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

Staggered Delivery Period in Commodity futures contracts

              Staggered Delivery Period in Commodity futures contracts Sebi fixed the minimum duration of the staggered delivery period at five working days for all commodity futures in order to bring uniformity in the timeline across exchanges. Staggered delivery period is the duration during which sellers or buyers having open position may submit an intention to give or take the delivery of the contract. All compulsory delivery commodity futures contracts (agriculture commodities as well  as  non-agriculture  commodities) shall have  a staggered  delivery period. https://www.sebi.gov.in/legal/circulars/jul-2019/staggered-delivery-period-in-commodity-futures-contracts_43702.html

Tax Audit

. What is tax audit? ​​​​​The dictionary meaning of the term "audit" is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law. Section 44AB  gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under  section 44AB  aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of  section 44AB ​ is called tax audit. The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the...

Save Tax by Investing in Tax Saving Investments which can be claimed under Deduction

  Here are some popular tax-saving options along with explanations and real-life examples: Section 80C Deductions: Under Section 80C, you can claim deductions up to Rs. 1.5 lakh per financial year. Some popular investment options include: Employee Provident Fund (EPF) : Contributions made towards EPF are eligible for 80C deductions. For example, if your annual basic salary is Rs. 6 lakh, and you contribute 12% (Rs. 72,000) to EPF, you can claim a deduction of up to Rs. 72,000 under Section 80C. Public Provident Fund (PPF) : Investments in PPF also qualify for 80C deductions. The maximum annual contribution is Rs. 1.5 lakh. 5-year Fixed Deposits : Investments in certain 5-year fixed deposits with banks are eligible for deductions. Section 80D Deductions (Health Insurance Premium): You can claim deductions for premiums paid for health insurance policies for yourself, your spouse, children, and parents. For example, if you pay a health insurance premium of Rs. 20,000 for your family, ...