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The Delhi High Court has limited the tax authorities The Income Tax Department has commenced taking actions against unidentified /nameless property and black money. The Department has issued notices to 2000 people from submitting show-cause notices to 13 banks for not imposing the service tax on the assurance to keep ‘minimum average balance’ (MAB) in […]
Industry body CII has attempted intervention and assistance from the government to assure the recovery of the tourism industry, which is truly affected due to the COVID-19 pandemic. The CII has urged all key people to work for solving the crisis with the government. “With the new guidelines issued under Unlock 3.0 by the Government […]
To mitigate the inconveniences faced by top executives of firms the Directorate General of GST Intelligence (DGGI) released broad guidelines to officers to avoid excesses. The released guideline clearly directed all the officers to not issue a summons to top executives of firms including PSUs. In a circular released on August 14, it has been […]
The small and medium textile exporters have urged the government for including the faceless assessments and appeals of the indirect tax schemes so as to eliminate the interactions with GST administration. On Thursday, the income tax department makes some changes in its e-assessment scheme to join with the faceless assessment. Changing the scheme of e-assessment […]
The income which comes through the tenant by providing it on rent with facilities in the industrial park or SEZ has to be called as the business income of the property owner said Madras High Court while holding the order for the tribunal. The problem was raised for the case or the fact, the Income […]
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 assesses and will be focused on the […]
Section 194IA of the Income Tax Act 1961 states that tax should be deducted at source, during the sale of the property, by the buyer from the payment made to the seller. TDS is required to be deducted during the sale of every type of property except during the sale of agricultural land. TDS will […]
According to the research conducted by Kantar. A market research firm, only one-third of the Small and Medium Businesses (SMBs) are willing to use at least one benefit under the new Aatmnirbhar Scheme (Self-Reliant Scheme) launched by the Prime Minister of India, Narendra Modi. The survey found that these SMB owners were more interested in […]
