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Taking into account the complaints regarding harassment by Income Tax officials, the Union Finance Ministry has decided that notices, summons and orders by the Income Tax Department will now be issued through a centralized computer from 1st October. This means, now the Income Tax authorities will no longer be able to issue a notice or […]
Recently the government announced that the indirect tax dispute resolution scheme which was discussed in the budget session will be coming from 1st September and will be live till 31st December. As per the statement released, “Government expects the scheme to be availed by a large number of taxpayers for closing their pending disputes relating […]
A salary structure encompasses various components such as basic pay, various allowances, annual bonus and reimbursements, etc. Various components such as House Rent Allowance, EPF etc curtail the tax liability of an employee and hence elevate his savings. Some of the components are fully taxable, some are fully tax-exempt and some are partially taxable. Fully […]
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 the correct figures. Most of the businessmen have hired professionals and purchased taxation & accounting software for e-filing ITRs effortlessly. Salaried individuals are also under an obligation to file ITRs by using Form 16. Form 16 is not only a basic document but an ad […]
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 […]
