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Now, the TDS benefits will be granted for the assessment year for which corresponding income is assessable, as per the ruling of the Income Tax Appellate Tribunal (ITAT), Pune. This ruling was jointly delivered by Vice President R.S.Syal and Judicial Member Viswanethra Ravi in reference to the appeal made by M/s. Mahesh Software Systems. The […]
The total of 245 Star Export Houses and 5,000 other exporters went alienated from claiming their shares of Input Tax Credit (ITC) from the government due to taxman’s heavy investigations. On the other hand, amidst the existing exports decline, merchandise exports declined by 0.34% year-on-year in November consistently for the fifth time in the past […]
Central Board of Direct Taxes (CBDT) in its current notification has declared to extend the due dates of filing returns in response to tax notices received by the taxpayers u/s 142(1). The step is determined to provide taxpayers and other concerned professionals relief from sudden compliance and allotting them enough time to sort their legal […]
Income tax is a mandatory return to be filed by every taxpayer once a year and here we will gain some basic as well as important insight into the Income tax-related question with the help of relevant frequently asked questions on income tax returns. We will go through the FAQs with an easy and meaningful […]
The tax collection target given under the governance of the Prime Minister has created a troublesome scenario for the tax authorities. To give stimulus to the sluggish economy, the government wants tax officials to collect 17% more direct tax These types of taxes are directly imposed and paid to the government of India. Example of […]
Adhering to tax-related compliance proposed by the Indian government is mandatory for taxpayers in India. Such compliance also inculcates adhering to the due dates of GST return filing, about the complete compliance calendar detailed here and specified by the Indian government. Non-compliance with the due dates of GST return filing as per the February compliance […]
So far, the Government of India has collected up to ₹6 trillion as a direct tax. The government has set a target of Rs 13.5 lakh crore for this fiscal year’s tax collection, 50% of which has been achieved till the date. This information has been made available by a senior officer. PC Modi, Chairman […]
The finance ministry has to come up with solid plans to get the desired figures of tax revenue. Finance Minister Nirmala Sitharaman, who was supposed to introduce measures to accelerate the stagnant economy within a month of her maiden budget being approved by Parliament. The council is asking for suggestions from separate section stakeholders before […]
The income tax department has started sending queries to top-notch banks and companies if the common costs such as the CEO’s salary, are dispersed by them to its divisions & branches. A few top companies with the centre of operations in Pune, Delhi and Mumbai are being interrogated by the IT department on cross-charging of […]
