We are delighted to share our 79th E-Newsletter “Weekly Taxation Newsletter” dated 21st June, 2022 from 13st June, 2022 to 20th June, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, International Taxation etc.
Due Dates under IT Act 1961
|Sl.||Compliance Particulars||Due Dates|
|1||Due date for e-filing of a statement (in Form No. 3CEK) by an eligible investment fund under section 9A in respect of its activities in financial year 2021-22||29.06.2022|
|2.||Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of May, 2022 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of May, 2022 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of May, 2022||30.06.2022|
|3||Return in respect of securities transaction tax for the FY 2021-22||30.06.2022|
|4||Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending 31.03.2022||30.06.2022|
|5||Statement to be furnished (in Form No. 64C) by Alternative Investment Fund (AIF) to units holders in respect of income distributed during the previous year 2021-22||30.06.2022|
|6||Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2021-22. This statement is required to be furnished to the unit holders in form No. 64B||30.06.2022|
|7||Furnishing of Equalisation Levy statement for the Financial Year 2021- 22||30.06.2022|
|8||Report by an approved institution/public sector company under section 35AC(4)/(5) for the year ending March 31, 2022||30.06.2022|
|9||Return in respect of securities transaction tax for the financial year 2021- 22.||30.06.2022|
Under the GST, 2017
Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
|Tax period||Due Date||Particulars|
|May, 2022||20th June, 2022||Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year. Due Date for filling GSTR – 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.|
B. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
|Tax period||Due Date||Particulars|
|May, 2022||22nd June, 2022||Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B|
|Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep|
(C) Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
|Tax period||Due Date||Particulars|
|May, 2022||24th June, 2022||Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing|
|Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi|
B. GSTR – 3B -Tax Liability Payment:
|Compliance Particular||Due Date|
|Due Date for Payment of Tax Liability for the taxpayer with Aggregate turnover up to INR 5 crores during previous year and who has opted for Quarterly filing of return under QRMP.||25.06.2022|
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
|Form No.||Compliance Particulars||Timeline||Due Date|
|GSTR-5 & 5A||Non-resident ODIAR services provider file Monthly GST Return||20th of succeeding month||20.06.2022|
Attention: Attention: Taxpayers with AATO in excess of Rs 20 Crore are also required to generate e-invoice for their outward supplies w.e.f. 1st April, 2022
Weekly Departmental Updates: Income Tax
1. Income Tax Department Notifies Guidelines on New TDS Rule’s Applicability: Know Here
The Central Board of Direct Taxes under the Income Tax department has notified fresh guidelines in connection with the applicability of a new TDS provision related to receiving benefits in a business or profession. The tax board said that these perquisites may either be in cash, in kind or partly in both of these two means. Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961, which was notified during the Budget speech of finance minister Nirmala Sitharaman earlier this year.
The CBDT also said that the taxpayer is not required to check whether the amount of benefit or perquisite that he is providing would be taxable in the hands of the recipient under clause
(iv) of section 28 of the Finance Act 2022. “There is no further requirement to check whether the amount is taxable in the hands of the recipient or under which section it is taxable,” the notice also said.
The guidelines also mentioned that Section 194R shall apply to seller giving incentives, apart from rebates or discounts, which include items in cash or kind. Some of these are car, TV, computers, gold coin, mobile phones, sponsored trips to family, free tickets and free medical samples.
The CBDT further said that the Section 194R will be applicable on distribution of free samples to by a company to a doctor who is an employee of a hospital. The tax will be deducted by the company in the hands of hospital as the benefit/perquisite is provided to the doctor on account of him being the employee of the hospital. “The hospital may subsequently treat this benefit/perquisite as the perquisite given to its employees (if the person who used it is his employee) under section 17 of the Act and deduct tax under section 192 of the Act. In such a case it would be first taxable in the hands of the hospital and then allowed as deduction as salary expenditure. Thus, ultimately the amount would get taxed in the hands of the employee and not in the hands of the hospital,” said the CBDT. To read more Click Here
2. CBDT: Net direct tax collections rose by 45% to over ₹3.39 lakh Cr by mid-June
The Central Board of Direct Taxes (CBDT) has disclosed that net collections for the fiscal Year 2022-23, as of 16.06.2022, are at Rs.3,39,225 crore, up from Rs.2,33,651 crore in the previous year’s same period, showing a 45 per cent rise over the previous year’s collections.
