Raveen BOOK Keepers

01/02/2025

🌺 *Highlights of Union Budget 2025*.

♻️ *General*
👉 1. Kisan Credit Card limit enhanced from Rs. 3 lakh to *Rs. 5 lakh*
👉 2. Additional Infra in 5 IIT’s set up after 2014. IIT Patna to be expanded
👉 3. 10,000 more seats to be added in medical colleges in next year and 75,000 in next five years
👉 4. Rs. 500 Cr. for Centre for Excellence in AI
👉 5. Social Welfare Scheme for GIG workers
👉 6. Extension of Jal Jeevan Mission till 2028
👉 7. Urban Challenge Fund of Rs. 1 lakh crore to be set up
👉 8. Green field airports to be facilitated in Bihar in addition to Patna airport
👉 9. Rs. 20,000 Cr. for Private Sector R&D
👉 10. Top 50 tourist destinations to be developed. Focus on destinations linked to Budha
👉 11. ‘Heal in India’ to be promoted
👉 12. FDI limit for Insurance sector to be raised to 100% if entire premium invested in India
👉 13. Revamped KYC Registry to be rolled out
👉 14. Customs: Rationalize tariff structure
👉 15. 36 life saving drugs exempt from duty & 5% duty on 6 life saving drugs.

♻️ *Direct and Indirect tax*
👉 1. *New Income tax Bill Next Week*
👉 2. New Income tax Bill to be simple and close to present
👉 3. Personal Income Tax Reforms for Middle class
👉 4. *NIL Income tax upto 12,00,000*
👉 5. Income Tax slab changed
👉 6. TDS and TCS rationalize
👉 7. Limit for TDS on rent increased from Rs. 2.4 lakh to *Rs. 6 lakh*
👉 8. Limit for TDS on Senior citizens enhance from Rs. 50,000 to *Rs. 1,00,000*
👉 9. TCS removed on remittance for education purposes
👉 10. ‘Updated Return’ time limit enhanced *to 4 years* from present 2 years

01/02/2025

10/08/2023

CBIC Notification No. 38/2023 – Central Tax extends the time limit for applying for revocation of cancelled GST registration from 30 to 90 days, effective August 4, 2022. The Commissioner/officer may further extend this period up to 180 days.

10/08/2023

Central Govt introduces New Form GST DRC-01C for Intimation of difference in ITC available in GSTR-2B and GSTR-3B.

10/08/2023

Now import of computers, laptop, tablets and servers etc,. are allowed till 31st October, 2023.

21/02/2023

RBI cancelled Bank License: Big news for these bank customers! RBI again canceled the license of these two banks, check detals

It was informed by the RBI that the registration of Pune-based Kudos Finance and Investments Limited (Kudos Finance and Investments Pvt Ltd) and Mumbai-based Credit Gate Pvt Ltd. has been cancelled. Both NBFCs were involved in regulatory lapses in lending.

20/02/2023

Late Fee for Annual Return Up to 5 Crore Rs. 25/day subject to maximum of 0.02% of turnover. For having TO of 5 cr to 20 cr, Late fee would be Rs. 50/day subject to maximum of 0.02% of turnover. Same shall be applicable from FY 2022-2023.

08/02/2023

The key distinction between the repo and reverse repo rates is that the repo rate earns income through lending to commercial banks, whereas the reverse repo rate earns interest on funds deposited with the Reserve Bank of India.

29/01/2023

The Goods and Services Tax Network (“GSTN”) will soon allow negative values in Table 4 of GSTR-3B, allowing users to show the net off credit notes values in Table 4A which will make Table 8 of the GSTR-9 comparison consistent as per the Release Notes.

24/01/2023

MCA V-3 Update :

Now it is mandated to attach
- Registered Office External Building Photo and
- Inside Building photo with one director/ KMP who is signing the form in Inc 22.