Big Update for Taxpayers: GSTR-1 Late Fees Notice started

Central Government has amended Section 37 & Section 39 of Central Goods & Service Tax Act (CGST), 2017 vide Notification dated 28th September 2022 with effect from 01 October, 2022. According to section 37(4) of CGST, Act, a taxpayer shall not be allowed to file GSTR-1 if previous GSTR-1 is not filed and as per …

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UPI clocks 19.65 billion transactions at Rs 32.5 trillion in Q3 2022: Worldline’s India Digital Payments Report

UPI clocks 19.65 billion transactions at Rs 32.5 trillion in Q3 2022: Worldline’s India Digital Payments Report UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 percent of total transaction volume, said Worldline India’s ‘India Digital Payments Report’ for Q3 2022 on December 5.   Conversely, in …

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New order issued to extend ITR filing date, returns can be filed till December 31, know full details here

The last day to file Income Tax Return (ITR) for FY2021-22 was July 31, 2022. However, if you have missed this deadline, you can still file your ITR. Income tax returns filed now will be called belated ITR. If you are filing your ITR now (Belated ITR), you will have to pay late filing fee. …

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Smuggling in India Report 2021-22 released

The Directorate of Revenue Intelligence (DRI), the apex anti-smuggling intelligence and investigation agency functioning under the aegis of the Central Board of Indirect Taxes and Customs (CBIC), celebrated its 65th Foundation Day at New Delhi. The celebration commenced with Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman inaugurating the function here today, in the …

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Discussions on India’s G20 Meeting of India’s G20 Presidency in Udaipur, Rajasthan

The 1st Sherpa Meeting of India’s G20 Presidency, scheduled from 4 to 7 December 2022, welcomed international Sherpas, their delegations, and heads of invited International Organisations (IOs) to Udaipur yesterday. The first day of the meeting saw various activities, interactions, and events including an informal media interaction, a side event on ‘Sustainable Development Goals: Transforming …

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MoS Finance emphasises on no-tolerance policy in the NDPS cases

Union Finance Minister Smt. Nirmala Sitharaman inaugurates DRI’s 65th Founding Day Celebrations Smuggling in India Report 2021-22 released FM exhorted DRI officials to catch main handlers and perpetrators/financer in NDPS cases and bring them to their logical conclusion MoS Finance emphasises on no-tolerance policy in the NDPS cases Ms. Mishal Queenie D’Costa from Mumbai Zonal …

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India a bright spot in shaky global realty market but may see pushback if home loan rates cross 9.5%: CLSA

High interest rates and inflation are hurting the global property boom but India remains a bright spot. Despite a rise in mortgage rates and property prices, housing demand remains steady in India, according to foreign brokerage firm CLSA’s channel checks. “Most developers and property brokers indicated footfalls and conversion remain steady despite a 150 basis …

India a bright spot in shaky global realty market but may see pushback if home loan rates cross 9.5%: CLSA Read More »

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RBI meet: Will the Central Bank go for a moderate rate hike? Here’s what to expect

As inflation eased to below the 7% mark in October, expectations of a much smaller size rate hike most likably a 35 basis points hike in RBI’s December monetary policy has taken rounds. However, there is a case where a 50 basis points hike for the fourth policy in a row cannot be ruled out. …

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Technical View | Nifty defends 18,600 amid range-bound trade, consolidation likely to continue

The Nifty ended flat amid volatility on December 5, as the Reserve Bank of India started its three-day monetary policy meeting, the last for the year 2022, with the central bank expected to moderate the pace of the rate hike. The index opened a tad higher at 18,719 and moved in a 100-point range through …

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S. 245 Adjustment of Refund: The Dept has not complied with the requirements of s. 245 of the Act [Read Order]

S. 245 Adjustment of Refund: The Dept has not complied with the requirements of s. 245 of the Act. It is difficult to appreciate the stand of the Dept that the order passed by the high court would not cover/operate over the matters and orders passed by the ITAT, Union of India being not a …

S. 245 Adjustment of Refund: The Dept has not complied with the requirements of s. 245 of the Act [Read Order] Read More »

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Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

Domestic indices traded cautiously ahead key events lined up this week. Nifty opened positive but soon drifted in red and remained lackluster throughout the session to finally close flat at 18701. Broader market continued with its outperformance with Nifty midcap 100 finally crossing its 52W high and is just 2-3% away from all time high levels.  …

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Amazon layoffs expected to mount to 20,000, includes top managers

Amazon plans to lay off as many as 20,000 employees in the coming months, including  distribution center workers, technology staff and corporate executives as the retail and cloud computing giant retrenches after going on a hiring spree during the pandemic, according to a report by Computerworld. Amazon employees are ranked from level 1 to level 7, …

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Income tax benefits on home loan

