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Recently the government has achieved a massive tax collection of INR 72,480 crore from its much-popularized scheme Vivad Se Vishwas tax scheme Vivad se Vishwas Scheme, 2020 was announced by the Finance Minister after the budget announcement this year to provide dispute resolution regarding. Read more which still has one month pending. It has been […]
The past governor of RBI C Rangarajan clarifies that due to covid-19 the slump in the rise of the economy occurs as a disaster which lies for a shorter duration. The opinion was raised during ‘SICCI-360’ raised by the Southern India Chamber of Commerce and Industry, said the chairman of Economic Advisory Council Rangarajan. “(Normally) […]
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 […]
The Finance Ministry released a statement on Tuesday and stated that GST collection declined for the second consecutive month to ₹ 86,449 crores in August. The August collection on a year-on-year basis was down 12%, compared to Rs 98,202 crore reported in the same month last year. Of the gross collection, Central Goods and Services […]
The guidelines have been issued by the income tax department for limiting the roles of the officers for doing the faceless assessment by creating the National e-assessment centre(NeAC) the primary gateway in communicating with taxpayers. In Delhi, the Central Board of Direct Taxes has implemented the faceless assessment policy by notifying the National e-assessment Center […]
Before Independence Day, the Prime Minister of India Narendra Modi with the Principal Chief Commissioners of Income Tax on August 13 had called a meeting for launching the new tax program, ‘Transparent Taxation Honouring the Honest’. Chairman of Central Board of Direct tax PC Mody shared the scheme on Tuesday with senior tax officers said […]
Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
Sometimes, the assessees have to face harassment from the tax officials so for the benefit of such assessees, the government has started a faceless Income tax assessment. Previously, the assessee had to visit the office of the I-T department if there was an error in the return and the same was the case if there […]
