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A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers can use it to file updated income tax returns for the […]
“The law of income tax is enriching. As intriguing as it is, the more one learns, the more he seeks to learn” In the former articles, we discussed the income tax law and now wrote an article concerning the ancillary provisions as included in the Income Tax Act, of 1961 itself. The same act consists […]
A division bench of the Madhya Pradesh High court rendered the GST department to acknowledge levying the penalty on the taxpayer for the issue of the accidental human error in the E-way Bill. the applicant M/s Techno Steel Infraprojects is a private company who is involved in the business of steel as well as HT […]
The income tax portal 2.0 is a user-friendly model of the original website. The same has the advantageous upgrades concerned to the ITR filing and the management. The process is smoother to manage and the platform furnished various levels of services related to tax in the new version. The effective specification of the e-portal comprises: […]
In India, the rental income comes in compliance with the income tax. If you own a property and have rented it to another one then you are required to know the method to minimize the tax load. The rental income from real estate investments would be very much better for your portfolio returns. Thus as […]
People who work abroad and returned to India, become tax residents in India, and the taxation of their foreign retirement accounts (FRAs) has been a hurting point for a longer time. While the foreign country where they have their FRAs generally taxes this income only on withdrawal, there was no such provision in Indian tax […]
The taxpayers are considered to be very important by the GST authorities as the department has offered notification based circulars with complete due dates with the particularly mentioned tax rates of every particular tax base, Central Tax and rates, Integrated Tax and Rate, Union Territory Goods and Services Tax (UTGST) and rates. Below you can […]
There are various amendments in the tax rules effective from 1st April 2022, where I would discuss the new tax rules on EPF interest, Taxation of Virtual Digital Assets, Filing of Updated IT Return, and Tax relief on Covid-19 treatment expenses and compensation. Updated ITR Filing Before that, one will have a window of 5 […]
The Karnataka Authority of Advance Ruling ( AAR ) ruled that the transaction value is the taxable value of supply unless cancelled and revealed beneath section 15 Goods and services tax act. The petitioner M/s Pankaj Enterprises is an individual and has no enrolment beneath GST, however, he poses to execute the business as a […]
