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The Intention Behind Introducing Section 139(8A) To provide more time to the assessee, a new provision under Section 139(8A) of the Act is proposed for furnishing an updated income tax return, regardless of whether the individual has previously filed a return for the relevant assessment year. The recommendation allows for the submission of an updated […]
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 […]
Inside the Income-tax act, 1961 section 115BAA was introduced via Taxation Laws Amendment Act 2019, so as to make the tax laws easier under which the companies were provided with the option to pay the tax at diminished rates. Under section 115BAA (5), after this option came into force would then be applied to the […]
The upcoming budget is expected with the hope that the taxes will be exempted, particularly for the salaried people. Budget 2025-26 is coming at a time when the economy is going to recover. People’s income has been affected by this as they lost their jobs, pay cuts were executed, and various businesses were forced to […]
A notice has been furnished by Odisha Tax advocates associations to CBDT towards denying the extension of the last date to furnish the income tax returns of Odisha towards the AY 2021-22 post 31/12/2021 as well as levied the late filing fee beneath section 234F of the Income Tax Act, 1961 despite various technical issues […]
The Central Board of Direct Taxes (CBDT) has announced the one-time relaxation for verification for all ITR e-filed for the Assessment Year 2020-21 due towards verification and processing. For ITR that is furnished via electronic way excluding any digital signature the assessee is needed to validate it through any one of the modes under the […]
