The Institute of Chartered Accoutants of India ( ICAI ) likely to announce the CA Final Exams 2022 results on 15th or 16th July, 2022.
“The results of the Chartered Accountants Final Examination(Old course & New Course) and Foundation Examination likely to be declared on Friday 15th or Saturday 16th July 2022.
The results can be accessed on three websites namely icaiexam.icai.org, caresults.icai.org, and icai.nic.in.
It is noteworthy that for accessing the result the candidate shall have to enter his/her registration no. or PIN no. along with his/her roll number.
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The Income Tax Portal has updated the system for Form 10-EE (‘Taxation of income from retirement benefit account maintained in a notified country’) to be filed in compliance with rule 21AAA for Financial Year 2021-22 is available for filing on the income tax portal. Kindly file the form within the due date specified if the same applies to you.
Any money received under voluntary retirement scheme drawn up in accordance with prescribed rules is exempt upto a maximum limit of Rs. 5 lakhs under Section 10(10C).
In the ITR, the taxpayers have to choose the ‘Pensioners’ option in the field ‘Nature of Employment’ under the salary schedule. The pension income taxable as ‘salary’ has to be reported by mentioning the name, address, tax collection account number (TAN) of the employer and the tax deducted (TDS) thereon.
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The Central Board of Direct Taxes (CBDT) has issued a circular standardizing the process of filing an application for approval/renewal of an Electoral Trust under Section 2(22AAA) of the Income Tax Act, 1961 to be filed with Form A.
Under clause (22AAA) of Section 2 of the Income-tax Act, 1961 Central Board of Direct Taxes is empowered to approve an ‘Electoral Trust’ for the benefit of provisions of Section 13B of the Income-tax Act, 1961.
As per clause 5(1)(a) of the Electoral Trust Scheme, 2013, an application for approval under Section 2(22AAA) of the Act is to be made in duplicate in Form A. In order to avoid procedural delay in processing these applications, the applicants are advised to file along with the application in Form A, on or before the prescribed date, the duly filled in and signed check-list accompanied with documents required therein, before the Commissioner of Income Tax/Director of Income Tax under whose jurisdiction their cases fall. The applicant shall also enclose a copy of the said checklist while sending the copy of their application to Member(IT&R), CBDT in terms of clause 5(1)(b) of Electoral Trust Scheme, 2013.
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The Central Board of Indirect taxes and Customs (CBIC) has issued an instruction regarding the export policy of wheat flour. On 6th July, the Central Government has issued a notification wherein the Board has amended the export policy of wheat flour (atta), stipulating that such exports would be subject to the recommendation of Inter-Ministerial Committee (IMC) on the export of wheat, with effect from July 12, 2022.
“Vide para 2 of the above stated notification, it has been informed that during the period from July 06, 2022 till July 12, 2022 certain consignments of wheat flour, as specified therein, will be allowed to be exported.It has further been informed that the provisions as under Para 1.05 of the Foreign Trade Policy, 2015-2020 regarding transitional arrangement shall not be applicable under the above said Notification and that necessary modalities with regard to quality of wheat flour will be notified separately,” the circular said.
“All the Pr.Chief/Chief Commissioners are hereby requested to kindly bring the contents of this Notification to the attention of all concerned for its immediate implementation,” it added.
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The Supreme Court will today hear a Public Interest Litigation (PIL) to take steps for implementing a system for electronic (digital) generation of a Document Identification Number for all communications sent by state tax officers to taxpayers.
The petitioner, CA Pradeep Goyal through Adv Charu Mathur approached the Apex Court sought for appropriate directions for the generation of a Document Identification Number (DIN) for all communications sent by state tax officers. It is submitted that as per the information available in public domain only two states i.e. Karnataka and Kerala have a proper system of DIN in place.
The Central Board of Indirect Taxes and Customs (CBIC) vide Circular No. 122/41/2019 dated 05.11.2019 implemented a system for electronic (digital) generation of a Document Identification Number (DIN) for all communications sent by its offices to taxpayers and other concerned persons. This was done in keeping with the Government’s objectives of transparency and accountability in indirect tax administration through widespread use of information technology. To begin with the Government made quoting of DIN mandatory on all search authorisation, summons, arrest memo, inspection notices and other letters issued during the course of enquiry.In continuation of the same, the Board vide circular No. 128/47/2019 dated 23.12.2019 directed that electronic generation and quoting of Document Identification Number (DIN) shall be done in respect of allcommunications (including e-mails) sent to tax payers and other concerned persons by any office of the Central Board of Indirect Taxes and Customs (CBIC) across the country.
