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Month: February 2020

FSSAI: Sweet sellers to display ‘best before’ and manufacturing date from 1 June

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The Food Safety and Standards Authority of India (FSSAI) has issued a direction that from June 2020, all sweet shops will have to display the ”best before date” and ”date of manufacturing” on non-packaged or loose sweets kept in a container or tray for sale at their outlets. At present, it is mandatory to mention […]

Govt implements EPFO’s decision to restore pension commutation; 6.3 lakh pensioners to get benefit

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The labour ministry has implemented retirement fund body EPFO’s decision to restore pension commutation under the Employees’ Pension Scheme, a move that will benefit 6.3 lakh pensioners. On February 20, 2020 the ministry notified the decision of the Employees’ Provident Fund Organisation (EPFO) to restore pension of those who opted for commutation of their pension […]

CBIC further extends Due Date for Filing Form GST TRAN-1 upto 31 March, 2020

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CBIC has notified that last date for submission of declaration in Form GST TRAN-1 has been further extended upto 31 March 2020, under CGST Rule 117(1A), in certain cases recommended by GST Council, i.e. where registered persons could not submit GST TRAN-1 as per earlier deadline due to technical issues at GST Portal. Form TRAN-1 […]

GST evasion: Centre, state tax officers to share taxpayers information to tighten enforcement

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Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. “CBIC launches application for sharing information between Centre and State for targeted enforcement action against GST evasion. A big leap in intelligence sharing and cooperative federalism #GST,” the Central Board […]

CBDT issues clarification on — applicability of TDS provisions on Mutual Fund dividend

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CBDT clarified that the Budget proposal of 10 per cent TDS will be applicable only on dividend payment by mutual funds and not on gain arising out of redemption of units. It was proposed to levy tax deducted at source ( TDS) of 10 per cent on dividend/income paid by a company or mutual fund […]

Budget 2020: New Income Tax Slab for an Individual Taxpayer for FY 2020-21 (AY 2021-22)

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New Income Tax Slab Rates for F.Y 2020-21 | A.Y 2021-22 Budget 2020: FM Nirmala Sitharaman today proposed new income tax slabs and lower tax rates for F.Y 2020-21 | A.Y 2021-22. Lower income tax rates are optional and are available to those who are willing to forego some exemptions and some deductions. The new […]

CBDT notifies Rule 6BBA and amended Rule 6DD : cash loan acceptance & repayment limit to Rs 10, 000 in aggregate ; expenses limit also reduced

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The Department of Revenue (under Ministry of Finance) has reduced the cash loan acceptance and repayment limit from Rs 20, 000 to Rs 10, 000 in aggregate by notifying Rule 6BBA and amending Rule 6DD to include new payments method as non-cash payments for getting benefits/reliefs under various provisions of the Income Tax Act, 1961 […]

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