Vide instruction dated 18th April 2022, the Rajasthan Commercial Taxes Department has issued guidelines for conduct of personal hearing in virtual mode. The department has said in the instruction that in view of the challenges presented by the outbreak of COVID-19 pandemio and the feedback received from trade and field formations, the following instructions are […]
Posted inBUSINESS & ECONOMY
KVIC Puts Jammu & Kashmir Ahead of All Indian States in Creating Self-Employment Under PMEGP
Khadi and Village Industries Commission (KVIC) has just scripted the golden chapter of industrial growth and employment boom in Jammu & Kashmir (J&K). In the year 2021-22, KVIC, in J&K, has established the highest number of manufacturing and service units under its flagship scheme- Prime Minister’s Employment Generation Program (PMEGP) and created the highest number […]
Posted inEPFO
More than 14 lakh members joined EPFO in February, an increase of 31,826 members compared to January
The provisional payroll data of the Employees’ Provident Fund Organization (EPFO), released on Wednesday, shows that it added 14.12 lakh members in February 2022. According to the Ministry of Labor and Employment, if we look at the month-on-month payroll data, there is a marginal increase of 31,826 members in February compared to the previous month […]
Posted inBUSINESS & ECONOMY
Gujarat Real Estate Regulatory Authority
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th April, 2022 S.O. 1881(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Gujarat Real Estate Regulatory […]
Posted inBUSINESS & ECONOMY
Corrigendum to RRs of Group C posts in Directorates under CBIC
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) CORRIGENDUM New Delhi, the 20 April, 2022 G.S.R. 303(E).—In exercise of the powers conferred by the proviso to article 309 of the Constitution, the President hereby makes the following rules to amend the Central Board of Indirect Taxes and Customs Directorates Stenographer […]
Posted inBUSINESS & ECONOMY
SEEPZ Special Economic Zone Authority
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th April, 2022 S.O. 1882(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘SEEPZ Special Economic […]
Posted inICAI
ICAI Announcement for Assessment Test of Certificate Course on GST scheduled on 8th May 2022
The next Assessment Test of Certificate Course on GST has been scheduled online on 8th May 2022 from 11.30 am to 12.30 pm. To appear in the aforesaid Assessment Test, please follow the steps given hereunder: (i) Log-in at ICAI Digital Learning Hub by using your SSP portal credentials and click on product “Certificate Course […]
Posted inBUSINESS & ECONOMY
NITI Aayog Releases Draft Battery Swapping Policy for Stakeholder Comments
During the COP26 summit in Glasgow, India committed to reduce carbon emission intensity by 45%, and take our non-fossil energy capacity to 500 GW by 2030 and meet 50% of our energy requirements from renewable energy by 2030, and finally achieve the Net Zero target by 2070. The road transport sector is one of the major […]
Posted inINCOME TAX
CBDT Enables UDIN Update Functionality On Income Tax Portal For Forms Filed From June 2021 Onwards
CBDT has enabled UDIN update functionality on income tax portal for forms filed from June 2021 onwards. Points to Note as Mentioned in Guidance Issued by CBDT 1.)Update UDIN functionality is applicable only for Forms submitted on or after April 2021. 2.) UDIN for only those Forms can be updated which are accepted by the […]
Posted inINCOME TAX
CBDT Releases ITR-4 Validation Rules For AY 2022-23
CBDT has released ITR-4 validation rules for Assessment Year 2022-23. Purpose for Releasing ITR-4 Validation Rules The Income Tax Department has provided free return preparation software in downloads page which are fully compliant with data quality requirements. However, there are certain commercially available software or websites that offer return preparation facilities as well. In order […]
Posted inINCOME TAX
CBDT Releases ITR-1 Validation Rules For AY 2022-23
CBDT has released ITR-1 validation rules for Assessment Year 2022-23. This includes: 1.) List of category defect 2.) Category A rules 3.) Category D rules Purpose for Releasing ITR-1 Validation Rules The Income Tax Department has provided free return preparation software in downloads page which are fully compliant with data quality requirements. However, there are […]