Petitioner submitted RTI application to the CPIO, GST Council seeking information in respect of any directions by GST Council related to implementation of system of DIN generation on communications sent by state tax offices, as also if the issue, related to generation of DIN by state tax offices, even been discussed in any past GST council meetings or any proposal to implement such system was pushed in any meeting.The reply from the GST Council was that GST Council has not issued any such directions to the States and that this issue was not discussed in any GST Council meetings.
The petitioner, thus, approached the Apex Court urging that like CGST departments the SGST departments are also having investigation wings, but they are not required to quote DIN on any communication from the department. In order to maintain a proper audit trail and to provide transparency in all communications, there is a need for the States to make mandatory the generation of a Document Identification Number (DIN) for all communications by issuing circulars under the relevant SGST provisions.When the tagline of GST is “one nation one tax” then issuance of DIN should be made compulsory for both CGST and SGST departments.
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The Mumbai bench of the Income tax Appellate Tribunal (ITAT) comprising Pramod Kumar, Vice President and, Aby T Varkey Judicial Member, while remanding a matter back to the National Faceless Appeal Centre (NFAC) has held that the denial of assessee’s specific request to attend the personal hearing through video conference is violation of the newly…
The Income Tax Appellate Tribunal (ITAT), Pune bench has observed that the order of the income tax department imposing late fee under section 234E of the Income Tax Act, 1961 for the delay in filing TDS statement is an appealable order.
The assessee, Commandant S.R.P.F. GR-VII Welfare Fund filed an appeal against the order of the Assistant Commissioner of Income Tax Central Processing Cell -TDS levying Late Fee of Rs.11,000/- u/s 234E of the Act. On appeal, the Commissioner, rejected the same holding that the appeal is not maintainable as theLevy of late Fee u/s 234 E is not appealable as per Section 246A. The assessee approached the Tribunal for relief. The List of appealable orders is given in Section 246A of the Act.
A division bench of the Tribunal consists of Shri S.S.Godara, Judicial Member and Dr. Dipak P. Ripote, Accountant Member has observed that“In this case, the Appellant assessee had filed an appeal before the ld.CIT(A) against the Intimation u/s 200A of the Act. The said fact is clearly mentioned in Form-35, Column Number 2a. Therefore, as per section 246A of the Act, the assessee has a right to file an appeal before the ld.CIT(A) against the intimation under section 200A of the Act. Therefore, we are of the opinion that the ld.CIT(A) has erred in holding that the appeal is not maintainable. Hence, the issue is set aside to the file of the ld.CIT(A) to be decided afresh after giving an opportunity to the assessee. Accordingly, grounds raised by the assessee are allowed for statistical purpose.”
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The Rajasthan High Court has recently admitted a petition challenging Rule 86B of Central GST Rules, 2017 wherein the Court has issued a notice to the Centre. Rule 86B limits the use of input tax credit (ITC) available in the electronic credit ledger for discharging the output tax liability. This rule has an overriding impact on…
A term insurance premium calculator is a tool that is freely accessible via online platforms and helps calculate the approximate monthly or annual premium that a policyholder needs to pay towards the policy. Term insurance is the most common and simple life insurance tool available for all in the market. Also, the policyholder needs to make the payment in the form of a premium in exchange for life coverage offered by the policy. Several factors influence the premium rate of the policy. Therefore, to help you calculate the premium policy rate, the term insurance premium calculator is the most viable choice.
Term Insurance and Mortality Rate
Term insurance has advantages that must be understood before using the term insurance premium calculator. One such important point is the mortality charge. When purchasing the life insurance policy, the insurer charges a certain rate of expense coverage, ensuring insurance security in case of an unforeseen event like death. The charged price is called the mortality rate. The mortality rate can be estimated based on the standard mortality charges. Usually, these rates are lesser for young and healthy individuals who do not work a high-risk job. The premium rates for term insurance vary with the age of the policyholder.
Benefits of the Term Insurance Calculator
A term insurance premium calculator is needed if you are looking for the best-suited plan for you. While purchasing the term insurance, compare plans to make the best choice. And figure out the best term insurance plan aligned with your needs. Some of the major benefits offered by the term insurance premium calculator are as below:
Term Insurance Plan Premium and Its Calculation
Today, getting a hold of a term insurance plan is extremely important and paying the policy premium is equally important to avail of the continuous and complete benefits of the policy. The policyholder can pay the policy premium in different ways, i.e., yearly, quarterly, half-yearly and monthly. The policyholder can use a term life insurance calculator to get an idea of the approximate premium amount.
