The Union government launched the new income tax regime in 2020 under which some new set of rules were added and some old ones saw some changes. However, individuals are still eligible to claim some deductions as section 80C, section 80D etc. of the Income-tax Act, 1961. Things that didn’t see changes under the new […]
Posted inJUDGEMENT
Employee’s Contribution To ESI Before ITR Due Date u/s 139(1) is Eligible For Tax Deduction: ITAT Karnataka
In the case of M/s B. R. S. Precision Manufacturing Private Limited vs. DCIT, ITAT Karnataka has held that: The Hon’ble Karnataka High Court in the case of Essae Teraoka Pvt. Ltd., (supra) has taken the view that employee’s contribution under section 36(1)(va) of the Act would also be covered under section 43B of the […]
Posted inGST
Exporter arrested for GST fraud
The officers of Anti Evasion wing of Thane CGST Commissionerate of Mumbai zone have arrested an exporter who is Director of a Private Limited Company, for fraudulently claiming GST Input Tax Credit (ITC) of Rs. 15.26 Crore. This ITC was claimed on the basis of bogus invoices of Rs. 85 Crore issued by the fake […]
Posted inBUSINESS & ECONOMY
Indian Investors Suffered Loss Which is More Than The GDP Of Ukraine
Sensex fell nearly 4,000 points The market capitalization data of the Bombay Stock Exchange (BSE) shows that it stood at around Rs 246 lakh crore on Friday. At the same time, in the previous session, the market capitalization of BSE was at the level of Rs 251 lakh crore. The market cap has decreased by […]
Posted inBUSINESS & ECONOMY
Petrol And Diesel Prices May Hike By Rs 12
According to the latest report by ICICI Securities, retailers need to increase the prices of petrol and diesel by more than Rs 12 per liter by March 16 to recover the cost. Brokerage company J.P. Morgan said in a report that the state assembly elections will be over by next week. It is estimated that […]
Posted inINCOME TAX
ITR filing: Save income tax with this scheme. Know details
Interest rate offered by SBI Tax Savings SchemeThe rate of interest for the SBI Tax Savings Scheme, 2006, is just like that of fixed deposits. As per the latest rates, effective from February 15, SBI FDs maturing between 5 years to 10 years will yield 5.5 per cent to general customers. SBI Tax Savings Scheme […]
Posted inBUSINESS & ECONOMY
Get These Five Things Done Before March 31 Or Else You Will Be in Trouble
1.) Delayed or Revised ITR If you have not yet filed Income Tax Return (ITR) for the assessment year 2021-22, it can be done till March 31. Also, the revised ITR can also be filed by this date. 2.) Aadhaar-PAN Link The last date for linking Aadhaar and PAN number is 31 March 2022. If […]
Posted inBUSINESS & ECONOMY
TMT Bars And Hot Rolled Coils Become Expensive Due To Russia- Ukraine War
The domestic steel manufacturers have increased the price of hot rolled coils and TMT bars by up to Rs 5000 per tonne. Domestic manufacturers have raised steel prices as supply chains disrupted due to the Russia- Ukraine crisis. According to industry sources, steel prices have been hiked in the past few days and are likely […]
Posted inBudget 2022
7th Pay Commission: Central employees may get Holi gift, salary may increase
Before Holi, Central Government Employees can get some good news. According to media reports, under the 7th Pay Commission, central government employees can get some additional salary. It is believed that the government can transfer the increased DA hike for the last two months and the balance amount along with March salary. The increase in […]
Posted inINCOME TAX
Race to save tax: TDS will hit in the last month, know how it will affect your salary
Tax Deduction at Source ie TDS. This is such a force, which is faced by every salary and business people every year. Especially in the last month of the financial year, March, it becomes more troublesome. We are telling about this. Tax is levied in different ways TDS is applicable on income earned in different […]
Posted inICAI
ICAI Extension of Fee Waiver in Registration Course Fee
Taking forward its mission of always contributing as true partner in nation building and empowering students, the Council of ICAI has extended its earlier decision of waiving off 75% fee of registration course fee for all level of CA course for the students of Union Territories of Jammu & Kashmir and Ladakh and for the […]
Posted inBUSINESS & ECONOMY
Competition Commission of India organises Seventh Edition of National Conference on Economics of Competition Law
The Competition Commission of India (CCI) today organized the Seventh National Conference on Economics of Competition Law in virtual mode. Mr Neelkanth Mishra Member, Economic Advisory Council to the Prime Minister, was the Keynote Speaker at the Conference. Mr Ashok Kumar Gupta, Chairperson, CCI, delivered the Special Address at the Inaugural Session and Dr Sangeeta […]