Posted inICAI
Big Reason For Failure Of UDIN Validation
CA Mayur Sondagar has tweeted that: While Generating UDIN when you select “Particulars of Section/Form under which Report issued”, by default Assessment Year 2011-12 got selected in UDIN Portal. This is one of the reason for UDIN Validation Failure. This Assessment Year is not visible to person who have generated UDIN. If you want to […]
Posted inBUSINESS & ECONOMY
Issue and regulation of share capital and securities – State Co-operative Banks and District Central Co-operative Banks
The Chief Executive Officer All State and Central Co-operative Banks Madam / Dear Sir, Issue and regulation of share capital and securities – State Co-operative Banks and District Central Co-operative Banks The Banking Regulation (Amendment) Act, 2020 (No. 39 of 2020), notified in the Gazette of India on September 29, 2020 (vide Notification No. 64 […]
Posted inBUSINESS & ECONOMY
Approval of Shri Sharada Institute of Management Research Foudnation Trust for the purposes of section 35 of the Income tax Act, 1961
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th April, 2022 S.O. 1875(E).—In exercise of the powers conferred by clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with rules 5C and 5E of the Income-tax Rules, 1962, the Central […]
Posted inBUSINESS & ECONOMY
India’s Non-basmati rice exports grow by 109% since 2013-14 to USD 6115 million
Modi government’s policies are helping farmers in getting access to the global market and ensuring food security – Shri Piyush Goyal Export of non-basmati rice was the top forex earner across all agri -commodities in 2021-22 With the largest share of global rice trade, India continues to expand its rice exports footprint in Africa, Asia […]
Posted inMARKETS
Cryptocurrency is a big threat to the whole world, can be used in terror funding: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman met IMF Chief Kristalina Georgieva on Tuesday. During this, the impact of the war between Russia and Ukraine on the global economy was also discussed. In the meeting, the IMF Chief praised India’s strategy to accelerate the economy. He mentioned how the Indian economy has grown well even with limited resources […]
Posted inGST
No decision on rationalization of GST rates, group of ministers may meet in May
The report on rationalization of GST rates by the GoM is yet to be finalized and a decision in this regard will be taken in due course. According to sources, the Group of Ministers (GoM) of the states will consider these recommendations and finalize them. Later it will be sent to the GST Council headed […]
Posted inBUSINESS & ECONOMY
KVIC Breaks All Previous Records to Create Highest Ever Employment under PMEGP in FY 2021-22
It’s been a year full of historic feats for Khadi and Village Industries Commission (KVIC) in executing the flagship Prime Minister’s Employment Generation Program (PMEGP). With setting up of an unprecedented 1.03 lakh new manufacturing and service units and creation of over 8.25 lakh jobs, PMEGP has emerged as government’s most powerful tool of self-sustainability […]
Posted inGST
Will the 5% slab of GST be increased to 8% or not? got a hint of the government’s decision
The government has no plan to increase the 5 per cent slab of GST (Goods and Services Tax) to 8 per cent. News agency ANI says that this information has come to the fore by quoting sources. Government sources have categorically denied reports in some media that the Goods and Services Tax (GST) Council plans […]
Posted inBUSINESS & ECONOMY
Publication of Notification in the Gazette of India (Extra ordinary) Part II, Section 3, Sub Section (i) Regarding.
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 18th April, 2022 G.S.R. 300(E).—In exercise of the powers conferred by clause (a) of Section 9 of the Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act, 1988 (46 of 1988) and in supersession of the Notification of the Government of India, in […]
Posted inBUSINESS & ECONOMY
The Reserve Bank of India today released the April 2022 issue of its monthly Bulletin.
