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Now there will be a tough time for the Income-tax defaulters as there are no chances for them to flee by changing there address.
India’s biggest tax regime i.e. Goods and Services Tax (GST) has been implemented in the country from the 1st July 2017. But, with the roll out of this taxation regime, there is also an immediate medium is required to counter the problems faced by the taxpayers and to resolve the discrepancies found, on a regular basis through Audit.
The income tax department will conduct nationwide regulatory action for those taxpaying entities that did not deduct and deposit taxes collected at the source (TDS/TCS). Under the sources cited in the report, nearly 40,000 taxpayers (individuals and businesses) are being investigated for possible defaults in tax deductions for the fiscal years 2022-23 and 2023-24. The […]
The Income Tax Department has started sharing the list of all the bank accounts and properties of borrowers with the banks. It can be troublesome for those who deliberately avoided paying the debt. Going the extra mile, the I.T. Department is conveying the information about debt defaulter’s bank account, properties and guarantors, to the government […]
The debate over the effectiveness of Demonetisation has remained a see-saw affair amidst changing goal posts. Today the currency circulation is at par with pre-demonetisation levels but the reasonability behind the November 04 decision deserves a closer unbiased look.
In order to strengthen digital tax administration, the state taxation department will adopt the latest software and technological solutions so as to meet the problems of the environment where the businesses are functioning, says Punjab Finance and Taxation Minister Harpal Singh Cheema. Cheema, who presided over a review meeting with tax commissioner representatives visiting Telangana […]
The drive conducted by the Central and State tax administrations where they reached out to enterprises door-to-door to detect fake and suspicious Goods and Service Tax Identification Numbers (GSTINs) registrations is turning out to be quite successful. The Excise and Taxation Department has detected an ample number of fake GST returns filed by local dealers. […]
The framework for the amnesty program for one-time settlement of tax defaults committed in Punjab in the pre-Goods and Services Tax (GST) system has been approved by a subcommittee of the Punjab Cabinet. The government is prepared to introduce a one-time settlement (OTS) program aimed at exceeding 44,000 people and enterprises who have fallen behind […]
Nirmala Sitharaman, the finance minister, gave the Central Board of Indirect Taxes & Customs (CBIC) instructions on Saturday to undertake to automate the review of GST returns by the following week. Also to execute an action plan to expand the taxpayer base through advanced use of technology. In a review meeting of the CBIC, she […]
