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Digital Signature is the mark of approval of electronic information same as we need a regular signature to approve manual documents. Income Tax filing is now an electronic procedure, therefore in order to confirm the authenticity of the information filled, one needs to affix a digital signature on the tax return document. I-T Act 2000 […]
Maharashtra is ahead in the league in terms of GST collections in the country. It is estimated by the officials that, the state has managed to gather Rs. 1.70 crore as GST which is 15% of the aggregate GST collection of the nation. The contribution is titled as the highest GST collection in India. Finance […]
Introduction of TDS Section 194N Keeping in mind the blueprint of the cashless economy, the BJP-led government is frequently introducing reforms in the laws to achieve the goal. Starting with demonetization, the government has come up with new laws in the constitution which fulfil the purpose of the cashless economy in the nation. Section 194N […]
GST has been prone to many tax evasion techniques since its commencement in India in 2017, as a well-developed system that can completely barricade the areas open to profiteering via bogus invoices for availing extra credit and truncate the tax liability is still absent. In the recent few weeks, the Income-tax department has issued notices […]
Recently the Government of India (GOI) has notified that 18 per cent GST would be leviable on Information Technology (IT) and Information Technology enabled Services (ITES) companies that provide broker and intermediary services to the offshore clients.In this regard, many outsourcing units and BPOs have questioned the government’s regulation and challenged its constitutional validity. Back […]
Permanent Account Number (PAN) is marching forward towards becoming an inevitable number for any transaction or deal made by an individual. Time is approaching when there is a need to link all the transactions with the Income Tax Department through PAN. PAN basically assists the tax authorities in identifying an individual or a corporate body […]
Recently, some new amendments in income tax return e-Form 2 and 5 have been proposed by the income tax department. According to the latest notice published on the e-filing website, the utilities of ITR (income tax return ) 2 form and ITR-5 form has been changed in order to fix the bugs identified during filing […]
In a recent ruling, The Tamil Nadu Authority for Advance Ruling (TNAAR) has clarified that if the monthly maintenance amount gathered by the registered housing society or resident welfare committee surpasses INR 7500 per month, then a flat 18% GST rate will be applicable on the entire amount, not the different amount. The ruling decision […]
Valid For taxpayers whose annual aggregate turnover is above 5 Crores For FY 2020-21, 2019-20 & 2018-19 and for FY 2017-18 it was more than 2 Crores only. GSTR 9C is now a Self-Certified form From FY 2020-21 onwards before that it was an audit form for taxpayers. Now Taxpayer may self certify his/her annual […]
