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E-commerce changed the procedure of business performed in India. Much rise in the industry would be formed through the penetration of the internet and the smartphone. As per that there is an increase seen in the sellers on the e-commerce portals. In this article, we would discuss the points that shall support the e-commerce sellers […]
ITR 7 can be file by Any person including companies who are required to furnish return under section139(4A) or section139(4B) or section139(4C) or section 139(4D) Important Points to Know While Furnishing the ITR-7 No additional documents, paperwork, or TDS certificates are needed to be submitted or affixed with the return form When the documents get […]
For late TDS issuance of the certificates by deductors including individual deductors, Budget 2022 has urged to increase the penalty. The decision taken by the budget is to increase the penalty of Rs 500 per day from Rs 100 per day. In the major times, the employers and financial institutions such as banks and others […]
The Intention Behind Introducing Section 139(8A) To furnish much more time to the assessee it is asked to begin a new provision under section 139(8A) of the Act for furnishing the Updated income tax return of income by any individual if he has furnished a return formerly for the related assessment year or not. The […]
So as to enhance the clarity and simplify the tax return furnishing procedure the CBDT vide Notification dated May 28, 2020, has amended income tax 26AS form vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of IT Rules, 1962 w.e.f. 01.06.2020. The 26AS Form under income tax comprises an Annual information statement or AIS […]
There is no doubt that the online business or selling from the e-marketplace does not only become the most famous channel of running the business however this channel of selling or running the business becomes unavoidable for any business if the same needs to survive and raise in the coming years. The same provides the […]
The insurance industry is going from a typical time where the life insurance claims increase because of covid-19. The increase in the claims and the attendant payouts which life, as well as medical insurance firms, suffer 30% surge in premiums as reinsurers see towards recovering the losses. But the insurance premiums in India are still […]
On the capital gains, the NRIs who are selling the house property located in India need to pay tax. It just relied on the short-term or the long-term capital gains on which tax is to be paid. The tax on the long-term capital gain is when the house property is sold post to the duration […]
The All India Gem and Jewellery Domestic Council (GJC) requested the government to diminish the rate of GST (goods and services tax) to 1.25%. Inside the pre-budget 2022-23 suggestions to the central finance minister Nirmala Sitharaman said that GJC seeks the cumulative GST rate with 1.25% relied on the revenue equivalence principle on gold, precious […]
