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TDS Return or TDS statement is a quarterly statement that a TDS deductor has to submit to the income tax department. TDS return reflects the amount of TDS deducted by you and deposited to the government. TDS is Tax Deducted at Source i.e. the tax which is deducted at the place where the income is […]
The 37th GST council took the decision to not to levy GST on the intermediary deals applicable on the various international transactions. However, the decision has not come through the notification. As per the decisions, it is cleared that the intermediaries giving services to the person receiving supply and the recipient of the goods are […]
As per the information by Right to Information Act by city lawyer Aires Rodrigues taken from the Commissioner of State Tax, there was an expenditure of a staggering Rs 3.26 crore on the 37th GST council meeting. The Union Finance Minister Nirmala Sitharaman was also the part of the meeting and the complete delegates and […]
An individual can not be penalized if he has paid an accurate amount of tax but mistakenly mentioned an incorrect amount in the GST E-Way bill. Let us understand this with an example. Mr. Ram generated an e-Way bill with place of delivery as ‘XYZ’ and the value of the goods as Rs.3,45,000/-. However, he […]
Various changes in different sectors including banking, driving license and GST from 1 October 2019 i.e. from today are going to significantly affect our lifestyles and budgets. According to the Reserve Bank guidelines, the banks will offer retail loans at repo rate linked interest rate, from today. At the same time, due to the revision […]
In a recent letter to finance ministry, the CAIT again alleged that the online sellers like Flipkart and Amazon are charging GST on the lowered value of the goods and not on the market price. Here the goods like electronics and other standard products such as mobile phones, electronic items like refrigerators, AC, branded clothes […]
Good news has arrived for all the taxpayers registered under the goods and services tax regime as the latest system of GSTN portal will be processing the GST refunds faster than the earlier version. Now the communication will be totally online between the tax officers and the taxpayers as the latest “Online Refund Processing and […]
In a series of tweets, many of the chartered accountants and tax professionals are continuously pressing the agenda to extend the due date for income tax audit filing. As per the trending tweets on Twitter, one can easily spot the twitter hashtags like #FinanceMinisterMissing, #TaxAuditExtendToday, #icaipresidentmissing it is totally clear that the tax professionals are […]
All the unaccounted income and not paying up the taxes will not be fruitful from now onwards as the tax department has made it clear that it will be important to pay the income tax. Also, the income tax department has the database of all the citizens which would further help him to get the […]