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; …

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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 …

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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. …

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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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