TAX COMPLIANCE TRACKER – DECEMBER, 2022

Income-Tax & GST Compliance Calendar for December 2022

Tax Compliance Tracker – December, 2022 Compliance requirement under Income Tax act, 1961   Sl.   Compliance Particulars   Due Dates   1 Due date of depositing TDS/TCS liabilities under the Income Tax Act, 1961 for the previous month (Nov. – 22). 07.12.2022   2. ​Due date for furnishing of Form 24G by an office …

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Top 7 cryptocurrencies to avoid as soon as BlockFi declared bankruptcy

As soon as BlockFi declared bankruptcy, many cryptocurrencies started falling and continue to fall. We are listing all the cryptos affected by this announcement of BlockFi below. Bitcoin (BTC) During the FTX decline and macro triggers, Bitcoin did not lose ground and did not see much downside. Even the complete failure of FTX did not …

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Retirement Age Increase: EPFO to increase retirement age soon!

Employees Provident Fund Organization (EPFO) has reportedly proposed to increase the retirement age of private and public employees. The organization says that the retirement age should be increased with the view of life expectancy. It has argued that the pension system should be more strong if the retirement age of the employees increases. As per …

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Investors reward well-governed corporates: NFRA Chairperson

Speaking at the conference on “Financial Reporting and Corporate Governance in the Corporate Sector”, Dr Ajay Bhushan Prasad Pandey, Chairperson, NFRA, said here today that Sound Corporate Governance is bedrock of corporate sector that contributes to the sustainable growth and development of the Nation as whole. He further said that investors reward the well-governed corporates. …

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Same PAN allotted to two persons, HC asks income tax department to respond

The Delhi High Court Tuesday sought response of the Income Tax Department on a peculiar case where a man claimed that his Permanent Account Number (PAN) has also been allotted to someone else due to which he is receiving notices from a bank for clearing credit card bills of someone else. The man, who sought …

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Railways Revenue Earnings up by 76% in Passenger Segment

The total approximate earnings of Indian Railways on originating basis during April to November 2022 is Rs. 43324 Crore, registering an increase of 76 per cent in comparison to Rs. 24631 Crore achieved during the same period last year. In reserved passenger segment, the total approximate numbers of passengers booked during the period 1st April to …

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income tax refund

Income-Tax department moves to resolve tax refund issues quickly

 Income-tax department has issued instructions to ensure taxpayer grievances about adjustment of tax dues against pending refunds are resolved quickly to check avoidable litigation. The tax department has told its top officers, including all principal chief commissioners, that it observed instances of incorrect adjustment of outstanding tax demands against tax refunds that are due to …

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What is Rule 132 of Income Tax, How does it affect you?

Rule 132 was recently added under the Income Tax Act by the Central Board of Direct Taxes (CBDT). Rule 132, which was adopted on October 1, 2022, deals with the re-computation of income under sub-Section 18 of Section 155 of the Income Tax Act, 1961, in the Income Tax Rules, 1962. The new rule mainly …

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Monthly GST revenues more than ₹1.4 lakh crore for nine straight months in a row

The gross GST revenue collected in the month of November 2022 is ₹1,45,867 crore of which CGST is ₹25,681 crore, SGST is ₹32,651 crore, IGST is ₹77,103 crore (including ₹38,635 crore collected on import of goods) and Cess is ₹10,433 crore (including ₹817 crore collected on import of goods) The government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from …

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Income-tax Big news! Finish this all work related to income tax by December 31

If you have not yet filed your Income Tax Return File, then you have a chance till 31st December to file ITR. After this you will not be able to file your income tax return. The Finance Ministry has told the need to pay income tax to every person who earns Rs 2.5 lakh annually. …

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Online Udyam registration for MSMEs, Latest guidelines

Following is the classification of such ventures as per the latest guidelines: Micro, Small and Medium Enterprises introduced a new mechanism to register and classify MSMEs. Known as Udyam registration, it lets new and existing businesses register themselves on the MSME portal. Classification Investment in plant, and equipment Turnover Micro enterprise Less than INR10000000 Less …

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ICICI Bank plans to offer other retail loans such as personal, auto, and credit cards on this platform

ICICI Bank has launched a new digital-lending platform called ‘iLens’ ICICI Bank plans to offer other retail loans such as personal, auto, and credit cards on this platform. iLens, which stands for ICICI Bank Lending Solutions, is powered by the TCS Lending Platform and is customised with ICICI Bank’s proprietary policies for loans, data-led algorithms, …

