Powerd By SAG INFOTECH
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Some taxpayers who get the stay granted by the Appellate Tribunal for Forfeited Property (ATFP) may encounter shocking news in the coming weeks. Acting as a semi-judicial authority, The income tax department is trying to abort the stay permitted to the taxpayers by Appellate Tribunal.
The income tax e-returns filed for the April-February period has marked up almost 30% more when the comparative study was done with the analogous span of time in FY18 which attested 6.7 crore income tax e-return filing.
The Delhi government has targeted GST collection of Rs 29,000 crore for the year 2019-20. The government made the announcement of targeting GST collection figures on the same day of introducing the annual budget.
The Income Tax department has highlighted the fact that people are showing bogus documents to claim ITR falsely and also there is an increment in cases where people are displaying less income then what they actually earned to evade tax.
After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.
Finance Minister Piyush Goyal on Tuesday said that Concession on tax has been offered to the poor and the middle-class people considering their tight budget.
According to the media report, it is being observed that Tamil Nadu is one of the states in India which has received good revenue collection for the first time after the 18 months of GST implementation.
It looks like not only small but also a large businessman community among those having an annual turnover above 5 crore rupees have not filed their GSTR 3B return
Altered financial planning and targets for FY 2019 still aspires for changes in tax collection practice and rather make it more desirous, especially for GST as per the Goldman Sachs Economics Research.
