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The Central Board of Direct Taxes (CBDT) has said that an income tax survey will be conducted to collect information for scrutiny by Tax Deducted at Source (TDS) directorate only after approval from the Principal Chief Commissioner or the Chief Commissioner level officer. The board by releasing directed the officers that where any survey action […]
On 13th August 2020, Prime Minister Narendra Modi will launch the faceless assessment scheme for the Income-tax department. This will be set up and implemented by the National e-Assessment Centre (NeAC) and a network of Regional e-Assessment Centres. The regional assessment will include assessment units, verification units, technical units, and review units. The arrangement permits […]
Niranjan Hiranandani, the president of Assocham India, said during an interview that it is the need of the hour to promote and revive the demands for all sectors and the government should take the necessary steps instead of waiting for the COVID 19 vaccine. He also said that the rate of GST (Goods and Services […]
Gratuity is to be paid by the employer to the employee when he leaves the company after working for five years. An employee can receive the gratuity payment in case he resigns or retires. The gratuity can only be received by the employee if there is no gap between the term of 5 years. The […]
The Central Board of Direct Taxes (CBDT) on Friday released order and directed income tax officers to clear all old-pending income tax refunds Here, the taxpayers can check quick points for faster processing income tax refunds. Also, we added that how to track the status of tax refunds via the official portal. Read more filed […]
Capital Good – Defined Under CGST Act 2017 As mentioned under section 2(19) of the Central Goods and Service Act 2017, Capital Goods under GST are termed as goods whose value is capitalized (recorded as an asset) in the Books of Accounts which can either be claimed by the assessee as the Input Tax Credit […]
Medicines and medical kits are the life-savers and therefore it is mandatory to have an idea of what rate they are taxed at as ultimately it is going to affect the end price at which they are sold. Medicines and other medical kits for human and veterinary treatment are taxed at four tax slabs NIL, […]
Here we have provided complete notifications related to the Income Tax and TDS provisions as per the official government laws. We include all the latest updates in Income Tax and TDS, news, amendments, and circulars on the government portal for your reference. Introduction of Income Tax Income Tax is the tax levied by the government […]
COVID 19 outbreak has done a huge financial loss to hotel businesses such as marriage and banquet bookings, amidst this financial calamity hoteliers have urged the government to postpone the payment of interest on bank loans taken by them as they are unable to pay off their liabilities. Adding on to this cordial demand they […]