CBDT has said that “The net collection (as on 16.06.2022) in F.Y. 2022-23 has registered a growth of 171% over the corresponding period of F.Y. 2020-21 when the net collection was Rs. 1,25,065 crore, and a growth of 103% over the corresponding period of F.Y. 2019-20 when the net collection was Rs. 1,67,432 crore.” According to the CBDT, the net direct tax collection of Rs. 3,39,225 crore (as of 16.06.2022) includes Corporation Tax (CIT) of Rs. 1,70,583 crore and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) of Rs. 1,67,960 crore.”
The gross collection of direct taxes for the fiscal year 2022-23 is Rs. 3,69,559 crore, up from Rs. 2,64,382 crore in the previous year’s same period, reflecting a 40% YoY growth. As per CBDT, this includes Corporation Tax (CIT) at Rs. 1,90,651 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,78,215 crore. Minor head wise collection comprises Advance Tax of Rs. 1,01,017 crore, Tax Deducted at Source of Rs.2,29,676 crore, Self-Assessment Tax of Rs. 21,849 crore, Regular Assessment Tax of Rs. 10,773 crore, Tax on Distributed Profits of Rs. 5,529 crore and Tax under other minor heads of Rs. 715 crore.
- To read more Click Here
3. I-T dept issues revised instruction on action against officers for high- pitched assessments
The income tax department on Thursday said it has issued revised instruction, which provides for initiation of suitable administrative action against the officer concerned, in cases of high- pitched assessments. In 2015, the Central Board of Direct Taxes (CBDT) had provided for the constitution of ‘local committees to deal with taxpayer grievances from high-pitched scrutiny assessment’ in each principal commissionerate region.
In a statement on Thursday, the CBDT said in line with the tax department’s policy and commitment towards providing enhanced taxpayers’ services and reduce taxpayers’ grievances, on April 23, 2022, it has issued revised instruction for constitution and functioning of local committees to deal with taxpayers’ grievances arising out of high-pitched scrutiny assessment.
The local committees to deal with taxpayer grievances from high-pitched scrutiny assessment shall consist of 3 members of principal commissioner rank. The other members may be selected from the pool of officers posted as principal commissioner I-T, principle CIT (Central) or Judicial or audit of the respective region.
Grievances under faceless assessment regime would be received by email and the local committee would examine to ascertain whether there is a prima-facie case of high- pitched
assessment, non-observance of principles of natural justice, non-application of mind or gross negligence of assessing officer/assessment unit.
- To read more Click Here
4. Number of income tax returns rising: CBDT Chairman
Panaji: The number of income tax returns has increased in FY22 over the previous fiscal, Central Board of Direct Taxes Chairman Sangeeta Singh said on Saturday. Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth.
The Board is witnessing an increase in tax collection, which usually happens if the country is showing an upward trend in economic growth, the chairman said, adding that “if the economic activities are going high, the purchases and sales will also increase”.
The initiative of providing information to the taxpayers is also contributing to the awareness about paying their taxes on time. “We have also undertaken large-scale digitalisation over the years,” she said. For FY22, the tax collection is more than Rs 14 lakh crore, which is fairly good compared to the collection for FY20, as per the chairman.
Initiatives like Updated Returns is also fetching good response. “Once you pay the return, and if we get additional information, then we ask you whether you have covered it, you can file the updated return,” Singh said.
Source: Read full atClick Here
5. PAN-Aadhaar Linking Mandatory by This Date: Link Right Now to Avoid Rs 1,000 Penalty
PAN-Aadhaar Linking Deadline: The Income Tax department under the central government has notified an extension in the task to link PAN-Aadhaar for citizens. The Central Board of Direct taxes, or CBDT has extended the deadline to link PAN-Aadhaar to March 31, 2023, but this comes with a price. Those who are linking their PAN-Aadhaar at this time will have to pay a fine while completing this mandatory work. “A penalty of Rs 500 is to be paid “in a case where such intimation is made within three months from the date referred to in sub-section,” that is by June 30, 2022. After that, one has to pay a fine of Rs 1,000 to link Aadhaar-PAN.
