July, 2022. One such change is moving from imposition of GST on specified goods when bearing a registered brand or brand in respect of which an actionable claim or…
The last date for filing Income Tax (ITR Filing Last Date) is 31 July 2022. If you do not file ITR on time, you may face a penalty. Have you ever thought that even if someone dies, he still has to file ITR or not? As per the rules, it is necessary to file the…
If you file Income Tax Return (ITR) every year, then this news is of your use. This time, before filing ITR, definitely take a look at the changes made by the Income Tax Department. Income tax return forms for the financial year 2021-22 (Assessment Year 2022-23) have been issued by the Income Tax Department. This…
The Goverment has kept the interest rates on small savings schemes like the PPF unchanged. That means for the quarter ending September 30, 2022 the PPF will earn an Interest rate of 7.1%. The Public Provident Fund (PPF) scheme, created in accordance with the Public Provident Fund Act of 1968, is a long-term investment plan…
The GST Council has decided to withdraw the exemption on some goods while increasing the rates on some. After this decision, 5 percent tax will be levied on packed wheat flour, papad, paneer, curd and buttermilk. Union Finance Minister Nirmala Sitharaman said that in the two-day meeting of the GST Council in Chandigarh, the suggestions…
This time the Reserve Bank of India (RBI) has fixed the price of gold subscription at Rs 5091 per gram. Like every time, this time also investors applying online will be given a discount of Rs 50 per gram on the fixed price of the bond. The stock market is falling. Fears of recession are…
Filing of E-nomination will facilitate the EPF members to submit pension claims through online and in case of any untoward incident of death it enables smooth filing of claims by the family members. Employees can file E-nomination using the facility provided in Unified Member portal. Hence, all the employers are requested to educate about the benefits of filing e-nomination…
Tax saving mutual funds or Equity linked Saving Schemes (ELSS) help you to save income tax under section 80C of the Income Tax Acts. You can invest a maximum of Rs 1.5 Lakh in ELSSs and claim tax deductions on your investments every financial year. Are you Interested? Before procedding further, you should first familiarise…
In the midst of inflation, the central government has used scissors on the retirement fund of the salaried people. The government has approved an interest rate of 8.1 percent for the Employees’ Provident Fund (EPF) for the year 2021-22. This is the lowest in 4 decades. This will affect five crore EPFO subscribers. Earlier in…
The provisional payroll data of EPFO released on 20th May 2022 highlights that EPFO has added 15.32 lakh net subscribers in the month of March, 2022. Month-on-month comparison of payroll data shows an increase of 2.47 lakh net subscribers in March, 2022 comparing with the net additions during the month of February, 2022. Of the…
If your PPO number is lost then your pension may stop. In this case you may get into trouble. Pensioners coming under the Employee Pension Scheme are given a unique number called Pension Payment Order (PPO). On the basis of this, pensioners get pension after retirement with the help of this. Although you can easily…
The Finance Bill of 2021 brought significant changes to Tax Deducted at Source (TDS) regulations, particularly targeting individuals who have not filed their Income Tax Returns (ITR) on time. These changes, outlined in Section 206AB and Section 206CCA, introduce higher TDS rates and Tax Collected at Source (TCS) rates for non-filers. This excerpt delves into the implications of these provisions, the affected payments, and emphasizes the importance of timely tax compliance to avoid penalties and ensure financial integrity.
To curb tax evasion, the government has now increased its guard. A new rule has been made to prevent tax evasion from cash transactions across the country. The Central Board of Direct Taxes (CBDT) has issued a notification for this. It will be mandatory to provide PAN card details According to the notification of CBDT,…
India’s income tax (IT) department has notified a new form, ITR-U, for taxpayers filing their updated tax returns. The move seeks to reduce lengthy adjudication timelines and use of resources for improper tax filing and is based on the self-assessment of taxpayers. What is the new ITR form? In the new form, ITR-U, the taxpayer…
The Supreme Court on Wednesday invoked its extraordinary powers under Article 142 of the Constitution to upload all reassessment notices issued after march 31, 2021, by the income tax department reopening assessments going back six years. In the budget for FY22, the government had reduced this reopening period to three years with effect from April…
India Post has been announced the launch of Online services for the National Pension Scheme (NPS), a voluntary retirement saving scheme that aims to ensure everyone’s financial stability after retirement. Noe all eligible citizens can open an NPS account online without physically visiting any post office. The online service has been made available from April…
If you are also a tax payer then this news is very important for you. The government has changed the rules for filing tax returns. Actually, the government has increased the scope of income tax filing to bring more people into the tax bracket. The Ministry of Finance has given this information. Finance Ministry issued…
Out of the total 14.12 lakh net subscribers added during the month, around 8.41 lakh new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time. Approximately 5.71 lakh net subscribers exited but re-joined EPFO by transferring their accumulations from previous PF account to the current…
If you want to invest somewhere safe in the midst of huge fluctuations in the stock market, then the post office scheme is of great use to you. Here you can earn huge profits at zero risk. If you want long term investment under the Post Office Savings Scheme, then the Kisan Vikas Patra (KVP)…