Browsing author
The 37 Council meeting chaired by Union Finance Minister Nirmala Sitharaman on 20 September concluded with various amendments in tax laws including tailoring of corporate tax rates from 30% to 22%. The reform is the breeze of relief for India in this stressed economy. Depressed GDP (current 5% from 8% a year ago), on the […]
Marked are instances when people call on the numbers mentioned on the IT department’s websites to address their tax-related queries, the calls either get unanswered or busy. People end up blaming the IT department’s redressal mechanism. Now the department has come up with the solution for the same, all your issues are expected to be […]
Currently, in the 37th Council Meeting, the GST Council gave some sectors a reason to celebrate by allowing reliefs in GST rates while some remained disheartened with the denial. Earlier to the meeting, Auto and biscuits sectors were streaming in headlines as the respective dealers endeavoured for GST cut off in order to revive their […]
The government in a current provision declares to pardon all the taxpayers who have not deposited TDS up to Rs. 25 Lakhs or deliberately mentioned the incorrect income in their Income Tax Return. All the local tax officers are prohibited from filing a complaint against such taxpayers. New Tax Laws Proposed by the Government So […]
The 37th GST Council meeting headed by FM Nirmala Sitharaman concluded with amendments in the tax rates for different industries. One such industry is the diamond manufacturing sector for which the council deducted GST on job work from 5% to 1.5%. Currently, the blocked working capital of Rs. 1,500 Crore in the defunct outsourced diamond […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
Cases of GST frauds and false invoicing are terribly hitting the society leading to a disturbed GST structure. One such instance recently popped up in the markets of Ludhiana where unscrupulous dealers were found under-invoicing the trade of bicycles leading to tax evasion. Ludhiana is the hub for manufacturing cycles and cycle parts leading a […]
The most prominent complaint of the J&K residents after repealing section 370 is internet malfunctions. Failure of internet connections in most of the regions of J&K has not only affected the common people but also the businessman, traders and other professionals for whom tax filing has now become a cumbersome task. Even the Chartered Accountants […]
The current situation is a catastrophe for the income tax governance as the revenue collection target for 2019-20 is seeming beyond the reach. The first half of the financial year (April to mid-September) has ended with lower than expected growth in revenue collection, giving the signs of a severe economic slowdown. The advance tax collection […]