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Tax officials propagated that the Income Tax Department has introduced a modification in the process of issuing refunds to the taxpayer. The department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, depending on the category of taxpayers. But from this assessment year, tax refunds will be issued […]
It is estimated that over 60 lakh MSMEs may come out from the Goods and Services Tax (GST) net if the threshold limit for micro, small and medium enterprises (MSMEs) is raised to ₹75 lakh.
TDS stands for Tax Deduction at Source. Between deductor and the tax administration, it is easy to share the responsibility of tax collection. A certain regular inflow of cash is also made to the Government.
The tax deduction at source is a major compliance rule performed by taxpayers in India. Here we will go through all the procedures to upload a TDS return online. There are all the conditions mentioned where the taxpayers have to upload TDS return on the income tax site as well as on the National Securities Depository […]
Another blow from the goods and services tax might come soon and this time on the digital banking transfers. A lot of private banks have decided to discontinue the domestic money deposit services from their (BC) banking correspondents.
Last year, the Government of India had collected Rs 7.41 lakh crore from Goods and Services Tax (GST) but it is expected that the government would collect Rs 13 lakh crore from GST during this year.
Since its very introduction, GST has been criticized for increasing compliance burden on the Indian taxpayers.
The GTSR-9A is an annual return form that has to be mandatorily filed by composition scheme taxpayers under GST. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given Financial Year.
The process of income tax returns is not just limited to submitting the return online. A taxpayer also needs to verify the income tax return after it has been filed. Today, we will discuss the process and online and offline options for verifying an ITR. Make sure to file your returns on time to avoid […]
