General Updates – Page 2

Important Reminder: LLP Form 11 Annual Return Filing Deadline on May 30, 2024, with Late Filing Penalty of Rs. 100 per Day

Posted on May 6, 2024 By Priyanka Menon

The LLP (Limited Liability Partnership) Form 11, which is the annual return to be filed by all LLPs, has a due date of May 30, 2024. The filing deadline falls within 60 days from the closure of the financial year. It is essential for LLPs to comply with this requirement to avoid penalties. Here are ...

General Updates, Investment

Mutual Fund accounts are kept on Hold due to incomplete KYC. Here is how MF investors can check KYC status online

Posted on May 4, 2024 By Priyanka Menon

According to KYC registration entities (KRAs), around 1.3 crore mutual accounts are ‘on hold’ due to incomplete KYC. The reason behind this is that the individuals have provided non-Aadhaar and non-officially valid documents during the initial KYC registration process. As per the new rules set b...

General Updates, Income Tax

PAN-Aadhaar linking: Tax Department defers penalty on TDS till May 31

Posted on May 2, 2024 By Priyanka Menon

Bringing relief to taxpayers with unlinked PAN and Aadhaar, the Income Tax Department announced on April 24, 2024, an extension in the deadline for imposing penalties for non-deduction of double TDS. This decision comes as a relief also for many people dealing with taxpayers who didn’t link Pa...

General Updates, Income Tax

Unraveling the mystery of Form 16 – its issuance, significance, and crucial role in your tax journey.

Posted on May 1, 2024 By Priyanka Menon

Income tax return filing: The deadline to file the Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. Salaried individuals can commence filing their ITR for the financial year 2023-24 from June onwards, after receiving their Form 16. What is Form 16? F...

General Updates, GST

No Late Fee for GSTR 9 C Filing: Kerala HC

Posted on April 30, 2024 By Priyanka Menon

In a recent judgment, the Kerala High Court, that no late fee can be levied for late filing of GSTR-9C for the financial years 2017-18, 2018-19, and 2019-20. The judgment would be a significant relief to taxpayers who are in crisis regarding the late filing of GSTR-9C. Notices were already issued fo...

General Updates, GST

Impact of GST on Small and Medium Enterprises (SMEs)

Posted on April 30, 2024 By Priyanka Menon

With the implementation of GST, small business owners are engrossed in understanding the potential effects of GST on their business. It’s a well-known fact that SMEs (Small and Medium Enterprises) are the primary growth drivers of the economy and major contributors to the GDP. To comprehend the ov...

General Updates, Income Tax

Income Tax Department Extends Deadline for Filling Form 10A/Form 10AB for Charitable and Religious Institutions

Posted on April 30, 2024 By Priyanka Menon

In a relief for taxpayers, the income tax department has announced extended dates for filling the forms of Form 10A/Form 10AB. As per the new information, the revised dates were announced on April 25. The Central Board of Direct Taxes (CBDT) announced on Thursday the extension of application registr...

General Updates, Labour Laws

Understanding EPF Interest Rates and Checking Balance

Posted on April 30, 2024 By Priyanka Menon

In February 2024, the Employees’ Provident Fund Organisation (EPFO) revealed the interest rate for the financial year 2023-24 for provident fund deposits, raising it to 8.25% from the previous year’s 8.15%. Naturally, many EPF members are curious about when they will receive the EPF interest for...

General Updates, Labour Laws

EPF Form 20 – Form to Claim the Dues by Nominee

Posted on April 29, 2024 By Priyanka Menon

EPF is a government-run savings scheme that helps employees save money for their retirement, and the scheme provides financial security to employees and their families. However, it is essential to know the procedures and requirements for claiming the dues of a deceased EPF member to avoid any unnece...

General Updates, Labour Laws

ELSS Mutual Funds: Top Tax Saving Funds to Invest in 2024

Posted on April 28, 2024 By Priyanka Menon

ELSS (Equity Linked Savings Scheme) Mutual Funds, also known as tax-saving mutual funds, provide a double advantage of potential capital growth and tax benefits under Section 80C of the Income Tax Act. These funds mainly invest in equity and equity-related instruments, giving investors a chance to b...

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Important Reminder: LLP Form 11 Annual Return Filing Deadline on May 30, 2024, with Late Filing Penalty of Rs. 100 per Day

Mutual Fund accounts are kept on Hold due to incomplete KYC. Here is how MF investors can check KYC status online

PAN-Aadhaar linking: Tax Department defers penalty on TDS till May 31

Unraveling the mystery of Form 16 – its issuance, significance, and crucial role in your tax journey.

No Late Fee for GSTR 9 C Filing: Kerala HC

Impact of GST on Small and Medium Enterprises (SMEs)

Income Tax Department Extends Deadline for Filling Form 10A/Form 10AB for Charitable and Religious Institutions

Understanding EPF Interest Rates and Checking Balance

EPF Form 20 – Form to Claim the Dues by Nominee

ELSS Mutual Funds: Top Tax Saving Funds to Invest in 2024

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