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Month: September 2019

Aadhaar card is now mandatory for nominees of your EPF account

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Under a new set of rules for making e-nomination of your provident fund account, the Employees’ Provident Fund Organisation (EPFO) has made it mandatory to submit Aadhaar card number of all your nominees. The e-nomination facility allow EPF members to nominate their family members over the organisation’s e-Sewa portal. However, according to EPFO rules, Aadhaar […]

Government slashes corporate tax for domestic companies

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The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%. Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1. Here are some of the […]

Government Proposes Significant Reduction in IPR Fees for MSMEs

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The government has proposed to reduce fees for various intellectual property rights such as patents and designs for micro, small and medium enterprises and startups to promote innovation, Commerce and Industry Ministry said on Monday. An individual, group or industry has to pay fees at different levels of intellectual property rights (IPR) application fillings. As […]

Income Tax dept launches faceless e-assessment scheme. 10 things to know

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Central Board of Direct Taxes (CBDT) has issued Notification dated 12th September, 2019 to introduce E- assessment Scheme, 2019 under Section 143(3A) of the Income Tax Act, 1961 in order to conduct faceless scrutiny assessment. 1. According to the scheme, the notification of scrutiny will be issued to the person under section 143 (2) if […]

ESIC Signs Agreement With SBI For Payments To ESIC Beneficiaries on Real Time Basis

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A Memorandum of Agreement has been signed between the Employees’ State Insurance Corporation (ESIC) and SBI on 03/09/2019 in accordance with which, the SBI would provide e-payment services directly to the bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process. The SBI would provide e-payment integration […]

PAN will be generated automatically if a taxpayer uses Aadhaar for filing returns: CBDT

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The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases. According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall be deemed” to have […]

New income tax rules come into effect from September 1, 2019

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Some income tax changes announced in this year’s Budget comes from September 1, 2019. The full Budget for this year was presented in July this year. Cash withdrawals exceeding ₹1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions the definition of immovable property has been […]

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