The Reserve Bank of India today released the April 2022 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement, 2022-23, Resolution of the Monetary Policy Committee (MPC) April 6-8, 2022, Monetary Policy Report – April 2022, two Speeches, six Articles and Current Statistics. The six articles are: I. State of the Economy; II. Measuring Supply […]
Posted inBUSINESS & ECONOMY
Finance Minister Smt. Nirmala Sitharaman meets IMF Managing Director Ms Kristalina Georgieva in Washington D.C.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman had a bilateral meeting with Ms Kristalina Georgieva, Managing Director, International Monetary Fund (IMF), on the sidelines of the International Monetary Fund-World Bank (IMF-WB) Spring Meetings in Washington D.C. today. Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman and Ms Kristalina Georgieva, Managing […]
Posted inBUSINESS & ECONOMY
Breaking: ED Attaches Assets Worth 757.77 Crore Of A Company Accused Of Running Multi-Level Marketing Scam
Enforcement Directorate (ED) has provisionally attached assets worth Rs.757.77 Crore belonging to M/s. Amway India Enterprises Private Limited, a company accused of running a multi-level marketing scam. The attached properties include land and factory building of Amway at Dindigul District, Tamil Nadu, Plant & Machineries, vehicles, bank accounts and fixed deposits. ED had provisionally attached […]
Posted inINCOME TAX
Failure To Submit Tax Residency Certificate (TRC) is Not A Bar To Grant Of Benefits Under DTAA: ITAT Ahmedabad
In the case of Skaps Industries India Pvt Ltd vs. ITO, ITAT Ahmedabad has held that: Section 90(4), in the absence of a non-obstante clause, cannot be read as a limitation to the treaty superiority under Section 90(2), we are of the considered view that an eligible assessee cannot be declined the treaty protection under […]
Posted inBUSINESS & ECONOMY
Government Notifies Sale Reissue Of Following Government Securities
Vide Notification Dated 18th April 2022 by the Ministry of Finance, the Central Government has notified sale reissue of government securities as mentioned in the notification. Government said in the notification that GoI will have the option to retain additional subscription up to 2,000 crore against each security mentioned above. The sale will be subject […]
Posted inBUSINESS & ECONOMY
Breaking: Government Notifies The Chartered Accountants, The Cost And Works Accountants And The Company Secretaries (Amendment) Act, 2022
On 18th April 2022, the Ministry of Law and Justice has notified The Chartered Accountants, The Cost And Works Accountants And The Company Secretaries (Amendment) Act, 2022. The act has been notified after receiving assent of the President of India. To Download the Copy of Act in PDF, Please Click Here
Posted inBank / Bank Audit
Don’t Act Like Raju And Don’t Become Victim Of Fraud: RBI
RBI has recently released a comic book namely “Raju & The Forty Thieves” to give message to people that don’t become victim of fraud. RBI has exposed modus operandi of financial fraudsters in this book. Raju is the character of these stories. One who comes easily to talk. Because of this he often has to […]
Posted inMARKETS
People Are Sharing Memes As Infosys’s Shares Down
Shares of India’s #Infosys plunged 9% Monday to an eight-month low after the company last week posted a less-than-expected quarterly profit of 56.86 billion rupees ($744.05 million) for the quarter ended March 31. On this news, many Twitter account-holders are sharing memes by tweeting. One of Twitter user mentioned by posting a meme that: People […]
Posted inINCOME TAX
Notification of National Bank for Financing Infrastructure and Development for the purposes of 10(48D) of the Income tax Act, 1961
MINISTRY OF OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th April, 2022 INCOME – TAX S.O. 1825(E).—In exercise of the powers conferred by clause (48D) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the National Bank for Financing Infrastructure and […]
Posted inINCOME TAX
Notification of National Bank for Financing Infrastructure and Development for the purposes of 10(48D) of the Income tax Act, 1961
MINISTRY OF OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th April, 2022 INCOME – TAX S.O. 1825(E).—In exercise of the powers conferred by clause (48D) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the National Bank for Financing Infrastructure and […]