2020-09-29 11:39
The government has extended various income tax-related deadlines to provide relief to individual taxpayers impacted by the novel coronavirus pandemic. Some of these deadlines include filing… Read More
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2020-09-29 10:54
There is a flurry of activity in the accounting departments of large companies as they get their staff and systems ready for another significant change in GST from October 1 — e-invoic… Read More
2020-09-28 13:00
The Central Board of Direct Taxes (CBDT) has clarified that investors need not furnish scrip-wise details (for day trading and short-term sale or purchase of listed shares), while filing of… Read More
2020-09-27 10:27
The Prime Minister of India, Shri Narendra Modi, while launching platform for ‘Transparent Taxation – Honoring the Honest’ had said that faceless appeal under the Income-ta… Read More
2020-09-26 10:03
Reserve Bank of India (RBI) had announced introduction of Positive Pay System for Cheque Truncation System (CTS).
2. The concept of Positive Pay involves a process of reconfirming key detail… Read More
2020-09-23 08:50
Lok Sabha passes 3 Historic and path breaking Labour Codes
Shri Gangwar elaborates several ‘Game Changer’ labour welfare provisions in the Labour Codes
New Labour Codes to envisa… Read More
2020-09-23 07:41
CBDT allows insurance companies to make an application for non deduction of tax on interest u/s 195(3) of income tax act. Earlier this application only for banking companies and not for insu… Read More
2020-09-19 12:43
Covid-19 is the hard time for all but many people lost their jobs in India. People who subscribe with Employees’ State Insurance Corporation (ESIC) give an option to claim relief of un… Read More
2020-09-18 12:28
Till now, Tax Collection at Source (TCS) applied to selected transactions involving prescribed goods and services whereas Tax Deduction at Source (TDS) applied to numerous transactions. &hell…Read More
2020-09-17 14:26
An assessee is allowed to verify his/her Income Tax Return within 120 days of e-filing the return of income to complete the return filing process. Unless verified within the stipulated… Read More
2020-09-17 14:20
Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6.
The taxpayers have now… Read More
2020-09-16 13:44
Fixed deposit has been the answer to the financial needs of many individual investors, especially senior citizens, looking for a low risk-return profile for their investments and secur… Read More
2020-09-15 09:09
Turnover data available with stock exchanges suggests a mixed impact of Sebi's new margin rule so far, with daily cash market turnover falling up to 29 per cent since September 1 over August… Read More
2020-09-15 08:52
Salaried employees under the Employees' Provident Fund (EPF) withdrew Rs 39,400 crore between March 25 and August 31 as livelihoods took a hit amid the coronavirus pandemic, the Union Labour… Read More
2020-09-12 08:51
The government has said that interest on delayed payment of goods and services tax (GST) will be charged on net tax liability with effect from September 1. The industry had earlier this year… Read More
2020-09-11 10:43
Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section(4)of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the… Read More
2020-09-11 10:42
Main Features
Health insurers to launch instalment option on premium payments by September 30Four health insurers have already launched it on a couple of health policiesEMI facility may cost… Read More
2020-09-10 11:52
Senior citizens above 60 years of age and looking for places to keep their savings safe post-retirement while earning a moderate rate of return on them, usually land up with investment optio… Read More
2020-09-10 11:37
The Income Tax Department on Wednesday said it has issued refunds of over Rs 1.01 lakh crore to 27.55 lakh taxpayers between April 1 to September 8.
This include personal income tax (PIT) re… Read More
2020-09-09 13:21
Retirement fund body EPFO on Wednesday decided to credit a part of 8.5 per cent interest on employees provident fund (EPF) for 2019-20 into the account of its around 6 crore subscriber… Read More
2020-09-07 11:56
This year Central Board of Direct Taxes (CBDT) has brought in the new Form 26AS for tax payers. CBDT says that this is the faceless hand-holding of the taxpayers to e-file their income… Read More
2020-09-06 06:10
Please refer to RBI circular No. DBS.CO.PP.BC.11/11.01.005/2001-2002 dated April 17, 2002 on revision of Long Form Audit Report (LFAR).
