The government is tightening the screws on taxpayers who are reporting turnover in GSTR-1 but not paying tax through GSTR-3B or claiming more input tax credit as available in GSTR-2A/ 2B. In this series, the government has now incorporated the facility in GST portal to view individual month difference and cumulative difference in output tax […]
Posted inBudget 2022
Budget 2022: Taxpayers Pay Attention. Know How Much Exemption Available in Income Tax
When the budget will be presented on February 1, there will be many important milestones in the budget speech, where every citizen of the country will try to understand what was the matter of work for him. But, the most important is personal tax. This section gets the most attention. Especially the salaried class keeps […]
Posted inBudget 2022
Budget 2022: Necessary To Make Investment in Pharma Sector More Attractive
Every sector has many expectations from the Union Budget. A pre-Budget survey shows a growing demand for making investments in the pharmaceutical industry more attractive. According to the Grant Thornton India Survey, most of the people surveyed said that the government should increase spending in the PLI scheme with a focus on bio-pharmaceuticals and medical […]
Posted inGST
Revocation of cancellation of GST registration
The Goods and Service Tax Act 2017 is a comprehensive act that covers procedures and provisions for every taxpayer’s situation. Revocation of cancellation of registration is possible if the GST Authorities cancel the GST registration for various reasons. The GST officials or authorities can cancel the GST registration certificate of any taxpayer for reasons as mentioned in the Act through […]
Posted inBudget 2022
Budget 2022: Budget Should Be Focused On Boosting Consumption, Tax Exemption And Cheap Fuel Prices
Only a few days are left for the presentation of the budget 2022. From common man to industries, all have high hopes from the Finance Minister. However, in the report of rating agency India Ratings, the government has also told the need to make some special provisions in the budget. According to the news of […]
Posted inBUSINESS & ECONOMY
Alert For Those Who Have Accounts in More Than One Bank. You May Have Face These Troubles
Is it right for you to have multiple bank accounts? In today’s time, most of the people have accounts in many banks. Many times due to change of jobs, people also have many bank accounts, which they do not even consider it necessary to close them. it is not wise to keep your account in […]
Posted inINCOME TAX
CBDT Notifies Annexure For Audit Report To Be Filed By Sovereign Wealth Fund
Vide Notification No. 11/2022, Dated 25th January 2022, the CBDT has notified Annexure for Audit report to be filed by the Sovereign Wealth Fund claiming exemption under clause (23FE) of section 10 of the Income-tax Act, 1961. For this purpose, Annexure notified vide Notification No. 89/2020, Dated 2nd November 2020 has been substituted with the […]
Posted inBUSINESS & ECONOMY
Breaking: Government Notifies Amalgamation Of PMC Bank And Unity Small Finance Bank
RBI Press Release (Vide Press Release ID: 2021-2022/1616) The Government of India has today (25th January 2022) sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation will come into force with effect from the date of the […]
Posted inINCOME TAX
Breaking: Want To Get Quick Resolution From Income Tax Department? Read This Article
The Income Tax Department has notified email format for sharing queries with help-desk emails. Two new emails namely ITR.helpdesk@incometax.gov.in (for ITR-1 to ITR-7) and TAR.helpdesk@incometax.gov.in (for 3CA-3CD, 3CB-3CD) have been launched. The taxpayers are requested to share the relevant details at these emails. This advisory is mentioned at the Income Tax Portal. Email Format for […]
Posted inINCOME TAX
Income Tax: FAQs On Form 10IB & 10ID and Form 10IC
FAQs On Form 10IB & 10ID FAQ 1: While filing Form 10-IB, the Basic details of the Company were not auto-populated correctly from “My Profile”. What should I do? Ans: You should delete the ‘Draft’ Form 10-IB which is already saved in “File Income-tax Forms” and start the fresh filing of the Form. FAQ 2: […]
