Articles by Rashmi

PMLA Expansion: GSTN to Facilitate Information Sharing with ED and FIU

Posted by Rashmi 10 July 2023 2762 Views

The government has issued a notification stating that the Goods and Services Tax Network (GSTN) will now come under the Prevention of Money Laundering Act (PMLA)

Reactivating an Inoperative PAN: Timeframe and Process Explained

Posted by Rashmi 07 July 2023 26348 Views

This article provides step-by-step instructions on how to link PAN with Aadhaar and check the linking status.

Consequences of an Inoperative PAN: 15 Financial Transactions You Can't Do Without PAN-Aadhaar Linkage

Posted by Rashmi 05 July 2023 10296 Views

The government introduced the Permanent Account Number (PAN) to make it easier to access taxpayer information and match it with their investments, loans, and business activities. This helps detect and prevent tax evasion and broaden the tax base.

Guidelines on TCS for Foreign Remittances under the Liberalised Remittance Scheme (LRS)

Posted by Rashmi 03 July 2023 3652 Views

On June 30, 2023, the Ministry of Finance released detailed guidelines regarding the applicability of Tax Collection at Source (TCS) on various foreign remittances under the Liberalised Remittance Scheme (LRS).

PAN-Aadhaar Linking Deadline: Link Your PAN and Aadhaar Today to Avoid Inconvenience

Posted by Rashmi 30 June 2023 5782 Views

The deadline to link your PAN and Aadhaar is today, June 30, 2023. If you don't link them by today, your PAN will become inactive. This means you can't use your PAN for things like filing your taxes, getting a refund, or opening a bank account.

Key Changes in ITR Forms for Filing Income Tax Returns: What Taxpayers Need to Know

Posted by Rashmi 28 June 2023 10489 Views

The income-tax return filing season is here, and taxpayers need to be aware of some changes in the ITR forms compared to last year.

Extended Deadline: Last Opportunity for Higher EPS Pension Applications

Posted by Rashmi 27 June 2023 1791 Views

The deadline to apply for a higher Employees' Pension Scheme (EPS) pension has been extended to July 11, 2023, from the original deadline of June 26, 2023. This extension is being offered as the last opportunity for employees to submit their joint application form for a higher pension from EPS.

Big Change for Consultants and Professionals: CBDT's New Form 10-IEA Enables Old Tax Regime Choice

Posted by Rashmi 23 June 2023 13329 Views

The CBDT notification, issued on June 21, 2023, outlines the procedure for consultants and professionals to follow if they want to stick with the old tax regime. They can fill out Form 10-IEA, which allows them to continue under the old tax regime and claim eligible tax exemptions and deductions.

MCA plans to increase crackdown on shell companies

Posted by Rashmi 22 June 2023 1957 Views

The Ministry of Corporate Affairs (MCA) is taking strong action against non-functional companies, commonly known as shell companies, as part of its ongoing efforts to combat illegal activities. MCA is planning to further intensify its crackdown on these companies, which are often used for illegal money transactions.

Striking a Balance: RBI Allows Compromise Settlements and Write-Offs for Defaulters and Fraud Companies with Precautions

Posted by Rashmi 16 June 2023 2845 Views

The Reserve Bank of India (RBI) has issued a circular stating that banks and finance companies can enter into compromise settlements or technical write-offs with wilful defaulters and companies involved in fraud.