There are many ways you can link PAN with Aadhaar. For one, you can do it online in two ways — without logging in to the income tax portal or by logging into your account. You have to enter your PAN and Aadhaar details to link them, along with other required details.
The government has time and again made it clear that linking Aadhaar and PAN is a mandatory thing to do, and will help the authorities to curb frauds. Therefore, the Centre is in no mood to change the present stand and there will be consequences if you do not link PAN- Aadhaar by March 31 next year.
An inoperative PAN will lead to a number of consequences like not being able to file tax return, pending returns and refunds not being processed, tax deductions at a higher rate and many others. Thus, PAN-Aadhaar linking is an important task. To read more: Click Here
Important Circulars and Notifications:
|Sl.||Particulars of the Notification(s)||File No. / Circular No.||Notification Link(s)|
|1||Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961||Circular No. 12/2022||Click Here|
|2||The Income-tax (Seventeenth Amendment), Rules, 2022.||Notification No. 64/2022||Click Here|
|3||The Central Government hereby specifies that no deduction of tax shall be made under section 194-I of the Income-tax Act….||Notification No. 65/2022||Click Here|
|4||The Income-tax (18th Amendment) Rules, 2022||Notification No. 66/2022||Click Here|
Weekly Departmental updates:
1. (a) Availing ITC as per law and GSTR2B. Please refer News and Update section.
(b) Maintenance activity is planned for the NIC IRP portal on Sunday 12th June 2022 between 7pm and 9pm, due to which e- Invoice services for all the taxpayers will not be available.
Inconvenience is regretted.
2. GoM fails to reach consensus on GST rate rationalisation
A panel of state ministers on GST rate rationalisation on Friday failed to reach a consensus as some members opposed changes to tax slabs and rates, sources said. The Group of Ministers will, however, present a status report to the GST Council on the consensus which was arrived at the previous meeting of the GoM on November 20, 2021, they added.
The GoM will seek an extension to submit its final report, they said, adding issues of tax rates will also be raised in the upcoming Council meeting later this month.
The Council had last year set up a seven-member panel of state ministers, headed by Karnataka chief minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates. The GoM has been mandated to review items under inverted duty structure to help minimise refund payout, and review the GST exempt list with an objective to expand the tax base and eliminate breaking of input tax credit (ITC) chain. (Read more at: Click Here)
3. Unregistered food brands also to attract 5% GST: Group of ministers
A group of ministers (GoM) reviewing the Goods and Services Tax (GST) rates has decided to remove exemption for packaged food items, if sold under unregistered brands. These items will be taxed at 5%, the rate for branded food.
The move is in the wake of misuse of the exemption for unbranded food by a section of the food processing industry, including rice and wheat millers. “No tax waiver will be allowed for food items where brands are used but purportedly not being claimed,” the source said. The recommendation will be considered by the GST Council which will meet on June 28-29 in Srinagar.
While a much-awaited restructuring of the GST slabs to raise the revenue-neutral rate (RNR), from a little over 11% now to 15.5%, could start in a small way this year in areas not prone to inflation, the GST Council will likely consider enforcing a ministerial panel’s recommendations on data analytics to tighten compliance and scrutiny of GST returns to augment revenues by plugging leakages.
- To read more Click Here
4. CBIC issues guidelines for post audit and refund claims under GST
The Central Board of Indirect Taxes & Customs (CBIC) has put out a procedure relating to sanction, post-audit and review of refund claims for taxpayers. This is following several reports CBIC received about different practices being followed by the field formations, creating issues for taxpayers. The indirect tax body clarified that post-audit to be conducted only for refund claims amounting to Rs one lakh and above till further instructions, the CBIC said.
