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 …
Income-Tax & GST Compliance Calendar for December 2022 Read More »
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 …
Top 7 cryptocurrencies to avoid as soon as BlockFi declared bankruptcy Read More »
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 …
Retirement Age Increase: EPFO to increase retirement age soon! Read More »
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. …
Investors reward well-governed corporates: NFRA Chairperson Read More »
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 …
Same PAN allotted to two persons, HC asks income tax department to respond Read More »
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 …
Railways Revenue Earnings up by 76% in Passenger Segment Read More »
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 …
Income-Tax department moves to resolve tax refund issues quickly Read More »
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 …
What is Rule 132 of Income Tax, How does it affect you? Read More »
Punjab National Bank has been migrated from OLTAS e-Payment of Taxes at Protean (previously NSDL) to e-Pay Tax facility at the e-Filing portal for payment of taxes henceforth.
PF account holder has to merge the account (EPF Account Merge) by visiting the website of EPFO. Only after this you will be able to see the total amount deposited in your EPF account in a single account. You can easily merge your PF account online. For this you have to go to the official …
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 …
Monthly GST revenues more than ₹1.4 lakh crore for nine straight months in a row Read More »
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. …
Income-tax Big news! Finish this all work related to income tax by December 31 Read More »
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 …
Online Udyam registration for MSMEs, Latest guidelines Read More »
Subject: Instructions to the Assessing Officers for response to intimation u/s 245 issued by CPC, Bengaluru- reduction in time limit for submitting response to intimation u/s 245 by the Assessing Officers-regarding
India may look at the reclassification of certain assets, such as gold, for computation of capital gains tax, news website ET Now said today, citing sources.
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, …
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, …
Chartered accountant tries to book cab online, loses Rs 1.5 lakh Read More »
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 …
GST On Rent: Now tenants will also have to pay 18% GST! Government gave big information Read More »
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 …
NITI Aayog releases study report on ‘Carbon Capture, Read More »
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 …
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 …
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 …
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 …
23.56 crore e-KYC transactions executed using Aadhaar in Oct Read More »
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 …
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. …
Tax Deductors may please note!The due date of filing TDS Statement in Form 26Q for the second quarter of F.Y. 2022-23 is 30th November, 2022. Do e-file the TDS Statement before the due date to avoid late fee.
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 …
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 …
Bank holidays December 2022: Banks to remain closed for 14 days in December Read More »
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 …
There will be many Big! Rules changes from next month, know what will affect you Read More »
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