Upon completion of his tenure, here is the outgoing Chairman CBDT, Sh. PC Mody handing over the charge of Chairman, CBDT to Shri Jagannath Bidyadhar Mohapatra, Member, CBDT, who will hold the charge in addition to his regular duties. His service ends in April next year. J.B. Mohapatra, a 1985-batch Indian Revenue Service officer, was […]
RBI clarifies that its circular dated April 06, 2018 restricting dealing in Virtual Currencies (VC) is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from. Banks may, however, continue to carry out customer due diligence. Reserve Bank of India RBI/2021-22/45 DOR. AML.REC 18 /14.01.001/2021-22 May […]
1. EPFO has taken a big decision regarding Provident Fund. As per the information, the new rule will be applicable on the PF account from June 1, 2021. 2. Now the employer has been given the responsibility to make your account Aadhaar verified. If they fail to do so can lead to the stoppage of […]
Amnesty measures under the GST Acts have been proposed as a measure of trade facilitation, by extending due dates of return filing and rationalising the late fee imposable. Simplifications in the filing of Annual Returns have also been approved.
Investment Limits for FY 2021-22- The limits for FPI investment in Government securities (G-secs) and State Development Loans (SDLs) shall remain unchanged at 6% and 2% respectively, of outstanding stocks of securities for FY 2021-22.
43 GST Council meeting has recommended capping of Late Fees of GSTR 3B Return for from the period from July, 2017 to April, 2021 (if filed from 01.06.2021 to 31.08.2021). Meeting his also recommended capping of Late fees Prospective Tax period for GST returns namely GSTR- 3B, GSTR- 1, GSTR- 4 and GSTR- 7. Period […]
The GST Council met for the 43rd time on 28th May 2021 at New Delhi. The Council made certain key recommendations on changes in GST rates on supply of goods and services and changes related to GST law and procedure GST Law and procedures. The changes are categorized in below major areas and summarized for […]
New Changes in Public provident fund (PPF) account: The Govt. of India has notified the revised Public Provident Fund Scheme 2019 on 12th December 2019, wherein a few changes have been made primarily related to the account operations. Here are five changes in PPF account rules that you must know: √ Removal of restrictions in […]
There is a burning issue in GST since very beginning “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of the CGST Act, Input Tax Credit (ITC) shall be claimed […]
Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as […]
