The apex income tax policy-making body, the Central Board of Direct Taxes, has come out with a detailed clarification on the deduction of TDS under the new tax regime. CBDT in its circular dated April 13, 2020 clarified that the employers will be allowed to deduct taxes on salaries paid to employees from the beginning…
The Regulated Entities (RE) like banks required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions. This is to adhere the rules and regulations in terms of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. …
The labour ministry on Friday notified the special scheme wherein the government will deposit the employer’s and employee’s contribution in the Employee Provident Fund (EPF) and Employee’s Pension Scheme (EPS) for three months to tide over the impact of COVID-19 on small establishments. Under Gareeb Kalyan Yojana scheme, the central government will grant relief in…
Core Bio-metric Information” is defined under clause 2(j) of Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 as biological attribute of an individual like fingerprint, Iris scan, or such other biological attribute as may be specified by regulations. The “Aadhaar number” is a 12 digit identification number issued to an…
Due to the outbreak of pandemic COVID 19 virus, the Union cabinet promulgated an ordinance to reduce the salaries, allowances, and pensions of Members of Parliament (MPs) by 30 percent for one year. According to news, Union Minister Prakash Javdekar communicated the cabinet decision in a press release. According to Mr.Javdekar’s announcement, the Cabinet also…
The Director (IT budget) CBDT by order u/s 119 permitted eligible tax payers to submit Form 15G/15H till June 30, 2020 for FY 2020-21. As per the order dated April 3, 2020 posted by the CBDT on its official twitter handle, “In case a person submitted valid 15G/15H to the banks/ for FY 2019-20, then…
On Friday Reserve bank of India notified revision of trading hours of various markets between April 7, 2020, and April 17, 2020 (both days inclusive). The revised timings will be between 10AM to 2PM from April 7, 2020, for all under noted markets. All regular banking services for customers, including RTGS, NEFT, e-kuber and other…
In view of the disruption caused by COVID-19 pandemic, Reserve Bank of India extended the time period for repatriation of fully realised export proceeds for exports made up to or on July 31, 2020. As per the new direction issued by RBI on April 1, 2020, exporters are required to fully realize and repatriate the…
Today (March 31, 2020) Reserve Bank of India advised the banks to make determined efforts while offering certain basic banking services to senior citizens of more than 70 years of age and differently-abled persons. RBI had advised in this regard to the banks to implement doorstep banking services on a pan India basis for Senior…
Reserve Bank of India today advised all the banks to be ready to conduct a Special Clearing exclusively for Government cheques at all clearing houses across the country on March 31, 2020. According to the regulator’s communication normal clearing timings as applicable to any working Tuesday shall be followed on March 31, 2020. Additionally, a…