Irregularities in cooperative credit societies Co-operative societies registered under the provisions of the Multi State Cooperative Societies (MSCS) Act, 2002 are functioning as autonomous cooperative organizations accountable to their members. Whenever, complaints are received against any of the multi-State cooperative credit societies for violation of MSCS Act or Rules or non- repayment of deposits on […]
The Reserve Bank of India (RBI) has allowed invoicing and payments for international trade in Indian Rupee vide A.P (DIR Series) Circular No. 10 RBI/2022-2023/90 dated 11.07.2022 on “International Trade Settlement in Indian Rupees (INR)”. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a […]
Income Tax Department conducts searches in Gujarat The Income Tax Department carried out a search and seizure operation on 20.07.2022 on a prominent business conglomerate engaged in diversified fields of Textiles, Chemicals, Packaging, Real estate and Education. The search action covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata. As […]
The provisions of the Minimum Wages Act, 1948, are being enforced by the Central Government and the State Governments in their respective jurisdiction. In the Central sphere the enforcement is done through the Inspecting Officers of the Chief Labour Commissioner (Central) commonly designated as Central Industrial Relations Machinery (CIRM) and the compliance in the State […]
Various communication and outreach initiatives to spread financial and tax literacy awareness among masses The Government has launched a series of communication and outreach products aimed at spreading financial and tax literacy awareness among masses. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question […]
Minister stated that during FY 2021-22, 1,67,080 companies were registered as compared to 1,55,377 in the previous year. Further, during FY 2020-21, 43,050 LLPs were registered as compared to 42,187 in previous year.
Directorate General of Civil Aviation (DGCA) has issued Air Transport Circular (ATC)-01 of 2021 titled, ‘Unbundle of Services and fees by scheduled airlines’ as per which, some services like preferential seating have been allowed to be unbundled and charged separately from the travellers. Such unbundled services are provided on “opt-in” basis by Airlines and are […]
Drones offer tremendous benefits to almost all sectors of the economy. These include – agriculture, vaccine delivery, surveillance, search and rescue, transportation, mapping, defence and law enforcement to name a few.
The surge of filing ITRs peaked on 31st July, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITRs being filed on a single day i.e on 31st July,2022.
Reduction of time limit for verification of Income Tax Return (ITR) with effect from August 1, 2022 The CBDT vide Circular 3/2009 dated 21.05.2009 notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR which includes transmitting the data in the return electronically and thereafter submitting […]
