Taxtimes

These rules related to TDS, PAN card, demat account and credit and debit cards Changes from July 1, 2022

From July 1, 2022, there will be changes in many rules related to financial transactions. These rules include rules related to TDS, PAN card, demat account and credit and debit cards. Since the change in these rules will have a direct effect on you, it is important to know about them. Crypto investors will have …

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Preparations to give relief to traders in GST, may be announced to waive late fee

In the meeting of the GST Council to be held in Chandigarh, it can be considered to give more relief to the businessmen. Along with this, changes in GST rates of more than a dozen items can also be discussed. At the same time, the GST rates on casinos and online gaming will also be …

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CBI books three I-T officials, others for alleged TDS refunds fraud

The Central Bureau of Investigation (CBI) has registered a case against three Income-Tax Department officials and nine beneficiaries for allegedly facilitating fraudulent refunds of Tax Deducted at Source (TDS). The accused officials have been identified as Abhay Kant, Saurabh Singh, and Rohit Kumar. They were posted in Uttar Pradesh’s Muzaffarnagar. They misused the RSA authentication …

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GST council to consider making e-way bill mandatory for gold, precious stones

The GST Council is likely to consider making an e-way bill mandatory for intra-state movement of gold or precious stones worth Rs 2 lakh and above and also e-invoicing mandatory for certain B2B transactions. The council in its meeting on June 28-29 is likely to consider the report of the panel of state finance ministers …

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GST Council rejected the proposal to change the rate of 113 things! Rates of some selected items will change

In the next week’s meeting of the GST Council, the tax rates of some selected items are going to be changed, which has been recommended by the fitment panel. According to the information received, the demand for changing the Goods and Services Tax (GST) rates on 113 items has been turned down. Live Mint has …

GST Council rejected the proposal to change the rate of 113 things! Rates of some selected items will change Read More »

Govt Issues Guidelines- inserted a new section 194S in the Income-tax Act, 1961 with effect from 1st July 2022

Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961 Finance Act 2022 inserted a new section 194S in the Income-tax Act, 1961 (hereinafter referred to as “the Act”) with effect from 1st July 2022. The new section mandates a person, who is responsible for paying to any resident …

Govt Issues Guidelines- inserted a new section 194S in the Income-tax Act, 1961 with effect from 1st July 2022 Read More »

Income Tax Return: You must reconcile your Form 16 with 26AS before filing income tax return

Form 16 is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees . It provides employees details of TDS deducted from their salary that is paid during a particular financial year , tax exempt allowances etc. The income tax law says a …

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I-T Dept searches in Rajasthan and Mumbai, business group involved in sale of handicrafts, cash financing alongwith some bullion traders

I-T Department conducts searches in Rajasthan and Mumbai, business group involved in sale of handicrafts, cash financing, purchase and sale of land buildings alongwith some bullion traders Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale …

I-T Dept searches in Rajasthan and Mumbai, business group involved in sale of handicrafts, cash financing alongwith some bullion traders Read More »

Income Tax Rules: Big news! Senior citizens can avoid paying 10% TDS on FD interest, know here rules immediately

Income Tax Return: The government gives tax concession to the elderly. Under this, senior citizens are exempted from paying TDS on FD interest. If you also want to avoid paying 10% TDS, then you have to do some important things first. Senior citizens should submit the self-declaration form to their bank at the beginning of …

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More than 400 CAs were helping Chinese companies, preparing for big action after report

The Central Government has recommended disciplinary action against 400 Chartered Accountants and Company Secretaries. They are accused that they were associated with Chinese cell companies by flouting the rules in all metro cities. According to a news in The Hindu, this action of the government is part of the steps taken by the Indian government …

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ITR rules: Filing of tax return compulsory if TDS, TCS amount above Rs 25,000

As per the new income tax rules, those whose aggregate tax deducted at source (TDS) or tax collected at source (TCS) during a fiscal year is Rs 25,000 or more have to file their tax returns mandatorily. In the case of senior citizens, the aggregate TDS or TCS amount for ITR filing is Rs 50,000 …

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Know this rule of TDS on gifts and incentives, it will be applicable from July 1

If you have any business then knowing this rule properly will be beneficial for you. If you receive any bonus, incentive, gift or prize for meeting the sales target or making purchases more than the specified limit, then you will have to pay tax on it. This rule is going to come into effect from …

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ITR filing: What is the password to open income tax intimation notice under section 143(1)?

