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The income tax department is all set to nab the income tax evaders with its pool of expertise and vast data of transactions caught by the officials through deep exploration.
Financial planning is all about the 5Ps and they are Proper, planning, prevents, poor, performance. Here we would be discussing why the beginning of this new Financial year 2019-20.
The Income Tax Department has commenced taking actions against unidentified /nameless property and black money.
Some taxpayers who get the stay granted by the Appellate Tribunal for Forfeited Property (ATFP) may encounter shocking news in the coming weeks. Acting as a semi-judicial authority, The income tax department is trying to abort the stay permitted to the taxpayers by Appellate Tribunal.
The income tax e-returns filed for the April-February period has marked up almost 30% more when the comparative study was done with the analogous span of time in FY18 which attested 6.7 crore income tax e-return filing.
Goods and services tax is an endless topic with multiple provisions and acts. It is also considered to be very complex in nature as many of the professional chartered accountants, as well as tax experts, are trying to solve the puzzles introduced by the GST in the last 2 years.
Good news has come for the taxpayers because Infosys is going to develop a new income tax filing system at the cost of Rs 4,241.97 crores said the government that will help to decrease the processing time for returns from 63 days to one day and expedite refunds.
Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
TDS is an acronym of Tax Deducted Source (TDS) which was implemented by the Indian government to collect taxes from sources on the income earned by an individual.
