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Individuals seek methods to reduce their income taxes. The illegal income tax savings would be drawn into the light. But the national government gives various ways to diminish taxes. All are counted under statutory compliance and are available for every assessee. The Income Tax Act of 1962 comprises various procedures which permit assessees to diminish […]
The Madras High Court bench of Justice C. Saravanan did not permit a refund of the amount relying on the taxpayer’s electronic cash ledger on the basis that there were some accusations with respect to the taxpayer to claim the bogus ITC (Input Tax Credit) in the electronic credit ledger on basis of the fake […]
Best Tips to Save Tax Without Investment? The income tax department furnished distinct deductions and privileges to the assessee that would get excluded from the taxable income beneath chapter VI A beneath Section 80 to diminish the tax load. Through the help of investment, you would get the deductions, however, there are indeed some deductions […]
Real estate is a never-ending option for investment and thousands of people every year invest in residential properties for a good return. Earlier in the pre GST period, there were multiple taxes applicable such as stamp duty, VAT, service tax, registration charges and that too with different rates for different states every time. However after […]
“The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the decision of addition as the assessee failed to utilize the amount in the capital gain account within the statutory period.” Here, in this case, the assessee, Avtar Krishen Jalla is an individual. It was observed by the Assessing Officer that during the time of assessment […]
On 28/10/2020 income tax investigation has started investigating a real estate business located in Bijnor. They have alleged with huge security premiums along with high liabilities of loan and advances have taken from his concerned parties and others, indeed they have taken advance loans from others. The shown sales reports were not relevant to the […]
As you know, normally, the last date of the financial year is March 31. But this time means in the financial year 2019-2020 If you have not made an investment or a deposit to avail of the exemptions under the Income Tax Act for the FY20 yet, then there is nothing to worry about because […]
Tax Evasion is still prevalent on a very large scale in India as taxpayers are now deemed to have given false information of sales in self-declared returns to escape tax levy. Mentioned under the provisions of GST, all e-commerce portals (except service based websites) are expected to get their businesses registered under GST Network. No […]
It is revealed that the income taxpayers will not be able to save exemptions and deduction on almost 70 plus categories from the upcoming Income Tax slab FY 2020-21 Have a look at the difference between old FY 2019-20 and new Income Tax slabs rates FY 2020-21 according to the income such as INR 10 […]
