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The Central Board of Direct Taxes (CBDT) has introduced a convenient way for taxpayers to access the Annual Information Statement (AIS) directly through the Income Tax Portal. This development enables individuals to obtain the statement by using their unique direct tax number, which has been issued by the income tax division. To facilitate easy access […]
The Income Tax Department recently issued an important message to taxpayers, emphasising the importance of safeguarding personal information such as PAN numbers on social media platforms to prevent potential misuse. Responding to a taxpayer’s query on Twitter regarding difficulties encountered while filing income tax returns through the official e-filing system, the department advised against sharing […]
The surplus liquidity in the banking system experienced a significant decline of 42.9 per cent, reaching Rs. 1.04 lakh crore on June 18, down from Rs. 1.82 lakh crore on June 11, primarily due to advance tax payments. Following the advance tax payment deadline of June 15, the surplus liquidity absorbed by the Reserve Bank […]
The Income Tax Appellate Tribunal (ITAT), the Pune Bench ordered the Assessing Officer to re-adjudicate against the disallowance made for the reason of the non-submission of business vouchers. The appellant, Garve Motors Private Limited is an authorised dealer of Hyundai Cars and is a private limited company. The Assessing Officer reproduced the specifics of the […]
In a recent update issued by the National Informatics Centre (NIC), it has been announced that all taxpayers with an Annual Aggregate Turnover (AATO) exceeding 100 Cr will be required to implement two-factor authentication effective from July 15, 2023. This measure is aimed at enhancing the security of the e-Way Bill and GST e-Invoice system. […]
Micro and small enterprises worry a bit much about the suspension or rejection of GST registration amidst growing physical intervention by GST authorities. The industry organisation for small enterprises believes that the licence raj may come back as the GST officers are physically visiting locations to confirm addresses and detect fraudulent activities. The separate operation, […]
Income tax authorities have been instructed to mandatorily find out the cases wherever they detect any suspicion of tax evasion on returns for thorough scrutiny during the current financial year, according to the instructions released by the Central Board of Direct Taxes (CBDT). Additionally, the board encouraged them to identify any cases that involved an […]
Vinay Pratap Singh, deputy commissioner-cum-excise and taxation commissioner, assured on Tuesday that the procedure will be restricted to physical verification alone and will not in any way involve an inspection of the taxpayers’ commercial properties. The initiative is part of a unique, two-month nationwide campaign that the central and state GST administrations initiated from May […]
The existing notes will remain legal tender, the RBI announced on Friday, and ₹2000 notes will be removed and added. According to sources aware of the move, sudden significant deposits in numerous Jan Dhan accounts may also be examined in an effort to uncover tax evaders using third-party bank accounts to hide their income while […]
