Powerd By SAG INFOTECH
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The government is now ready to tighten up the scrutiny of all the taxpayers as according to one of the officials. the tax department will now compare multiple tax data of an individual to ascertain any tax leakage.
There are so many confusing terms in the tax world such as financial year and assessment year, gross total income and total income which we have heard so many times while filing income tax return (ITR).
The Indian government has provided a search tool for finding out the business details by the means of GST number to bring transparency between shopkeeper and customers. People must use this tool while GST number search to find out the registration type of business.
For every eligible taxpayer, filing the ITR would be a yearly obligation in India. It’s a legal obligation that guarantees correct reporting of income and financial activities to the government; it’s not merely a formality. The Income Tax Department uses an automated system to carefully review the submitted returns in order to speed up this […]
Income tax return filing is easy and beneficial for an overall financial and records maintenance for future loan perspective and investment purposes.
After a thorough analysis of GST returns and tax data received so far, the GST Council has started issuing scrutiny notices to businesses who have not paid tax in the line of their final tax returns.
The current financial year is in its last week.This fiscal year witnessed a complete overhaul of the previous taxation policy.
Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.
In a recent crackdown on the taxpayers for not paying their advance taxes, the tax department had been issuing notices to the defaulting taxpayers and also seeming to take strict actions against them.
