Taxtimes

EPF Registration Process for Employers and Apply Online

EPF or Employees’ Provident Fund is a savings fund that gets accumulated during the employment tenure of an employee. EPFO or the Employee Provident Fund Organization is the regulatory authority for EPF. Eligibility for Employer EPF registration Benefits of EPF EPF benefits employees in the form of social and financial security, post-retirement. How to register …

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GST DOCTOR We created a bunch of tools to help GST officers quickly process GST returns downloaded from AIO. The three basic GST returns are GSTR 1, GSTR 3b and GSTR 2A/B a

“GST Doctor” Web Application of ITC Matching Module Developed by Sh. Milan Tiwari, Inspector of CGST Zone

Writeup on “GST Doctor” Web-Application In order to ensure ease of collation of data and verification of the monthly GST returns, a web-application VIZ: “GST Doctor ” was developed by Sh. Milan Tiwari, Inspector of Chennai CGST Zone. 2. The main areas of verification of GST returns by field officers are: reconciliation of outward supply …

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How to View & Download Form 26AS From TRACES Website

Form 26AS – What is Form 26AS? View & Step-by-step process to download Form 26AS

Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS for filing IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc. What is Form …

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Income Tax Department has sent Tax notices for errors in returns

Income Tax Department has sent notices to dozens of foreign portfolio investors (FPIs) and alternative investment funds (AIFs), flagging discrepancies in their tax returns. These tax red flags include errors in capital gains tax computations, erroneous declarations, suppression of income and wrong exemption claims, people with direct knowledge of the matter told ET. The notices were sent …

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PAN card holders alert! Your PAN card may be inoperative

If you are a PAN card holder and you have not yet linked it with Aadhaar, then this news is important for you. Permanent Account Number (PAN) will become inoperative after March 2023 if the cardholder fails it to link with the Aadhaar Card, the Central Board of Direct Taxes (CBDT) had said earlier this …

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Section 143(1)

Section 143(1) Income Tax Notice

Tax notice under Section 143(1) of the Income Tax Act can be issued to begin a summary assessment without calling the taxpayer. Section 143(1) notices are issued based on computerized processing of tax returns without any human interface. In a summary assessment, the Income Tax Department would not call for additional information or documents as …

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Ministry of Finance Recruitment 2022 Out – Attractive Salary

Ministry of Finance Recruitment 2022 Notification Out: Ministry of Finance has issued the job notification for the post of Library and Information Assistant. Candidates who are interested and qualified can download the application form on the official website. The last date for application submission is within 60 days from the publication of this advertisement in …

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INCOME TAX RAID in Bengaluru

I-T Dept conducts search actions have led to detection of unaccounted income more than Rs. 1300 crore & cash and gold jewellery 24 crore

Income Tax Department conducts search actions in Karnataka- Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa. During the course of the search operations, …

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NFRA issues inspection guidelines to improve quality control at audit firms

National Financial Reporting Authority (NFRA) on Friday published guidelines on audit quality inspection, in a bid to further improve the standards of auditors. The inspection guidelines are based on recommendations of the International Forum for Independent Audit Regulators (IFIAR), which comprise audit regulators of 54 countries. NFRA will pick the audit firms for such inspections …

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Today the UK-India Young Professionals Scheme was confirmed, offering 3,000 places to 18–30 year-old degree educated

Today the UK-India Young Professionals Scheme was confirmed, offering 3,000 places to 18–30 year-old degree educated Indian nationals to come to the UK to live and work for up to two years. As per the Prime Minister’s Office statement, “I know first-hand the incredible value of the deep cultural and historic ties we have with …

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CBIC issues guidelines for verification of transitional credit claims under GST

Recently, the GST Network (GSTN) has reopened the window for taxpayers to claim transitional credit under the Goods and Services Tax (GST) law from 1st October 2022 to 30th November 2022. Any taxpayer migrating from the pre-GST regime and missed claiming a transitional tax credit under VAT, service tax or excise law due to technical …

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Cash Transaction Limit & Penalty under Income Tax

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 an amount of Rs 2 Lakh or more: …

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Income Tax: Do you check your AIS on Income Tax website every quarter? Know why this is important

Check your AIS every Quarter: Many taxpayers check their Annual Information Statement (AIS) before filing Income Tax Return only once in a year. The Finance Ministry says that taxpayers should check their AIS every quarter. This will help them to know about any error in AIS. Then, it can be fixed. AIS contains more information …

