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Month: January 2020

FinMin summons Infosys executives over GSTN glitches

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With complaints rising against the IT system of Goods & Service Tax (GST), the Finance Ministry has summoned Infosys on Friday to seek an explanation. Infosys is the technology service provider for GST. According to FinMin sources, the Finance Ministry has called CN Raghupati, Senior Vice-President of Infosys and V Rangnathan, Vice-President. They will be […]

EPFO – PMRPY fraud: EPFO blocks 9 lakh employee accounts from 80,000 firms

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Government has found 9 lakh beneficiaries from as many as 80,000 companies took benefit of Centre’s job formalisation scheme, Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), even though they were not eligible for it, leading to around Rs 300 crore worth of loss to the exchequer. A report published in the Business Standard said these companies […]

Government notifies rules for winding up of companies under Companies Act

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The Ministry of Corporate Affairs has notified rules for winding up small businesses without having to go to a tribunal, under a provision in the Companies Act that offers an alternative to the commonly used liquidation procedure under India’s bankruptcy code. The rules notified by the ministry further define provisions of section 361 of the […]

EPFO Circular On Auto-Settlement Of Online Form 31 And Other Claims

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EPFO vide circular No NDC/13(12)2019/Auto Settlement/29 dtd. 17/01/2020 has introduced pilot project of auto settlement (partial) of Form 31(Illness) through EPFO application software at RO-Delhi (South), RO-Delhi (West), RO-Gurgaon, RO-Bandra, RO-Khandivali, RO-Thane, RO, Karnal and RO-Pune. All claims will be processed from 8.00 pm to 8.00 am by the system and system would validate the […]

Govt can’t make PAN invalid if not linked to Aadhaar till SC judgement: Gujarat High Court

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The Gujarat high court said a person’s Permanent Account Number (PAN) does not become invalid for filing income tax returns and making transactions just because it is not linked to their Aadhaar Card. The Gujarat High Court judgement states :“PAN of applicant shall not be declared inoperative and applicant would not be in default in […]

Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner

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The finance ministry has allowed GST taxpayers to file their GSTR-3B returns in a staggered manner, as part of the measures to ease difficulties faced by trade and industry in filing of returns. An official release said the government has decided to introduce several measures to ease the process of filing GST returns. At present, […]

Direct tax collection growth falls 6.1% to Rs 7. 26 lakh crore

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With not much time left to the union budget 2020, sources privy to the developments told CNBC-TV18 that direct tax collections between April to January 15 of this fiscal, have shown a negative growth of -6.1 percent. The figures become important as the union budget is on the anvil and direct tax collections are a […]

GSTR-1 amnesty scheme due date extended to Jan 17, 2020

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The Finance Ministry on Friday extended the due date for amnesty scheme for filing of GSTR-1 by seven days. The earlier deadline was set at January 10, 2020., but it will now be open till January 17. The scheme intends to facilitate filing of all pending FORM GSTR-1 from July 2017 to November 2018 without […]

CBDT Extends Deadline Till Jan 31 to Apply For Compounding of I-T Offences

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The CBDT has extended till January 31 the last date for taxpayers to avail a “one-time” facility to apply for compounding of income tax offences, an order issued on Friday said. The earlier deadline was December 31, 2019. The decision to extend the last date was taken in view of references received from field formations, […]

Businesses to Pay Rs 5000 Fine/Day for not Offering Digital Payment Facilities

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With effect from February 1, businesses will be fined Rs 5,000 per day if they fail to accept payments through digital payment facilities, the Central Board of Direct Taxes (CBDT) said in a circular dated December 30. This will be applicable to companies with an annual turnover of over Rs 50 crore. The move is […]

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