October 15, 2019; on the birth anniversary of APJ Abdul Kalam, let’s remember this great personality who inspired each one of us to think beyond our imaginations. On this fortunate day when the world, especially India was gifted with this great mind; the United Nations decided to observe his birthday as The World Student’s Day.… Continue reading World Students’ Day 2019: Know Tax Benefits for Students
Category: Latest News
Latest news include advance tax, e payments, withdrawal limits, taxation laws, exchange limit, income tax department and more.
5% Increase in Dearness Allowance
Before coming to this Dearness Allowance hike update, a simple question comes in the mind of a common man i.e. what is Dearness Allowance? DA which means Dearness Allowance is a component of salary (if terms of employment so provide) which is paid to central government employees/pensioners to adjust the cost of living. DA is… Continue reading 5% Increase in Dearness Allowance
e-fliling-lite
A lighter version for e-filing your income tax return named as” e-filing lite” is launched by the Income Tax Department. This can be accessed through clicking on E-filing lite on home page. This page will only cover filing of return and for all the services, click on “Portal login” on the home page . FAQs… Continue reading e-fliling-lite
Accounting Entries under GST (Goods and Services Tax)
The introduction of the biggest indirect taxation reform in India namely Goods and ServicesTax (GST) has impacted the functioning of all the sectors of the economy. The impact of the radical shift can also be tracked in the segment of Finance and Accounting as well. Prior to the introduction of GST in India… Continue reading Accounting Entries under GST (Goods and Services Tax)
7th Pay Commission- Pay Scales
Proposed Pay Scale for different Central government employees and Defence employees under 7th Pay Commission Under new pay scale proposed by 7th pay commission, all the central government employees’ salaries will get a 23% hike. The main agenda of the 7th pay commission is to review the 6th CPC reports and submit a revised report… Continue reading 7th Pay Commission- Pay Scales
Aadhar PAN Link Deadline Extended
The aadhar PAN link deadline has been extended to 31st March 2020. Central Board of Direct taxes (CBDT) has pronounced the extension in aadhar card linking with pan card on 30th December 2019. vide its notification no 107/2019. Also, Income Tax India inits recent tweet has clarified the news stating the same. The feed says,… Continue reading Aadhar PAN Link Deadline Extended
GST Council 33rd Meeting – Recommends Relief to Real Estate Sector
On 24 Feb 2019, Sunday GST Council’s 33rd meeting was held. This meeting was originally adjourned on 20 Feb, 2019. In this council’s meet, major tax relieving decision was undertaken for the real estate sector. As this sector contributes a major portion of the nation’s GDP also, it helps in generating a number of employment… Continue reading GST Council 33rd Meeting – Recommends Relief to Real Estate Sector
The Banning of Unregulated Deposit Schemes Ordinance 2019
Recently, 21 Feb 2019 an ordinance has been passed by the government of India. The said ordinance has been named as “ the banning of the unregulated deposit scheme ordinance 2019”. The same has been introduced to prohibit illicit deposit schemes or Ponzi schemes etc. So as to save the interest of the depositors. Since… Continue reading The Banning of Unregulated Deposit Schemes Ordinance 2019
GST Latest News, Announcements, Notifications, Circulars, Amendments
Latest News 27 December 2019 Non Filing of GSTR 1 till 10th January 2020 will attract a late fee of Rs 50/- per day upto the maximum of Rs 10,000. 19 October 2019 The due date for filing CMP-08 for Composition Dealers is being extended to 22 October 2019. 26 August 2019 The due… Continue reading GST Latest News, Announcements, Notifications, Circulars, Amendments
Budget 2019-Is Rs.5 Lakh Income Actually Tax Free?
One of the most talked about announcement made by FM Piyush Goyal in his Interim Budget speech on 1 Feb 2019 was, annual income upto Rs 5,00,000 will be given full rebate under Income Tax Act. Soon after the news came out there were several interpretations drawn… There was confusion that the basic exemption limit… Continue reading Budget 2019-Is Rs.5 Lakh Income Actually Tax Free?