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Before Independence Day, the Prime Minister of India Narendra Modi with the Principal Chief Commissioners of Income Tax on August 13 had called a meeting for launching the new tax program, ‘Transparent Taxation Honouring the Honest’. Chairman of Central Board of Direct tax PC Mody shared the scheme on Tuesday with senior tax officers said […]
Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
The highest tax collected is from Gujrat in the year 2018-19 as from the proportion of PAN holders. There are a total of 22.3% tax returns from Gujarat itself, with 20.5% filing rates followed by Delhi, then Punjab with 16.74% and Telangana with 16.68%. From the various states, Bihar has seemed to have the lowest […]
Sometimes, the assessees have to face harassment from the tax officials so for the benefit of such assessees, the government has started a faceless Income tax assessment. Previously, the assessee had to visit the office of the I-T department if there was an error in the return and the same was the case if there […]
The Central Board of Direct Taxes (CBDT) has started an e-campaign for voluntary compliance of Income Tax rules on Monday, 20th July 2020. The campaign will be ending on 31st July 2020, after 11 days. The campaign has been started by the department for the convenience of the assessees and will be focused on the […]
When a person reaches court seeking a legally required court order in a notice against another party or parties that may affect them and also deliver the same notice to other parties in a permitted way then the complete process is known as service of notice under GST (Goods and Services Tax) . A court […]
A lot of people file their Income Tax Returns (ITR) just to get the refund of excess TDS (Tax Deducted at Source) deducted. But the TDS refunds are only credited if you verify the ITR filed either through EVC/OTP (electronically) or by sending it through the post to Income Tax Department Centralized Processing Centre (CPC), […]
The Income Tax Appellate Tribunal (ITAT), Kolkata, has ruled that proceeds from a holiday home, owned by a co-operative credit society, will be taxable under Income from Other Sources head of the Income Tax Act 1961Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics […]
Recently the finance ministry stated that all the information and talks over the merging of Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, GST, Sales Tax, VAT, Custom Duty and Octroi Tax and Customs( […]
