GST dept to scrutinise I-T, MCA data to identify entities not paying taxes

Leave a Comment / GST / By / March 20, 2023

The GST department will soon begin analysing ITRs filed by businesses and professionals and also MCA filings to ascertain if the entities are adequately discharging their GST liability and widening the taxpayer base. Currently, there are 1.38 crore registered businesses and professionals under the Goods and Services Tax (GST), which was launched on July 1, 2017. Businesses in …

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Financial tasks must be completed by 31 March to avoid penalties

Leave a Comment / BUSINESS & ECONOMY / By / March 20, 2023

Important tasks that need to be completed before March 31: 1. Link PAN and Aadhaar card: Failure to link PAN and Aadhaar card by March 31 will result in a fine of Rs. 1,000 and PAN deactivation. Reactivating the PAN will require a fine of Rs. 10,000. 2. Invest in tax-saving schemes: Invest in tax-saving schemes like …

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Accused in Rs 300 crore ‘loan scam’ targeted high-income IT professionals

Leave a Comment / BUSINESS & ECONOMY / By / March 19, 2023

Selva Kumar Nadar, the owner of Ashtavinayak Investments in Pune who has been accused of cheating over 200 individuals of Rs 300 crore, targeted high-income individuals mostly working in the IT industry, officials with the Pune police’s Economic Offences Wing said. According to the police, Nadar, a resident of Kondhwa, targeted them with telemarketing calls, …

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Income Tax Notice: Do not make 4 mistakes in ITR filing, lest the tax department’s notice reaches home

1 Comment / INCOME TAX / By / March 19, 2023 /

The Income Tax Department monitors the financial activities of the people in the country. It keeps the financial information of every person who pays tax. At the same time, let us tell you that it is mandatory for every person who pays tax to fill ITR. In such a situation, many rules have been made …

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I-Tax Return 2023: Check ITR Filling Last Date, How to e-File Income Tax Returns Online – all you need to know detail process

Leave a Comment / INCOME TAX / By / March 19, 2023 /

The last date for filing the Income Tax return for the Financial Year 2022-23 is July 31. The new ITR forms for the assessment year 2023-24 will start on April 1. Citizens who have income above the basic exemption limit of Rs 2.5 lakh per annum are required to file ITR before the due date. …

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CGST unearths fake invoicing racket involving tax evasion of Rs. 17 crore, 2 held

Leave a Comment / BUSINESS & ECONOMY / By / March 18, 2023

The Central Goods and Service Tax (CGST) Delhi South Commissionerate busts racket of firms fraudulently claiming Input Tax Credit (ITC) of ₹17 crore. A specific intelligence was developed by the officers of Central Goods and Service Tax (CGST) Delhi South Commissionerate concerning certain bogus firms that were created solely for the purpose of generating goods …

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Income Tax Rules On Overseas Investment And Capital Gains

2 Comments / INCOME TAX / By / March 17, 2023

Under the Liberalised Remittance Scheme (LRS), Indian residents can remit up to $2.5 million in overseas investments every fiscal year. They are permitted to invest abroad, subject to the LRS limit. Foreign investment depends on various criteria, including portfolio diversification, returns, and risk. Depending on the returns, a resident’s overseas investments are also taxable in …

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Can Get CA Certificates Without Charges

BUSINESS & ECONOMY / By / March 17, 2023

A Chartered Accountant (CA) empanelled with the state government will now give free certificates to the small traders in Haryana who have less than Rs 20 lakh in annual turnover. Manohar Lal Khattar announced this on Thursday. GST registration requires a CA certificate for small traders. They must pay some amount of money in order to …

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New Income Tax rules from April 1; all you need to know about the changes

Leave a Comment / INCOME TAX / By / March 17, 2023 /

As we approach the new financial year, it is important to know beforehand about the changes in income tax rules, as this is also when the proposed finance bill comes into force. It keeps us prepared and ready for the changes needed to fine-tune our portfolio.  Based on the proposals made in Budget 2023, Neeraj …

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Income Tax Return: Government gave big information, only these people can fill ITR 1 Sahaj Form

Leave a Comment / INCOME TAX / By / March 16, 2023 /

ITR Form: A person whose income is taxable in India is required to file Income Tax Return (ITR). At present, there are different income tax slabs in the country. Apart from this, different forms are also available for filing income tax return. ITR 1 Sahaj form is also included in these forms. In such a …

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How to verify Aadhaar in simple steps

Leave a Comment / BUSINESS & ECONOMY / By / March 16, 2023 / , ,

How to verify Aadhaar in simple steps? An Aadhaar card is a unique ID proof containing any individual’s biometric and demographic details. It gets issued by the UIDAI or Unique Identification Authority of India. All Indian residents are eligible for the application of an Aadhaar card. Understanding the Ins and Outs of Aadhaar Card Verification …

