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ITR filing is important for all specific people if their taxable income exceeds Rs 250,000 per year. According to the ITR rules, the ITR filing is also important for the person who has furnished more than 1 lac in electricity bills or offered foreign travel exceeding Rs 2 lakh in the financial year. But the […]
The Income Tax Department has revised the Income Tax Return software to eliminate the failure due to incorrect calculation of interest beneath Section 234A and late fee beneath Section 234F of the Income Tax Act, 1961. “The ITR software was rectified on 1st Aug 2021 itself to remove the error due to incorrect computation of […]
Form 26AS which is a tax credit statement is one of the most crucial documents where the filing of taxes is concerned. What is the 26AS (Annual Statement) Form? Form 26AS is an annual statement that entails the details related to the Why is Tax Credits Form 26AS Important? Below mentioned are the reasons why […]
Since July 2017, the One Nation One tax i.e. Goods and Services Tax (GST) has been introduced in India. Apparently, it looks simplified; however, the entire accounting mechanism has been overhauled. Nevertheless, the concept of GST has its own advantages in the long run. As Per the Indian Accounting Standards State-based Registration and Consequent Accounting […]
Many people may not know that there is a constitutional office of the ‘Directorate General of the Goods and Services Tax Intelligence’. The Gujarat High court has in a recent decree held that DGGI officers are completely empowered to issue the summons to the taxpayers as per the Central Goods and Services Tax Act, 2017 […]
The various groups and stakeholders of The Micro Small and Medium-scale Enterprises (MSMEs) have requested the State Government to further request the Union Government to extend the deadline of payment of GST Check out due dates of payment under GST for general and composition taxpayers in India. We have included penalty charges on late payment […]
The second wave of Corona-19 has ruined and devastated the life of crores of people on our planet. To date, nearly 185,390,254 people have slipped in this death trap; however, the major proportion of people have survived and the others have lost their lives. Still, there are hundreds of people who are still struggling for […]
In a country where income from agriculture is tax-free, more than half of the country is dependent on agriculture and mechanised agriculture has recently arrived, the Central Board of Indirect Taxes and Customs (CBIC) has put a clarification that laterals/parts that are to be used uniquely or principally with sprinklers or drip irrigation system shall […]
In the era of Digital India, when most of the mechanisms of payments are cashless (for saving time, cost, and effort), why not follow the practice of e-filing income tax returns (ITR)? On June 7, 2021, the Government of India launched a new e-filing web portal (having a feature of e-filing of ITR) that shall […]