Posted inINCOME TAX
CBDT Issues FAQs On Income Tax Appeal Form (Form 35)
FAQs on Form 35 FAQ 1: While submitting Form 35, the page displays the error “Appeal fees paid should be either of Rupees 250, 500 or 1000 as the case may be” while entering the appeal fees challan details. What should I do? Ans: Open the 4th panel, i.e., “Appeal details” Please ensure that the […]
Posted inINCOME TAX
Income Tax: FAQs On Form 10BA and Form 67
FAQs On Form 10BA FAQ 1: While submitting Form 10BA, the page displays the error: “Error: Please enter valid values”. What should I do? Ans: In case you are facing such issue while submitting the form, ensure that steps mentioned for updating profile are completed. Additionally, delete the old draft of the form by clicking […]
Posted inINCOME TAX
Income Tax: FAQs On Form 10IE
FAQ 1: Is Form 10-IE mandatory to file? Ans: Yes, it is mandatory to file Form 10-IE only in case, you want to opt for new tax regime and have Income under the Head “Profits and Gains of Business and Profession.” FAQ 2: What will happen if Form 10-IE is applicable to me and I […]
Posted inINCOME TAX
Income Tax: FAQs On Form 10DA and Form 10E
FAQs on Form 10DA FAQ 1: I am unable to submit form 10DA as the following error message appears ‘Submission failed’. How should I proceed? Ans: You should withdraw/delete old form which is already saved in “File Income-tax Forms” and start the fresh filing of the Form. Ensure that all fields including address fields are […]
Posted inINCOME TAX
Income Tax: FAQs On Form 29B
FAQ 1: I am not able to upload the Form 29B. How can I file and submit Form 29B? Ans: Form 29B is available on the e-Filing portal. Form 29B is required to be assigned by Taxpayer to their Chartered Accountant (CA). You can assign the Form after initiating the Form through file Form functionality […]
Posted inINCOME TAX
Income Tax: FAQs On Form 10B
FAQ 1: I am trying to file and submit Form 10B. However, upon submission, the page displays the following error “INVALID FORMAT FOR ARN”. What should I do? Ans: Before filing Form 10B, please update your profile from the “My Profile” section and ensure that all mandatory fields (Mobile Number with country code, Email and […]
Posted inINCOME TAX
Income Tax: FAQs On Form 3CA-CB/ Form 3CB-CD
FAQ 1: While submitting Form 3CB-3CD, “Unique Document Identification Number (UDIN)” page is displayed. Though we have duly taken UDIN before uploading the tax audit report, I am not able to add the UDIN details. Should I select “I do not have UDIN / I will update later” instead? Ans: This feature is presently not […]
Posted inBUSINESS & ECONOMY
Want To Change Surname in PAN Card After Marriage? Know Complete Process Here
It is very important to have a PAN card with you for any work related to finance. After a female PAN card holder gets married, she will need to get the surname changed in her card. In such a situation, we are telling you today that if you also want to change the surname in […]
Posted inBUSINESS & ECONOMY
LIC Credit Card: Many Benefits Including Double Reward Points And Discounts
Life Insurance Corporation of India (LIC) has brought a special credit card facility for its policyholders and agents. If you have invested in any policy of LIC, then you can apply for LIC credit card sitting at home. For this, LIC has tied up with IDBI Bank. Let us inform that recently LIC CSL has […]
Posted inBUSINESS & ECONOMY
Assam Government To Confer Highest Civilian Award Of State “Asom Baibhav” To Ratan Tata
Assam Government will confer the highest civilian award of the state, ‘Asom Baibhav’ to industrialist Ratan Tata on January 24th in Guwahati. Assam Governor Prof. Jagdish Mukhi, Chief Minister Dr Himanta Biswa Sarma will present at the ceremony. Assam Government will confer the highest civilian award of the state, 'Asom Baibhav' to industrialist Ratan Tata […]
Posted inTECH
Buy Laptop, Camera, Smartwatch And Other Gadgets At Huge Discount. Check Details Here
