Cash Transaction Limit & Penalty under Income Tax

Cash Transaction Limit – Section 269ST The Finance Act 2017, took various measures to restrain black money and as an outcome of these measures, a new Section 269ST was inserted in the Income Tax Act. Section 269ST imposed restriction on a cash transaction and limited it to Rs.2 Lakhs per day. Section 269ST states that no person shall receive …

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₹1,47,686 crore gross GST revenue collected in the month of September 2022

The gross GST revenue collected in the month of September 2022 is ₹ 1,47,686 crore of which CGST is ₹ 25,271 crore, SGST is ₹ 31,813 crore, IGST is ₹ 80,464crore (including ₹ 41,215 crore collected on import of goods) and Cess is ₹ 10,137 crore (including ₹ 856 crore collected on import of goods). The government has settled ₹ 31,880 crore to …

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GST changes to take effect from 1 October

The central government has set 1 October as the date from which key legislative changes related to Goods and Services Tax (GST), introduced in the Finance Act earlier this year, will take effect, showed an official order. The changes relate to giving extra time for filing claims regarding input tax credit and measures meant for …

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Income Tax Rules: The rules are going to change from today, now institutions will also have to keep the account of donation and donor

Income Tax Department is going to make changes from 1st October. Now institutions, hospitals, schools and colleges will now have to give the account of every pie. Full account of the amount donated will also have to be kept. Entities will have to keep a complete account of the transactions like corporate companies. The new …

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ICAI ANNOUNCEMENT: Applicable date of certain deferred provisions of Volume-I of Code of Ethics, 2019

As the members are aware, the revised 12th edition of Code of Ethics had comeinto effect from 1st July, 2020. It is accessible on http://www.icai.org at the followinglinks: – Code of Ethics Volume – Ihttps://resource.cdn.icai.org/55133CodeofEthics-2019.pdfCode of Ethics Volume – IIhttps://resource.cdn.icai.org/60018code-of-ethics-2020vol2.pdfCode of Ethics Volume –III (Case Laws Referencer)https://resource.cdn.icai.org/59111esb48239.pdf It may further be recalled that the applicability …

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From Today new banking options at NSDL to e-pay tax facility at the e-filing portal for payment of Taxes

1-Oct-2022 Bank of Maharashtra, Canara Bank and Indian Overseas Bank have been migrated from OLTAS e-Payment of Taxes at NSDL to e-Pay Tax facility at the e-Filing portal for payment of taxes henceforth. e-Pay Tax service is now enabled for Karur Vysya Bank with Over the Counter and Net Banking options.

FAQ’s for Form 3CA-3CD/3CB-3CD

Income Tax Department Issues FAQ’s for Form 3CA-3CD/3CB-3CD

FAQ’s for Form 3CA-3CD/3CB-3CD Question 1: What are the prerequisites for filing of Form 3CA-3CD/3CB-3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD Taxpayer and CA are registered on the e-Filing portal with valid user ID and password Status of PAN of taxpayer and CA is active Taxpayer has assigned CA for …

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Vacancy for the posts of officers in Bank of Baroda: Candidates up to the age of 50 years will be able to apply till October 11

Bank of Baroda has invited applications for the 72 posts of Digital Marketing Specialist and Business Manager for the youth who are preparing for the job in banking sector. For which candidates can apply till October 11 by visiting the official website of Bank of Baroda, bankofbaroda.in. Vacancy Details Digital Business Group (Assets)-10 Digital Business Group …

Vacancy for the posts of officers in Bank of Baroda: Candidates up to the age of 50 years will be able to apply till October 11 Read More »

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Public Debt Management report for the quarter of April-June (Q1 FY22-23)

Since Apr-June (Q1) 2010-11, Public Debt Management Cell (PDMC), Budget Division, Department of Economic Affairs, Ministry of Finance has been bringing out a quarterly report on debt management on a regular basis. The current report pertains to the quarter April-June (Q1 FY23). During Q1 of FY23, the Central Government raised an amount through dated securities …

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Directorate General of GST Intelligence, Mumbai Zonal Unit detects GST fraud worth ₹824cr by insurance companies

Directorate General of GST Intelligence, Mumbai Zonal Unit initiated investigations against sixteen insurance companies on the issue of availment of ineligible input tax credit. During the course of investigations, it has come to notice that these insurance companies have availed input tax credit on the basis of invoices issued by several intermediaries for providing services …

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ONDC network starts beta testing with consumers in Bengaluru

In a significant milestone, Open Network for Digital Commerce (ONDC), an initiative of the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce, Government of India has opened its network to consumers in 16 locations across the city of Bengaluru. To begin with, consumers can place their orders in two domains – …

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Shri Nitin Gadkari emphasizes importance of E-vehicles in transforming Automobile industry

Union Minister for Road Transport and Highways Shri Nitin Gadkari said that automobile industry is being engaged to make more e vehicles. Launching the first Made in India Mercedes-Benz Luxury Electric Car (580 4Matic) at the company’s Chakan plant in Pune, Maharashtra he said efforts are being made to transform automobile industry based on alternative …

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National level exhibition of traditional products from SFURTI clusters being organized for the first time commemorating Azadi ka Amrit Mahotsav.

