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The current situation is a catastrophe for the income tax governance as the revenue collection target for 2019-20 is seeming beyond the reach. The first half of the financial year (April to mid-September) has ended with lower than expected growth in revenue collection, giving the signs of a severe economic slowdown. The advance tax collection […]
The last rate for tax return filing for the Fiscal Year 2019 i.e. 31st August seized a sum of 49,29,121 tax returns being filed, as per the statement made to the press by the Income Tax department. The total number of ITRs filed in last four to five days of August is quite impressive and […]
If the ruling government follows the recommendation of the task force of director tax, your taxable income of up to 6 lakh will be exempted from levied income tax. Currently, the taxable income of INR 5 lakh is excluded from the application of Income-tax. According to sources, the task force in its submitted report to […]
India, homing the policy of ‘One Nation One Tax‘ has announced the results of the Goods and Service Tax (GST) collection in August 2019 which was aggregated at Rs. 98,202 Crore. The sum this year was 4.51% more than the previous year (Rs. 93,960 Crore) but is still a concern for the government as its […]
Every Indian Taxpayer contributes to the well-being of the nation by allowing the outgo of some money from their personal account in the form of Tax. Centralized Processing Center (CPC) governed by the Income Tax Department is responsible for verifying the documents and processing them for the claimed tax refunds. There is no way to […]
The Income Tax department has claimed that allegations projected by industry leaders Kiran Mazumdar-Shaw and Mohandas Pai are false. These leaders purported that the tax officials are heckling businessmen. This contention got wings to roar in the recent deathwatch of the VG Siddhartha, founder of Café Coffee Day (CCD). Pai who was a former director […]
Breaking all the records, Goods and Services Tax (GST) made a remarkable collection of Rs. 1 Trillion for two successive months, but the June month was somehow ill-fated as the collection of Indirect Tax fell considerably to Rs. 99,936 Crores. On a good note, the average quarterly collection of April-June managed to reach Rs. 1.04 […]
Finance Commission Chairman NK Singh on Tuesday emphasized the need to have a conversation between finance commission and the Goods and Service Tax Council (GST) on various concerns related to taxation matter. He further stated that the commission has requested the Finance Minister (who is also the chairman of the GST Council) and has received […]
The government on encountering the deficit indirect tax revenue collections in comparison to the estimated targets antes up more stringent rules that administer the payment of an additional fee – to shun the income tax violations. The government kicks in new guidelines of more than 30 pages under direct tax laws, 2019 to restrict the […]
