Employee Provident Fund (EPF) is a retirement-oriented program for salaried employees backed by the government but now the EPF Withdrawal becomes taxable. Income tax has the effect of influencing contribution amounts, interest, and the ability to take out one’s balance. Concerning the additional tax on early-withdrawal EPF, employees consider it much more important when they … Read more
For the last couple of days, union FM has been holding review meetings. Initially, to check the pending Micro, Small, and Medium Enterprises payments. Finance Minister Nirmala Sitharaman said, “I am personally monitoring and assisting in the case.” MSME registration portal is open to all MSMEs. In this article, we will discuss Government committed to … Read more
As we know, under the Composition scheme taxpayers have to file a CMP-08 challan. Consequently, Composite taxpayers filing Annual Returns are facing issues in the portal. Several taxpayers reported an issue of negative liability appearing in GSTR-4. In this article, we will understand the government’s notification on Negative Liability in GSTR-4. What are GSTR-4 and … Read more
EPF stands for Employees provident funds, which is one of the social security schemes for employees. EPF helps employees save a small portion of their salary every month, and later on, it can fulfill their financial needs. Moreover, it serves as a retirement fund for employees that comes under the Miscellaneous Provisions Act 1952. In this … Read more
As per the statement of the Finance Ministry India, the Govt collects Rs 2.41L cr from income tax as a direct tax in the first quarter of 2021 i.e. April to June. In the same period, the government of India has collected Rs.1.01 lakh crore on excise duty. At Lok Sabha, the finance minister Mr. Pankaj … Read more
A step-by-step guide to file income tax returns Online & Offline is going to be very helpful for all of us. As we all know, ITR filing is mandatory for every salaried person having an income of over 2.5 Lakhs. Furthermore, if you have no tax liability, even then you have to file ITR. However, … Read more
E-Commerce business is the new and one of the most valuable business platforms these days. It has been found in a survey that almost 80% of the population on the internet has bought something from these E-Commerce stores. However, it involves a complex taxation system. For instance, GST Registration for E-Commerce confuses many. Therefore, In this … Read more
APEDA (Agricultural or Processed Food Products Export Development Authority) and BEDF (Basmati export development foundation) have taken a pioneering step to sensitize farmers. APEDA and BEDF train farmers to develop high-quality rice. As an initiative, the Basmati export development foundation in connection with rice exporters’ connection with UP has established a consciousness campaign. It helps to … Read more
Big relaxation for taxpayers and foreign currency remitters as CBDT extends the due date to file form 15CA/15CB manually. Many taxpayers reported various issues in the new income tax portal while filing form 15CA/CB. Therefore, addressing this issue CBDT extended the deadline to file these forms. In this article, we will understand this notification in … Read more
A major update as there is now Relaxation in Accounting Rules for Small and Medium Companies in India. This was done to support the idea of making it easy to do business in India. The goal is to cut down on the amount of paperwork and time it takes to generate financial statements. As a … Read more