taxconcept

EPF claim can’t be rejected now, New guideline issued by EPFO offices

If you claim your EPF and it is getting rejected again and again for one reason or the other, then this news is for you. Now your EPF claim will not be rejected. Because the Employees’ Provident Fund Organization has recently issued new guidelines to all its regional offices. In which clear instructions have been …

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CBIC launched Customs Broker License Management System (CBLMS) e-application

Chairman CBIC Shri Vivek Johri launched Customs Broker License Management System (CBLMS) e-application making interaction with Customs Brokers Paperless, Faceless and Contactless. On 08.12.2022 the first ever CB license has been issued through the CBLMS portal. Chairman CBIC congratulated Team CBLMS for their efforts in building e-application aimed at ensuring efficiency and transparency. Indian Customs …

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GST scam of 1 billion by telling business of 1000 crores

Sodala police station Jaipur today arrested two accused including Praveen Jangid, accused of a vicious GST scam. Praveen Jangid is the master mind of cheating people in the name of GST through fake bills from fake company. Murlipura police station and GST department have arrested Praveen in the past. The accused, along with his accomplices, …

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pan card

PAN to be key to single window clearances

Businesses may be allowed to log in to the national single window system for obtaining various clearances and approvals from both the central and state government departments by using only the Permanent Account Number (PAN) as a unique identifier. Currently, over a dozen different business IDs like EPFO, ESIC, GSTN, TIN, TAN and PAN are …

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Case can go on even if there is no name in FIR or charge sheet, important decision of Supreme Court

The Supreme Court on Monday said that the trial court can summon new accused for trial under the Code of Criminal Procedure (CrPC). However, the order summoning the accused has to be issued before the persons convicted in the cases are sentenced. A five-judge constitution bench headed by Justice S.A. Nazeer ruled on the issue …

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Schemes for Educational and Economic Empowerment of Minorities

The Government has implemented various schemes for the welfare and upliftment of every strata, including minorities, specially the economically weaker and lesser privileged sections of the society, through various schemes of the Ministry of Education, Ministry of Skill Development and Entrepreneurship, Ministry of Textiles, Ministry of Culture and Ministry of Women and Child Development. Ministry …

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ICAI is organizing the prestigious 16th ICAI Awards for Members in Industry & Business

ICAI is organizing the prestigious 16th ICAI Awards for Members in Industry & Business on 10th January 2023 at Kolkata.Nominations are invited for the Awards before last date – i.e. 10th December 2022 at nominationforms.icai.org Nominations for ICAI awards are open. Please apply before the last date 10th December, 2022Brochure – 16th ICAI Awards About …

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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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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 …

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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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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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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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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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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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ED raids CA offices in Nagpur

The Enforcement Directorate conducted searches at seven locations, mostly offices of Chartered Accountants, in Maharashtra’s Nagpur city on Thursday, an ED official said. The searches were being conducted in connection with an offence registered in Mumbai, the official said without giving more details. “An ED team from Mumbai along with their counterparts in Nagpur started …

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Income tax division takes action to address tax refund concerns promptly

To avoid unnecessary litigation, the income-tax department has issued instructions to ensure that taxpayer grievances about the adjustment of tax dues against pending refunds are resolved quickly. The tax department has informed its top officials, including all principal chief commissioners that it has discovered instances of incorrect adjustment of outstanding tax demands against tax refunds …

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