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The Central Board of Direct Taxes (CBDT) has recently rolled out a major upgrade tailored for Mac users, enhancing accessibility and user experience. Effective from December 1, 2023, the Annual Information Statement (AIS) utility is fully optimized for the Mac operating system, specifically addressing the needs of Apple’s Mac device users. This advancement reflects a […]
The central and state GST authorities have issued a demand notice to the companies belonging to sectors like consumer durables, smartphones, insurance, service providers, etc. LIC obtained one notice for Rs 290.5 cr in September as per the report. HDFC Life Insurance has been served a notice for failing to pay GST, with an outstanding […]
The TRACES website provides a convenient solution for taxpayers and deductees to address their concerns and complaints. Through the “Request for Resolution” module available on the TRACES website, users can raise and track their grievances effectively. This guide will explain the process of submitting and monitoring tax-related complaints on the TRACES website. How to File […]
Are you relieved that the income tax return filing season is over? But, for some assessee, receiving the return processing notification isn’t finished off the process this year. Since Budget 2022 various revisions would have been made within the laws of tax, which directed that you need to open your tax file again despite filing […]
The Central Board of Direct Taxes (CBDT) has introduced a convenient way for taxpayers to access the Annual Information Statement (AIS) directly through the Income Tax Portal. This development enables individuals to obtain the statement by using their unique direct tax number, which has been issued by the income tax division. To facilitate easy access […]
On the grounds of the Annual information statement (AIS) feature which the income tax department utilises the government would be working on the pre-filled consolidation, GST return forms that shall permit assessees to view all their information of transactions and e-invoices to attain the precise tax liabilities. The consolidated pre-filled form, which the Central Board […]
Traders and retailers have praised the Central Board of Indirect Taxes and Customs (CBIC) initiative to find out bogus GST registrations and make offenders pay for the deed. Fake registrations are used to submit invoices for the input tax credit (ITC) even in the cases of not offering delivery of goods or services. The ‘Special […]
The finance ministry has issued a notification dated May 24, 2023, in line with the budget 2023 proposal, to announce an increased ceiling for the encashment of earned leave exempt from income tax. This change will be implemented from April 1, 2023. Following the powers granted by sub-clause (ii) of clause (10AA) of section 10 […]
This article will aware of the TDS claim process if credit is not reflected in 26AS, AIS and TIS forms. There is Section 205 of the Income Tax Act of 1961 that gives you rights in certain situations. For example, if you are paying 60% tax on your income but your adequate tax liability is […]