2. Keeping in view the large scale changes in the size… Read More
2020-09-05 13:45
RTGS and NEFT application forms of different Banks may be needed time to time . RTGS and NEFT forms are required for funds transfer through one bank account to another bank account. Furtherm… Read More
2020-09-04 08:36
The prevailing Covid-19 pandemic has forced the Reserve Bank of India to cut the repo rate on multiple occasions in the recent past, which, in turn, has resulted in record-low home loan inte… Read More
2020-09-04 08:00
In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation to the clause (23FE) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961)… Read More
2020-09-03 09:36
Income tax department notifies income tax return form ITR-1, ITR2, ITR3, ITR4, ITR5 and ITR-7 both online and offline java mode for the analysis year 2020-2021. You can free download all the… Read More
2020-09-03 05:00
Late Fee Relief to Normal Taxpayers filing Form GSTR-3B: Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Tax period Late fees waived if return… Read More
2020-09-02 12:40
Provision to make amendment, multiple times, in Table 4 of Form GSTR-8Earlier, if no action was taken on TCS details, auto-populated in TDS/TCS credit form, by the supplier or if the same we… Read More
2020-03-23 09:04
GST department central tax ossued a notification no. 13/2020 dated 21 march 2020 about e-invoice and qr code will be applicable from 1 October 2020. Full notification is as under.
In exercis… Read More
2020-03-21 10:28
In the recent past, world over, the stock markets have been quite volatile owing to concerns relating to COVID-19 pandemic and the resultant fear of economic slowdown. The movement in the In… Read More
2020-03-21 10:16
Salary calculator:- In a firm or small company where the number of employees are upto 50, there is always a need of a salary calculator which can calculate the salary of full month. Because… Read More
2020-03-19 09:55
In exercise of the powers conferred by sub-section (2) of section 12 read with sub-sections (1) and (5) of section 4 and sub-sections (1) and (2) of section 5 of the Direct Tax Vivad se Vish… Read More
2020-03-17 12:55
Amid Coronavirus scare, DBS Bank India today said in a statement that it has partnered with Bharti AXA to roll out complimentary insurance for DBS Treasures customers in India. The com… Read More
2020-03-17 12:30
As you are aware, the World Health Organization (WHO) has declared the recent outbreak of the novel coronavirus disease (COVID-19) a pandemic indicating significant and ongoing person-to-per… Read More
2020-03-16 13:30
There are many types of gst forms from registration to filing annual return. One may wonder over 150 forms are in GST. We are uploading most useful GST forms in this article. These forms are… Read More
2020-03-13 08:59
Dearness Allowance Hiked for Central Government Employees! The Union Cabinet led by Prime Minister Narendra Modi today approved the proposal to increase the Dearness Allowance for Central Go… Read More
2020-03-13 08:59
Various banks in the past few months have launched the ‘Cardless Cash Withdrawal’ facility from ATMs. With this service, customers can withdraw cash from ATMs without a card. For… Read More
2020-03-12 09:06
During the Union Budget. 2020 presentation, the 'Vivad se Vishwas' Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to Budget anno… Read More
2020-03-11 13:13
Under Section 80C and 80D of the Income Tax Act, 1961, taxpayers are allowed to claim tax benefit on premiums paid for life insurance and health insurance plans. This helps to promote the ha… Read More
2020-03-10 11:31
In exercise of the powers conferred by clause (xii) of sub-section (5) of section 11 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby… Read More
2020-03-08 11:23
Yes Bank Ltd. is a banking company registered under the Companies Act, 1956 and carrying on the business of banking in India; The rapidly deteriorating financial position of the Yes Bank Ltd… Read More
2020-03-07 11:40
In a major breakthrough, the TDS wing of the Income Tax Department has unearthed default of tax deducted at source (TDS) of Rs. 324 crore in the case of a major Telecom Operator in Delhi… Read More
2020-03-06 10:00
Any income falling within any of the following clauses shall not be included in computing the income from salaries for the purpose of section 192 of the Act :- 5.3.1 The value of any travel… Read More
2020-03-05 09:56
TDS rates for financial year 2020-21 relevant to analysis year 2021-22 which was proposed in union budget 2020. TDS rates as well as Monterrey limit for deducting tax is a thing we should al… Read More
2020-03-05 08:28
In respect of the products filed and cleared as per the provisions of Guidelines on product filing in Health insurance Business (Ref: IRDA/HLT/REG/CIR/150/07/2016) dated 29th July 2016, wher… Read More
2020-03-04 12:55
The importance of health insurance can’t be emphasised enough. With rising medical inflation, increase in lifestyle-related illnesses and the outbreak of new viral infections such as C… Read More
2020-03-03 13:21
Section 80E allows deduction in respect of payment of interest on loan taken from any financial institution or any approved charitable institution for higher education for the purpose of pur… Read More
2020-03-03 12:51
Filing GST3B is a headache for all Gst holders as one need to pay the balance tax for the month before filing GST3B. Government of India vide Notification No. 07/2020 – Central Tax, da… Read More
2020-03-02 12:45
Payment of pension to retired government employees, including payment of basic pension, increased Dearness Relief (DR), and other benefits as and when announced by the governments, is govern… Read More
2020-03-02 10:17
If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the… Read More
2020-03-01 09:47
In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18 of 2013 ) and in supersession of the Companies (Auditor’s Report) Order, 2016, pub… Read More
2020-02-29 14:08
Gratuity Limit For the employees of Navodaya Vidyalaya Samiti (NVS), there are two major announcements regarding their employment. Navodaya Vidyalaya Samiti is an Autonomous Body under the M… Read More
2020-02-28 12:01
Tin.nsdl has released latest return preparation utility rpu version 3.1 and file validation utility version 6.6 for e-tds statement pertaining to FY 2010-11 and onward. There are many new fe… Read More
2020-02-27 13:21
We sometimes need to know what rate of interest is offering by banks in fixed deposits. This is the detail of Banks offering rate of interest on fixed deposit as on 26 February 2020.