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ITR Filing Update: A big update came on the extension of the last date to file income tax return

Leave a Comment / INCOME TAX / By / March 16, 2023 /

Updated ITR Filing Last Date: If you fall in the category of people who have missed the belated or revised income tax return filing date for FY 2021-22 (AY 2022-23) by December 31, 2022, then worry Don’t You still have a chance to file ITR. Budget 2022 has introduced an option to file an updated …

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SOCIAL AUDIT STANDARDS

AUTO, ICAI / By / March 15, 2023 / , ,

SOCIAL AUDIT STANDARDS- Effective Date: These Social Audit Standards will be applicable from the date of their hosting on ICAI website Issued by Sustainability Reporting Standards BoardThe Institute of Chartered Accountants of India (Set up by an Act of Parliament) Social Audit Standard (SAS) 100

Good News! UIDAI makes online document update in Aadhaar free of cost; to benefit millions of residents

1 Comment / BUSINESS & ECONOMY / By / March 15, 2023 / , ,

The Unique Identification Authority of India (UIDAI) has decided to allow residents to update documents in their Aadhaar online free of cost, a people-centric move that will benefit millions of residents. As part of Digital India initiative, the UIDAI took the decision and is urging residents to get the benefit of free document update facility …

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Cash Transactions Notice: Big news! cash transactions, new rule implemented

4 Comments / INCOME TAX / By / March 15, 2023 / , ,

New Cash Transaction Rule: In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Now these investment and lending institutions allow cash transactions only up to a certain limit. If it is violated, the …

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BREAKING: GST dept inspects 4 bullion traders

GST / By / March 15, 2023

The State GST department inspected shops of four bullion traders in Ludhiana’s Sarafa Bazar. Sources said the action was taken on instructions from deputy commissioner, state taxes Randhir Kaur. It also comes close on the heels of a DRI raid in Sarafa Bazar a few days ago. Sources said officials led by assistant commissioner, state taxes Sumandeep Kaur …

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Advance tax payment deadline ends today, Penalty if you fail to pay Advance tax

Leave a Comment / INCOME TAX / By / March 15, 2023 / , , , , , ,

March 15 is last date for payment of the last instalment of Advance Tax for the financial year 2022-2023. . The Income Tax Department has also recently appealed to taxpayers to pay their last instalment of advance tax by the due date. Advance tax is the amount of income tax that should be paid in …

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Income Tax department issues Rs 549-crore tax demand notice– Check reason

Leave a Comment / INCOME TAX / By / March 15, 2023 / , , , ,

The income tax department has imposed a ₹549 crore demand notice on Amazon Web Services (AWS), an arm of ecommerce major Amazon that offers cloud services, government officials aware of the development told ET. The notice sent to AWS is based on the taxman’s findings that the company was imposing a fee for offering cloud computing services …

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EPFO Pension available after private job for 10 years, know detail of scheme

2 Comments / EPFO / By / March 14, 2023

Pension after retirement provides great relief to senior citizens. Pension makes them financially strong. With this, they can enjoy post-retirement life without the tension of expenses. So, if you are an employee of a private company and think that only a government employee gets pension then you are wrong. Employees’ Provident Fund Organization (EPFO) has …

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Highlighting 10 Top transactions: Income Tax Department closely monitors to avoid discrepancies and tax evasion

INCOME TAX / By / March 14, 2023

Here are 10 such transactions that the Income Tax Department keeps an eye on, and what you should know about them. 1.Education fee or donation above 1L p.a. If you pay more than INR 1 lakh as education fees or donations, it will be scrutinised by the Income Tax Department. Educational institutions are required to …

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EPFO extends date for applications regarding pension on Higher wages

1 Comment / EPFO / By / March 14, 2023

Supreme Court had held that the employees who have retired before 1st September 2014 and had exercised option under paragraph 11(3) prior to their retirement shall be eligible for pension on higher wages. Instructions in this regard had been issued to field offices vide circular dated 29.12.2022 and 05.01.2023. Online facility for submitting applications for …

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illegally claiming GST ITC have now become the biggest reasons for rise in GST-related offences in the country

GST / By / March 14, 2023

Tax evasions, bogus invoices without any deliveries of goods, cyber frauds using Goods and Services Tax (GST) identification numbers, forging up shell companies, fake business transactions, failure to deposit due taxes to authorities and illegally claiming input tax credit (ITC) have now become the biggest reasons for rise in GST-related offences in the country. The …

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