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A notice from GST authorities has been received to a panipuri vendor from Tamil Nadu after he reportedly received online payments of Rs 40 lakh in the FY 2023-24. On performing a fact check of the notice it was seen that it was issued before a hotel vendor and the to-address part was rigged. According […]
The IT Form 49B must be submitted either online or offline to the NSDL department by those who deduct taxes and are looking to obtain a Tax Deduction and Collection Account Number (TAN). This number is essential for processing tax deductions. All individuals obligated to deduct tax at source on behalf of the Income Tax […]
The due date of Vivad Se Vishwas Scheme 2024 has been extended by the income tax department from December 31, 2024, to January 31, 2025. The scheme assists the taxpayers in settling the current dispute via filing a lesser income tax. If the due date does not get extended then the taxpayer would be required […]
During a pre-budget discussion with Finance Minister Nirmala Sitharaman on December 26, the apex body of the Engineering Exports Promotion Council, EEPC India, suggested the introduction of a 25% conditional income tax rate for MSME manufacturing units operating as partnerships, LLPs, or sole proprietorships. This proposed tax slab can apply with the condition that businesses […]
The indirect tax structure in India has been streamlined by the Goods and Services Tax (GST) however, the making of the GST rate list has provided complexities for companies and individuals alike. The GST rate list cites the tax fees for special items and services, varying from 0 to 28 per cent. The SAG Infotech […]
The 55th GST Council meeting held on 21st December 2024 in Jaisalmer, Rajasthan was chaired by Union Finance Minister Nirmala Sitharaman. The committee’s recommendation has been approved by the council suggesting the measures for distinct problems raised by the States concerning the problems related to the IGST settlement and seeking for the committee to conclude […]
In this article, we explore the role of Internal Audit and why it’s important for corporate governance and efficient business management. Internal Audit acts as an independent function that regularly checks how a business is running. It helps identify areas for improvement and enhances the overall management of the organization. This process includes assessing risks […]
A majority of income tax filers wished to ease the ITRs for individuals in a simpler way to calculate the incentives and deductions and ease the TDS framework for one rate one section, as per the survey of Deloitte. Indeed Deloitte the policy survey of the income tax recommended to prevent the need to issue […]
The Punjab Textile Merchant Association has asked Punjab Finance Minister Harpal Singh Cheema to counter-urged amendments to the Goods and Services Tax (GST) on garments at the forthcoming 55th GST Council meeting. The association members in a letter to Cheema emphasized their concerns towards the surge in GST rates. The proposals comprise of raising the […]
