The Reserve Bank of India (RBI) on Friday released the format for geo-tagging of payment system touch points to co-monitor the availability of payment accepting infrastructure. According to the news of PTI, Geo-tagging refers to marking the geographical location (latitude and longitude) of the payment touch point on the part of the shopkeeper to receive […]
Posted inBUSINESS & ECONOMY
25000 Home Buyers Got A Big Setback, Know What is The Whole Matter
Home buyers, who have booked their house with Delhi-NCR-based big realty company Supertech Limited, have suffered a major setback on Friday. In fact, the developer who has several big projects going on in Noida, Greater Noida, Ghaziabad and Gurugram has gone bankrupt on March 25. NCLT accepted the petition Let us tell you that Supertech […]
Posted inBank / Bank Audit
Bank Alert: Banks Will Be Closed For 4 Consecutive Days
Banks across the country will remain closed for the next four days from Saturday due to the strike of various employees union in protest against other government decisions including privatization of banks. Various employees’ unions have called for a two-day strike on March 28-29. At the same time, the banks will be closed on 26 […]
Posted inINCOME TAX
New Update On Income Tax E-filing Portal
Income Tax E-filing Portal has posted an update that: “Surrender Form 10AC” functionality for surrender of issued Form 10AC and refiling of Form 10A in same/different section codes has been enabled on the portal. Reportedly various forms are now available for filing on income tax e-filing portal. However there are some glitches in the portal […]
Posted inJUDGEMENT
ITAT Agra’s Landmark Judgement On ESI/ PF Disallowance
In various cases, ITAT Agra has held that: Having gone through the Orders of the Co-ordinate Bench of Tribunal allowing the delayed payment pertaining to employees contribution, Orders of the Co-ordinate Bench of Tribunal disallowing the delayed payment pertaining to employees contribution, Judgments of various Hon’ble Courts disallowing the delayed payment, Judgments of various Hon’ble […]
Posted inMARKETS
Ruchi Soya’s FPO Launched: Plan To Raise Rs 4300 Crore, Baba Ramdev Made This Big Claim
The FPO of Baba Ramdev’s company Ruchi Soya was launched on Thursday. Through this, the company plans to raise Rs 4,300 crore from the market. During this, Baba Ramdev said in a press conference that this is a big day for the Patanjali family. He said that in the next five years, Patanjali and Ruchi […]
Posted inINCOME TAX
Income Tax Raid Reveals: Funds Of Educational Trust Embezzled For Personal Benefit Of Promoters
The Income Tax Department, in its investigation, found that huge amounts of funds of an educational trust were embezzled for the personal benefit of its promoters. The group that owns this trust has many schools and colleges in the country and abroad. The Central Board of Direct Taxes (CBDT) on Thursday said that over 25 […]
Posted inICAI
Big Update: Indian Institute Of Accounting (IIA) To Compete With ICAI
Indian Institute of Accounting (IIA) has been proposed by parliamentary panel offering competition to ICAI. Students passing from IIAs will be given a license to practice (similar to CAs) and they will be called as Certified Professional Accountants (CPAs). Further details
Posted inEPFO
EPFO: Account Holders Should Do This Important Work By March 31
Big news for EPFO account holders. Actually, the Employees’ Provident Fund Organization has made the e-nomination process mandatory for its account holders. That is, from now on without e-nomination you cannot check the balance of your PF account. Along with this, if you do not complete this process, you will not be able to get other benefits related […]
Posted inINCOME TAX
Income Tax Raid: Cash Transactions Of 3000 Crores Detected, CBDT Gave A Big Statement
The Income Tax department’s action against real estate conglomerate Omaxe on March 14 has now reportedly exposed unaccounted cash transactions of over Rs 3000 crore with customers. Income Tax officials shared this information on Tuesday. It is worth noting that Omaxe is one of the leading real estate developers in Delhi and NCR. The Central […]
Posted inBUSINESS & ECONOMY
India Ranked 51st in Terms Of Increasing House Prices
India has reached the 51st position among the countries of the world in terms of annual increase in house prices. In the October-December quarter of 2021-22, house prices in the country have increased by 2.1 per cent. India has jumped five rankings to the 51st position in the global list of housing prices in the […]
Posted inBUSINESS & ECONOMY
Breaking: India Creates Record By Exporting Worth $400 Billion
Prime Minister Narendra Modi on Wednesday said that exports have not only grown by 37 per cent from last year but are the highest ever. The country had set an ambitious target of exports of $400 billion, which has been achieved nine days before the end of March 31. In the next nine days, the […]
Posted inBUSINESS & ECONOMY
Shock To Common Man: Petrol And Diesel Prices Started Rising
Petrol and diesel prices have increased by Rs 1.60 in the last two days amid a rise in crude oil. The prices of LPG cylinders (LPG) have also increased. Officials of retail fuel selling companies say that the prices of petrol, diesel and LPG will increase further in the coming time. As a result, there […]
Posted inGST
Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19
Vide Instruction No. 02/2022- GST, Dated 22nd March 2022, CBIC has issued SOP for scrutiny of returns for F.Y. 2017-18 and F.Y. 2018-19. Let us tell you that Section 61 of the CGST Act and Rule 99 of the CGST Rules are dealing with scrutiny of returns. Section 61 of CGST Act (1) The proper […]
Posted inMARKETS
New Update On LIC IPO You Must Know
Big news has come out about the IPO of the country’s largest insurance company LIC. Recent, widely discussed reports suggested that the biggest IPO of all time could be postponed amid the turmoil in the markets due to the Russo-Ukraine war. Now according to a report, DRHP has been submitted afresh with SEBI regarding IPO […]
Posted inBUSINESS & ECONOMY
Economy is in Better Shape, We Are Ready To Deal With Any Challenge: RBI Governor
Reserve Bank of India Governor Shaktikanta Das on Monday said the country’s economy is in a better shape despite the challenges posed by the Russia-Ukraine war and the RBI will ensure sufficient liquidity to support the economy. He said that the challenges that remain for the world at this point of time are the rise […]
Posted inBUSINESS & ECONOMY
Indian Startups Are Changing The Way Of Work Around The World
NITI Aayog CEO Amitabh Kant on Monday said Indian startups are transforming the way the world operates. Women entrepreneurship is the main vehicle for a more equal society. Speaking at the Women’s Organization (FLO) event of industry body FICCI, Kant said that there are currently more than 61,000 startups and 81 unicorns (startups with a […]
Posted inBUSINESS & ECONOMY
Petrol And Diesel Prices Increased After Four Months
The price of petrol and diesel in the country has increased after four months. Diesel prices have increased by 76 to 86 paise since Tuesday morning. So there has been an increase of 76 to 84 paise in petrol prices. In Delhi, a liter of petrol will cost Rs 96.21 per liter while diesel will […]
Posted inBUSINESS & ECONOMY
LPG Prices Increased After Increase in Price Of Petrol Diesel
Tuesday morning was a shock to the common people. After the increase in the prices of petrol and diesel by 80 paise by the government, the prices of LPG have also been increased by Rs 50. That is, for 14.2 kg cylinder, Rs 949.50 will have to be paid.
