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The government wants some assessees to pay the taxes even before they have some income and ascertain the TDS (Tax Deducted at Source) on it to pay. Such assessee includes those taxpayers who have to pay self-assessment tax amounting more than Rs. 1 lakh for the financial year 2019-20 and if any assessee fails to […]
All the taxpayers who do not have filed their income tax returns for the financial year 2018-19 have now been provided with a relief of two months. The Central Board of Direct Taxes (CBDT) has extended the last date to file Income Tax Returns Get all due dates of income tax return and payment of […]
The Income Tax Appellate Tribunal (ITAT), Delhi, has ruled that for the payment for the procurement of raw material from an individual of a foreign country, the Indian assessee is not required to deduct a TDS (Tax Deducted at Source). The decision of the bench of ITAT has come as a relief for the Honda […]
Niranjan Hiranandani, the president of Assocham India, said during an interview that it is the need of the hour to promote and revive the demands for all sectors and the government should take the necessary steps instead of waiting for the COVID 19 vaccine. He also said that the rate of GST (Goods and Services […]
The Delhi High Court has ordered the GST (Goods and Services Tax) officials to act upon the refund claims of the assessees within 15 days or pay the claims of the assessee along with an interest. The high court asked the officials to do so pointing out the errors in the GST refund claims Get […]
The collection of revenue from GST Cess has seen a 42% shortage in the financial year 2019-20. The GST council has decided to organize a meet to discuss the lending from the market as shortfalls are projected to continue. The finance ministry said that the final installment of the GST collection of the year, amounting […]
The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
According to an official, the government is all set to introduce a GST (Goods and Services Tax) e-invoicing scheme for all the businesses having more than 500 crore turnover which will be generating all the invoices through a centralized portal of the government from 1st October 2020. The threshold for invoicing was previously set to […]
The Authority of Advance Ruling (AAR), Madhya Pradesh, has held that the services of fabrication of the body on chassis of a vehicle as provided by the customer, will attract 18% GST (Goods and Services Tax). The ruling was provided by the AAR amid an issue raised by the applicant, M/s VE Commercial Vehicle Limited, […]