Posted inBUSINESS & ECONOMY
ED has filed a Prosecution Complaint against Pushpesh Kumar Baid & Ors Rs. 182.78 Crore Bank Loan cheating case
ED has filed a Prosecution Complaint against Pushpesh Kumar Baid & Ors under PMLA, 2002 in a Rs. 182.78 Crore Bank Loan cheating case. Court has taken cognizance in the matter. Enforcement Directorate has filed a Prosecution Complaint under Prevention of Money Laundering Act (PMLA), 2002 in the case of Pushpesh Kumar Baid & Ors […]
Posted inBUSINESS & ECONOMY
ED has seized assets worth Rs. 4.79 Crore including cash amount of Rs 2.04 Crore and immovable properties worth Rs. 2.75 Crore under FEMA, 1999
ED has seized assets worth Rs. 4.79 Crore including cash amount of Rs 2.04 Crore and immovable properties worth Rs. 2.75 Crore belonging to Sumit Agarwal and Sachin Agarwal under FEMA, 1999 Enforcement Directorate (ED) has seized assets worth Rs. 4.79 Crore including cash amount of Rs 2.04 Crore and immovable properties worth Rs. 2.75 […]
Posted inBUSINESS & ECONOMY
ED attached four immovable properties Rs. 2.36 Crore in a case of misappropriation of funds by some public servants in connivance with private persons
ED has provisionally attached four immovable properties worth Rs. 2.36 Crore belonging to Dhara Prasad, Assistant Manager of Bharat Electronics Limited under PMLA, 2002 in a case of misappropriation of funds by some public servants in connivance with private persons Enforcement Directorate has provisionally attached four immovable properties worth Rs. 2.36 Crore belonging to Dhara […]
Posted inICAI
ICAI issue Clarification Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM Portal
Clarification with regard to Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM (Government e- marketplace) Portal As the members are aware, Government of India has mandated procurement of goods and services by Government Department/organisations through GeM (Government e- marketplace) portal. The Institute has been receiving queries as to whether Chartered Accountants in […]
Posted inMAGAZINES
Food Safety Regulations Circulars- Updates Compliance Management for March, 2022
FOOD SECTOR / INDUSTRY IN The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year. Food is as essential for living as air is for breathing. But food security means something more than getting two square meals. In India, the food sector has emerged as a high-growth […]
Posted inMAGAZINES
Monthly Corporate Real Estate Regulatory Authority (RERA) Bulletin for March, 2022
Monthly Corporate RERA Bulletin Homebuyers can verify project details on Rera website The authority has now warned the public to exercise caution while dealing with 29 builders, including some big names, who have failed to upload details. Homebuyers beware! You just cannot sit back and relax if a builder claims that his project is registered […]
Posted inGST
Auto-population of e-invoice details into GSTR-1
GSTN vide press release / notification no 528 dated 03rd March, 2022 has published an advisory on “Auto-population of E-Invoice details into GSTR-1 on GST Portal” Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice […]
Posted inBank / Bank Audit, TECH
Important News! Change photo and mobile number in Aadhaar card, Know very easy ways
Often people have many mistakes in their Aadhaar card including mobile number or address. Because of this people have to suffer a lot. People bother to get it right. If there is some mistake in your Aadhar card, then we are telling you how you can get it corrected by sitting at home. Can make […]
Posted inBUSINESS & ECONOMY
Ministry of MSME organizes Mega Summit on Plastics Recycling & Waste Management and Launches Special Drive to Promote Entrepreneurship
Union Minister of State for MSME inaugurated International Summit on Plastics Recycling & Waste Management today being organized by Ministry of MSME in association with The All-India Plastics Manufacturers’ Association (AIPMA) from 4th – 5th March, 2022 at New Delhi. Ministry of MSME also launched two special initiatives – ‘Sambhav’ and ‘Svavlamban’ to promote entrepreneurship amongst youth, […]
Posted inINCOME TAX
Income tax raid: Chinese telecom company Huawei accused of tax evasion, misappropriation of 400 crores exposed
Income Tax Raid On Chinese Telecom Company: The Central Board of Direct Taxes (CBDT) issued a statement saying that a team of income tax officers had raided the office of a telecom company on February 15. Apart from the company’s office, the houses of top officials were also raided. According to the report, the sources […]
Posted inEPFO
If you are running a PPF account, and are unaware of this rule, then you are going to suffer a big loss.
