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Search results for: GST impact

Latest SBI Research Report on Fiscal Position

SBI Report: India Economic Condition to Be Better if No 3rd Covid Wave

You shall be surprised to know that as per the report of SBI research,  the government exchequer shall improve even after the 2 pandemic shocks that the Indian economy has received — If it is assumed that there would be no third pandemic, the fiscal position of the Centre and states for Financial Year 2022 […]

Income Tax Filing Data for Salaried Class

Salaried Class Remained Less Active in Tax Filing in FY 2020

Towards the issue of the Indian economy, the people who have to earn up to Rs 50 lakh the majority of the salaries shrank in the Fiscal year 2020 despite prior to the pandemic has activated the recession income tax return filing data so far this year had posted. Towards furnishing the returns for FY […]

Assessment Under Section 153C

Madras HC: Assessment Under Section 153C Based on Incriminating Papers

Under Section 153C the Madras High Court rules that the examination is on the grounds of related documents or evidence found through the search. The taxpayer is the owner of S.R.Trust which is the enrolled trust who does charity. Under section 132 a search was done in November 2014 with respect to the managing trustee […]

Tax only Indian Income of Foreigners

Industries to FM: Tax Only on Foreigners Domestic Income

Assocham, CII, FICCI, and the US India Strategic Partnership Forum (USISPF) comes under the industry forms who propose the Finance ministry sought the privilege on the personal tax of individuals who are NRIs for 3 years. The motive is to develop India as an attractive destination for refugees handling foreign direct investments (FDI) for the […]

Automobile Industry Seeking Tax Cuts

Automobile Industry Seeking Tax Cuts to Counter BS-VI Price Hike

Covid-19 Pandemic, lockdowns, and implementation of the BS-VI norms in the country are making the way tougher for India’s Automobile industry. And with the same belief, they have appealed to the Government of India to reduce taxes to mitigate the price increase on Bharat Stage-VI vehicles. It will help to and increase the demand before […]

Textile Exporters urged Faceless Tax Assessments

Textile Exporters Want Faceless Tax Assessments in Indirect Tax System

The small and medium textile exporters have urged the government for including the faceless assessments and appeals of the indirect tax schemes so as to eliminate the interactions with GST administration. On Thursday, the income tax department makes some changes in its e-assessment scheme to join with the faceless assessment. Changing the scheme of e-assessment […]

Atmanirbhar Scheme for SMBs

Only One-Third of Small and Medium Businesses to Use Atmanirbhar Scheme

According to the research conducted by Kantar. A market research firm, only one-third of the Small and Medium Businesses (SMBs) are willing to use at least one benefit under the new Aatmnirbhar Scheme (Self-Reliant Scheme) launched by the Prime Minister of India, Narendra Modi. The survey found that these SMB owners were more interested in […]

e-Office Facility to Automate Internal Filing Handling

CBIC: e-Office Facility to Automate the Process of Internal File Handling

CBIC on Monday, June 15, 2020, launched ‘e-Office’ in more than five hundred GST and customs offices. e-Office is an application that is introduced with an aim to improve governance, which can be achieved by automating the internal procedure of handling files. The Application will impose changes in the internal office procedures which are till […]

Gross Direct Tax Collection Drop and Net Collections Rise

Gross Direct Tax Collection Reported a 13% Drop & Net Collections Climbed 39%

As per the recently released Government reports and statements a 13% drop has been reported in Gross Direct Tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc collection in this year up to May […]

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