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Traders and retailers have praised the Central Board of Indirect Taxes and Customs (CBIC) initiative to find out bogus GST registrations and make offenders pay for the deed. Fake registrations are used to submit invoices for the input tax credit (ITC) even in the cases of not offering delivery of goods or services. The ‘Special […]
The finance ministry has issued a notification dated May 24, 2023, in line with the budget 2023 proposal, to announce an increased ceiling for the encashment of earned leave exempt from income tax. This change will be implemented from April 1, 2023. Following the powers granted by sub-clause (ii) of clause (10AA) of section 10 […]
This article will aware of the TDS claim process if credit is not reflected in 26AS, AIS and TIS forms. There is Section 205 of the Income Tax Act of 1961 that gives you rights in certain situations. For example, if you are paying 60% tax on your income but your adequate tax liability is […]
The income tax department launched a new AIS app for the assessee. There is good news if you are an assessee. The income tax department would have started the new mobile app known as the AIS to obtain the Annual Information Statement (AIS). For each transaction, the assessee shall obtain detailed information via the same […]
Before furnishing the ITR filing last date the same might assist to check your Annual information statement (AIS) on the tax portal and show any inconsistencies in it. The government says that they support solving the issues which arise because of misreporting or the system might not have enabled to fully fetch the information. The […]
The blocking of input tax credit) under GST would be affecting businesses all over the state. As the city is the financial capital of the state, the majority of businessmen of the city would get impacted by it. In front of the state, GST commissioner Lokesh Jatav several CAs, and tax consultants asked to resolve […]
The 26AS Form under income tax comprises an Annual Information Statement or AIS that consists of a complete profile of the assessee in a specific year. An annual information statement or AIS comprises a view of details for the assessee shown in Form 26AS. In the making of AIS, detailed processing is needed to show […]
SAG Infotech once again comes up with the latest features in the Genius tax management software package, including extra reporting tools. Summarised Consolidated Reports The first and the latest features one would find when opening the Genius tax filing software dashboard and clicking on the main ‘Gen Income tax’ tab, after which there will be […]
In order to encourage voluntary compliance along with deterring non – compliance, the Annual Information Statement or AIS for specific taxpayers has been made by the income tax department. However, the proper view of a taxpayer’s financial transactions can be given by the AIS. One can get the proper information just by logging and downloading […]
