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Some taxpayers who get the stay granted by the Appellate Tribunal for Forfeited Property (ATFP) may encounter shocking news in the coming weeks. Acting as a semi-judicial authority, The income tax department is trying to abort the stay permitted to the taxpayers by Appellate Tribunal.
The income tax e-returns filed for the April-February period has marked up almost 30% more when the comparative study was done with the analogous span of time in FY18 which attested 6.7 crore income tax e-return filing.
Goods and services tax is an endless topic with multiple provisions and acts. It is also considered to be very complex in nature as many of the professional chartered accountants, as well as tax experts, are trying to solve the puzzles introduced by the GST in the last 2 years.
Good news has come for the taxpayers because Infosys is going to develop a new income tax filing system at the cost of Rs 4,241.97 crores said the government that will help to decrease the processing time for returns from 63 days to one day and expedite refunds.
Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
TDS is an acronym of Tax Deducted Source (TDS) which was implemented by the Indian government to collect taxes from sources on the income earned by an individual.
The e-returns for IT had a massive jump this year i.e. in April-November, 6.09 crore returns were filed which is up by 48% year on year as compared to the growth of 20% in the 2017 and the highest growth was in the less-industrialized states like Uttar Pradesh, Madhya Pradesh, and Bihar.
On March 15, 2019, the fourth instalment of advance tax payment is required for FY 2018-19 and by this date, 100% of advance tax liability has to be paid. compute your advance tax liability and before time surely pay the Advance tax instalment to avoid penal interest.
Income Tax Return (ITR) filing is mandatory for all Indian nationals whose annual earning is over Rs 2,50,000/- in a Financial Year. The criteria are revised from time to time for accurate listing and record maintenance.