The term insurance policy’s premium rate is calculated per the choice of plan and the applicant’s credentials. Most commonly, the premium rate for the young policy buyers is low compared to individuals in their 50s. This is because young policyholders are considered fit and tend to pose a lower risk for the insurer compared to the age of the insurance buyer.
Steps to Use the Term Life Insurance Calculator
Here are some simple steps which take no longer than 10 minutes to calculate the term life insurance with the help of the term life insurance calculator.
The policy buyer needs to enter personal information like the date of birth, marital status, gender, annual income, the number of children and life coverage.
You will then need to enter the sum assured as desired and the years you want it for. Clarification would also be required regarding how you would like your family to receive the one-time money.
With the increase in age, the income of the individual also increases. The individual will then need to fill the annual increase in income as estimated to make the right projection using the term insurance premium calculator.
The online term life insurance calculator helps recommend some of the best plans as per the previously filled-in details for a systematic comparison of plans.
On a Parting Note
The term insurance premium calculator is a specifically designed tool that helps determine the actual premium amount required to pay the insurer for the term life coverage. With the availability of a huge number of term life insurance policies in India, a term insurance premium calculator facilitates hassle-free comparison of plans, ultimately helping make the best insurance choice.
The Central Board of Indirect taxes and Customs (CBIC) has amended the Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2022 for the re-import of returned jewellery exported through the courier mode on an e-commerce platform
The finance ministry has recently came out with draft Standard Operating Procedure (SoP) for facilitating e-commerce jewellery exports through courier route, as it looks to provide a simplified regulatory framework for manufacturers and traders who want to export jewellery.
Earlier, the Board had invited feedback and suggestions from stakeholders by June 14 on the SoP for implementation of a simplified regulatory framework to facilitate export of jewellery made of precious metals and imitation jewellery through e-commerce in courier mode.
As per the notification issued on Thursday, certain conditions and restrictions are notified for the re-import of returned jewellery exported through the courier mode on an e-commerce platform.
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The Central Board of Indirect Taxes and Customs (CBIC) has notified the increase in basic customs duty on import of gold to 12.5 per cent from 7.5 per cent. The step has been taken in an effort to curb imports, as the rupee slumped to a record low.
The Board issued a notification on Thursday said that “the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely :- In the said notification, in the Table, – (i) against S. No. 354, in Column (4), for the entry “6.9%”, the entry “11.85%” shall be substituted; (ii) against S. No. 356, in Column (4), for the entry “7.5%”, at both the places, the entry “12.5%” shall be substituted; (iii) against S. No. 357A, in Column (4), for the entry “7.5%”, the entry “12.5%” shall be substituted.”
India, the world’s second biggest consumer of gold, is currently staring at higher trade and current account deficits amid volatile global macroeconomic conditions.
India had imported the most amount of gold in a decade last year, as demand recovered after the pandemic. Raising import duties on goods is one way to curb imports by making them costlier. This step is a reversal of last year when Centre cut the tax to 7.5 per cent in the budget.
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The Central Board of Indirect Taxes and Customs (CBIC) has notified a hike of Rs. 6 and Rs. 12 on petrol and diesel as the rate of excise duty is increased.
Domestic fuel prices in the country are set and revised by Oil Marketing Companies (OMCs) on a daily basis. The prices are based on the fuel’s benchmark average price over the last 15 days in the global market and the foreign exchange rates. Apart from OMCs, the fuel prices also varies from state to state; this happens because petrol and diesel prices depend on several local factors like freight charges and local taxes (VAT).
Domestic petrol and diesel prices have been steady since May 21 after the government announced a cut in prices. Domestic prices are likely to remain low as the taxes announced today by the government do not impact domestic fuel prices.
As per a bunch of notifications issued by the Board on Thursday, rule 18 of the Central Excise Rules, 2017 shall apply to Motor spirit, commonly known as petrol, Highspeed diesel oil and Aviation Turbine Fuel.
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The Philips India Limited has invited applications for the post of FP&A Analyst Manager.
Responsibilities:
Qualifications:
Location: Chennai, Tamil Nadu, India
For more details and to apply, click here:
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The GST Council’s 47th meeting held at Chandigarh on Tuesday and Wednesday decided to exempt taxpayers having turnover up to 2 crores from the filing of annual return in form GSTR-9 and 9A.
