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The Government will be having a mechanism to resolve the tax issues of the company. It is aimed to lower the rate of litigation. The mediation will help to discuss the disputes relating to the law and ascertain the tax liability of the taxpayers. The companies Act provided a formal mediation to settle disputes relating […]
Budget 2020 may bring good news for the taxpayers by announcing a flat tax rate without exemptions. Finance Minister Nirmala Sitharaman may announce a reduction in Income tax slab and new Income tax slab for individuals with the high-income bracket in the budget 2020-21. Personal income tax may reduce in consonance with the reduction in […]
Finance minister Nirmala Sitharaman told on Monday that the suggestions to cut down personal income tax rates, by lawmakers to encourage demand, has been presented to the board and she also assured that the Government of India (GOI) will “take action at an appropriate time”. FM also added that the rate cut would though-out for […]
Income tax is a mandatory return to be filed by every taxpayer once a year and here we will gain some basic as well as important insight into the Income tax-related question with the help of relevant frequently asked questions on income tax returns. We will go through the FAQs with an easy and meaningful […]
The income tax department has started sending queries to top-notch banks and companies if the common costs such as the CEO’s salary, are dispersed by them to its divisions & branches. A few top companies with the centre of operations in Pune, Delhi and Mumbai are being interrogated by the IT department on cross-charging of […]
According to a report, auto sales which were witnessing a steep fall will only be benefited with a minimal discount of 1-2 per cent discount only as against to proposed massive reduction in corporate tax which brings down the levy on companies to 10-12 percentage points. In contrast to this, if the government offered a […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
The last date for filing ITC-03 is around the corner and it is sprouting out an immediate need for clarification on many issues. Beyond the shadow of a doubt, the real estate sector is one of the crucial cornerstones of our National economy with its contribution of around 6-8% in the Gross Domestic Product (GDP) […]
The current three tax rate slabs of 0%, 5%, 20% and 30% are anticipated to be extended to five of 0%, 10%, 20%, 30% and 35%, on the recommendations of the exclusive task force which was appointed by the Government of India (GOI). This special task force submitted its report on the new Direct Tax […]
