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)”

CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings (Ministry of Finance Press Release dated 07 Sept 2021)

For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended Rules provides that electronic records submitted through registered account of the taxpayers in the Income-tax Department’s portal shall be deemed to have beenContinue reading “CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings (Ministry of Finance Press Release dated 07 Sept 2021)”

For boosting exports prospects and farmers income, APEDA inks MoUs with ICAR-Indian Institute of Millet Research

For boosting exports prospects and farmers income, APEDA inks MoUs with ICAR-Indian Institute of Millet Research Key focus of the MoU is to promote commercial cultivation of processable varieties of Millet MoU also envisages creation of market linkages with farmers as well as Farmer Producers Organizations MoU will build the export centric ecosystem and valueContinue reading “For boosting exports prospects and farmers income, APEDA inks MoUs with ICAR-Indian Institute of Millet Research”

Finance Minister Smt. Nirmala Sitharaman chairs 24th meeting of Financial Stability and Development Council

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the 24th meeting of the Financial Stability and Development Council (FSDC) here today. The meeting was attended by Dr. Bhagwat Kishanrao Karad, MoS (Finance); Shri Pankaj Chaudhary, MoS (Finance); Shri Shaktikanta Das, Governor, Reserve Bank of India; Dr. T. V. Somanathan, Finance Secretary and Secretary, DepartmentContinue reading “Finance Minister Smt. Nirmala Sitharaman chairs 24th meeting of Financial Stability and Development Council”

Income Tax Department conducts searches in Delhi, Gujarat and Dadra (Ministry of Finance Press Release dated 02 Sept 2021)

The Income Tax Department carried out a search and seizure operation on 01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi and factories at Dadra & Nagar Haveli and Dahej. During the course of the search, many incriminating documents, loose sheets, digital evidences etc. have been found indicatingContinue reading “Income Tax Department conducts searches in Delhi, Gujarat and Dadra (Ministry of Finance Press Release dated 02 Sept 2021)”

Supporting Startups in Infrastructure: Workshop organised by DEA and Invest India

A virtual workshop on ‘Supporting Startups in Infrastructure’ was organised by the Department of Economic Affairs (DEA), Ministry of Finance, and Invest India today. This workshop was an effort towards mainstream participation of startups in infrastructure, for sustainably and efficiently scaling up public infrastructure delivery. The workshop was chaired by Secretary DEA, Shri Ajay Seth, andContinue reading “Supporting Startups in Infrastructure: Workshop organised by DEA and Invest India”

CBDT notifies RULE 9D for calculation of taxable interest relating to contribution in a PF or RPF exceeding specified limit vide CBDT Notification No. 95/2021-Income Tax dated 31st August, 2021.

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 95/2021-Income Tax Dated:  31st August, 2021 G.S.R. 604(E).—In exercise of the powers conferred by the first proviso to clause (11) of section 10 and the first proviso to clause (12) of section 10 read with section 295 of the Income-tax Act, 1961 (43 ofContinue reading “CBDT notifies RULE 9D for calculation of taxable interest relating to contribution in a PF or RPF exceeding specified limit vide CBDT Notification No. 95/2021-Income Tax dated 31st August, 2021.”

GST Revenue collection for August 2021₹ 1,12,020 crore of gross GST revenue collected in August

Ministry of Finance Press Release dated 01 Sept 2021 The gross GST revenue collected in the month of August 2021 is ₹ 1,12,020 crore of which CGST is ₹ 20,522 crore, SGST is ₹ 26,605 crore, IGST is ₹ 56,247 crore (including ₹ 26,884 crore collected on import of goods) and Cess is ₹ 8,646 crore (including ₹ 646 crore collected on importContinue reading “GST Revenue collection for August 2021₹ 1,12,020 crore of gross GST revenue collected in August”