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Union Budget 2021 has provided relief for Senior Citizen from filing Income Tax Return

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👉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 the specified...

MCA proposed to do away with Statutory Audit as per the Companies Act 2013 for small companies

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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...

CENTRE TO SLASH PENALTIES FOR STARTUPS SET UP AS LLPS

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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...

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...

Importance of SFT Code in Form No. 26AS

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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...

ICICI HFC Product Synopsis .

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HOME LOAN Income program/GPR Max loan amount 500 LakhROI - 9.35% to 10.10%FOIR - 70% to 80% (upto 90% with deviation) Banking Surrogate Max loan amount 300 LakhROI - 9.35% to 10.10dates 10/20/30current account mandatory3 accounts can be added including saving account2 credit...

Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department

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Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal of the Income Tax Department even after two and half months since...

Know How to Generate Challan without Logging in the GST Portal*

👉The Good and Service Tax Network (GSTN) has released the procedure for generating Challan without logging in to the Goods and Service Tax (GST) Portal. 👉In order to generate Challan without logging in to the GST Portal visit www.gst.gov.in, then navigate to services, then select payment and click on Create Challan Option, in GSTN...

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RBI MOVES TO EASE OVERSEAS DIRECT INVESTMENT REGULATIONS UNDER FEMA

Seeks feedback on draft by Aug 23 The Reserve Bank of India is planning to rationalise the existing provisions governing overseas direct investment regulations under the Foreign Exchange Management Act (FEMA), 1999. This is to further liberalise the regulatory framework and promote ease of doing business, per the RBI’s draft Foreign...