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The One Nation One tax concept will be adopted by the income tax department on large scale as soon as possible which will eradicate the jurisdiction issue over the assessment.
Every business entity which is getting registered under Goods & Services Tax will be provided a unique identification number known as GSTIN or GST Identification Number. Presently, every dealer which is registered under the state VAT law occupies a personal TIN number which is assigned to him by the state tax department. Just like that, the service tax registration number is assigned to a specific service provider by the Central Board of Excise and Customs (CBEC).
The demonetization drive which was launched last year on 8th November drew a lot of attention from the globe and praised the man behind it, Mr. Narendra Modi, the prime minister of India and the person who courageously shredded away high value 500 and 1000 rupees currency notes in order to curb black money. The black money was said to be stashed in cash with tax evaders from a long time and the time came the government instantly brought the value of those currency notes to zero.
In a general issue regarding the mismatch in names occurring in the PAN card and Aadhaar card has been surging day by day as in the common process to link the Aadhaar card to the tax return file, the issue of name mismatch recurring in every taxpayer application.
The government along with income tax department is now taking some strict actions against all the doubtful account holders showing and in the same league, in an offer to clip down on unaccounted money piped into bank accounts post demonetisation, the tax office has examined and coordinated upwards of 1-crore accounts and requested that 18 lakh individuals clarify the wellspring of reserve.
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).
Indian Government finally took a responsive action towards the tax structure and studying in depth situation of the monetary part of taxes which are accrued annually on a meager basis. The tax authorities are giving a humble credit to all those taxpayers who declare their concealed income.
No result found! Clear search 1. Overview of Goods and Services Tax (GST) 1. What is Goods and Services Tax(GST)? It is a destination-based tax on the consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous […]
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, www.incometaxindiaefiling.gov.in. 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 with age […]
