Why these small tax payers get IT notices?
Updated on January 1, 2023 Taxpayers generally receive I-T notices under Section 139(9), 143(1), 143(2), 143(3), 245, 144, 147, 148, 156 (notice of demand) of the Income Tax Act, 1961, due to non-filing of ITR, claiming of inauthentic tax refund, hiding of taxable income, computing excessive tax losses, long term capital gains (LTCG), scrutiny, among…
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Govt hikes interest rate on SCSS, NSC and 5 other small saving instruments for Jan-March 2023
The government on Friday (December 30, 2022) has effected hike in interest rates of 8 small saving instruments for the January-March 2023 quarter. The interest rates of schemes like the Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, and all post office time deposits have been hiked. However, rates…
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RBI releases the 26th issue of the Financial Stability Report 2022
The Reserve Bank of India on Thursday (December 29) released the 26th issue of the Financial Stability Report (FSR). The financial Stability Report (FSR) is a biannual report released by the Reserve Bank of India (RBI). The report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks…
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Bank Holidays 2023 in Jammu and Kashmir
The administration of Jammu & Kashmir UT declared the following days to be a public holiday during the year 2023. Sr.No Date Day Occasion/Festival Date 1 26.01.2023 Thursday REPUBLIC DAY 2 08.03.2023 Wednesday HOLI 3 30.03.2023 Thursday RAM NAVAMI 4 04.04.2023 Tuesday MAHAVIR JAYANTI * 01.04.2023 Saturday ANNUAL CLOSING OF BANKS’ ACCOUNT 5 07.04.2023 Friday…
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RBI announces the migration of CPFIR (FRAUD) Reporting to DAKSH
Effective from January 01, 2023, the Banks and non-bank PPI entities shall commence reporting payment frauds in DAKSH. According to RBI circular, this reporting was earlier facilitated through Electronic Data Submission Portal (EDSP) and is being migrated to DAKSH through which scheduled commercial banks and non-bank prepaid payment instrument (PPI) issuers report payment frauds, to…
List of Bank Holidays of all the states and Union Territories for the year 2023
This post offers you holiday lists for the calendar year 2023 released by all the state Governments and administrations of Union territories of India under the explanation of section 25 of the Negotiable Instrument Act 1881 (NI Act). The holiday declared under NI Act is applicable exclusively to the banks located within the administration area…
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