Non deduction of TDS of Transporter II Prescribed Format of Declaration u/s 194(C)(6)

194C: Payments to contractors. 194C. (1) Any person responsible for paying any sum to any resident (hereafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and a specified person shall, at the time of … Continue reading Non deduction of TDS of Transporter II Prescribed Format of Declaration u/s 194(C)(6)

Guidelines for consideration of proposals for acceptance of foreign hospitality under the Foreign Contribution (Regulation) Act, 2010 (MHA dated 21 Nov 2022)

The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) and the Foreign Contribution (Regulation) Rules, 2011 (FCRR, 2011) came into force with effect from 01.05.2011. The provisions under the Act/Rules relating to ‘foreign hospitality’ and guidelines to be followed for consideration of proposals for acceptance of the same was circulated vide O.M. No. 11/21022/58(97)/2011 -FCRA-1 dated … Continue reading Guidelines for consideration of proposals for acceptance of foreign hospitality under the Foreign Contribution (Regulation) Act, 2010 (MHA dated 21 Nov 2022)

Search and seizure action by Income Tax Department in Bihar (Press release 22 Nov 2022)

Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi. During the course of the search, large number of incriminating documents … Continue reading Search and seizure action by Income Tax Department in Bihar (Press release 22 Nov 2022)

AUDIT QUALITY INSPECTION GUIDELINES (Press release 11 Nov 2022)

Audit quality inspections will provide an opportunity for feedback and course correction to the audit firms and at the same time foster a greater mutual understanding of the policies and procedures that underlie audit quality management. The inspections are intended to bring about systemic improvements in overall financial reporting framework in the country. Refer guidelines

India’s First Sovereign Green Bonds Framework(Press Release 09 Nov 2022)

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman approves the final Sovereign Green Bonds framework of India. This approval will further strengthen India’s commitment towards its Nationally Determined Contribution (NDCs) targets, adopted under the Paris Agreement, and help in attracting global and domestic investments in eligible green projects. The proceeds generated from issuance … Continue reading India’s First Sovereign Green Bonds Framework(Press Release 09 Nov 2022)

Common Income Tax Return Form (Press Release dated 01 Nov 2022)

At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is … Continue reading Common Income Tax Return Form (Press Release dated 01 Nov 2022)

Face Authentication Technology for submission of Digital Life Certificates for pensioners

A Milestone development to enhance “Ease of Living” of Pensioners through Use of Face Authentication Technology for submission of Digital Life Certificates (Press release 20 Oct 2022) With a view to enhance Ease of Living of pensioners, Department of Pension and Pensioners’ Portal (DoPPW), engaged with NIC, Ministry of Electronics and Information Technology (Meity) and … Continue reading Face Authentication Technology for submission of Digital Life Certificates for pensioners

Steps for opening/ updating the NPS account using Driving License issued in DigiLocker

Central Record Keeping Agencies (CRAs) of PFRDA have become Digi Locker Partner Organizations to provide Subscriber Centric online Services Building a Pensioned Society enabled through Digi Locker Press Release Posted Date:- Oct 18, 2022 Central Record Keeping Agencies (CRAs) of Pension Fund Regulatory and Development Authority (PFRDA) have become Digi Locker Partner Organizations to provide … Continue reading Steps for opening/ updating the NPS account using Driving License issued in DigiLocker

Notification issued for MSME enterprises to continue to avail of all non-tax benefits of the category it was in before the re-classification, for a period of three years from the date of such upward change (Press release 19 Oct 2022)

The Ministry of MSME vide S.O. 4926 (E) dated 18.10.2022 has notified that in case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category it was in before the re-classification, … Continue reading Notification issued for MSME enterprises to continue to avail of all non-tax benefits of the category it was in before the re-classification, for a period of three years from the date of such upward change (Press release 19 Oct 2022)

IBBI amends Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (MCA Press Release 20 Sept 2022)

The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 (‘Amendment Liquidation Regulations’) and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 (‘Amendment Voluntary Liquidation Regulations’) on 16th September, 2022. To enable better participation of stakeholders and streamline the liquidation … Continue reading IBBI amends Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (MCA Press Release 20 Sept 2022)

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