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Income Tax officials of India spouted off their objection against the new faceless tax assessment programme launched by Prime Minister Narendra Modi to eliminate the corruption & increase the tax collection, a joint letter by tax unions showcases. Delegates of Income Tax Gazetted Officers’ Association & Income Tax Employees Federation wrote a joint letter to […]
Suggestions have been made by the Economic Advisory Council to the Prime Minister regarding the relinquishment of the lowest tax rate slab of 0% and the highest tax rate slab of 28%. It has been two years & a quarter since GST has implemented in 2017. There were dual ways to introduce this reformation. One […]
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 […]
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 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 […]
All the taxpayers are warned by the Income Tax Department of India that they did not disclose their Permanent Account Number on social media. Revealing their ten-digit alphanumeric PAN publicly can lead to its misuse. The IT Dept is warning taxpayers or assessees owing to mentioning of PAN from a number of taxpayers in the […]
Expenses are planned after ensuring the earnings. One must also know the amount which will be levied by the government in the name of tax. The write-up highlights some key pointers for salaried employees according to which they can ensure their exact tax outgo. With a Gross Income of Less than Rs. 5 Lakhs As […]
Initiated on 1 September, the Budget 2019 is all set to lead the way in tax proceedings. Amendments introduced in the 2019 Budget by Finance Minister Nirmala Sitharaman will have many effects but what strikes directly to the common man is Tax Deducted at Source (TDS). Below are the four major amendments related to TDS […]
If the ruling government follows the recommendation of the task force of director tax, your taxable income of up to 6 lakh will be exempted from levied income tax. Currently, the taxable income of INR 5 lakh is excluded from the application of Income-tax. According to sources, the task force in its submitted report to […]
