In what Hyderabad-based Bharat Biotech claims is the largest efficacy trial in India across 25 trial sites, the company claims its Covid-19 vaccine Covaxin is 65 per cent effective against the Delta variant. In a pre-print paper that is yet to be peer-reviewed, the company claimed that the vaccine is also 63 per cent effective […]
Posted inINCOME TAX
CBDT Issues Guidelines on Partnership Firm Taxation Under Section 45(4) & 9B of the Income Tax Act [Read Circular]
CBDT, on 2nd July 2021, issues guidelines on Partnership Firm taxation u/s 45(4) and 9B of the Income Tax Act. The guidelines have come after insertion of Section 9B in the Income Tax Act vide Finance Act 2021. The Circular can be accessed by Clicking Here
Posted inINCOME TAX
Important Update on Uploading of Form 15CA and 15CB on New Income Tax E-filing Portal
Both Form 15CA and 15 CB are fully available and functional. However, as compared to EF1.0 the process has changed. In EF1.0 CA would separately upload 15CB. In EF2.0 it is an integrated workflow. Taxpayer files 15CA and assigns to CA. The CA will then see in his worklist as 15CB pending with prefilled data. […]
Posted inINDIA
Airtel Black Launched. All in One Service
Airtel today announced the launch of Airtel Black – India’s first all-in-one solution for homes. Airtel Black combines multiple Airtel services into one single service. These services include Airtel’s Fiber, DTH, and mobile offerings. “In today’s world, the customer’s home has become the single place for both work life and personal life. So the need […]
Posted inINDIA
Yami Gautam Summoned by ED in Money Laundering Case
Actress Yami Gautam has been summoned by the Enforcement Directorate (ED) today (July 2). The Vicky Donor actress has been called for questioning by the ED in an alleged violation of the Foreign Exchange Management Act (FEMA). Yami Gautam, who recently tied the knot with filmmaker Aditya Dhar, is under the ED scanner. The actress […]
Posted inMAGAZINES
Here is How Much Money You Can Send Abroad from India
The Foreign Exchange Management Act, 1999 defines the statutory context for the management of foreign exchange transactions in India. Under the Foreign Exchange Management Act (FEMA), 1999, all transactions encompassing foreign exchange are categorised as either capital or current account transactions. All residents, including minors, are entitled to remit up to USD 2,50,000 each financial […]
Posted inMAGAZINES
No Test Required at RTO to Get Driving Licence. All You Need to Know
Driving license applicants will now be able to obtain the document in an easier way, without going through the tedious process via regional transport offices (RTOs). An amended rule by the Union ministry of road transport and highways came into effect on Thursday allowing candidates to get a driving license without taking driving tests. The […]
Posted inMAGAZINES
In First Reaction to Choksi’s India-Dominica Plot, Island PM Says ‘That’s Absurd, Total Nonsense’
Fugitive businessman Mehul Choksi’s claims that he was brought to the island as part of a plot between Dominica, India and Antigua and Barbuda were rejected by Dominican Prime Minister Roosevelt Skerrit on Thursday. The PM Skerrit called such allegations ‘total nonsense’. According to a report in Hindustan Times, this is the first time PM […]
Posted inICAI
ICAI Modifies Details Regarding Opt Out Option being Provided to Students [See Details]
On 1st July 2021, ICAI tweeted about important announcement regarding ICAI Chartered Accountancy Examination – July 2021 – Modification in Details regarding Opt Out option being provided to Candidates. Picture attached with all details:
Posted inINDIA
Your Annual Increments, Incentives may soon Depend on Your Vaccination Status
Soon, your annual increments, incentives and commissions may depend on your vaccination status as a number of companies are planning to link these payouts to the employee’s Covid-19 jabs, the Economic Times mentioned in a report citing employment lawyers. Worth mentioning here is that companies are increasingly nudging employees to get vaccinated so that they […]
Posted inTC
India Made Covishield Vaccine Gets ‘Green Pass’ in Switzerland, 7 Other EU Nations
Amidst multiple setbacks from European drug regulators, Covishield vaccine, in a significant boost, has been accepted by Switzerland drug regulator along with seven other European countries. According to sources quoted by news agency ANI, apart from Switzerland, the other countries which have approved Covishield include Austria, Germany, Slovenia, Greece, Iceland, Ireland, and Spain among others. […]
Posted inICAI
ICAI Waives Off Course Fees of Students Who Lost Any of Their Parents Due to COVID
On its 73rd Foundation Day, today on 1st July 2021, The Institute of Chartered Accountants of India waives course fees of those Foundation, Intermediate and Final CA students who lost any of their parents due to Covid19. Detailed notification will be issued regarding this. Source: ICAI’s Official Twitter Handle.