Posted inGST
Membership Fees Collected By Club From Members Attracts GST: AAR Maharashtra
In the case of M/s The Poona Club Limited, AAR Maharashtra has held that: Membership fees, annual subscription fees and annual game fees collected by club from its members attracts GST. To Download the Order, Please Click Here
Posted inINCOME TAX
Big Action: Income Tax Department Raids Unicorn Group, Undisclosed Income Of Rs 224 Crore Unearthed
The Central Board of Direct Taxes (CBDT) on Sunday said that the Income Tax Department has detected undisclosed income of around Rs 224 crore after the recent raids on unicorn start-up group based in Pune and Thane in Maharashtra. On March 9, searches were conducted at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh […]
Posted inBUSINESS & ECONOMY
Startups Will Be Able To Convert Debt Into Equity For 10 Years
The government has extended the time limit for startups to convert debt investments in the company into equity to 10 years. This decision will help the budding entrepreneurs to come out from the effects of the pandemic. The startup ecosystem will also become stronger. Till now convertible notes were allowed to be converted into equity […]
Posted inMARKETS
Alert: Government is Preparing To Bring Cryptocurrencies Under GST
Now cryptocurrencies can also be brought under the purview of GST. The government is working on classifying cryptocurrencies as goods or services under the GST law to tax the entire value of transactions. At present, only services provided by crypto exchanges attract 18 per cent GST and are classified as financial services. GST officials say […]
Posted inBUSINESS & ECONOMY
Alert: Complete These 5 Tasks By 31st March
Aadhaar-PAN Linking: The last date for linking Aadhaar and PAN number is 31 March 2022. If you have not done so yet, then you can link Aadhaar and PAN before March 31. Failure to do so will render the PAN number invalid. Belated ITR: In view of the pandemic, the last date for filing Income […]
Posted inINCOME TAX
CBDT Condones Delay in Filing Form 10-IC For AY 2020-21 Subject To Some Conditions
Vide Circular No. 6/2022 Dated 17th March 2022, the CBDT has condoned delay in filing Form 10-IC subject to some conditions. It is said in the Circular that: The delay in filing of Form 10-IC as per Rule 21AE of the Rules for the previous year relevant to A.Y. 2020-21 is condoned in cases where […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine War: American Think Tank Warns, War Will Push More Than 40 Million People into Extreme Poverty
The fierce war between Russia and Ukraine has been going on for the last 24 days. The direct impact of this conflict is visible on the countries of the world. Food and energy prices are seeing an upward trend. Meanwhile, an American think tank has issued a warning of increasing poverty. The think tank has […]
Posted inINCOME TAX
Highest Tax Collection in The History Of Income Tax Department
A big news has come from the Income Tax Department. In fact, the department has made the highest ever income tax collection in the current financial year. This information has been shared by the Central Board of Direct Taxes. CBDT Chairman JB Mohapatra said that there has been a growth of 48 per cent in […]
Posted inINDIA
Piyush Goyal Said This Big Thing About Film ‘Kashmir Files’
Union Minister Piyush Goyal on Saturday addressed the fifth edition of the annual Launchpad-Entrepreneurship Summit. Speaking on the occasion, he said that today many countries are learning from India. I am told that many of our young boys and girls contribute greatly to the IT ecosystem, whether in India or located in other parts of […]
Posted inMARKETS
Four Percent Growth in Stock Market This Week
In the week ended March 17, there was a significant rise in the stock market. This week was shorter as compared to other weeks due to holiday on Holi festival. According to the report, a jump of four per cent has been registered in the market. It said that 60 small caps have registered a […]
Posted inINCOME TAX
CBDT Allows Manual Filing Of Income Tax Form 3CF For Limited Period
Vide Circular No. 5/2022, Dated 16th March 2022, the CBDT has provided relaxation from the requirement of electronic filing of application in Form No. 3CF for seeking approval under section 35(1)(ii)/(iia)/(iii) of the Income-tax Act, 1961. The relaxation has been provided due to non-availability of form on income tax e-filing portal. To Download the Circular, […]