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Drastic fall in interest rates of all Post Office Savings Schemes w.e.f 01-04-2020

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The government today announced a steep cut in the interest rates on small savings schemes for the first quarter (April to June) of FY 2020-21. Interest rates on various small savings schemes have been cut by between 70 basis points and 140 basis points (100 basis points = 1 per cent). Here is a look […]

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 […]

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 […]

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 […]

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 […]

PPF Account for Minor Child & Tax Benefit

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Many people have Public Provident Fund (PPF) accounts in their name as well as in their minor child’s name. However, holding such separate PPF accounts does not mean that you can deposit Rs 1.5 lakh in each and earn tax-free interest on both deposits. Here is why. According to PPF rule number 3, “Any individual […]

The Punjab Labour Welfare Fund (Haryana Amendment) Bill, 2019

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Government of Haryana vide notification No. 12-HLA of 2019/16/3917 has introduced bill towards the Punjab Labour Welfare Fund (Haryana Amendment) Act, 2019. As per the bill and subsequent amendment once encacted, each employee shall contribute to the Fund every month an amount equal to zero point two percent of his salary or wages or any […]

Online Submission of Single Annual Return Under All Labour Laws in Haryana

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Government of Haryana in continuation to the series of measures towards Ease of doing business had introduced the Online single integrated annual returns under all labour laws in Haryana. In continuation of the earlier notification issued vide Endst. No. 3254-55 dated 16th June 2016, the government has clarified to mandate the single integrated annual return […]

Link your PAN with bank for refunds: Income Tax department to taxpayers

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The Income Tax Department will “only” issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, 2019.” […]

Government releases compliance schedule to ensure MSME payments

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The government has decided to crack down on companies delaying payments to small businesses by insisting that all defaulting entities compulsorily provide it details of outstanding money with reasons by April or face action that could result in imprisonment up to 6 months or fine of not less than Rs 25,000 up to Rs 3 […]

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