FINANCE

The income tax department Tuesday said quoting of father's name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent. The income tax department Tuesday said quoting of father’s name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent. The Central Board of Direct Taxes (CBDT) through a notification amended the income tax rules and said the application forms would give an option to the applicant as to whether mother is a single parent and the applicant wishes to furnish the name of mother only. Currently, furnishing father’s name is mandatory for the allotment of Permanent Account Number (PAN)The new rules would come into effect from December 5. Nangia Advisors LLP Partner Suraj Nangia said that through the notification, the tax department has addressed the concerns of those persons whose mother is a single parent and, hence, would want to get their mother’s name printed on PAN ...

 The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.  Was the invalidation of the Non-deposited currency the only object of demonetisation?   Certainly Not .  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.  How has this been achieved? WHEN cash is deposited in the Banks, the anonymity about the owner of the cash disappears.  The deposited cash is now identified with its owner giving rise to an inquiry, whether the amount deposited is in consonance with the depositor’s income.  Accordingly, post demonetisation about 1.8 million deposit...

As you are aware that Registrar of Companies across the India struck off inactive rather non-compliant Companies and disqualified Directors associated with that Companies. Directors associated with these Companies filled several writ petition before various high courts on the ground that opportunity of being heard is not provided to them before taking any action against them. ROC issued notices to Companies concerned but not informed directors associated with them because ROC doesn’t have any database of individual directors. So, as a part of creating database of directors consisting mobile number, email Id and residential address of Directors, MCA issued a new form which is required to be filled every year by every DIN holder. What is Form DIR-3 KYC? Form DIR-3 KYC is the annual form required to be filled with the ROC by every Director Identification Number (DIN) holders regardless he is appointed as a director or not, whether he is qualified or disqualified. DIR-3 KYC is...

Credit cards are a great tool to encash money, make purchases anywhere and increase credit score over time. Most of us, who has the privilege of owning a  credit card  know about the benefits and services it offers on our purchases. Provided we have good financial and spending habits, credit cards empower us to manage our expenditures and maintain a good cash flow. It comes in handy, when in need of some monetary compensation or to pay off any liability. If used wisely, credit cards help in increasing one’s credit score, and credit limit but if the debts are not paid on time then it quickly racks up to take a height of a mountain. You could be surmounted by a huge pile of debt, with no way out.   This plastic money not only needs a right user but also needs a right attitude and an agile mindset for its usage. If you’re thinking what’s the worst that could happen if you miss out on your payments? Then look no further than your neighbors, or family...

Amidst teething troubles and glitches in the implementation framework, the landmark reform of Goods & Services Tax (GST), ushering in a unified tax regime, has helped in speeding up real estate recovery and easing business transactions but has not lived up to its promise of providing significant price relief to consumers, even one year after its implementation. Home buyers who had pinned high hopes on GST for reduction in property prices are disappointed as the overall cost of a property purchase has not come down — rather, in some cases, it has gone up. The GST, which was introduced on July 1, 2017, has done away with multiple taxation of VAT, service tax, central excise duty, octroi, etc. In the pre-GST regime, the average tax burden on home buyers was about six per cent, though in some states, due to higher taxation, it was in double digits. However, in the GST regime, there is a single tax levy of 12 percent on the sale of under-construction residential property. ...

This week, bitcoin saw its value increase by almost $1,500 per coin. Image: REUTERS/Benoit Tessier London — Bitcoin transactions use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to a paper from Dutch bank ING. Bitcoin trades use a lot of electricity as a means to make verifying trades expensive, therefore making fraudulent transactions costly and deterring those who would seek to misuse the currency. "By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power," wrote ING senior economist Teunis Brosens. "Together, they will dominate the verification (mining) process. To make the verification (mining) costly, the verification algorithm requires a lot of processing power and thus electricity." Comparing the amount of energy used for a bitcoin transaction to running his home in...

Demand and recovery can be initiated for short-levy, non-levy, short paid, non-paid, erroneous refund, wrong availment and incorrect utilisation of   input tax credit . All demand and recovery proceedings under GST start with the issuance of a show cause notice. In this article, we look deeper into GST show cause notice. When can Show Cause Notice (SCN) be issued under GST? Show Cause Notice can be issued under GST, when an officer believes that there has been any of the following instances with respect to GST revenue or payment for the Government: Short levy or Non-levy Short paid or Not paid Erroneous refund Wrong utilisation of input tax credit Time Limit for Issuing Show Cause Notice GST Act specified a time limit for issuing show cause notice. The time limit for issuing show cause notice depends on whether fraud or suppression is involved or not. If Fraud or Suppression is NOT Involved If no fraud or suppression is involved, a show cause n...