Category: Latest News
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Faceless e-assessments: All you need to know
The Income tax department has launched a Faceless e-assessment scheme with a mission that it can bring in a “Paradigm shift” in taxation. This would be done by turning the income tax assessment system completely free of human interference. Ajay Bhushan Pandey, the revenue secretary of India said that the e-assessment scheme will provide…
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MCA extends due date of filing Financial Statements
Ministry of Corporate Affairs vide its Circular no 13/2019 Dt. 29/10/2019 extends the due date for filing of financial statements. The e forms namely, AOC-4, AOC (CFS) AOC-4 XBRL for financial year 2018-19 can now be filed till 30.11.2019 and e-form MGT-7 till 31.12.2019. No additional fees shall be levied on companies while submitting the forms…
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Treat your taxes well this Diwali 2019
It was a dark night of Amavasya; when the kingdom of Ayodhya welcomed Lord Ram, the banished king, who returned home after being in exile for 14 long years. This return was post Lord Ram’s victory over Ravan ( the king of Lanka who abducted Sita). To rejoice the home coming of their beloved…
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World Students’ Day 2019: Know Tax Benefits for Students
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.…
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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…
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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…
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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…
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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…
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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,…
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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…