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In a submission before the Parliamentary Committee examining the draft of the new Income Tax Bill, experts and stakeholders have recommended that the definition of “accountant” u/s 288 of the Income Tax Act be left unchanged. The focus was placed on preserving the right of Chartered Accountants (CAs) to conduct tax audits under section 44AB. […]
Taxpayers should be alert to the reconciliation of information under GST and Income Tax, as the ITR forms for Assessment Year 2025–26 have been notified, and filing is set to begin soon. Discrepancies may lead to queries and increased compliance costs. A typical Goods and Services Tax (GST) assessee is required to file several monthly […]
The recently introduced Invoice Management System (IMS) on the GST portal is expected to decrease the volume of notices related to Input Tax Credit (ITC) discrepancies in returns and reduce tax-related litigation, as noted by tax experts and chartered accountants. According to experts, about 10% of total notices from the GST department are concerned with […]
The measure to improve the Input tax credit ecosystem via an Invoice management system (IMS) may add another layer of compliance to the GST taxpayers, tax experts mentioned. As per the GST portal, the updated system has the objective of easing the assessees in matching their records/invoices vis-a-vis issued via their suppliers for claiming the […]
Before furnishing the ITR filing last date the same might assist to check your Annual information statement (AIS) on the tax portal and show any inconsistencies in it. The government says that they support solving the issues which arise because of misreporting or the system might not have enabled to fully fetch the information. The […]
The practitioners of the income tax have urged that the budget proposal to scrap the income tax Settlement Commission (ITSC) is providing the one-time life opportunity to the worried assessee. Despite the council expecting the move will ease the tax administration, ease in compliance, and cut the litigation, tax experts availed any noncompliance consisting of […]
New GST (Goods and Services Tax) return forms have been proposed which are ready to bring an end to the most popular and widely used tax evasion method which is “claiming rebate for the tax that was not paid in the first place”. These new forms will be rolled out soon and will start from […]
Estate Tax or Inheritance Tax is a matter of question in the country since long. Also, the ruling government is looking forward to implementing the same christened as the Inheritance Tax.
From last some years, the lawsuits regarding the Service tax have increased due to absence of India’s most crucial taxation regime- Goods and Service Tax (GST). The GST Bill will remove several indirect taxes like service tax, VAT etc and it will create a single market for one dozen levies states.
