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In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
After the implementation of complex Goods and Services Tax (GST) Regime in India, now the Narendra Modi Government is working on bringing changes in respect of the direct tax.
Finally, Lok Sabha which passed the Finance bill completed the budget session which is an important exercise for this year 2017-18 in order to get the best out of economic agenda. As the finance bill is a depiction of the Money bill, it must pass through the Lok Sabha and after all, these, starting from April 1, 2017
A top authority mentioned that the GST Council might choose to diminish the assessment slabs under the Goods and Services Tax administration in the wake of investigating the income accumulated and the remuneration payouts to states. With industry requesting for bringing down of proposed GST rates of 5 , 12 , 18 and 28 percent post the demonetization, CBEC Chairman Najib Shah said the Centre and the states at present gather Rs 8 lakh crore from indirect charges, fewer custom duties, and a similar level of income must be gathered in the GST administration.
The Tax Department has announced an SMS facility to be provided for the 2.5 crores of taxpayers regarding quarterly Tax Deducted at Source (TDS) deductions. The facility will be offered by the Central Board of Direct Taxes (CBDT).
In the current scenario, everyone is taking loans whether they are taking a loan for marriage purposes, for vehicle purchase, for business purposes or any other reason. It can be taken by security or pledge of any assets or if you are a salaried employee then also you can take a personal loan on the basis […]
Individuals with income exceeding more than the basic exemption limit are required to file an Income Tax return within the due date, and if the person fails or misses the due date, then there are certain provisions of penalty under the Income Tax Act of 1961. The assessing officer may contact the individual through a […]
Nowadays, it is impossible for a common man to purchase a house in his own name and from his own Income due to inflation. So if a person wants a residential house, he can buy the same with easy EMI facilities. EMI facility is beneficial for buying a home with a starting limited down payment and the […]
The Income Tax Department allows individuals to claim a refund for depositing extra tax. An individual can claim the same online using the Income Tax Department’s e-filing portal, https://www.incometax.gov.in/iec/foportal. Income Tax regulations mandate the Filing of income tax for individuals earning an annual income of Rs 2.5 lakh or more. For Senior citizens (individuals aged […]