Ecommerce site Flipkart has started its Grand Gadget Days Sale. In this sale, huge discounts are being given on many items ranging from electronic items, such as smartphones, smartwatches and cameras. The company has made this sale live, in which discounts of up to 80 percent (80 percent discount) are being given on many items. Today we will […]
Posted inBUSINESS & ECONOMY
CAIT Survey Reveals That 96 Percent Traders Of Delhi Are Demanding To Open Market Daily
Most of the traders of Delhi have demanded to open the market everyday. This has been revealed in the survey of CAIT (Confederation of All India Traders). In fact, CAIT conducted a survey among traders on the decision to continue the COVID restrictions in the capital. In this, 96 percent traders demanded to open the market […]
Posted inJUDGEMENT
Breaking: Income Tax Notices Issued Against Deceased Person Are Null And Void- Delhi High Court
In the case of Dharamraj vs. Income Tax Officer, the Delhi High Court has held that: 10.) In the present case also, as the notice under Section 148 of the Act was issued against a dead person, the same is null and void and all consequent proceedings/orders, including the assessment order and the subsequent notices, […]
Posted inBUSINESS & ECONOMY
Supreme Court Directions For Compensation To Persons Died Of COVID-19
The Supreme Court’s directions for compensation to persons who died of COVID-19. The directions are summarized as under: 1.) The next of kin of the deceased who died due to Covid-19 shall be paid ex-gratia assistance of an amount of Rs. 50,000. 2.) That this compensation shall be disbursed by the District Disaster Management Authority/ […]
Posted inBudget 2022
Thinking Of Buying Bike- Scooty? Know This Important News Before Budget 2022-23
The budget of the country (Budget 2022) is about to come. Every small and big businessman expects relief for himself from the government in the budget. People suffering from Corona’s beating want convenience and concessions in the budget. The two-wheeler industry is also waiting for something similar. That is to say, if the central government […]
Posted inGST
Officer Arrested For Taking Rs. 50000 Bribe For GST Certificate
The Vigilance Bureau has arrested Deputy Excise and Taxation Commissioner i.e. DETC Raja Ram Nain, posted in Bahadurgarh, red-handed while taking a bribe of 50 thousand rupees. DETC Raja Ram Nain had demanded a bribe from a person named Shankar Lal, a resident of Gurugram, in exchange for issuance of GST certificate . Vigilance Bureau […]
Posted inBUSINESS & ECONOMY
Delhi: 5% Rebate On Loan Interest Taken For Electric Vehicle (EV)
If you live in Delhi and are going to buy electric vehicles, then there is good news for you. If you take a loan to buy an electric vehicle here, then you will get a rebate of 5 percent in interest. According to the news of news agency IANS, the Delhi government on Wednesday signed […]
Posted inBUSINESS & ECONOMY
NEFT/ RTGS Facility Of This Bank Will Not Be Available From January 21 To 24. Know Details Here
There is important news for the customers of Bank of India (BOI). The bank has warned that from the night of January 21 to the morning of January 24, the customers will not be able to use the NEFT and RTGS platforms to transfer funds. However, the bank has also made it clear that many […]
Posted inICAI
ICAI Removes Names of Chartered Accountants For Professional Misconduct
Vide Notifications Dated 20th January 2022, the ICAI has removed names of Chartered Accountants (CAs) from the membership register. ICAI has also levied penalty on said CAs. The ICAI has taken action in terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered […]
Posted inBUSINESS & ECONOMY
Breaking: Government Extends Validity Of Existing MSME Registration
Government amends the guidelines for registration of existing enterprise under MSME Ministry Notification dated June 26, 2020; States that the existing enterprises (MSMEs) registered prior to June 30, 2020, shall continue to be valid for a period up to March 31, 2022 (earlier, March 31, 2021): Ministry of MSMEs Vide Notification dated June 26, 2020, […]