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Government extends certain timelines to ease compliances (Ministry of Finance Press Release dated 17th Sept 2021)

The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as “the Act”) in the following cases, as under:Continue reading “Government extends certain timelines to ease compliances (Ministry of Finance Press Release dated 17th Sept 2021)”

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act (Ministry of Finance Press Release dated 17th Sept 2021)

The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled BankContinue reading “Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act (Ministry of Finance Press Release dated 17th Sept 2021)”

Measures for streamlining compliances in GST (45th GST Council Meeting dated 17th Sept 2021)

Refer YouTube video link https://youtu.be/H0VJVlQoYrU Aadhaar authentication of registration to be made mandatory for being eligible for filing refund claim and application for revocation of cancellation of registration. Late fee for delayed filing of FORM GSTR-1 to be auto-populated and collected in next open return in FORM GSTR-3B. Refund to be disbursed in the bank account, which is linked withContinue reading “Measures for streamlining compliances in GST (45th GST Council Meeting dated 17th Sept 2021)”

FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)

What isNational Asset Reconstruction Company Limited (NARCL)? Who has set it up? NARCL has been incorporated under the Companies Act and has applied to Reserve Bank of India for license as an Asset Reconstruction Company (ARC). NARCL has been set up by banks to aggregate and consolidate stressed assets for their subsequent resolution. PSBs willContinue reading “FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)”

Revamped Gold Monetisation Scheme, reduction in import duty of gold to help the industry to grow to the next level

Revamped Gold Monetisation Scheme, reduction in import duty of gold to help the industry to grow to the next level: Anupriya Patel Reforms would help the industry to achieve export target of US$ 43.75 billion this year and gems and jewellery exports to USD 75 billion in coming years: Anupriya Patel The Gems & JewelleryContinue reading “Revamped Gold Monetisation Scheme, reduction in import duty of gold to help the industry to grow to the next level”

DGGI Gurugram arrests 3 persons, including mastermind, commission agent and CA in racket of fictitious firms involving fake ITC of 121 crore (Ministry of Finance Press Release dated 15th Sept 2021)

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested 3 persons including a CA on charges of creating and operating multiple fictitious firms on forged documents and passing large amounts of fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods orContinue reading “DGGI Gurugram arrests 3 persons, including mastermind, commission agent and CA in racket of fictitious firms involving fake ITC of 121 crore (Ministry of Finance Press Release dated 15th Sept 2021)”

Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India

The Heads of Tax Authorities of the BRICS countries, namely the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa held a virtual meeting here today under the Chairship of India.Shri Tarun Bajaj, Secretary, Revenue, Government of India, in his capacity asContinue reading “Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India”

Secretary MSME underlines need for hand-holding support to MSMEs through capacity building trainings, exchange of best practices and technologies

Secretary MSME underlines need for hand-holding support to MSMEs through capacity building trainings, exchange of best practices and technologies IBSA Conference calls for collective efforts towards better collaborations amongst the three nationsPosted Date:- Sep 08, 2021 Secretary (MSME) Shri BB Swain has said that the IBSA forum plays an important role in creating awareness aboutContinue reading “Secretary MSME underlines need for hand-holding support to MSMEs through capacity building trainings, exchange of best practices and technologies”

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