If you invest in Public Private Fund (PPF), then this news is most important for you. Because your hard earned money has been invested in this and if its return is hit somewhere then imagine what will happen. Therefore, it is important to know in detail about the new rules of PPF. Especially know the […]
Posted inBUSINESS & ECONOMY
Investment in Umbrella Organization (UO) by Primary (Urban) Co-operative Banks
RBI/2021-22/177 DOR.REC.MRG.90/16.20.000/2021-22 March 3, 2022 ’Madam / Dear Sir, Investment in Umbrella Organization (UO) by Primary (Urban) Co-operativeBanks Please refer to circular UBD.(PCB).BPD.Cir.No.46/16.20.000/2008-09 dated January 30, 2009 on Investments in Non-SLR securities by Primary (Urban) Co-operative Banks. Paragraph 2(i) of the circular states that the non-SLR investments shall be limited to ten per cent of […]
Posted inINCOME TAX
Cash Transaction Rules, Limit & Penalty – Under the Income Tax Act
In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black money. The Government has recently initiated various measures to curb cash transactions and boost digital payments. In this article, we look at the cash transaction limit under the Income Tax Act along with the […]
Posted inMARKETS
Cryptocurrency News Today: Cryptocurrency down again today, know what is the price of bitcoin and ethereum
Cryptocurrency News: The cryptocurrency market has fallen by more than 4 percent on Friday. As of 9.50 am, the global cryptocurrency market cap has dropped by 4.35% to reach $1.83 trillion. Bitcoin, Ethereum, Shiba Inu, and Terra Luna have also seen a decline. According to data from Coinmarketcap, at the time of writing this news […]
Posted inBUSINESS & ECONOMY
SEBI refuses to approve meeting of beleaguered PFS board of directors
The Securities and Exchange Board of India (SEBI) has refused permission to crisis-ridden PTC India Financial Services Ltd (PFS) to hold a meeting of the board of directors without independent directors. The company gave this information. Earlier in January, all three independent directors on the company’s board had resigned citing corporate governance issues and other […]
Posted inBUSINESS & ECONOMY
In exercise of the powers conferred by clause (aa) of sub section (1) of section 7 of the Customs Act, 1962 (52 of 1962)
MINISTRY OF FINANCE (Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd March, 2022S.O. 985(E).—In exercise of the powers conferred by clause (ii) 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, theCentral Government hereby approves […]
Posted inICAI
ICAI Members’ Journal The Chartered Accountant – March 2022 Issue
ICAI Members’ Journal The Chartered Accountant – March 2022 IssueTo Access the Journal please visit
Posted inJOB
Invitation of application for appointment of CA/ CS/ Cost Accountant in the Office of the Registrar of Companies
Pursuant to Ministry of Corporate Affairs OM dated 03.07.2019 it is proposed to engage 1 (one) Chartered Accountants Company Secretaries/Cost Accountant as Young Professional for attending to specific and time bound work in the Office of the Registrar of Companies, Guwahati. The requisite qualification and other terms & conditions are as follows: 1. ESSENTIONAL QUALIFICATION:- […]