Posted inMAGAZINES
Mandatory Requirement of QR Code for B2C Supplies Further Extended
CBIC vide Notification No. 28/2021- Central Tax dated June 30, 2021 has suppressed Notification No. 89/2020 – Central Tax dated November 29, 2020 to waive the penalty leviable under Section 125 of the Central Goods and Services Tax Act, 2017 (“CGST Act”) (i.e. general penalty) for non-compliance of provisions of Notification No. 14/2020–Central Tax dated March 21, […]
Posted inMAGAZINES
Last Date for Updation/ Modification of Import Export Code (IEC) Further Extended
In continuation to the DGFT notification No. 58, dated 12.02.2021, it is to inform that last date for modification/ updation of IEC has been extended up to 31.07.2021. Source: DGFT Website
Posted inMAGAZINES
‘Chartered Accountants have a Vital Role in India’s Progress’: PM Modi
On the occasion of Chartered Accountants’ Day on Thursday, Prime Minister Narendra Modi greeted the community and said it has a vital role in India’s progress. “Greetings to all Chartered Accountants on CA Day. This community has a vital role in India’s progress. I call upon all CAs to keep the focus on excellence so […]
Posted inMAGAZINES
Andhra Pradesh Government Unveils New IT Policy for 2021-24
The Andhra Pradesh government on Wednesday came out with the new ‘AP Information Technology Policy 2021-24’ that is expected to generate more than 55,000 jobs over the next three years. For this purpose, a robust and holistic business environment would be created and the IT, Electronics and Communications Department would be transformed into a revenue […]
Posted inBUSINESS & ECONOMY
World Bank Approves Rs 3717 Crore Loan to Support India’s Informal Working Class amid COVID Pandemic
World Bank on Wednesday said it has approved a $500 million (about Rs 3,717.28 crore) loan programme to support India’s informal working class to overcome the current pandemic distress. The loan will create greater flexibility for states to cope with the ongoing pandemic, future climate and disaster shocks, World Bank said in a statement. Of […]
Posted inGST
CBIC to Honour the Taxpayers Contributing to the GST Success Story
GST is a historic tax reform introduced on the 1st of July 2017. Over the years there has been a reduction in the tax rates, simplification of procedures and a growing economy has also led to an exponential increase in the tax base. GST revenues have steadily grown and have been above the 1 lakh […]
Posted inICAI
Supreme Court to ICAI: You have to Respect Student’s Option
As ICAI exams’ matter is in Supreme Court, the SC directs ICAI today that “We are of the concerned opinion that the option will be with the candidate and you have to respect that option. If you are changing according to your preferences, you cannot force the candidate to follow.” SC also said that “In […]
Posted inMAGAZINES
SEBI Tightens Rules for Independent Directors
The Securities and Exchange Board of India (Sebi) on Tuesday tightened the rules regarding independent directors to improve corporate governance and check the influence of promoters in listed companies. At its board meeting, the market regulator also took a slew of other crucial decisions to reduce the subscription size in REITs and InvITs apart from […]
Posted inMAGAZINES
NITI Moots 100% Income Tax Exemption for Donations to Not-for-Profit Hospitals
Government think tank Niti Aayog has suggested 100 per cent income tax exemption for donations and provision of working capital loans with lower interest rates for not-for-profit hospitals to strengthen healthcare services in India. In a report titled ‘Not-for-Profit Hospital Model in India’, the Aayog also pitched for involving high performing hospitals in public private partnership (PPP) models for managing primary […]
Posted inMAGAZINES
Bharti Group to Invest $500 Million to be OneWeb’s Largest Shareholder
