ECB (European Central Bank) paper estimates inflationary effects of climate change:
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India’s ambitious program to make Indian Rupee a Global Currency.
India launched its international Rupee ambitions on July 13, 2022. And in a matter of less than 9 months our country has become a global currency. Don’t believe me? Read on. Our UPI is approved in ~18 countries and with 12 countries at MOU stage. Sooner than later 30 countries will be be exchanging currency …
India’s ambitious program to make Indian Rupee a Global Currency. Read More »
RBI withdraws 2000 Rupee Denomination Banknotes from Circulation; Will Continue As Legal Tender
It has been decided to withdraw the 2000 rupees denomination Banknotes from circulation The Banknotes In 2000 Rupees Denomination will continue to be Legal Tender; only fresh issue stopped. Banks may exchange 2000 Rupees Banknotes upto a limit of 20,000 Rupees at a time Reason stated is 2000 Rupee notes not commonly used for transactions; …
STRICTER RULES AGAINST SHELL COMPANIES ON THE ANVIL
The Centre is considering fresh measures to crack down on shell companies by making the process of incorporation tougher for non-genuine entities. The ministry of corporate affairs (MCA) is understood to be in discussions over various proposals, such as a phone app to geo-tag pictures of the registered office of a company, as well as …
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6 Key Changes in New Income Tax Returns forms for FY 2022-23 / AY 2023-24:
1) Separate schedule for Crypto/VDA income If you made any income from crypto and other virtual digital assets in FY 2022-23 then you will have to report such income in a separate schedule Tax provisions for taxation of VDAs was introduced from FY 2022-23 2) Intraday Trading Disclosure There is now an option to disclose …
6 Key Changes in New Income Tax Returns forms for FY 2022-23 / AY 2023-24: Read More »
Union Budget 2021 has provided relief for Senior Citizen from filing Income Tax Return
👉The Central Board of Direct Taxes (CBDT) notified the provision regarding Furnishing of declaration and evidence of claims by senior citizens for Exemption from Income Tax Return Filing under section 194P of the Income Tax Act. 👉The CBDT inserted Rule 26D through the Income-tax (26th Amendment) Rules, 2021. 👉The declaration required to be furnished by …
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MCA proposed to do away with Statutory Audit as per the Companies Act 2013 for small companies
MCA proposed to do away with Statutory Audit as per the Companies Act 2013 for small companies As per news updates, the Ministry of Corporate Affairs (MCA) might do away with Statutory Audit as per the Companies Act 2013 for small companies. This decision has been taken in line with the ease of doing business. …
CENTRE TO SLASH PENALTIES FOR STARTUPS SET UP AS LLPS
The government is set to announce a 50% cut in penalties for nearly a dozen offences by startups incorporated as limited liability partnerships (LLPs), an official aware of the development said. The offences include non-compliance relating to requirements of filing statutory documents and returns, appointing a designated partner responsible for all compliances and having at …
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Implementation of the Rule-59(6) on GST Portal
26/08/2021 You will not be able to file GSTR-1 if GSTR-3B has not been filed for previous 2 months effective Sep 1, 2021. Read the new rules below: Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases : a) a …
Importance of SFT Code in Form No. 26AS
SFT refers to the Specified Financial Transaction. It is designed pursuant to rule 114E of the Income Tax act wherein certain specified transactions have been enumerated which is required to be reported by specified entities/ authorities to the Income Tax Department. 👉Form NO. 26AS mentioned the section quote of the specified transactions carried out by …