Also that while passing refund orders, officers are required to upload a detailed speaking order along with refund sanction order in the GST form. The matter has been examined with the twin purpose of ensuring uniformity in procedure and enabling effective monitoring of sanction of refund claims to safeguard interest of revenue, the board noted. To read more Click Here
5. 90% of Businesses feel GST made doing business easy: Deloitte survey
Automation of tax compliances and introduction of e-invoicing/e-way facility emerged as the most beneficial reforms introduced by the government. Also, creating a simplified tax regime to promote the ease of doing business and upgrading technology to facilitate auto population of monthly and annual returns were the key asks from industry leaders, as per the survey.
He further added it will be interesting to watch new developments coming under the GST space with a decision expected on the extension of GST compensation cess; proposals to increase and scope of GST on online gaming; setting up of the GST tribunal; and GST small seller parity issue. “Ninety percent Indian CXOs across key sectors have backed this dynamic and technologically driven indirect tax regime. Industry leaders are of the view that ‘one nation,
one tax’ reform has certainly brought down barriers across the country and made doing business easy and effective for both businesses and taxpayers, the survey said.It tracks the impact of GST across sectors, including consumer; energy resources and industries; financial services; government and public services; life science and healthcare ; and technology, media and telecommunications. (Read more at Click Here)
Important Notifications underExcise / Custom/ GST:
|Sl. No.||Particulars of the Notification(s)||File No. / Circular No.||Notification Link(s)|
|1||Availing ITC as per law and GSTR2B||GSTN Update 545||Click Here|
|2||Procedure relating to sanction, post-audit and review of refund claims||Instruction No. 03/2022-GST||Click Here|
CUSTOM / EXCISE UPDATES
|Notification No. & date of Issue||Links||Notification Particulars|
|22/2022-Cus (ADD)||Click Here||seeks to levy anti-dumping duty on Fluoro Backsheet excluding transparent backsheet originating in or exported from China PR for a period of five years, 2022|
|50/2022-Cus (NT)||Click Here||Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.|
1. Delhi Public School (Punjab and Haryana High Court)
Query: Can the limit of Rs. 1,000 per month per child be allowed as standard deduction, while computing the perquisite value of free or concessional education facility provided to the employee by the employer?
The value of perquisite for free/concessional educational facility arising to an employee exceeds Rs. 1,000 per month per child, the whole perquisite shall be taxable in the hands of the employee and no standard deduction of Rs. 1,000 per month per child can be provided from the same. It is only in case the perquisite value is less than Rs. 1,000 per month per child, the perquisite value shall be nil. Therefore, Rs. 1,000 per month per child is not a standard deduction to be provided while calculating such a perquisite.
2. I-T dept searches MGM group in suspected tax evasion case
The Income Tax Department searched the offices and other locations pertaining to Tamil-Nadu based MGM Group on Wednesday, June 15. Searches are being carried out in 40 locations in Tamil Nadu (in Chennai and Tirunelveli) and Karnataka. The searches are being carried out as tax evasion has been suspected. The MGM Groups runs the popular theme park MGM Dizzee World in Chennai. Further details pertaining to the search and seizure are awaited.
The Group was started by MG Muthu. His son MGM Maran is now the promoter and director. In April this year, the Enforcement Directorate had attached properties worth Rs 216.40 crore of Southern Agrifurane Industries Pvt Ltd (SAIPL) and its promoter, director MGM Maran and associate MGM Anand for violating the Foreign Exchange Management Act (FEMA). MGM Maran is the former chairman of the Tamilnad Mercantile Bank. MGM Anand Muthu is the Group’s Managing Director.
SAIPL was found to have allegedly siphoned off Indian funds of Rs 216.40 crore aboard under the garb of Overseas Direct Investments (ODI) by way of False Declarations to its AD Bank as well as by way of structuring transactions in a manner so as to send outward remittances without any bonafides and with sole objective to remove funds from India in the name of ODI without there being any genuine business reasons for SAIPL, the ED said.