The Income Tax Department will give you an intimation under section 143 (1) of the Income Tax Act once your ITR documentation has been processed, letting you know if you owe any additional tax or if you are due for a refund. However, understanding the intimation sent under section 143 (1) isn’t always straightforward. It …

ITR filing: What is the password to open income tax intimation notice under section 143(1)? Read More »

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ICAI CA Foundation Admit Card 2022 Released

The Institute of Chartered Accountants of India (ICAI) released the admit card for the CA Foundation exam for the June session. The candidates can download the CA Foundation exam 2022 admit card on the official website- icaiexam.icai.org . CA Foundation June exam will be conducted from June 24 to 30, 2022. ICAI conducted the CA Foundation exam 2022 in …

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The LLP (Amendment) Act, 2021

ICAI Announcement by CL&CGC regarding Amendment in Companies Rules, 2016

Announcement by CL&CGC regarding Amendment in Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. – The Ministry of Corporate Affairs vide notification dated 9th June 2022 has amended the provision of the Companies ( Removal of Names of Companies from the Register of Companies ) Rules , 2016 . Pursuant …

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Good news for EPFO members, Rs 40,000 will come in PF account, know details

Provident Fund is a savings fund for salaried employees. Everyone sees provident fund as forward savings. Whether government employee or private employee. Meanwhile, the central government has brought good news for EPFO members. Soon the interest money is going to be transferred to the account. This will benefit more than 6 crore people of the …

Good news for EPFO members, Rs 40,000 will come in PF account, know details Read More »

Income Tax raids on the premises of businessman Puneet Poddar and CA Naresh Kejriwal

In Ranchi, the capital of Jharkhand, raids are being conducted by the Income Tax Department on the premises of many well-known businessmen. According to the information, since the morning of Thursday, the Income Tax team is raiding the houses and offices of businessmen in Kanke Road, Church Complex on Main Road and Upper Bazar. The …

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Income Tax Dept rectifies gaffe, sticks to 1% TDS on virtual assets. Read here

The Income Tax Department’s website on Wednesday updated its document on TDS, reiterating that the tax deductible at source on virtual digital assets or VDA remains at 1%, as informed in the this year’s budget. The portal mentioned earlier that the TDS rate for VDA has been dropped to 0.1% from 1% as announced earlier …

Income Tax Dept rectifies gaffe, sticks to 1% TDS on virtual assets. Read here Read More »

Glitches on tax portal were being reported; someone tried to get into the portal

Issue relating to the search functionality of the e-filing website has come to our notice. The Income Tax Department is seized of the matter. Infosys has been directed to look into it & Infosys has confirmed that they are resolving the issue on priority.@SalilParekh Income Tax Department CBDT Chairperson: Glitches on tax portal were being …

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Income tax returns: Tax deductions can be reversed

Most individuals invest in various tax-saving schemes and claim tax deduction to reduce the overall tax payout. Though the Union Budget 2020-21 introduced a new tax regime which offers concessional rates with seven slabs without any tax exemptions, the old tax regime remains popular due to the various exemptions. However, these tax exemptions can be …

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Big disclosure of GST fraud, 550 fake companies worth 800 crores opened without office

A network of vicious people employs various tactics to evade tax. Recently, such a case of GST Fraud has been revealed, which has surprised even the officials. In this case, 2-3 people together formed 550 fake companies and cost the government exchequer about Rs 800 crore. What is even more surprising is that thousands of …

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