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The industries were on the verge to broke as they were sincerely pleading for the reduction in the tax amount of direct taxes at par with the indirect tax rate cut from the previous budget. The union finance minister Sitharaman met the industry representatives in order to convince them to deposit their due taxes on […]
It has been revealed that income taxpayers will lose exemptions and deductions in nearly 70 or more categories for the current Income Tax slab in FY 2024-25. These include investment exemptions of INR 1.5 lakh on section 80C, premium payment deduction of section 80D on health insurance and interest on saving done in 80TTE. Also, […]
Non-compete agreements between sellers and buyers are now under the tax levy net. Such agreements come into effect when the seller assures the buyer that it will not come in competition with the buyer for a designated period of time. Already received by several private equity firms, strategic investors and others who have purchased businesses […]
The norm w.e.f 15 February 2020, states that all the importers and exporters are obliged to duly mention their GST Identification Number or GSTIN in the goods shipping documents. This current norm is a part of the government’s endeavor to demolish tax evasion from the country. Relevant to the scenario, the Central Board of Indirect […]
Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. According to the central board of indirect taxes and customs (CBIC) officials, central and state officers are soon going to share information of taxpayers with each other in order to […]
Currently introduced by FM Nirmala Sitharaman, Union Budget 2020-21 seems to be a set of challenging income tax provisions. There have been no provisions like the provisions of Union Budget 2020. In the said budget, FM has introduced the new tax slabs with reduced slab rate which taxpayers may adopt on a voluntary basis. This […]
The Government will be having a mechanism to resolve the tax issues of the company. It is aimed to lower the rate of litigation. The mediation will help to discuss the disputes relating to the law and ascertain the tax liability of the taxpayers. The companies Act provided a formal mediation to settle disputes relating […]
As an initiative to boost digital payments and bolster the cashless economy, the Government of India has introduced a new provision Section 269SU Prescribed Electronic Mode and subsequently notified Rule 119AA through the Finance (No. 2) Act, 2019 that prescribes certain electronic modes of payments as a mandatory facility for costumers to be given by […]
Central GST authorities have started ordering the businesses to come up with a bunch of dozen important documents like various GST returns (GSTRs), copies of the annual report, GST registration certificate, Income Tax returns, tax and internal audits, reports of cost, cash ledger and work orders, etc. Central GST authorities are collecting these records pertaining […]
