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Apart from the implementation of a new income-tax structure featuring reduced rates, fewer exemptions, and deductions, the income-tax department has embraced technology to simplify the tax-filing process. For instance, the threshold for tax audits in small businesses was raised significantly to Rs 10 crore from the previous Rs 1 crore. Additionally, individuals above 75 years […]
Businesses are required to act quickly to boost understanding of tax compliance. Here are a few most important points you can take to make sure your business complies with all tax laws. Taxes form an integral aspect of life for the majority, whether as part of the public grappling with tax forms or as professionals […]
In a nation as diverse and economically vibrant as India, comprehension and adherence to income tax compliance are crucial factors in fostering financial stability and making a positive contribution to national development. Being the second-most populous country globally, India heavily relies on a robust taxation system to finance essential services and infrastructure initiatives. Effects of […]
According to SANJAY KUMAR AGARWAL, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the buoyancy in goods and services tax (GST) collections will persist throughout the rest of the year. In a conversation with Shrimi Choudhary at his office in North Block, Agarwal credits the increased collections to improved compliance. Having […]
When the professional receipts exceed Rs 50 lakhs of the individual then the advantage of the Presumptive Tax under Section 44ADA can not be taken. In that case, the individual is needed to create the profit and loss account and balance sheet and get his audit performed via a practising Chartered accountant. Latest Updates Tax […]
5 years have gone by since the introduction of the GST regime was incorporated to address the former issues of double taxation, low tax base and collection, and simplicity of performing the business with the easier tax structure. People have seen the GST navigation fighting with the majority of the issues. From the time of […]
The Union budget for FY23 seems to announce the procedure to diminish the tax litigation, increase compliance by keeping an eye on the transactions in a strict way and does work for the target to draw more companies into the formal sector. Inside the procedure beneath acknowledgment are the changes towards the issue resolution policy […]
The union finance minister Nirmala Sitharaman has finally taken some relief measures on the basis of currently widespread coronavirus pandemic. The decisions are taken to provide relaxation to the various sectors as well as to the taxation industry. In her video conference with all the state finance ministers and panel, she has talked on all […]
Government of India could look at offering relaxation on various tax compliances, addressing demands from taxpayers for easing up on regulations amid the coronaVirus outbreak. It is notable that Maharashtra and Goa State tax authorities have already granting relaxations for filing value-added tax assessments for previous years. The due date for filing GST returns View […]
