MSME Tool Room CITD, Hyderabad bags Patent for “Anaar” (Fireworks) making Machine & another step towards Atma Nirbhar Bharat and Industrial Safety

The MSME Tool Room, Hyderabad,Central Institute of Tool Design (CITD) has obtained a patent for the invention entitled “AUTOMATIC MACHINE FOR THE PRODUCTION OF CONICAL SHAPED FIREWORKS” for 20 years from the 10th November,2015. Central Institute of Tool Design signed an MOU with M/s. Standard Fireworks Pvt. Ltd.,(SFPL), Sivakasi and finalized orders worth Rs11.49 crorefor machinesContinue reading “MSME Tool Room CITD, Hyderabad bags Patent for “Anaar” (Fireworks) making Machine & another step towards Atma Nirbhar Bharat and Industrial Safety”

Centre Revises “Transport and Marketing Assistance” (TMA) scheme for Specified Agriculture Products

Centre Revises “Transport and Marketing Assistance” (TMA) scheme for Specified Agriculture Products’ Dairy products, which were not covered under the earlier scheme, will be eligible for assistance Rates of assistance have been increased, by 50% for exports by sea and by 100% for exports by airPosted Date:- Sep 10, 2021 Centre has revised “Transport andContinue reading “Centre Revises “Transport and Marketing Assistance” (TMA) scheme for Specified Agriculture Products”

Government Provides Big Boost to Exporters

Government Provides Big Boost to Exporters Rs. 56,027 crore is going to be released under various Export Promotion Schemes Benefits would be disbursed to more than 45,000 exporters, out of which about 98% are small exporters in the MSME category. Centre has provided a massive relief to the exporters. This amount is over and aboveContinue reading “Government Provides Big Boost to Exporters”

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment ( Ministry of Finance Press Release dated 10 Sept 2021)

Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or companies, then, subject to the conditionsContinue reading “CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment ( Ministry of Finance Press Release dated 10 Sept 2021)”

Income Tax Department conducts searches in Ahmedabad (Ministry of Finance Press Release 10 Sept 2021)

The Income Tax Department carried out a search and seizure operation on 08.09.2021 on a group based in Ahmedabad. The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises of electronics, digital as well as print mediaContinue reading “Income Tax Department conducts searches in Ahmedabad (Ministry of Finance Press Release 10 Sept 2021)”

Income Tax Department conducts searches in Punjab and Haryana (Ministry of Finance Press Release dated 10 Sept 2021)

The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab, covering many premises across Punjab & Haryana. These groups are also engaged in the business of running Steel Rolling Mill, cold storage, General Mills, Jewellery shop, Poultries, Rice Mills, Oil Mill, Flour Mill apart fromContinue reading “Income Tax Department conducts searches in Punjab and Haryana (Ministry of Finance Press Release dated 10 Sept 2021)”

Know all about Account Aggregator Network- a financial data-sharing system (Ministry of Finance Press Release dated 10th Sept 2021)

Last week India unveiled the Account Aggregator (AA) network, a financial data-sharing system that could revolutionize investing and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies. Account Aggregator empowers the individual with control over their personal financial data,Continue reading “Know all about Account Aggregator Network- a financial data-sharing system (Ministry of Finance Press Release dated 10th Sept 2021)”

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22

On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and variousContinue reading “CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22”

e-Filing portal of the Income Tax Department – updates (Ministry of Finance Press Release dated 08 Sept 2021)

The e-Filing portal of the Income Tax Department (www.incometax.gov.in) was launched on 7th June, 2021. Taxpayers and professionals have reported glitches and difficulties in the portal since then. The Ministry of Finance has been regularly monitoring the resolution of issues with Infosys Ltd which is the Managed Services Provider for the project. A number of technicalContinue reading “e-Filing portal of the Income Tax Department – updates (Ministry of Finance Press Release dated 08 Sept 2021)”

CBDT allows taxpayers an opportunity to file application for settlement (Ministry of Finance Press Release dated 07 Sep 2021)

The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on whichContinue reading “CBDT allows taxpayers an opportunity to file application for settlement (Ministry of Finance Press Release dated 07 Sep 2021)”