Skip to main content

Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance

Exemption from quoting Aadhaar Number/Enrolment ID to certain individuals



The central government recently made the quoting of Aadhaar Number/Enrolment ID mandatory for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.But now the government has given relief to certain persons/states from quoting of Aadhaar/Enrolment ID.
As per the notification dated 11th May, 2017, the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID:-
  1. An individual who is residing in the state of Assam, Jammu and Kashmir and Meghalaya.
  2. An individual who is a non-resident as per the Income-tax Act, 1961.
  3. An individual of the age of eighty years or more at any time during the previous year.
  4. An individual who is not a citizen of India.
It is to be noted that if the above individuals possess Aadhaar Number or Enrolment ID, then they must mention it while filing return.It is only when they donot possess it ,they are given exemption from quoting Aadhaar number.
This will come as a big relief for the NRI’s. Many Indians residing abroad, who regularly file income tax returns in India but do not have Aadhaar, were worried after the government move to quote Aadhaar number in income tax returns and also to link Aadhaar with PAN by June 30, 2017.
The notification has been uploaded on the departmental website http://www.incometaxindia.gov.in/

Comments

Popular posts from this blog

ITR filing deadline extended from Dec 31 to January 10, 2021 for these taxpayers

The government has extended the deadline to file  income tax return  ( ITR ) for FY 2019-20 for most individuals from the current deadline of December 31, 2020, to January 10, 2021. The extension of the deadline is for those individuals whose accounts are not required to be audited and who usually file their  income tax  return using ITR-1 or ITR-4 forms, as applicable, as per the press release dated December 30, 2020. This is the third time that the government has extended the deadline to file ITR - first from the normal deadline of July 31 to November 30, 2020, and then to December 31, 2020. Further as per the press release, the deadline for other taxpayers such as companies whose accounts are required to be audited (including partners of a firm) and/or those who have to submit report in respect to international financial transactions has been extended to February 15, 2021. New due dates for various compliance under Direct Tax Laws Nature of compliance Original due dates Due dates af

EPFO Speedy Settlement of Claims

The Employees’ Provident Funds Organization (EPFO) has taken various steps for speedy settlement of claims which inter alia include: v   Composite Claim Form (Aadhaar) and Composite Claim Form (Non-Aadhaar) has been introduced by replacing the erstwhile Claim Forms No. 19, 10C and 31, with a view to simplify the submission of claims by the subscribers. The Composite Claim Form has been further simplified to include self-certification by EPF subscribers.  The Composite Claim Form (Aadhaar) can be submitted to the EPFO without attestation of their employers. v   EPFO has mandated to settle claims within 20 days.  v   Online Transfer Claim Portal (OTCP) has been introduced to facilitate seamless transfer of claims. v   An online payment facility has been developed for employers for payment of dues. The internet banking (INB) facility enhances efficiency and payment and ensures anytime, anywhere online access while usage of existing internet bank account to make pay

Disclosure of Specified Bank Notes in Balance Sheet

Disclosure of Specified Bank Notes in Balance Sheet As per the Ministry of Corporate Affairs Notification No. G.S.R. 308(E) dated 30th March, 2017 In the Companies Act, 2013, in Schedule III, in Division I, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘W’, the following clause shall be inserted namely:- v   X. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 as provided in the table below. SBNs Other denomination notes Total Closing cash in hand as on 08.11.2016 (+) Permitted Receipts (-) Permitted Payments (-) Amount deposited in Banks Closing cash in hand as on 30.12.2016 In the Companies Act, 2013, in Schedule III, in Division II, in Pa