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The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families who earn income from Proprietary business or by practising his/her profession. However, when an Individual/HUF earns income as a partner of a partnership firm which is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file […]
It is a very arguable question by every taxpayer as to how his income tax paid is getting utilized by the government. It is well known that the government only receives income tax from 1-2 per cent of the population while it contributes to only 14 per cent of total expenditure done by the central government.
The Central Bureau of Investigation (CBI) has witnessed a huge difference in the income tax returns and service tax returns which led them to command the tax officers to dig the situation deeper.
Finance Minister Piyush Goyal on Tuesday said that Concession on tax has been offered to the poor and the middle-class people considering their tight budget.
GST is an interesting challenge for CAG Comptroller & Auditor General of India (CAG) because where it has brought unfavourable circumstances to work on large quaternions, it simultaneously offers an easy and one station access to all the data needed for a full-fledged audit.
In the recent announcement of union budget 2019, there were multiple benefits showered on the middle class as well as on the farmers alike.
The First income tax rate in nascent India after Independence was fixed as high as 97.75 per cent with 11 tax slabs. There was a huge huge challenge in front of the Country to lower the pace of this sky-high tax rate.
Last year, the Government of India had collected Rs 7.41 lakh crore from Goods and Services Tax (GST) but it is expected that the government would collect Rs 13 lakh crore from GST during this year.
Global locomotive maker which have put billions of dollars for Make in India programme of the government railways such as Alstom, Bombardier, and GE has sought to influence the finance ministry for the challenges faced under the new Indirect tax regime.
