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Every Indian Taxpayer contributes to the well-being of the nation by allowing the outgo of some money from their personal account in the form of Tax. Centralized Processing Center (CPC) governed by the Income Tax Department is responsible for verifying the documents and processing them for the claimed tax refunds. There is no way to […]
The current three tax rate slabs of 0%, 5%, 20% and 30% are anticipated to be extended to five of 0%, 10%, 20%, 30% and 35%, on the recommendations of the exclusive task force which was appointed by the Government of India (GOI). This special task force submitted its report on the new Direct Tax […]
In a big relief to the taxpayers, there will be 2 more additional ITR forms to come pre-filled in the upcoming financial year i.e. FY 2020-21. This move will help those taxpayers who are looking for an easy way to file the ITR. Currently, the ITR 1 SAHAJ is being pre-filled in this fiscal year. […]
Recently the government announced that the indirect tax dispute resolution scheme which was discussed in the budget session will be coming from 1st September and will be live till 31st December. As per the statement released, “Government expects the scheme to be availed by a large number of taxpayers for closing their pending disputes relating […]
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. If you have filed your Income Tax return, completing all the formalities, and you are still bothered by the tax officers regarding compliance, you can file a report stating your issue or instead file an online complaint against the […]
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 […]
