Have you Submitted your annual life certificate for pensioners?

annual life certificate for pensioners

The Ministry of Personnel, Public Grievances and Pensions Department of Pension and Pensioners’ Welfare through its notification dated 30th September 2022 issued memorandum for timely submission of Annual Life Certificate for pensioners. It is mandatory for every central government pensioner to submit Annual Life Certificate in November for continuation of the pension without any hindrance. The … Read more

GST: CBIC Extends Last Date for filing of ITC

The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for claiming input tax credit (ITC) for FY22 from 20 October to 30 November. Additionally, the deadline for submitting credit notes and declarations for FY22 has been extended until November 30. However, recipients’ ITC might be disallowed if the GSTR-1 (monthly Statement … Read more

No Compulsory Review for Income Tax Returns Submitted Under Section 142(1) Based on Departmental Information: CBDT issues Guidelines

The Central Board Of Direct Taxes (CBDT) has recently issued guidelines clarifying that when a return has been furnished in response to a notice u/s 142(1) of the Act, where such notice was issued due to the information contained in NMS Cycle/ SFT information, such return will not be taken up for compulsory scrutiny but … Read more

Physical Verification of Premises for GST Registration Granted Without Notice Violates Natural Justice Principles: Delhi High Court

Physical Verification of Premises for GST Registration Granting Without Notice Violates Natural Justice Principles: Delhi High Court

In a landmark decision, the Delhi High Court ruled that the physical inspection of company premises without notice for the purpose of issuing GST registration is unconstitutional since it violates the principles of natural justice. The department revoked the GST registration of the petitioner, M/s Curil Tradex Pvt Ltd, based on the show cause notice, … Read more

Annexure K while Transferring EPF Account

When an EPF member moves their PF money from an exempted to a non-exempted firm (or vice versa), they receive a document known as Annexure K. Annexure K of the EPF contains the member’s information, his PF accumulations with interest, his service history, his joining and leaving dates, and his employment details. Annexure K is … Read more

Government modifies Regulations governing Corporate Social Responsibility

Government modifies Regulations governing Corporate Social Responsibility

The government has required enterprises with any funds in their unspent corporate social responsibility accounts to set up a CSR committee. To this goal, the government has modified laws regulating corporate social responsibility (CSR), according to an official announcement published by the Ministry of Corporate Affairs. Under the Companies Act, 2013, certain groups of successful … Read more

Government would soon decriminalise GST violations: Revenue Secretary Tarun Bajaj

Revenue Secretary Tarun Bajaj stated that the government will soon provide guidelines for decriminalising Goods and Services Tax offences. The government has recently released amended instructions for compounding Direct tax offences. Previously, a comparable agreement was struck for customs duty-related offences. Regarding the decriminalisation of GST violations, the Revenue Secretary stated, “We are working on … Read more

MCA revises Paid-Up Capital Threshold for Small Companies, Minimises Regulatory Load

MCA revises Paid-Up Capital Threshold for Small Companies, Minimises Regulatory Load

In recent years, the Ministry of Corporate Affairs (MCA) has made several steps to improve the corporates’ ease of doing business. These included the decriminalisation of several aspects of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008, the extension of fast track mergers to start-ups, and the encouragement of creation of One … Read more

IBBI amends Regulations to boost the Value of Stressed Companies

IBBI amends Regulations to boost the Value of Stressed Companies

Multiple revisions and clarifications made by the Insolvency and Bankruptcy Board of India (IBBI) to the Insolvency and Bankruptcy Code would assist creditors in obtaining a higher price for distressed assets. The regulatory body has implemented the separation of firms in order to attract more participants in the corporate resolution procedure. This would be advantageous … Read more

CBDT issues Revised Guidelines for the Compounding of Offences

Compounding of offences

In order to enhance ease of doing business and decriminalise offences, the Central Board of Direct Taxes (CBDT) has released amended instructions for the compounding of Income Tax Act, 1961 offences. Among other measures, it has loosened qualifying requirements for compounding cases. In accordance with the government’s policy of facilitating Ease of Doing Business and … Read more