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The panel headed by CBDT member Akhilesh Ranjan proposed amendments in the Income Tax Act on Monday. This was the act of relief for the taxpayers. Reforms included a 25% tax rate for domestic as well as foreign companies and reforms in other income tax slabs to benefit the middle class and upper-middle-class Indian residents. […]
The businessman from the city of Jammu asked for the due date deadline extension for the income tax filing as well as for the goods and services tax return filing. The reason behind the extension given by the Chamber of Traders Federation(CTF) was the suspension of internet services across the state which made the return […]
Central Board of Direct Taxes (CBDT) is marching forward towards “Digital India” and it has framed its mind to utterly knock off the manual processing with the taxpayers. The orders of the same have been given to income tax officials. As per this major policy conclusion, the tax officials will be able to have only […]
The motive of the tax government is to make your ITR filing convenient and less time-consuming. In case if you have filed your Income Tax return completing all the formalities still you are bothered by the tax officers regarding compliance, you can file a report stating your issue or instead file an online complaint against […]
The era has accepted all digital processes to be a big convenience and a time-saver. One such example is income tax records, which can effortlessly be maintained by spending less or no money in the process. However, the taxpayer must mark the time limits for each income tax assessment before storing and filing the previous […]
Jammu and Kashmir may now come under the premises of equalization levy. With the abolishment of Article 370 in the Parliament, e-commerce companies advertising on global social media, which were earlier immune from Google taxes on their operations in Jammu & Kashmir, will now have to furnish tax up at 6 per cent. As per […]
The onset of the Tax Audit spell is a buzzing alarm for CAs to update their knowledge about different clauses of the Form 3CD and form a checklist to move in tune with Tax officials. C.A.s may prepare and follow a step-by-step procedure which is in compliance with the I.T. rules and regulations to stay […]
A salary structure encompasses various components such as basic pay, various allowances, annual bonus and reimbursements, etc. Various components such as House Rent Allowance, EPF etc curtail the tax liability of an employee and hence elevate his savings. Some of the components are fully taxable, some are fully tax-exempt and some are partially taxable. Fully […]
Taking a step towards the ease of the taxpayers, the Income Tax Department has launched E-filing lite services. This favourable approach by the tax government will prove to be of great help for taxpayers in e-filing of returns. The feature is initiated on the link www.incometaxindiaefiling.gov.in. Tax Authority says, “the department is glad to inaugurate […]
