DA INCREASE TO 34 PERCENT FOR CENTRAL GOVERNMENT EMPLOYEES ARE EXPECTED BEFORE HOLI, ACCORDING TO THE 7TH PAY COMMISSION

Employees in the central government, who have been waiting with great anticipation for the government to announce the rise in dearness allowance (DA) proposed by the 7th Pay Commission, may get some good news before Holi. Following the announcement of the All India Consumer Price Index and the presentation of the Union Budget 2022, the … Read more

THE GOVERNMENT HAS ANNOUNCED AMENDMENTS TO THE LLP ACT, WHICH WILL TAKE EFFECT ON APRIL 1 2022

With effect from April 1, the ministry of corporate affairs has decriminalised procedural errors and technical defaults by limited liability partnerships (LLPs). The LLP (Amendment) Act of 2021 decreased the number of penal provisions from 24 to 22 and decriminalised 12 others. The errors that were decriminalised were of a technical or procedural nature, and … Read more

THERE IS NO INCOME TAX PAYABLE ON THE SALE OF SOFTWARE LICENCES, SUPPORT, OR MAINTENANCE: ITAT

The Income Tax Appellate Tribunal Pune Bench has determined that there is no income tax payable on the sale of software licences, support, or maintenance because it is not a royalty under the India-Singapore Tax Treaty. The assessee, BMC Software Asia Pacific Ltd., is a Singapore-based firm that is a Singapore tax resident; as a … Read more

TO SUPPORT MSMES, THE GOVERNMENT WOULD LINK THE UDYAM, E-SHRAM, NCS, AND ASEEM PLATFORMS

In the presentation of the Union Budget 2022, Finance Minister Nirmala Sitharaman stated that portals such as Udyam, e-Shram, National Career Service (NCS), and Atmanirbhar Skilled Employee-Employer Mapping (ASEEM) will be interconnected. Interlinking, according to the ministry, will broaden their scope. “They’ll now act as portals with live, organic datasets, offering G2C, B2C, and B2B … Read more

Changes Proposed Under GST (Invoices/Credit Notes & Refunds): BUDGET 2022-23

INVOICES/CREDIT NOTES The deadline for issuing credit notes against invoices made in any fiscal year has been extended from September 30 to November 30 of the next fiscal year. REFUNDS The deadline for filing reimbursement claims by embassies, consulates, United Nations specialised organisations, and others has been extended from six months to two years from … Read more