Bharti Group on Tuesday said it would invest $500 million to become the largest shareholder in the satellite communications company OneWeb, which Bharti Group, along with the British government, rescued from bankruptcy last year. “OneWeb has completed its transformation with the exercise of a call option by Bharti to invest an additional $500 m into the company,” […]
Posted inMAGAZINES
Income Tax Department Furnishes ‘Contradictory’ Response to RTI on Political Parties’ Income Tax Returns
Income Tax Department has clarified, in response to an RTI query, that its Central Public Information Officer does not maintain information about political parties’ income tax returns. The tax department, however, did feel the need to go the extra mile and establish that it is not obligated to share this information – which by her own […]
Posted inINCOME TAX
Have You Shown Fake Income in Income Tax Return? This Practice might Lands You in Tax Trouble
A recent ruling by the Hyderabad ITAT wherein fake agricultural income shown by a student in income tax return to grab education loan was taxed by the Assessing Officer. This is an alarming ruling for those who are showing fake income in income tax return in order to get Bank CC/ loan etc. To Download […]
Posted inGST
GSTN to Organise Webinar on New Functionalities Related to Registration and Returns Deployed on GST Portal
GSTN has implemented new functionalities on the GST Portal for the convenience of persons applying for registration and certain other functionalities for the existing taxpayers. These changes are mostly in areas of Registration and Returns. For creating awareness amongst new applicants and the existing taxpayers, GSTN is holding a webinar, as per details given below: […]
Posted inGST
GSTN Introduced Facility to Check Misuse of PAN in GST Registration
To address the complaint related to misuse of PAN for obtaining GST registration, a functionality to register such complaints on GST Portal has been introduced. It will check the misuses, control the frauds and help officers in enquiry and cancellation of such registration. Once complaint is registered, it will be sent to the concerned jurisdictional […]
Posted inMAGAZINES
Income Tax Return Due Dates for TDS, Form 16, Vivad se Vishwas Scheme Extended. Details Here
In the view of the second wave of the novel coronavirus pandemic in the country, the Union government has recently announced various income tax reliefs for the common man. From more time to file Tax Deducted At Source (TDS) to income tax relief for Covid-19 treatment, a host of measures have been provided. Take a look at latest […]
Posted inMAGAZINES
AAR Gujarat’s Judgement on Classification of Water Sold in Non-Sealed Container
Case: Aqua Care (Surat) RO Technologies Pvt Ltd. Dated: 24.07.2019 [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Query: Classification of water sold in non-sealed container. To Download the Judgement, Please Click Here [/ihc-hide-content]
Posted inBUSINESS & ECONOMY, MAGAZINES
Economic Relief Package Announced by the Finance Minister in the Wake of COVID-19
Union Finance Minister Smt. Nirmala Sitharaman, on 28th June 2021, announced an economic relief package in the wake of COVID-19 Pandemic. Following major sectors are included in the relief package: 1.) Health Sector 2.) Tourism Sector 3.) Finance Sector 4.) Employment Sector etc. To Download the PDF containing complete details of the relief package
Posted inMAGAZINES
PAN-Aadhaar Linking Deadline Extended: You Should Do This Soon to Get Income Tax Benefits
The Union government has announced various income tax relief measures including the extension of linking Permanent Account Number (PAN) and Aadhaar. Now, individuals have time till September 30 to link their PAN and Aadhaar card. The earlier deadline was June 30. “Last date of linkage of Aadhaar with PAN under section 139AA of the Act, […]