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The Central Board of Direct Taxes (CBDT), provided the conditions to process the returns furnished through the digital economy firms which would be obligated for the equalization levy, simplifying the administration of India’s digital economy tax. Scheme for the Centralized Processing Equalization Statements The modalities have been set by the Centralized Processing of Equalization Levy […]
The Telangana government has started the Telangana State One-Time Settlement Scheme 2022 to relieve the locked-up revenue. According to the Commissioner of Commercial Taxes, Telangana, Hyderabad, there would be an arrear amount of nearly Rs 3000 cr due in several stages of litigation, and the amount is not able to recover. The state government has […]
All the assessee whose average turnover is upto Rs 5cr will need to provide an option to file their Form GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on the quarterly grounds. They have a choice to furnish B2B invoice information in the Invoice furnishing facility (IFF) for months 1 and 2 (eg. Jan […]
If you think you have made a mistake while selecting between the new and old tax regimes, then here is the way to switch back to the scheme you desire. Through the Current Financial year’s Budget, Union Minister Nirmala Sitharaman announced the new tax regime as voluntary compliance. Taxpayers, especially employees, are allowed to choose […]
The last date for filing ITC-03 is around the corner and it is sprouting out an immediate need for clarification on many issues. Beyond the shadow of a doubt, the real estate sector is one of the crucial cornerstones of our National economy with its contribution of around 6-8% in the Gross Domestic Product (GDP) […]
Finally, in a bid to get some relaxation out of multiple issues in GST, the GST council 25th meeting took some favourable decision for the taxpayers including composition dealers.
No revisions to income tax slabs have been made in Budget 2026, and it has been reiterated that the Income Tax Act shall come into force w.e.f. 1st April 2026. The impact of the new Income Tax Act on ITR filing for this year is illustrated below. When Shall the New ITR Forms be Notified? […]
The Karnataka High Court has cancelled a GST (Goods and Services Tax) demand order. This decision came after it was found that tax officials mistakenly combined several different tax periods into one single notice, which is not allowed under the law. The bench of Justice S.R. Krishna Kumar has stated that any proceedings commenced pursuant […]
Uttar Pradesh added over 35,000 GST taxpayers in November, marking the first month in which registrations were granted within three days, according to the data of the GST portal. This increase is the highest among all states, with Maharashtra, Gujarat, Tamil Nadu, and Karnataka following behind UP. Via this, the state of Uttar Pradesh will […]