Officials said that such funds had been diverted outside India under the garb of ODI with an intention to escape the clutches of Indian laws. By this way, the company siphoned off around 85% of its entire net worth abroad. Source: Please Click Here
1. Medical health insurance premiums to be taxed now, says AAR
The Telangana AAR decision came in response to a request by M/s. Hyderabad Metropolitan Water Supply and Sewerage Board, which wanted to know if it was obliged to pay GST on medical insurance premiums.
AAR specifies the amount of GST that must be paid on employee medical health insurance premiums. Companies, including statutory entities, would be liable for goods and services tax on medical health insurance premiums paid by their employees.
Even municipal and other statutory entities that receive tax exemption on different services they provide must pay GST on medical health insurance premiums for employees, according to the Telangana Authority of Advance Ruling (AAR).
The Telangana AAR decision came in response to a request by M/s. Hyderabad Metropolitan Water Supply and Sewerage Board, which wanted to know if it was obliged to pay GST on medical insurance premiums paid to offer health insurance to employees, pensioners, and their family members.
The AAR found that the insurance services purchased by the applicant had no relationship to the activities performed by them under Article 243W, and hence these services do not qualify for exemption. The AAR determined that premiums paid for vehicle insurance are excluded if the vehicle is used to carry out statutory responsibilities allocated to municipalities.
Such vehicles will not have a direct relationship to the tasks undertaken under Article 243W if they are utilised to transport employees, board members, or other people. As a result, the AAR concluded that it will not be eligible for exemption.
- .Reference: Click Here
2. Income from property rented out: GST AAR makes an important ruling
In an advance ruling under GST, the Maharashtra AAR has ruled that the amount received under lease rental services for residential purposes will be outside the ambit of GST.
The ruling was made after M/S Kasturi and Sons Ltd approached the AAR that the Jurisdictional officer had ruled that giving properties on rent to LIC would not be residential in nature since, “LIC is not a natural person and LIC is profit making company. So, in order to increase profit, the facility of accommodation is given to employees, which is for commercial use and not for residential use.”
Kasturi and Sons approached the AAR to know if they would be eligible for the exemption from payment of GST on the monthly license fee to be received by them on the proposed letting out on Leave and License Basis of their residential building.
In its ruling, the AAR held that GST exemption is provided by the nature of the property and its usage and not by the status of the recipient. Only if a residential property was either used or let out for commercial purposes then it would be classified as a service provided and attract GST whereas, property let out for residential purposes will be exempt from the GST ambit, said the AAR.
The AAR held that Kasturi and Sons would be eligible for the exemption from payment of GST on the monthly license fee to be received on the proposed letting out on Leave and License basis of their residential building.
The AAR also ruled that the jurisdictional officer defied all logic when he stated that the LIC staff to whom the flat is let out can sit late in office and work more, which again formed a basis to treat the leasing of flats as commercial in nature.
- To read more: Click Here
International Taxation Corner (ITC)
1. Global Minimum Tax Suffers Fresh Setback as EU Fails to Agree on Implementation
A global deal to introduce a minimum tax rate on company profits hit a fresh roadblock Friday after Hungary vetoed a European Union agreement to implement the measure, which is also stalled in the U.S.
The deal to impose a 15% minimum tax on the profits of large corporations was agreed by 137 countries in 2021, paving the way for the most significant overhaul of international tax rules in a century. Governments had hoped to implement the changes next year, but mounting opposition in Europe and the U.S. means that target now seems out of reach.
After having persuaded Poland to drop its opposition to the path to implementation proposed by the EU, French Finance Minister Bruno Le Maire, whose country currently holds the EU’s rotating presidency, saw his hopes of clinching a deal dashed by new objections, this time from Hungary, which had previously endorsed the deal.
The EU also addressed Poland’s concerns about proceeding with the implementation of the minimum tax before addressing another element of the international agreement: a reassignment of taxing powers that would see big technology companies pay more taxes in Europe.
Now Hungary has dropped its earlier support for the EU plan, arguing that it would involve tax rises when economic growth is under threat from the higher energy costs that have followed Russia’s invasion of Ukraine. Under the EU proposal, tax changes would not be implemented until 2024.
