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There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
A show cause notice was issued to the assessee for running a bogus company and missing a bogus ITC of Rs 26.53 cr. on 1st June 2018, the related dept refused the same enrollment. The assessee gives his statements on the date of 7th June 2018 and 6th July 2018 to the Directorate of Revenue […]
The Comptroller and Auditor General (CAG) suggested that the indirect tax department must finish the verification of the transitional credit permitted beneath the process of GST. Since it is the GST transition part that was incorporated from 1st July 2017, assessees were permitted to furnish the GST Form TRAN-1 and claim for the tax credit […]
An effective ruling which is notified on Monday ruled that the Delhi High Court has revoked a re-assessment notice under section 148A/148A(d) of the Income Tax Act, 1961 issued on the basis of reconciliation between the income tax returns and GST returns data. The applicant (taxpayer), M/s Best Buildwell Private Limited before the high court […]
We want to put on record our sincere appreciation to your good office and the government for the complete and robust response to the pandemic and the next action chosen to enhance the economy. We have admired the work of the government toward the rectification of the latest income tax filing portal which works much […]
July 31, 2024, will be the due date to file the ITR unless it gets postponed through the government’s guidelines. The last date is applied for the person whose accounts are not needed to get audited. According to the norms of the income tax laws, the employers are needed to provide Form 16 to the […]
CM of Madhya Pradesh Shivraj Singh Chouhan mentioned that the same is essential to increase the GST revenue for making the states to get progressed effectively. For the same, the high power committee made to recommend the procedure to increase GST revenue would make the effective recommendations post taking out the proper study. Chouhan mentioned […]
Beneath the Income Tax Act, a new return is an updated concept, this would draw voluntary compliance instead of following a longer adjudication process. No matter, if an income tax return would be furnished for a specific assessment year, a taxpayer is qualified to furnish a new return for that assessment year within 24 months […]
Covid-19 makes the employees suffer from a salary cut. However, when this gets rectified, the salaries of various employees were restored, and some of them even obtain bonuses. Tax experts specified that “Salary is taxed in the hands of an individual on due or receipt basis, whichever is earlier. However, if an individual receives a […]
