The Income-tax Appellate Tribunal recently ruled that the difference between the proceeds received upon redemption of unlisted non-convertible debentures (NCDs) and their purchase cost should be classified as ‘interest income‘ and subjected to taxation under the category of ‘income from other sources‘ for the investor. Consequently, the ITAT (Mumbai bench) also disallowed tax benefits available…
Starting from the year 2024-25, there’s a new rule for companies. They must pay any pending bills to small businesses within 45 days. If they don’t, they’ll have to pay more tax for the years 2023-24. This is because they can only claim deductions for payments they make in that year. Companies need to follow…
The Employees Provident Fund Organisation (EPFO) has released a circular on how the higher pension will be calculated for those employees opting for a higher pension based on actual salary under the Employee Pension Scheme (EPS). As per the circular, the formula for the calculation of higher pension will be different for those retiring before…
In order to commemorate the enactment of the Customs Act of 1962, the Central Board of Indirect Taxes and Customs (CBIC), Government of India, held a celebration today. Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, served as the event’s Chief Guest, and Shri Pankaj Chaudhary, Union Minister of State for Finance, served…
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…
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 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…
Every Indian person has an Aadhaar card, which has a unique 12-digit number assigned by India’s Unique Identification Authority (UIDAI). It is an identity number that facilitates access to the cardholder’s records, including biometrics and contact information, from a government database. Any person living in India, regardless of age or gender, may sign up to…
The provisional payroll data of EPFO has been released today, i.e., 20th March 2022, which highlights that EPFO has added 15.29 lakh net subscribers during January 2022. Month-on-month comparison of payroll data also indicates an increase of 2.69 lakh net subscribers addition in January, 2022 as compared to the net additions during the previous month of December, 2021….
The Crypto currency industry has appealed to the government to reexamine the budget proposal to impose a tax deduction at source or TDS on virtual digital assests transactions, saying it will be difficult to comply with. The industries also urged the government to reconsider the decision to levy a tax of 30% on currency market…
As part of the Aatma nirbhar Bharat Initiative, Ministry of Food Processing Industries is implementing a Centrally Sponsored PM Formalisation of Micro food processing Enterprises (PMFME) Scheme for providing financial, technical and business support for setting up/ up gradation of 2 lakh micro food processing enterprises through credit linked grant during five years from 2020-21…
If you do a job or business somewhere, then you may have to pay Income Tax. Employed people have to pay income tax not only on salary but also on many things like interest coming from savings, earning from home, side business, capital gains. But do you know that there are some sources of income…
Common people have high hopes from this budget for 2022. Actually, due to the creaking economy and rising inflation due to Corona havoc, people are in the hope that the government can give them relief in this budget. In this sequence, apart from giving a growth booster to the economy, there is a possibility of…
Today is a very important day for the banking sector for the country and for crores of bank account holders of the country. How a big problem that has been going on for decades has been solved, today is a witness to it. In the name given to today’s event, Depositors First is putting the…
To promote startups across all the State/UTs, Government of India has launched Startup India initiative in 2016. This initiative aims at building a strong ecosystem for nurturing innovation and Startups in the country. In order to meet the objectives of the initiative, Government has launched various programmes to promote Startups across the country are as…
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…
Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately Rs. 79.21 crore on the taxable value of concocted supplies of Rs.450 crore. Gurugram Zonal Unit of the Directorate General…
The Initial Public Offering (IPO) of CPSE IRCON has been subscribed 9.5 times. In the IRCON IPO, the Government is selling 10.5 percent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees. The Government is expected to raise Rs 466 crore from the issue. The issue received bids for 9.4 crore…
1st July 2018 to be celebrated as ‘GST day’, to commemorate the first year of the unprecedented reform of Indian taxation Government of India is celebrating the 1st Anniversary of the Goods and Services Tax (GST) coming into force, here tomorrow. GST was launched on the 1st July, 2017 in a majestic ceremony held in…
GST Revenue Collections for the Financial Year 2017-18 Total Revenue of Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018 . During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore…
India and Iran signed in New Delhi today an Agreement for the Avoidance of Double Taxation (DTAA) and the Prevention of Fiscal Evasion with respect to taxes on income. India and Iran signed here in New Delhi today an Agreement for the Avoidance of Double Taxation (DTAA) and the Prevention of Fiscal Evasion with respect…