E India CA

Professional Updates for Chartered Accountants

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Modi launches APIX technology; what it is, how it will help 2 billion people without bank accounts globally

In a bid to reach two billion people worldwide who are still without bank accounts, Prime Minister Modi launched the APIX (Application Programming Interface Exchange), a banking technology platform in Singapore Wednesday. The technology platform was launched by Modi along with Deputy Prime Minister of Singapore T Shanmugaratnam ...

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Demonetisation: 80,000 being chased by I-T for large cash deposits

The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash during demonetisation period which didn’t match their income profile, chairman of central board of direct taxes (CBDT) Sushil Chandra said on Wednesday. The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash dur...

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All About Proposed Simplified GST Returns – Sahaj And Sugam

With the introduction of Goods and Service Tax (GST), there had been a tremendous increase in the numbers of returns to be filed by the registered taxable person. Due to the increase in the number of returns and the complex return filing process, there had been a remarkable increase in compliance cost which is duly affecting the day ...

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Withdrawal rules for your provident fund account

Provident Fund is a product which helps salaried people to accumulate funds while they are earning for the period the income flow stops. So generally it is not supposed to be withdrawn before its maturity and jeopardise one’s retirement. However there are circumstances when resorting to the money accumulated in the Provident Fund a...

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Dividend up to 10 lakh from shares exempt

To claim Foreign Tax Credit, you must submit a statement of foreign income and tax deducted on income, in Form 67 Say person A is in Germany from December to March. He earned money in Germany in the form of salary. Now he has ₹16 lakh as his total income in Germany after conversion, according to RBI rates, out of which ₹4 lakh i...

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RBI Vs Government: Protecting Depositors, Taxpayers Is Public Interest, Says Central Bank

Amid speculation that the government may have invoked a hitherto unused section to overrule the Reserve Bank of India (RBI) on the pretext of "public interest", the central bank has shot back with its own definition of "public interest". Reserve Bank Deputy Governor N.S. Vishwanathan, in a recent speech, said when a bank is trying t...

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How GST and demonetisation impacted govt finances

Widening the tax base and collecting more taxes has been a priority for the current government at the centre. This government’s two major economic disruptions—the introduction of goods and services tax (GST) and demonetisation—were justified in the name of raising tax compliance among other things. However, these moves have not...

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Modi’s Diwali gift to MSME sector: Here’s full list of 12 decisions announced for small businesses

With elections just seven months away, Prime Minister Narendra Modi has shifted his entire focus on revival of the MSME sector, which may have suffered the most in the wake of demonetisation and the implementation of the Goods and Services Tax (GST). The prime minister launched ‘MSME Support and Outreach Program’ and announced ...