- Read more at: Click Here
2. B.C. firms must pay for tax decisions made before rules were changed: SCOC
Canada’s highest court says two British Columbia companies that thought they were following tax guidelines while trying to protect corporate assets now owe money to the Canada Revenue Agency because a Tax Court reinterpreted the rules.
Eight of nine Supreme Court of Canada justices agree Rite-Way Metals Ltd., and Harvard Industries Ltd, both based in Langley, B.C., can’t undo the tax decisions they made in 2008 to create separate family trusts to protect corporate assets.
At the time, a section of the Income Tax Act allowed companies to avoid taxes on dividends if the funds were paid to a family trust, but the Tax Court of Canada made a different decision than what had been commonly accepted by tax professionals.
It meant the Cochrane family trust, created by Harvard Industries, owed taxes on dividends totalling $2,085,000, while the Collins family trust owed taxes on $510,000 in Rite-Way dividends.
The B.C. Supreme Court and Court of Appeal allowed the trusts to undo the decisions, but writing for the majority, Supreme Court of Canada Justice Russell Brown has overturned those rulings and upheld the appeal of the Attorney General for Canada.
- To read more Click Here
3. Poland ready to drop objection to minimum corporate tax deal
Poland is set to remove its opposition to a directive Brussels wants to use to impose a global minimum corporate tax rate of 15 per cent, eliminating a longstanding obstacle to the measure becoming law in the EU.
Warsaw is now signalling its willingness to agree to the measure in an upcoming ministerial meeting, according to people familiar with the discussions. However, Hungary this week raised last-minute objections, warning it was “not enthusiastic” about the latest tax proposals.
Finance ministers will meet in Luxembourg on Friday with the goal of finding agreement on the directive implementing the landmark legislation, meaning it could become law this autumn at the earliest. It follows last year’s international agreement, made at the OECD, in which 136 countries backed a new 15 per cent minimum effective corporate tax rate on large businesses, known as Pillar Two.
A draft resolution submitted this week by Erik Bánki, chair of the economic committee at the Hungarian parliament, added that there was no guarantee that Pillar One would go ahead alongside the Pillar Two proposals, adding to the uncertainty about the tax regime.
- To read more Click Here
Knowledge Bucket for NRI’s
- Any amount which is remitted to India from abroad through proper banking channel can be credited in the NRO or Non Resident Ordinary account.
- All banking and investment transactions of a non-resident in India are regulated under Foreign Exchange Management Act (FEMA). Non-resident Indian citizens and Persons of Indian Origin (PIO) are collectively referred as non-resident Indians (NRI).
- A citizen of Pakistan or Bangladesh requires a prior permission to open NRO account in India.
- All NRO accounts are rupee denominated and can be in the form of a saving account, current account, recurring account or a fixed deposit account.
- The money in NRO account can also be used for making regular local payments in rupee like rents for property, taxes. This amount can also be used for making investments in India on non-repatriation basis.
DO YOU KNOW ??
- It is now mandatory to quote Permanent Account Number (PAN) or Aadhaar for cash withdrawal or deposit of Rs 20 lakh or more in a financial year.
- For cash withdrawals of Rs 20 lakh or more from one or more bank accounts with banks, post offices, the taxpayers need to quote their PAN and Aadhaar details. This move will put a check on unaccounted financial transactions through the cash route.
- 5) The officials at the banks and post offices must duly authenticate the PAN or Aadhaar number of the taxpayers furnishing the documents during the transactions or opening a new account. The demographic information or biometric information shall be submitted to tax authorities as specified in the notification.
- The Karnataka government has given Goods and Service Tax (GST) exemption to Rakshit Shetty-starrer movie ‘777 Charlie’ film for a six-month period from June 19.
- Net Direct Tax collections for FY 2022-23 as on 16.06.22 at Rs. 3.39 lakh crore grow at over 45% over the collections of corresponding period in preceding year. Advance Tax collections as on 16.06.22 at Rs. 1.01 lakh crore grow at over 33% over the same period in preceding year.
Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. *(We consider various sources including ET, BS, HT, Taxmann etc.)