Khadi and Village Industries Commission, a Statutory Body under Ministry of MSME, is organizing a SFURTI Mela at Dilli Haat, INA, New Delhi from 1st October to 15th October, 2022. This national level exhibition of traditional products from SFURTI clusters is being organized for the first time, also commemorating the Azadi ka Amrit Mahotsav. Under SFURTI, …

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CCI approves acquisition by Adani Power Limited of share capital of Diliigent Power Private Limited and DB Power Limited

The Competition Commission of India (CCI) approves acquisition by Adani Power Limited (Acquirer) of share capital of Diliigent Power Private Limited (Diliigent Power) and DB Power Limited (DB Power) [Diliigent Power and DB Power are collectively referred to as Targets]. The Proposed Combination involves the acquisition of the 100% of the share capital and economic …

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Hindi Pakhwada Samapan Samaroh by Central Board of Indirect Taxes and Customs (CBIC)

Hindi Pakhwada was observed in all the offices of the Central Board of Indirect Taxes and Customs (CBIC) from 14 September,2022 to 29 September 2022. During the week various competitions like essay writing, quiz, elocution etc. were organised in all attached and subordinate offices of CBIC all over India. On the final day of Hindi …

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Issuance Calendar for Marketable Dated Securities for October 2022 – March 2023

In order to enable institutional and retail investors to plan their investments efficiently and to provide transparency & stability to the Government Securities Market, Government of India, in consultation with the Reserve Bank of India, has decided to notify the indicative calendar for issuance of Government dated securities for the second half of the fiscal …

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Calendar for Auction of Government of India Treasury Bills

After reviewing the cash position of the Central Government, the Government of India, in consultation with the Reserve Bank of India, has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending December 2022 as under: Notified Amount for Auction of Treasury Bills (October 01, 2022 to December 31, 2022) …

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Clarification in operation of Senior Citizens’ Savings Scheme

In the operation of Senior Citizens’ Savings Scheme (SCSS), it has been noticed in few cases on the death of the account holder, operating agencies are closing the SCSS account by treating it as premature closure. In this context, attention is drawn to Rule 7(2) of SCSS, and the following is clarified: in cases where …

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Sale of Electoral Bonds at Authorized Branches of State Bank of India (SBI)

The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 2nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in India. …

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Union Minister Dr Jitendra Singh says, the government job mind-set impediment to Start-Up culture

Union Minister of State (Independent Charge) Ministry of Science and Technology; Minister of State (Independent Charge) Ministry of Earth Science; MoS PMO, Personnel, Public Grievances, Pensions, Space and Atomic Energy, Dr Jitendra Singh today said, the government job mind-set is proving an impediment to Start-Up culture, mainly in North India. Dr Jitendra Singh gave full …

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Raksha Mantri reviews working of seven defence companies, carved out of OFB, on completion of one year of operations

Raksha Mantri Shri Rajnath Singh reviewed the working of the seven defence companies, carved out of erstwhile Ordnance Factory Board (OFB), at a meeting organised in New Delhi on September 30, 2022 to mark the completion of one year of their operations. The companies had commenced operations from October 01, 2021 before they were dedicated …

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PM to launch 5G services on 1st October

Ushering in a new technological era, Prime Minister Shri Narendra Modi will launch 5G services on 1st October at 10 AM in Pragati Maidan, New Delhi. 5G technology will provide seamless coverage, high data rate, low latency, and highly reliable communications. It will increase energy efficiency, spectrum efficiency and network efficiency. Prime Minister will also …

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PM flags off Ahmedabad Metro Rail Project

The Prime Minister flagged off the Ahmedabad Metro Rail project and took a metro ride from Kalupur station to Doordarshan Kendra metro station today. On the second day of his Gujarat visit, the Prime Minister waved the green flag for the Ahmedabad Metro Rail Project. The Prime Minister arrived at Kalupur Station after taking a …

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India’s partnerships with global suppliers for ensuring long term supply of fertilisers to Indian farmers will also address international cartelisation by few global players – Dr Mansukh Mandaviya

 “India’s partnerships with global suppliers for ensuring long term supply of fertilisers to Indian farmers will also address international cartelisation”. This was stated by Union Minister of Chemicals and Fertilizers Dr Mansukh Mandaviya as the MoU of Madras Fertilizers Limited with M/s Agrifields, Dubai was presented to him, here today. In a significant step towards …

India’s partnerships with global suppliers for ensuring long term supply of fertilisers to Indian farmers will also address international cartelisation by few global players – Dr Mansukh Mandaviya Read More »

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IBBI to celebrate its Sixth Annual Day tomorrow

The Insolvency and Bankruptcy Board of India (IBBI) is celebrating its Sixth Annual Day on 1st October, 2022. Union Minister for Finance and Minister of Corporate Smt. Nirmala Sitharaman, Affairs will grace the occasion as the Chief Guest and Shri Rao Inderjit Singh, Union Minister of State (Independent Charge) of Ministry of Statistics and Programme Implementation; …

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Shri Anurag Singh Thakur to kick start a month-long nationwide Swachh Bharat 2022 Campaign tomorrow from Prayagraj

Union Minister for Youth Affairs and Sports Shri Anurag Singh Thakur will launch a month-long nationwide Swachh Bharat 2022 at Prayagraj, Uttar Pradesh from 1st October 2022. Swachh Bharat 2022 programme is being organised in 6 Lakh villages of 744 districts across the country through the network of Nehru Yuva Kendra Sangathan (NYKS) affiliated Youth Clubs & …

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