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The most prominent complaint of the J&K residents after repealing section 370 is internet malfunctions. Failure of internet connections in most of the regions of J&K has not only affected the common people but also the businessman, traders and other professionals for whom tax filing has now become a cumbersome task. Even the Chartered Accountants […]
A tax Audit means an in-depth analysis of a taxpayer’s business or professional accounts. The scrutiny is done particularly for businesses with gross receipts of more than Rs. 1 Crore which involves a detailed investigation of the accounts and verification of documents with respect to filing a correct income tax return. The scrutiny which was […]
The goods and services tax council may try to cut GST rates applicable currently on the hotel industry for the better and therefore all those states which are protesting against the rate cut on the automobile and biscuit sector may also get benefits. The GST council may also make a decision on central and state […]
IT Department’s scheme of electronically assessing tax returns is made effective with the government’s announcement for e-assessment 2019 on Friday. This scheme of merging tax assessment with technology will make tasks easier for taxpayers at the same time eroding the chances of various tax frauds. Though there are no interactions between tax officials and taxpayers, […]
It seems that the Insolvency and Bankruptcy Code (IBC) and GST are having some troubles with the norms as well as software working procedure for the resolutions. Therefore, it seems that they may visit the court for the further resolution of the matter. The major issues that conflict is that the GST software does not […]
GST ANX-1 and GST ANX-2 form have been added under the newer GST return filing system (GST 2.0). These forms will work as a supplement to the main returns forms, i.e., GST RET 1/RET-2/RET-3 under GST 2.0. These forms are apparently similar to the GSTR-1 and GSTR-2A forms that are used in the present GST […]
Modi government is consistently introducing amendments in tax laws for the convenience of Indian civilians. It is in news currently that the Income Tax Department will automatically generate Permanent Account Number (PAN) for taxpayers who file their returns using their Aadhaar Number. The rule is a servant to two masters. The provision also caters to […]
The due date for filing of Annual return (GSTR-9) and reconciliation statement/ audit report (GSTR-9C) has extended by the government till November 30, 2019. The taxpayers should utilize this period of three months for addressing their concerns and ensure the filing of returns on time. Since the original deadline of December 2018, the government has […]
Deceleration & Descent of various sectors have been a matter of concern for Prime Minister and Finance Minister of the nation and so they have been pressing pedals to revamp the economic scenario which can give wings to soar to all the sectors. The Finance Minister and the officials of Prime Minister have been meeting […]