Section 80EE was initially introduced in the financial year 2013-14 and 2014-15 for individual taxpayers to avail of the tax deduction on interest on housing loans. However, 80EE of the Income Tax Act 1961 was re-introduced in the financial year 2016-17. Section 80EE was introduced in the 2019 Budget to help first-time home buyers. The …

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Detailed Analysis of Options to Save Tax Under Income-tax Section 80C

Section 80C is one of the most well-liked and popular sections among taxpayers because it allows them to reduce their taxable income by making tax-saving investments or incurring eligible costs. It allows a maximum annual deduction from the taxpayer’s gross income of Rs 1.5 lakh. Individuals and HUFs are both eligible to take advantage of …

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Income Tax Department gave big relief to taxpayers, changed the rules of tax refund

The Income Tax Department has given relief to the taxpayers regarding refund adjustment against the outstanding tax. Tax officials will now have to take a decision in such cases within 21 days. This decision will reduce litigation. The Directorate of Income Tax (Systems) said that the 30-day time limit given to assessing officers to take …

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Notice to Punjab Health Agency on EPF scam

Another scam has rocked the State Health Agency as the company responsible for providing manpower to run a health insurance scheme has allegedly gobbled up nearly Rs 3 crore of around 300 employees which was to be deposited in their Employees’ Provident Fund (EPF) accounts. In a communication to the government-run State Health Agency (responsible …

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LIC WhatsApp Service: LIC has started a wonderful WhatsApp service for its policyholders

Life Insurance Corporation of India has launched select interactive WhatsApp services for its registered LIC policyholders. With this, it will be easier for the policy holders to avail the service. Let us know what process has been made by LIC for this and how it will be possible to use it? How to use? Policyholders …

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Latest GST News, Information, Notifications & Announcements [Period 29/11/22 to 05/12/22]

1.    GSTR-9 Annual Return Update; Computation of ITC (Table 8A) has been updated based on GSTR-1/IFF/GSTR-5 filed by Supplier upto Nov 30, 2022:- The Goods and Services Tax Network (“GSTN”) has issued an Update on GSTR-9 Annual Return for Computation of ITC (Table 8A) has been updated based on GSTR-1/IFF/GSTR-5 filed by Supplier upto November …

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REAL STATE NEWS December 2022

Monthly Corporate Real Estate Regulatory Authority (RERA) Bulletin for December, 2022

Monthly Corporate RERA Bulletin Five years after Real Estate Regulatory Authority (RERA) came into existence, the full force of its orders do not see the light of the day as revenue officials have not been moving files unless the home buyers wage a struggle, as seen in the case of a recent seizure. As per …

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Buying or selling house? Check these Important TDS compliances

An amendment was made to the Tax Deducted at Source (TDS) provisions on buying a house property in the Budget 2022. Archit Gupta, founder and CEO of Clear (formerly Cleartax), stated that there are some TDS-related compliances that a buyer and seller need to follow. The buyer of a property which is worth more than …

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Section 245 of the Income Tax Act enables the assessing officer (AO) to adjust the refund

To help avoid litigation, the Income Tax department has trimmed the timeframe required for tax officers to decide on adjustment of refunds against outstanding tax dues to now 21 days from the earlier 30 days. According to the Directorate of Income Tax (Systems) notice, if the assessee either does not agree or partially agrees to …

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Buy HealthCare Global Enterprises; target of Rs 375: Prabhudas Lilladher

HCG’s consolidated post IND AS EBITDA grew healthy 21% YoY (4% QoQ) to Rs 747mn, in line with our estimates (Rs754mn). Adjusted for one time consulting (Rs50mn) and ESOP related charges (Rs12.9mn); was up by 28% YoY. Existing centers reported strong profitability with EBITDA growth of 30% YoY (4% QoQ) to Rs777mn, while new centers …

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Big News ATTENTION: Departments sets deadline; PAN cards of THESE taxpayers to get deactivated after March 31

There are over 6.9 crore income taxpayers in India. The Income Tax Department has now said that the Permanent Account Number (PAN) card of any taxpayer who is not under the exempt category will get deactivated if the same is not linked with the Aadhaar of the taxpayer. The tax department said that the last …

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Guidelines for Cash: If you have also kept cash at home, then know these rules

Guidelines for Cash AT Home: There have been reports many times that the government is setting a limit to keep cash at home, but this was termed as a false claim by the government. It was said in the media reports that the government will decide the limit of cash that can be kept in …

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

Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 2nd January 2018 (as amended vide Gazette Notification dated 7th November, 2022). 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 …

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Ministry of Civil Aviation issues guidelines for PLI incentive scheme to support indigenous drone industry

For the effective operation and smooth implementation of the Production Linked Incentive (PLI) scheme,the Ministry of Civil Aviation has formulated and notified the operational guidelines. The guidelines have been notified on 29th November 2022 for the information of all the stakeholders and the public.Theseguidelines inter-alia cover the following: To make India a global hub for the …

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