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11,000 job cuts: Mark Zuckerberg’s Message to Meta Employees

Mark Zuckerberg just shared the following with Meta employees: Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to …

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New GST Rules: For delay in filing GST monthly transaction return, now penalty up to Rs 10 thousand

4.80 lakh traders of Madhya Pradesh may have to pay a maximum penalty of Rs 10,000 from this month for delay in filling the return of transaction (GSTR-1). Actually, the government has made changes in the Central GST Act. These rules are being implemented from this month. Traders have to give information about the business …

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Taxpayers are frequently receiving notices from the tax department for variance in the amount of ITC availment in GSTR 3B as compared to their respective GSTR 2A/2B

One such change has been recently notified by the government vide Notification No. 14/2022 – Central Tax dated July 5, 2022, in Table 4 of GSTR 3B, meant for Input Tax Credit (ITC) related information. The said changes have been made available on the GST portal since September 1, 2022. In brief, the government has majorly changed the following …

Taxpayers are frequently receiving notices from the tax department for variance in the amount of ITC availment in GSTR 3B as compared to their respective GSTR 2A/2B Read More »

Last date to file ITR 2022-23 extension

ITR FIIING LAST DATE FOR AY 2022 23- Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. Earlier the due date of filing ITR for these assessees was October 31, 2022. CBDT had last month extended the …

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EPFO: As per the new rule, the employees can contribute higher and also get enhanced benefits

Employees who have not yet opted for enhanced pension coverage prior to 2014 can now do the same jointly with their employers within the next four months. This comes after a Supreme Court order regarding the same upholding the Employees’ Pension (Amendment) Scheme, 2014. On Friday, the apex court struck down the requirement in the …

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EPFO new rules: Big news! PF account holders will get big facility

If you are also an EPFO account holder (PF account holders), then there is good news for you. EPFO department has made some changes in its rules. Under this, the PFO has given the facility to the account holders to pay the premium of LIC from the EPF account. Actually, lakhs of people have lost …

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National Pension System (NPS) Rules Changes

NPS e-NOMINATION PROCESS Upon receiving your application, the nodal officer will now have the authority to accept or reject it. Additionally, if the Nodal Officer fails to act on your application within 30 days, it will be automatically submitted to the Central Recordkeeping Agency (CRA). NO SEPARATE PROPOSAL FORM FOR ANNUITY ON MATURITY: In order …

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Know income tax rules for selling under-construction property Vs ready-to-move house

Income-Tax Act, 1961 has special provisions for the computation of capital gains from the sale of immovable property. Tax on capital gains on sale of property is levied depending on the duration for which the property was held by the seller. If it was held for less than 2 years, the proceeds earned would be classified …

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Big Update for Income-tax: Draft common Income tax Return request for inputs from stakeholders and the general public- reg

Draft common Income-tax Return-request for inputs from stakeholders and the general public From Income Tax India Presently, taxpayers are required to furnish their Income-tax returns in ITR-1 to ITR-7depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to …

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What is New Income-tax Rule 132? Individuals with income from business or profession

The Central Board of Direct Taxes (CBDT) has introduced Rule 132, which came into effect on October 1, 2022. all details you need to know about Rule 132. Why has CBDT introduced Rule 132? The new rule has been introduced in view of disputes over whether a cess or surcharge on income tax can be …

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MCA Portal 2: Sloganeering at the Registrar of Companies office

MCA portal has been a problem for 2 months, audit report, problem in depositing balance seat, CS’s anger erupted on the portal which has been troubled for a long time, a large number of registrars of companies are performing during the tenure, the company  Sitting outside the registrar’s room, the problems being raised in the …

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Big Relief for small biz.; Govt sets the ball rolling on decriminalisation of GST Act

Decriminalisation of the Goods and Services Tax Act is on the cards, which would give a big reprieve to small businesses in India, sources told businessline. In what could be a major overhaul of the GST Act in nearly six years after it came into effect, the government is likely to raise the threshold limit …

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Income Tax Notice: Big Alert! These high value cash transactions may cause you income tax notices

Cash Transaction Notice: If you are a taxpayer then there is very important news for you. Your one mistake can get you a notice from the tax department. Actually, the government keeps an eye on all your financial transactions. If you do cash transactions more than a limit, then you can get a notice from …

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