“Exemption from filing annual return in FORM GSTR-9/9A for FY 2021-22to be provided to taxpayers having AATO upto Rs. 2 crores,” the Government said in a statement.
GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.
Form GSTR-9A is an annual return to be filed once for each financial year by taxpayers who have opted for the composition scheme any time during the said financial year.
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The 47th GST Council has recommended to waive late fee for delay in filing FORM GSTR-4 for FY 2021-22 and extension of due date for filing FORM GST CMP-08 for the first quarter of FY 2022-23.
As per a press release issued today after the press meeting, the GST Council has decided to extend the waiver of late fee under section 47 for delay in filing FORM GSTR-4 for FY 2021-22 by approximately four more weeks, i.e. till 28.07.2022 (The existing waiver is for the period from 01.05.2022 till 30.06.2022)
Further, it is also decided to extend the due date of filing of FORM GST CMP-08 for the 1st quarter of FY 2022-23 from 18.07.2022 to 31.07.2022.
“GSTN has also been asked to expeditiously resolve the issue of negative balance in Electronic Cash Ledger being faced by some of the composition taxpayers,” the press release said.
The GSTR- 4 form is an annual return form for those taxpayers who have opted GST Composition scheme in the new indirect tax regime. Under the GST composition scheme, taxpayers will be required to file only one return in every financial year.
Form GST CMP-08 is used to declare the details or summary of self-assessed tax which is payable for a given quarter by taxpayers who are registered as composition taxable person or taxpayer who have opted for composition levy.
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The Income Tax Department has enabled the filing of ITR-U on the income tax portal.
Income Tax E-filing Portal, on Tuesday has posted an update that “E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. Once Updated ITR is prepared, you can upload the XML/JSON by logging into Income-tax website.”
Form ITR-U is notified for persons to update income within twenty-four months from the end of the relevant assessment year under section 139(8A) and Rule 12AC. Page 1 / 4. Taxpayers filing ITR-U will have to give reasons for updating the income: Return previously not filed. Income not reported correctly.
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The Institute of Chartered Accountants of India (ICAI) has invited observations of the candidates on the question papers of CA Foundation examinations conducted in June, 2022.
In a public announcement made today, the Institute stated that “It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to Foundation Examinations being held in June 2022 by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 5th July 2022.”
The Additional Secretary (Exams)
The Institute of Chartered Accountants of India
ICAI Bhawan
Indraprastha Marg
New Delhi 110 002.
Candidates shall note that only those observations of students will be taken up for consideration who provide their following details i.e.; Name of the Student, Registration Number, Roll Number, email-id and Mobile Number.
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The Deloitte has invited applications for the post of Accounting & Reporting – Consultant & Sr. Consultant.
Responsibilities:
Qualifications:
For more details and to apply, click here:
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There were almost 12 million road accidents in the year 2019 alone. Out of the 12 million road accidents, over 6 million involved passenger cars. These statistics are enough to make anyone realize the potential risks and dangers of driving a car on the road. Road accidents are very common, and the common thing about road accidents is they are very costly as well. A single scratch or dent can cause you to shell out almost a hundred dollars.
There’s no denying that car insurance is as much as necessary as it is mandatory. It is illegal to drive a car without a liability insurance policy in almost every state in the US. While necessary, auto insurance policies can be a bit expensive as well, and a little complicated. So the confounding question remains; should you approach an insurance agent when buying car insurance or do your research on the internet? This article will answer this question and explain who should choose an agent and who should avoid them.
First, let’s start with all the great things that come with an insurance agent. Back in the day when the internet was something that lived in offices and labs, and our pockets were devoid of a handheld computer, people relied on other people to get car insurance (and almost everything that can be done on the internet today). Auto insurance agents were the only way of getting a car insurance policy.
While the number of insurance agents has shriveled and become more of a niche, there are some undeniable benefits of choosing an insurance agent. Let’s look at all the benefits of getting an auto insurance policy from an agent.
The first benefit is convenience. Instead of going through the internet and looking for every little detail in multiple insurance policies, you can directly talk to an insurance agent, ask everything you need to know about the policy, the benefits, and shortcomings, and then decide if you want to get it or not.
Auto insurance policies can be confusing, with so many terms and conditions and different factors affecting the rates. Having a personalized experience with a face and name that you can talk to is much better and easier for some people than scouring through articles and forums on the internet.
An insurance agent who works in your area and has been working with different insurance companies will have the expertise that you cannot get no matter how much you research on the internet. With the expertise and knowledge about your area, the insurance agent can recommend the best auto insurance policy for your requirements.
