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The provision under Section 80C and 80D of the Income-tax Act is that specified taxpayers could claim for deductions to the Insurance company on the total amount paid to them for specified insurance schemes.
In the past few days, the Indian government has disclosed the PDF format for all Income Tax Return (ITR) Forms to clarify the tax filing process. Tax-paying citizens in India must file their returns on time as per the government-issued guidelines. To simplify the tax filing process, the income tax department in India has classified […]
The Central Board of Indirect Taxes and Customs (CBIC) has declared that now TCS (Tax Collected at Source) would not be subsumed in the value of goods while calculating the GST (Goods & Service Tax).
Recently the Maharashtra Authority for Advance Ruling (AAR) cleared out that the ITC of GST will not be available to the General Manager and Managing Director of the company in case of any hotel stay without rent.
The Supreme Court on 4 February 2019 has recently issued the notice under which now the taxpayers would be asked to file the income tax returns with linking PAN with Aadhaar mandatorily.
As per the new Rules and latest Directives from the CBIC (Central Board of Indirect Taxes and Customs), the Cars having price range more than Rs 10 lakh could cost more to the Indians due to the extra tax charged as per the new directives and rules from the Government’s end.
Taxpayers are advised to pay their Income tax on or before 31st December as on non-payment of the returns on the stipulated time, would lead to the payment of huge penalty and the penalty amount could be between Rs. 5000 and Rs. 10,000.
ITR Filings are prime indicators of both the moral and the economic compass of a Nation. India, as a nation, has long been suffering from a below-par tax base. This shows up subsequently in government budgetary allocation to various public welfare schemes. A strong tax base is the lifeline of a strong economy and a […]
The lenient non-filers and nil filers of GST returns will have a one-time amnesty scheme from the government to deregister the GST (Goods and Services Tax) Council.
