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Category Archive for : ‘News’
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Relief for PPF, Sukanya Samriddhi Yojana account holders! Deposit, withdrawal changes for COVID-19 announced
The government has relaxed the provisions for account holders of PPF, Sukanya Samriddhi Account (SSA) and Recurring Deposits. In view of the lockdown in the country due to COVID-19 pandemic, the government has taken some steps for the benefit of post office small savings investors. The...
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Summary of Relief Package recently announced by Indian Government
Within 3 days of 21day Lockdown, Government of India has announced Rs 1.7 lakhs crore relief package for the people hit the hardest due to this under its scheme called “Pradhan Mantri Garib Kalyan Yojana” (PMGKY), Below is the gist of measures/relief provided by Indian Government:- i) About 800...
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Extension in date of submission of LFAR (Long Form Audit Report) by one month
RBI today i.e on 12/04/2020 extended the timeline for submission of LFAR (Long Form Audit Report) by the statutory auditors to the banks by one month,July 31, 2020..Long form Audit Report (LFAR) is a questionnaire prepared by RBI which an auditor has to answer. LFAR includes questionnaires for...
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Income Tax Fast Refund Processing In this Pandemic Covid-19 upto Rs. 5 lakhs
Here comes a sigh of relief amidst this outbreak for the individuals who are facing liquidity issues due to pay cuts or waiting for their salaries to be credited in account for the past month. The Income Tax Department has tweeted today dated 8th April 2020,on its official Twitter handle, that...
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DO’S AND DON’TS FOR GST REGISTERED ENTITY
S.No Do’s Don’ts 1 Invoice for each purchase and sales is must Transaction without documentation 2 Do mention GSTIN of self and customer (if registered) on the sales invoice Accepting invoice with wrong GSTIN of vendors 3 Do ensure your GSTIN is mentioned on every purchase Bills Accepting...
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Changes in Income Tax Rules for F.Y. 2019-20(A.Y. 2020-21)
Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000 Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs) Increased Tax for super-rich: Surcharge...