The Government vide notification no. S.O. 2119 dated 26.06.2020 has notified the composite criteria of classification of MSMEs based on investment in plant and machinery or equipment and turnover of the enterprises by simplifying the Udyam Registration process for MSMEs by making it fully online, digital, paperless and based on self-declaration. No documents or proof…
The provisional payroll data of EPFO released today highlights that EPFO has added around 15.41 lakh net subscribers during the month of September 2021. For the month of September 2021, the net subscriber additions have increased by 1.81 lakh as compared to the previous month of August 2021 when it was 13.60 lakh. Out of…
The gross GST revenue collected in the month of October 2021 is ₹ 1,30,127 crore of which CGST is ₹ 23,861 crore, SGST is ₹ 30,421 crore, IGST is ₹ 67,361 crore (including ₹ 32,998 crore collected on import of goods) and Cess is ₹ 8,484 crore (including ₹ 699 crore collected on import of goods). The government has settled ₹27,310 crore to…
The provisional payroll data of EPFO released on 20th October, 2021 highlights that EPFO has added around 14.81 lakh net subscribers during the month of August, 2021. The data reflects a growing trend in net payroll for the first five months of the current financial year. For the month of August 2021, the net subscriber addition…
The GST Council meeting was held in Lucknow on Friday under the chairmanship of Finance Minister Nirmala Sitharaman. After this meeting many important decisions were announced. These decisions will have a direct impact on the common man. In this, the exemption from GST on medicines to prevent coronavirus was increased to 31 December 2021. But,…
The Employees’ Provident Fund Organization (EPFO) is considering giving an opportunity to all its subscribers to opt for equity investment. Till now crores of subscribers of EPFO do not have this option and EPFO itself invests up to 15% in equity market through its fund managers. Increased interest of people in NPS In fact, the…
The e-Filing portal of the Income Tax Department (www.incometax.gov.in) was launched on 7th June, 2021. Taxpayers and professionals have reported glitches and difficulties in the portal since then. The Ministry of Finance has been regularly monitoring the resolution of issues with Infosys Ltd which is the Managed Services Provider for the project. A number of technical…
The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021 to 31.08.2021. The last date to avail benefit of the late…
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms. The further details are as under:…
Under The Direct Tax Vivad se Vishwas Act 2020 (hereinafter referred to as “Vivad se Vishwas Act”), the amount payable by the declarant is stated in the table under section 3 of the Vivad se Vishwas Act. As per the latest notification dated 25th June 2021, the last date of payment of the amount (without any…
Filing an Income Tax Return (ITR) in India is crucial, even for individuals whose earnings are below the taxable limit, due to its multiple advantages: Tax Exemption Limits: Advantages of Filing an ITR Filing an ITR ensures compliance with tax laws and provides several financial and practical benefits, aiding in personal financial management, loan procurement,…
EPFO has implemented new rules under section 142 of the Social Security Code 2020. In which the EPFO has clearly instructed the employers that from September 1. If any PF account is not linked with Aadhaar number or UAN is not Aadhaar verified, then its ECR-Electronic Challan cum Return is not can be filled. It…
There is good news for taxpayers. Now the taxpayers will not have to stand in the dock of questions. In fact, the IT Department notified three official email IDs for taxpayers to file complaints under the ‘Faceless’ or e-Assessment Scheme. Under the e-assessment scheme, there is no face-to-face between the taxpayer and the tax officer….
The Central Government has decided to do away with the disputed tax, in which there was a provision to collect tax from the companies from the previous date, it is called Retrospective Tax. The Central Government on Thursday introduced the Taxation Laws (Amendment) Bill, 2021. After the passage of this bill, the disputed law levying…
There is relief news for businessmen. According to the order of the government, now GST taxpayers with a turnover of more than Rs 5 crore will be able to self-certify their annual return. For this, there will no longer be a need to get mandatory audit certification from Chartered Accountants. The Central Board of Indirect…
Today can be a very special day for more than 6 crore account holders of EPFO (Employees’ Provident Fund) amid Coronavirus. According to the news received by Zee News, a huge amount of PF for PF account holder is going to come in the account of the subscribers by the end of July. Employees’ Provident…
Whatever did not happen in the last 12 years regarding income tax , happened during the tenure of Modi government. The central government on Monday presented its account data for the financial year 2020-21. For the first time in 12 years, personal income tax has been higher than corporate tax. That is, ordinary taxpayers have…
The deadline for filing income tax returns for the financial year 2020-21 has now been extended to September 30, 2021. ITR should be filed by all irrespective of whether they fall in the taxable bracket or not, because many times the tax is deducted even if the salary is not taxable or more tax is…
Personal loan is an unsecured loan, the Income Tax Department does not give any on it, but we are going to tell you that if you have taken a personal loan for someone, then you can claim tax exemption on it. Most of us know that Income Tax Deduction is not available on personal loan….
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittance. In view of the difficulties reported by…
If you are facing any problem in filing Income Tax Return, then there is no need to find a Chartered Accountant for this, the Income Tax Department has made your problem easy. Taxpayers will get the help of CA, ERI The Income Tax Department had launched a new e-filing portal on 7 June. Taxpayers will…
Income Tax Return Deadline: In view of the second wave of Corona epidemic, the government has announced some reliefs for the taxpayers. The government has extended the deadline for income tax related works. As taxpayers will now have more time to file TDS, the government has extended tax relief to first-time home buyers as well….
Individual taxpayers who file ITR-1 or ITR 4 for the previous financial year (2020-21) ended March 31, have to do so by July 31. For companies and firms whose accounts are required to be audited, this deadline is October 31. But keeping in mind the facilities of the taxpayers, these dates have now been extended….
The provisional payroll data of EPFO published on 20th June, 2021 highlights that EPFO has added around 12.76 lakh net subscribers during April, 2021. Despite the second wave of COVID-19 pandemic, April 2021 registered an increase of 13.73% net subscribers addition as compared to the previous month during which around 11.22 lakh net subscribers were…