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For the so-called best managers (wives), The Income Tax Appellate Tribunal (ITAT), Agra bench has recently provided a big relief. The Bench consisting of the Accountant Member Dr. Mitha Lal Meena and Judicial Member Lalit Kumar has passed a ruling. The ruling is as follows: The cash deposit, which has been undertaken by the housewives […]
In a country where income from agriculture is tax-free, more than half of the country is dependent on agriculture and mechanised agriculture has recently arrived, the Central Board of Indirect Taxes and Customs (CBIC) has put a clarification that laterals/parts that are to be used uniquely or principally with sprinklers or drip irrigation system shall […]
In the era of Digital India when most of the mechanisms of payments are cashless (for saving time, cost, and effort) why not follow the practice of e-filing income tax returns (ITR). On June 7, the Government of India launched a new e-filing web portal (having a feature of e-filing of ITR) that shall help […]
As for yourself or as a company If you look to furnish the ITR then the term known as Form 26AS under which all the tax is filed on your grounds through your employer or customers. What is Form 26AS? The Form 26 AS is also called a tax credit statement. It is your yearly […]
Recently Section 16(2)(aa) on Input Tax Credit has been added by Finance Bill. And the implication of this insertion is that it has empowered already existing Rule 36(4). The reason for inserting 16(2)(aa) is being that Rule 36(4) was weak and so, has been challenged before various Authorities & High Courts many times. Consequently, there […]
The launching of e-Invoicing has been a game-changer considering the facts and circumstances in India. It has been a sort of new revolution that shall transform and smoothen. Invoicing Process Revamped Tax Reporting Fuel the Interoperability of the Direct and Indirect Ecosystem Let’s understand the aforesaid transformation with the statistics related to eight months posts […]
The old web portal of the Income Tax Department i.e. incometaxindiaefiling.gov.in has been replaced by a new and more interactive web portal that is assigned the web address of incometax.gov.in. The new web portal has been launched from June 7 onwards. Here are the changes that have made the new website more interactive and appealing. […]
The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
The Income Tax Appellate Tribunal has ruled that the affidavits received by tax authorities from Family Member are sufficient to prove that the Cash Gift is genuine. Here in this case, the assessee, Dheeraj Thakran is an individual and his sources of income are from: Rent Profession And other sources. And he has already filed […]