There are different types of auto insurance agents. Some work just for one insurance company such as Geico, Allstate, etc. These agents will help you in every step of the process while buying an insurance policy, but only if you buy it from the company they work in, almost exactly like salesmen in car dealerships.
These agents will help you in making claims, clearing your doubts, and much more. Just one call and all your problems will be solved.
The other type of insurance agent is the multiple-company agent. These agents do not work for one insurance company, but rather know about different insurance companies. They are like the human version of insurance comparing websites. They can be of great help if you are looking for the lowest priced car insurance policies. These agents will look at your budget and needs and recommend the best company to go for.
For some people, the word cash would mean something that they only use in emergencies. But in the society of Apple Pay and Venmo, there exists a group of people who still prefer paying in cash. Getting policies online makes it impossible to pay in cash, and hence insurance agents can help in this situation.
Auto insurance policies bought through agents allow you to pay directly to the insurance agents in cash, and you don’t have to visit the insurance office to make the payments. This does not mean you cannot pay online, since almost every insurance company has an online payment channel.
If you are familiar with using the internet and a smartphone, then like the majority of people, buying auto insurance online is what you’d prefer because it is lightning fast. All you need to do is look at the policy you want to buy, fill in the details, get the quote, make the payment, and that’s it, you have an active auto insurance policy.
The biggest downside of getting an auto insurance policy through an agent is the cost. Most insurance companies and agents take a commission for the service, and that increases the cost of the insurance policy. Not just the cost, but doing everything through an insurance agent is more time-consuming than doing it yourself on the internet.
People who are not familiar with the internet, smartphones, internet websites, and online payments should stay away from getting anything on the internet, let alone insurance policies. Scammers take advantage of people who are not well-versed with the internet and scam thousands of dollars. So if you are unsure or inexperienced with online payments and the internet, get an insurance agent. Not only will it save you from a lot of hassle, but it might also save you from a nasty and costly scam.
People who know the internet well, are aware of the scams, and want to save some money and time should go for buying a policy online. And that answers the question of who should choose an insurance agent and who should stick online.
The Central Board of Direct Taxes (CBDT) has issued revised guidelines on the issue of TDS on perquisites under section 194R of the Income Tax Act, 1961.
The Budget brought in a new section, 194R in the I-T Act which requires deduction of tax at source at the rate of 10 per cent, by any person, providing any benefit or perquisite, exceeding Rs 20,000 in a year to a resident, arising from the business or profession of such resident.
In line with CBDT’s commitment to reduce taxpayer grievances, revised Instruction for constitution & functioning of Local Committees to deal with taxpayer grievances arising out of high-pitched assessments was issued.
The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ IO% of the value or aggregate of the value of such benefit or perquisite, before providing such benefit or perquisite. The benefit or perquisite may or may not be convertible into money but should arise either from carrying out of business or from exercising a profession, by such resident.
A circular issued by the Board on Thursday stated that “This deduction is not required to be made if the value or aggregate of the value of the benefit or perquisite provided or likely to be provided to the resident during the financial year does not exceed twenty thousand rupees. The responsibility of tax deduction also does not apply to a person, be ing an Individual/Hindu undivided family (HUF) deductor, whose total sales / gross receipts / gross turnover from business does not exceed one crore rupees, or from profession does not exceed fifty lakh rupees, during the financial year immediately preceding the financial year in which such benefit or perquisite is provided by him.”
“Sub-section (2) of section 194R of the Act authorises the Board to issue guidelines, for removal of difficulties, with the approval of the Central Government. These guidelines are required to be laid before each House of Parliament and are binding on the income-tax authorities and the person providing the benefit or perquisite,” the CBDT circular said.
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With a view to putting in place, a streamlined and swift complaint handling procedure, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.
The Insolvency and Bankruptcy Code, 2016 (Code) read with Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 provides a mechanism for redressal of complaints and grievances filed against insolvency professionals, insolvency professional agencies, and information utilities. Further, the Code read with Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 provide a mechanism for carrying out inspections and investigations on insolvency professional agencies, insolvency professionals, and information utilities and passing orders by Disciplinary Committee.
The mechanism of complaint/ grievance redressal and subsequent enforcement action has been amended to have expeditious redressal and also to avoid placing an undue burden on the service providers. To curtail such delays and to ensure an expeditious and result-oriented enforcement mechanism, the Amendment Regulations provide for the following:
The Amendment Regulations are effective from 14th June, 2022.
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