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A giant structure of the do’s and don’ts is well build-up for a Non-Resident Indian (NRI) who wants to sell his property to a resident in India. In terms of selling, the deal between an NRI seller and a resident buyer goes through a lot of formalities. Both parties have to be extra vigilant while […]
It is vital for NRIs to file their income tax returns on time while living in India. As NRI citizens can make investments, and hold their own bank accounts, house property & other assets in India, they should keep in mind that filing annual returns helps them stay away from any tax penalty and prosecutions. […]
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 […]
Recently, the central government has announced that it is looking for the options to pre-empt GST dodging by taxpayers based on their risk profile. The motive behind this initiative from the government is to prevent the tax evasion under Goods and Services Tax (GST). The assessee, whose profile would appear as “risky” under this scheme […]
In the case of M/s. Saraf Natural Stone Vs Union Of India, the Gujarat High Court has passed the judgement that Department will have to pay simple interest at the rate of 9% per annum on the delayed payment of IGST to the exporter. Ever since the launch of GST, the problem of delay in […]
Providing a sigh of relief to exporters, the centre announced to pay the input tax credit (ITC) refunds of state taxes which will translate into lesser transaction time and costs. while the manual interface is being said under processing. As the industry claims, there is a huge difference between the amount claimed for ITC to […]
The Modi-led government has recently announced that it will sort out all the major issues or glitches in the new GST system, which was also the key reason for the decline in indirect tax revenue. At the time when the GST regime was launched, the government has promised that the full benefits of GST reform […]
The Government of India (GOI) has swung into action the faceless income tax assessment and scrutiny, and this would all together transform the relationship between a taxpayer and income tax department and would surely lower down the corruption and tax malfeasance and quicken up the processing. Faceless tax assessment and scrutiny simply construe that now […]
The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms are called ITR-1 and ITR-4 and will be used for the assessment year 2024-25. Read PDF The IT department has enabled the offline utility for MAC and Windows […]