State b… Read More
2020-02-24 09:17
If an employer provides motor car facility to his employee, the value of such perquisite shall be : a) Nil, if the motor car is used by the employee wholly and exclusively in the performance… Read More
2020-02-23 08:22
Government of India vide Notification No. 07/2020 – Central Tax dated 03rd February, 2020, has staggered filing of Form GSTR-3B, for period of January 2020, in the manner as given belo… Read More
2020-02-21 09:16
Home rent and hotel accommodation Residential Accommodation provided by the employer [Rule 3(1)]:- “Accommodation” includes a house, flat, farm house or part thereof, hotel accom… Read More
2020-02-19 11:42
Salary relief on arrears or advance for financial year 2019-20 Under section 192(2A) where the assessee, being a Government servant or an employee in a company, co-operative society, local a… Read More
2020-02-17 13:09
Any income falling within any of the following clauses shall not be included in computing the income from salaries for the purpose of section 192 of the Act :-
5.3.1 The value of any travel… Read More
2019-04-20 06:54
The Government of India, Ministry of Housing and Urban Poverty Alleviation (MoHUPA), restructured the existing Swarna Jayanti Shahari Rozgar Yojana (SJSRY) and launched the National Urban Li… Read More
2019-04-19 08:30
With an increase in choices for almost everything, now you also get to choose what type of loan you want and what suits you the best. Unlike earlier times when only one type of loan –… Read More
2019-04-19 08:30
The Kisan Credit Card (KCC) scheme was introduced in 1998 for issue of Kisan Credit Cards to farmers on the basis of their holdings for uniform adoption by the banks so that farmers may use… Read More
2019-04-18 09:55
The Central Board of Direct Taxes (CBDT) has notified amendments in Form 16 — which acts as certificate for tax deducted at source (TDS) —and Form 24Q — quarterly TDS state… Read More
2019-04-17 11:30
Tin.nsdl has nitified latest version of file validation utility FVU software version 6.1 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards. There are many new features… Read More
2019-04-17 11:00
Tin.nsdl has notified latest return preparation utility RPU version 2.6 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08. There are many new features ad… Read More
2019-04-16 11:10
Income tax department notified income tax return form for assessment year 2019-20. ITR1 and ITR4 are notified initially both in excel and java format works offline and online respectively… Read More
2018-11-26 09:21
Credit Card use abroad-Planning that long overdue trip oversees this winter vacation? Wherever you are off to, one thing essential apart from your passport and luggage is your mode of paymen… Read More
2018-11-25 08:31
Everybody is keen to know time taken for double the investment. We want to double our investment in short span of time. For getting money double in 5 years, required CAGR( Coumpund annual gr… Read More
2018-11-23 09:05
Kisan Vikas Patra (KVP) is a small savings scheme for interest. Government regulates Kisan Vikas Patra investment scheme in which the principal money gets doubled during the tenure of invest… Read More
2018-11-22 08:26
Non-individual entities who have do not have PAN but conduct a transaction of Rs 2.5 lakh or more in a single financial year will now mandatory have to get a PAN before May 31 of the followi… Read More
2018-11-21 10:44
How to save money from your salary is the biggest worry for a common man. There are so much expenses now a days that saving money looks like impossible. But if we set some rules and ch… Read More
2018-11-20 07:27
Mentioning father’s name may not be compulsory in future for obtaining Permanent Account Number (PAN), a key identification number needed for filing taxes and certain financial transac… Read More
2018-11-18 06:39
The State Bank of India (SBI) has asked its customers to register their mobile number with the bank by the end of this month, failing which their internet banking access will be blocked. Acc… Read More
2018-11-17 13:43
Checking of duplicate generation of e-way bills based on same invoice number
The e-way bill system is enabled not to allow the consignor/supplier to generate the duplicate e-way bills based… Read More
2018-11-16 10:59
Presently, the National Electronic Funds Transfer (NEFT) system provides for sending a positive confirmation to the remitter of the funds regarding completion of the funds transfer, thus giv… Read More
2018-11-15 11:51
Flat Rates and Reducing Balance Rates are the two prevalent rate structures employed by lenders to fix the cost of borrowing. Personal loans usually attract interest in the range between 10… Read More
