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Major Racket of Fake GST Invoicing of Rs.7896 Crore Busted
Ministry of FinanceMajor Racket of Fake Invoicing of Rs.7896 Crore Busted Involving Network of 23 Shell CompaniesTwo Accused Arrested & Remanded to 14 Days Judicial CustodyThe officers of Anti Evasion...
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MCA clarifies on prosecutions for defaults committed by a company
Clarification by MCA for prosecutions or adjudication initiated against Independent DirectorsThe Ministry of Corporate Affairs has by way of issuance of General Circular No. 1/2020 dated 2nd March, 20...
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Direct Tax Vivad Se Vishwas Bill, 2020 passed by Lok Sabha
Direct Tax Vivad Se Vishwas Bill, 2020 was Introduced in Lok Sabha on 05th February 2020 and passed by Lok Sabha with Amendments on 04th March 2020.Direct Tax Vivad se Vishwas Bill, 2020- Introduced i...
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New Returns- GST Payment Schedule of MSMEs
Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises in written reply to a question in Rajya Sabha on 2nd march 2020 informed that Department of Revenue has no proposal at this s...
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GST Revenue collection for February 2020 – ₹ 1,05,366 crore
gross GST revenue collected in FebruaryThe gross GST revenue collected in the month of February, 2020 is ₹ 1,05,366 crore of which CGST is ₹ 20,569 crore, SGST is ₹ 27,348 crore, IGST is ₹ 48,503 cror...
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New Exemptions to Government Companies | Companies Act 2013
Exemptions to Government Companies under section 462 of the Companies Act 2013 vide notification dated 02.03.2020.GOVERNMENT OF INDIAMINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 02 March, 2...
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Companies incorporated through SPICe+ to file EPFO/ESI returns on crossing thresholds
MCA has clarified on Its website that New companies incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribe...
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Illegal gratification paid to public servants- Discovered in I-T Raid
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 2nd March, 2020PRESS RELEASEIncome Tax Department conducts search on a group of individuals, hawala d...
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Income Tax Search led to discovery of hidden cloud servers
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 29th February, 2020PRESS RELEASEIncome Tax Department conducts search on prominent metal processing a...
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Exemption Free Income Tax Regime
GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUELOK SABHAUNSTARRED QUESTION NO. 1650TO BE ANSWERED ON MONDAY, MARCH 2, 2020/PHALGUNA 12, 1941 (SAKA)EXEMPTION FREE INCOME TAX REGIME1650. DR....
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Firm busted for issuing fake invoices to claim ITC of goods worth Rs 436 crores
Ministry of FinanceOfficers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of...
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Companies (Appointment and Qualification of Directors) Amendment Rules, 2020
MCA vide notification dated 28th February, 2020, extended the last date for registration of Independent Directors in the Data Bank of independent director for next two months i.e. within 5 months from...
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Guidelines for Appointment of IPs under SEBI Regulations
Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Re...
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Govt designates Special Court for Black Money cases in Punjab & UT of Chandigarh
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)(INVESTIGATION DIVISION-V)NOTIFICATION No. 13/2020-Income TaxNew Delhi, the 26th February, 2020S.O. 862(E).—In exercise of the...
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General Presentation and Disclosures- Draft IFRS Standards
Dear Professional Colleagues,Sub: Exposure Draft of IFRS Standards issued by the IASB for commentsIndian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Stan...
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Representation on issues related to GST Act, GST portal, network
All India Federation of Tax Practitioners has made a Representation on issues being faced by taxpayers and tax professionals related to GST Act, GST portal, network and glitches thereof. Text of the s...
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DGGI Kolkata Zonal Unit unearths 500 Crore fraud of Fake GST Invoices
GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUEDIRECTORATE GENERAL OF GOODS & SERVICES TAX INTELLIGENCEKOLKATA ZONAL UNIT, KOLKATA 4/2, KARAYA ROAD KOLKATA-700017Entrance 67 Shakespeare Sa...
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GST revamps its Help Desk, Introduces toll-free number in 12 languages for taxpayers
PRESS RELEASEGST revamps its Help Desk, Introduces toll-free number in 12 languages for taxpayers What’s New:Toll-free number10 more languages added in Help Desk InteractionsImproved Grievance Redress...
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Budget 2020: Summary of Newly Introduced TCS Provisions applicable from 01.04.2020
Nature of TransactionPerson liable to collect TCSWhen TCS will be collectedPrescribed LimitNon – ApplicabilityTCS RateRemittance out of India under the LRS (Liberalised Remittance Scheme) of RBIAn Aut...
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MCA notifies Companies (Auditor’s Report) Order, 2020
In pursuance of its objective of strengthening the corporate governance framework under the Companies Act, 2013 to attain the national objective of becoming a $ 5 Trillion economy, powers conferred un...