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6 Years of GST: Centre’s Big Focus on Anti Evasion Measures; Industry Flags Unfinished Agenda
6 years into GST and the focus has shifted and how. The pendulum has swung from compensation issues and big rate rationalisations to curbing tax evasion & fake in voicing while industry clamours for clarity on basics.
CBDT Issues Clarification on PAN-Aadhaar Linking
The income tax department, on its official Twitter handle, has issued a clarification on PAN-Aadhaar linking for individuals facing difficulties in linking the same. The clarification has come just a few hours before the expiry of the deadline for linking PAN with...
I-T Dept Launches Tax-Evasion Probe Against Social Media Influencers
The income-tax department has launched a probe against certain social media influencers and content creators on platforms like YouTube and Instagram for allegedly not showing their income and profits commensurate with their earnings, official sources said on Thursday.
Income Tax Return (ITR) Filing: Exemptions and Deductions that Senior Citizens Can Claim
India's income tax law provides several tax benefits for senior citizens. A resident Indian who is 60 years of age or older is considered a senior citizen. Only residents of the country can avail of these special benefits.
Tax Hike on International Transactions to Come into Effect from Oct 1
The Ministry of Finance on Wednesday extended the deadline to apply the proposed changes in Tax Collection at Source (TCS) rates from October 1. Centre has given more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS. Till...
GST Officers Bust Nexus of 30 Fake Firms for Passing Rs 50 cr ITC
The GST officers have busted a nexus of more than 30 fake firms, who have availed ineligible input tax credit (ITC) of over Rs 50 crore, the finance ministry said on Wednesday.
After HDFC Life, ICICI Prudential receives GST demand notice of Rs 492 crore
ICICI Prudential Life Insurance Company Ltd on Monday said it has received a show cause cum demand notice from the Directorate General of GST Intelligence (DGGI) for Rs 492.06 crore for the period July 2017 to July 2022.
RBI – (Circular No. 06) Remittances To International Financial Services Centre’s (IFSC) Under The Liberalized Remittance Scheme (LRS), Dated 22.06.2023.
Attention of Authorised Persons is invited to A.P. (DIR Series) Circular No. 11 dated February 16, 2021 and A.P. (DIR Series) Circular No. 03 dated April 26, 2023 on “Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised...
COMPANY LAWS – (General Circular No. 06/2023) RELAXATION IN PAYING ADDITIONAL FEES IN CASE OF DELAY IN FILING DPT-3 FOR FINANCIAL YEAR ENDED ON 31ST MARCH 2023 UP TO 31ST JULY 2023, dated 21.06.2023.
MCA has decided to relax the additional fees on companies filing form DPT-3 for the financial year ended on March 31, 2023 up to July 31, 2023. This decision is made in view of the transition from version 2 to version 3 of the MCA-21 portal. Form DPT-3 is filed by a...
Gross Direct Tax collections for FY 2023-24 as on 17.06.23 at Rs. 4.19 lakh crore, grow at 12.73% over collections of corresponding period in preceding year
✅Net DT collections at Rs. 3.79 lakh crore, grow at 11.18%.✅Advance Tax collections for 1st quarter, at Rs. 1.16 lakh crore, grow at 13.70%.✅Refunds amounting to Rs. 39,578 crore issued upto 17.06.2023, higher by 30.13% over preceding year....