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IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit

income tax refunds up to Rs 5 lakhs

In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would benefit around 14 lakh taxpayers. It has also been decided …

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CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions

CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions

Due to outbreak of the Covid-19 pandemic, there is severe disruption in the normal working of almost all sectors. To mitigate the hardships of taxpayers, the CBDT has issued the following directions/clarifications by exercise of its power u/s 119 of the Income-tax Act, 1961 (the Act): All the assessees who …

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FREQUENTLY ASKED QUESTIONS : RBI Allowed Banks to Declare Moratorium on Term Loans

FREQUENTLY ASKED QUESTIONS : RBI Allowed Banks to Declare Moratorium on Term Loans

Last week, the Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. …

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No Extension of the Financial Year

No Extension of the Financial Year

There is a fake new circulating in some section of media that the Financial Year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of …

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Ministry of Corporate Affairs introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19

Ministry of Corporate Affairs introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19

In pursuance of the Government of India’s efforts to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19, the Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” which is already …

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L&T Supports India’s Fight Against COVID-19

L&T Supports India's Fight Against COVID-19

Larsen & Toubro, India’s leading technology, engineering, construction, manufacturing and financial services conglomerate, is committed to participate in corporate India’s response to COVID-19 through funds, community welfare plans and through leveraging its expertise to offer assistance. Responding to the call given by Hon’ble Prime Minister of India, the company will …

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Premium payment period for Postal Life Insurance & Rural Postal Life Insurance extended upto 30th April 2020

Premium payment period for Postal Life Insurance & Rural Postal Life Insurance extended upto 30th April 2020

In view of the threat posed by the outbreak of Corona Virus (COVID-19), and the complete lockdown across India, Directorate of Postal Life Insurance(PLI), Department of Posts, Ministry of Communications has given an extension of period for payment of their due premium of March 2020 upto 30th April 2020 without …

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Finance Commission constitutes Committee to Review Fiscal Consolidation Roadmap of the General Government

Finance Commission constitutes Committee to Review Fiscal Consolidation Roadmap of the General Government

The Chairman of the Fifteenth Finance Commission, has constituted a Committee to review the fiscal consolidation roadmap of the general government. The Terms of Reference of the Committee are – The Committee shall make recommendations on the definition of deficit and debt for the Central government, overall states, the General …

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Agreement between India and Brunei for Exchange of Information notified

The Agreement between the Government of the Republic of India and the Government of Brunei Darussalam for the exchange of information and assistance in collection with respect of taxes (hereinafter referred to as the Agreement), was signed in New Delhi, India on 28th of February, 2019. The Agreement has been …

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More than Rs 20,000 crores of loans sanctioned under Stand Up India Scheme since inception

Rs 20,466.94 crores of loans have been sanctioned under Stand Up India Scheme to over 91,000 accounts upto 10.03.2020 since inception of the Scheme. This was stated by Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today. …

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