Banks have approached the Central Board of Direct Taxes (CBDT) for clarity on the scope of Section 194R of the Income Tax Act, as they fear the newly introduced provision will force them to deduct a 10% tax at source on incentives
The Goods and Services Tax (GST) authority arrested four people last week in separate cases of tax evasion worth ₹52 crore and ₹78 crore as part of its drive against fake invoices, a Union finance ministry spokesperson said on Monday.
Minister stated that as on 6.7.2022, the schemes have offered benefits by way of 1,00,255 claims paid amounting to Rs. 1,990.57 crore, and 5,93,316 claims paid amounting to Rs. 11,866.32 crore under PMSBY and PMJJBY respectively.
The removal of the name of the company from the Register of Companies is a continuous process and a total of 4,32,796 companies have been struck off during last five years
Till 31st July, 2022, the IBBI had received 6,231 such complaints and grievances, of which 6,172 have been disposed after examination.
A number of steps are being taken by the Government to protect the interests of the investors/account holders in the bank.
Various factors like rapid economic recovery post COVID, better compliances due to various measures taken by Government have contributed to increase in tax collection.
The results of the Chartered Accountants Foundation Examination held in June 2022 are likely to be declared on Wednesday, the 10th August, 2022 and the same can be accessed by candidates on the website icai.nic.in
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