Taxtimes

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 …

Ministry of Finance Recruitment 2022 Out – Attractive Salary Read More »

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, …

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

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 …

NFRA issues inspection guidelines to improve quality control at audit firms Read More »

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 …

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

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 …

CBIC issues guidelines for verification of transitional credit claims under GST Read More »

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: …

Cash Transaction Limit & Penalty under Income Tax Read More »

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 …

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

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 …

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

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 …

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

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 …

Last date to file ITR 2022-23 extension Read More »

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 …

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

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 …

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

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 …

National Pension System (NPS) Rules Changes Read More »

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 …

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

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 …

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

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 …

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

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 …

MCA Portal 2: Sloganeering at the Registrar of Companies office Read More »

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 …

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

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 …

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

MCA for extension of time period for filing of financial statements

MCA Extension of time period for filing of financial statements for the FY ended 31.03.2022 without levying additional fee

ICSI Request MCA for extension of time period for filing of financial statements THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of Corporate Affairs) October 21, 2022 MCA: 2022 Shri Tarun Bajaj, IAS Secretary Ministry of Corporate Affairs, Department …

MCA Extension of time period for filing of financial statements for the FY ended 31.03.2022 without levying additional fee Read More »

TDS Rate Chart for FY 2022-23/AY 2023-24

Latest TDS rate chart for the financial year 2022-23 and assessment year 2023-24

 Latest TDS rate chart for the financial year 2022-23 and assessment year 2023-24 to help you calculate and error-free. TDS Rate Chart for FY 2022-23 Section Nature of Payment  Threshold (Rs.)  Individual / HUF TDS Rates (%) OthersTDS Rate (%) 192 Salaries Rs. 2,50,000 Slab Rates Slab Rates 192A Premature  EPF withdrawal Rs. 50,000 10% 10% …

Latest TDS rate chart for the financial year 2022-23 and assessment year 2023-24 Read More »

CBIC seeks details on digital assets from India’s top crypto bourses

Central Board of Indirect Taxes and Customs (CBIC) has sought from India’s top cryptocurrency exchanges details such as the type of digital coins and tokens being traded and their valuation, and how they are divisible. The body wants to bring crypto assets within the ambit of goods and services tax (GST), and is working on …

CBIC seeks details on digital assets from India’s top crypto bourses Read More »

ITR Filing Update: A big update came on the file income tax return

Finance Ministry has recently extended the deadline for filing income tax returns (ITR) for the assessment year 2022-23 by businesses till November 7. This is the third extension granted for the filing of tax returns where an audit is required. The original date was September 30, 2022, which was extended to October 7 and further …

ITR Filing Update: A big update came on the file income tax return Read More »

FAQ’s for Form 3CEB

Income Tax Department’s Big Update on Filing of Form 3CEB

Income tax department issued FAQs regarding the filing of form 3CEB. Question 1: What are the prerequisites for filing of Form 3CEB? Resolution: The following are the prerequisites for filing of Form 3CEB: Taxpayer and CA are registered on the e-Filing portal with valid user ID and password Status of PAN of taxpayer and CA …

Income Tax Department’s Big Update on Filing of Form 3CEB Read More »

Several firms face filing hurdles post new rule introduced by MCA

A new rule introduced by the Ministry of Corporate Affairs (MCA) is forcing companies to reconcile their financial statements, creating challenges for many in filing the fiscal year 2022 accounts before the October 31 deadline. Under this rule, companies must file their financial statements for fiscal 2022 onwards with rounded-off values. Since the previous year’s numbers weren’t rounded off, auditors …

Several firms face filing hurdles post new rule introduced by MCA Read More »