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 Central Board of Direct Taxes (CBDT) has resolved more than 46,000 public grievances and 7,000 grievance appeals between December 2022 and July 2023 under its Special Campaign 2.0 for Swachhata and disposal of pending matters. The campaign was launched on December 1, 2022, with the aim of cleaning up the tax administration and disposing…
The gross GST revenue collected in the month of April, 2023 is ₹ 1,87,035 crore of which CGST is ₹38,440 crore, SGST is ₹47,412 crore, IGST is ₹89,158 crore (including ₹34,972 crore collected on import of goods) and cess is ₹12,025 crore (including ₹901 crore collected on import of goods). The government has settled ₹45,864 crore to CGST and ₹37,959 crore to SGST…
The Employees’ Provident Fund Organization (EPFO) today revealed its provisional payroll statistics, which shows that in the month of November 2022, EPFO attracted 16.26 lakh net members. The information shows that in October 2022, there were 25.67% more net additions than in the previous month. When comparing payroll statistics from one year to the next,…
According to the regulations of the EPF plan, you are permitted to withdraw funds from your Employee’s Provident Fund (EPF) account for a number of reasons. You are permitted to take withdrawals from your EPF account beginning at age 55 in order to fund your retirement. know about withdraw from EPF corpus for repayment of…
According to government figures released on Wednesday, India’s gross direct tax collections increased by 24.58% to? 14.71 lakh crore as of January 10 this financial year, helped by an increase in personal income tax receipts. Net direct tax revenues after accounting for refunds were 12.31 lakh crore, up 19.55 percent from the same time in…
As 2023 approaches, all eyes will be on the impending Budget 2023, which will be announced on February 1 by Union Finance Minister Nirmala Sitharaman. Professionals and salaried taxpayers alike anticipate a number of tax relief measures from the budget. However, a lot of experts think that the Budget may not contain any significant announcements. …
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…
EPFO’s provisional payroll data, released on November 20th, 2022, shows that the organisation added 16.82 lakh net members in September 2022. A year-on-year comparison of payroll data shows a 9.14% increase in net membership addition in September 2022 compared to the same month last year in 2021. The net enrolment for the month is 21.85%…
The provisional payroll data of EPFO released on 20th October, 2022 highlights that EPFO has added 16.94 lakh net members in the month of August, 2022. Year-on-year comparison of payroll data reflects an increase of 14.40% in net membership addition in August, 2022 as compared to the corresponding month during last year in 2021. Of the…
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…
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…
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…
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)…
“It becomes the responsibility of all the State Governments, knowledge partners and international agencies to support the Panchayats for the attainment of Sustainable Development Goals”, said Shri Sunil Kumar, Secretary, Ministry of Panchayati Raj while addressing the gathering of representatives of Panchayati Raj Institutions, representatives of UNICEF, UNFPA, senior officers of the Central Government and…
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…
On the International Women’s Day. Employees’ Provident Fund Organization (EPFO) has made a big announcement. The EPFO has asked all companies to provide 100% e-nomination facility for their women employees, so that they can be recognized and rewarded on Women’s Day. EPFO has tweeted and said, ‘Companies who have not been able to do e-nomination…
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…