2018-11-14 08:01
In order to make the health insurance cover more customer-centric, a panel constituted by the Insurance Regulatory and Development Authority of India (IRDAI) has proposed several important c… Read More
2018-11-01 08:33
In exercise of the powers conferred by sections 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the followingrules… Read More
2018-04-11 12:54
The Payment of Gratuity (Amendment) Bill, 2018 has been passed by the Lok Sabha on 15th March, 2018 and by the Rajya Sabha on 22nd March, 2018. The Bill has been assented to by the Hon'ble P… Read More
2018-04-11 12:54
CBDT changed PAN form with male, female and transgender option is also available while applying PAN. CBDT issued notification no. 18 dated 9 April 2018 about the same. Full notification is a… Read More
2018-04-10 07:37
As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been rolled-out from 01 April, 2018. E-way Bill system for Intra-State movement of goods in th… Read More
2018-04-09 12:29
In exercise of the powers conferred by section 295, read with sub-clause (ii) of clause (14) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes he… Read More
2018-04-09 09:00
Tatkal ticket booking in Indian Railways: Several media reports suggest that recently there have been changes in the tatkal ticket booking, cancellation and refund rules. The first thing to… Read More
2018-04-08 05:40
Rule 114D of the Income Tax Rules, 1962 (hereunder referred to as the “Rules”) specifies that every person referred to in clauses (a) to (k) of sub-rule (1) of rule 114C; and sub… Read More
2018-04-08 05:40
As per second proviso of Rule 114B (Transactions in relation to which Permanent Account Number is to be quoted in all documents for the purpose of clause (c) of subsection (5) of section 139… Read More
2018-04-08 05:40
Rule 114D of the Income Tax Rules, 1962 (hereunder referred to as the “Rules”) specifies that every person referred to in clauses (a) to (k) of sub-rule (1) of rule 114C; and sub… Read More
2018-04-07 08:27
The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2018-19. These ITR Forms will be applicable to file income-ta… Read More
2018-04-07 08:26
With a view to remove any doubt or uncertainty in the matter and bring uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stati… Read More
2018-04-06 09:28
You must be aware that starting from FY18-19, every salaried person is entitled to claim a ‘standard deduction’ of Rs 40,000, which was last abolished in the Finance Act 20… Read More
2018-04-05 07:55
It has been decided to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the GST portal and the reli… Read More
2018-04-05 07:38
The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at Rs.9.95 lakh crore which is 17.1% higher than the net collections for FY 2016-17. The net Di… Read More
2018-04-04 13:42
1. FAQs- General Portal
♦ What is the common portal for generation of e-way bill? The common portal for generation of e-way bill is https://ewaybillgst.gov.in
♦ I am not get… Read More
2018-02-25 08:01
During a short-term financial crisis, one looks for personal loans to meet the contingency. However, most often high interest on personal loans and the repayment period being too short deter… Read More
2018-02-25 07:29
A group of state finance ministers (GoM) couldn’t reach a consensus on the final shape of tax return forms for taxpayers in Goods and Services Tax (GST), as issues related to reconcili… Read More
2018-02-23 11:42
The current financial year is going to end soon and it is time to make investment declarations in a bid to save tax. One of the ways to save tax is Leave Travel Allowance (LTA) which not onl… Read More
2018-02-21 11:49
A company is typically financed or capitalized through a mixture of debt and equity. The way a company is capitalized often has a significant impact on the amount of profit it reports for ta… Read More
2018-02-20 13:13
Transfer of development rights by landowner to developer for development of project is a very common practice prevalent in real estate industry which may entail GST implications. Let us unde… Read More
2018-02-20 13:13
In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bil… Read More
2018-02-19 13:16
The provisions of section 56(2)(vii) of the Income-tax Act provided that any sum of money or any property which is received without consideration or for inadequate consideration (in excess o… Read More
2018-02-18 07:18
Sub-section (3) of Section 40A of the Income-tax Act, before amendment by the Act, specified that any expenditure in respect of which payment or aggregate of payments made to a person in a d… Read More
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