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Chartered accountant tries to book cab online, loses Rs 1.5 lakh

The complainant found a ‘cab service’ online and shared her information, including credit card details, so that she could book a trip to Lonavala, the police said. A 29-year-old woman working as a chartered accountant in Mumbai was cheated of Rs 1.5 lakh after she tried to book a cab online to travel to Lonavala, …

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GST On Rent: Now tenants will also have to pay 18% GST! Government gave big information

If you are living on rent in any residential property, then you will have to pay 18% GST in addition to the rent! Actually, this news is going viral once again that apart from the rent, the tenant will also have to pay 18% GST. Let’s know the latest update. This news is again going …

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NITI Aayog releases study report on ‘Carbon Capture,

CCUS is key to ensuring sustainable development and growth in India, particularly for the production of clean products and energy, leading to an Atmanirbhar Bharat A study report, titled ‘Carbon Capture, Utilisation, and Storage Policy Framework and its Deployment Mechanism in India’, was released today. The report explores the importance of Carbon Capture, Utilisation, and …

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Government has started matching information with data from third-party sources for direct taxes

Revenue secretary Tarun Bajaj says the government has started matching information with data from third-party sources for direct taxes. Revenue secretary said the tax base has to widen before Centre can lower personal income tax rates. The Union government has managed to increase revenue by encouraging taxpayers to file updated tax returns where the income …

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Toll Tax Rules: Nitin Gadkari announced, there has been a big change in the rules of toll tax!

Gadkari has told that before the year 2024, 26 green expressways will be built in the country and also new rules will be issued for toll tax. There will be change in toll tax technology Let us tell you that after the construction of Green Expressway, India will become equal to America in the matter …

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House Rent Allowance: 3 Mistakes Salaried Individuals Make in Claiming HRA as Tax Deduction

House Rent Allowance: If you do a job, then you must know about the House Rent Allowance and are also taking advantage of it. This is an important part of your salary which is available in the form of allowance. Salaried Individuals have to claim HRA. You get tax benefit on house rent allowance. If …

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23.56 crore e-KYC transactions executed using Aadhaar in Oct

Aadhaar adoption and usage by residents continues to progress across India, indicative of how it is touching lives, and enabling ease of living for residents. In October, over 175.44 cr authentication transactions were carried out via Aadhaar. A majority of these monthly transactions were done by using fingerprint biometric authentication, followed by demographic and OTP …

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NPS exit rule eased, Check new NPS rules

NPS exit rule change The National Pension System (NPS) pensioners will no longer have to fill out a separate proposal form to choose the annuity after exiting the pension corpus. Good news for NPS subscribers All NPS subscribers now have to fill and upload a proposal form along with the specified supporting documents including KYC …

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TRAI releases recommendations on “Use of Street Furniture for Small Cells and Aerial Fibre deployment”

TRAI releases recommendations on “Use of Street Furniture for Small Cells and Aerial Fibre deployment” The Telecom Regulatory Authority of India (TRAI) today released its recommendations on “Use of Street Furniture for Small Cells and Aerial Fibre deployment”. As India plans to launch 5G, small cells can play a pivotal role in network upgradation and expansion. …

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RBI announces the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022

Operationalisation of Central Bank Digital Currency – Retail (e₹-R) Pilot The Reserve Bank announces the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022. It may be recalled that RBI had, in a Press Release dated October 31, 2022, indicated that the pilot in e₹-R would commence in a month’s time. 2. The pilot would …

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Bank holidays December 2022: Banks to remain closed for 14 days in December

Bank holidays in December 2022: The Reserve Bank of India (RBI) issues a list of holidays every month when banks remain shut. As per the RBI bank holidays list, all public and private sector banks will remain closed for 14 days in December this year. The holidays include various festivals and Sundays and second and fourth …

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There will be many Big! Rules changes from next month, know what will affect you

Rule Change From 1 December 2022: The last month of the year 2022 is going to start in December. In such a situation, many rules have been changed (Rule Change From December 2022), which will have a direct impact on your everyday life. From the LPG Cylinder Price to the pension rules are changing. Pension …

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GST Notification: Manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the CGST Rules, 2017 regarding

Manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the CGST Rules, 2017 regarding