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Taxpayers are compiling various documents to file an ITR with correct figures. Most of the businessmen have hired professionals and purchased taxation & accounting software for e-file ITRs effortlessly and errorlessly. Salaried individuals are also under an obligation to file ITRs by using Form 16. Form 16 is not only a basic document but an […]
The Union Budget 2019 has been presented twice this year by the central government. The interim budget in February is followed by the presentation of the full budget in July by the BJP government after its immense triumph in the general elections. Both budgets constitute income tax-related notifications which would affect the personal finances of […]
The precarious number of Goods and Service Tax Returns filing is what we are witnessing even after two years of Goods and Service Tax ( GST) regime. Only 60 percent of eligible return filers file GSTR-3B. GST system has already completed two years of its existence but the number of GST return filers remained consistently […]
In India, Reversal of the ITC is a common term under the Indirect Tax Regime. Not only India, but other countries as well are aware of this term. Like when we talk about Malaysia Reversal of the ITC is there too. In India, we also have an ITC reversal process to avoid cases like deprivation […]
Government has introduced many tax rules for the NRIs (Non-Resident Indians) who wants to sell their property in the country. But the tax is applied as per the status of the residence and the ownership of the property. As per the Income Tax Department rules, tax is not levied on the heritage property in India […]
The GST council took a significant step towards easing the input tax credit utilization mechanism by allowing the company to take credit of IGST paid to set off the liabilities of SGST and CGST in whichever proportion or the order they feel suitable. Earlier there were some restrictions on using the input tax credit under […]
A challenging situation for the indirect tax department has emerged after the bail has been sanctioned to the promoters for circular trading by the High court. The indirect tax department on their own motion had arrested many promoters for circular trading and evading GST (goods and services tax), however, Mumbai High Court granted bail to […]
It is a very arguable question by every taxpayer as to how his income tax paid is getting utilized by the government. It is well known that the government only receives income tax from 1-2 per cent of the population while it contributes to only 14 per cent of total expenditure done by the central government.
Expats, the people living outside their native country, have been benefited by ‘double taxation avoidance agreements’ and who claims for tax relief under this agreement are now supposed to furnish more information and would have to provide extensive disclosures like the tax identification number of their native country,
