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On July 30, 2020 Thursday, the Central Board of Indirect Taxes and Customs ( CBIC ) released a notification and introduced the “Schema for E-Invoice” for imposing the e-invoicing. It is for electronically-authenticated invoices, which will be implemented from October 1, 2020, only for entities businesses having a turnover of ₹ 500 cr. According to […]
The government wants some assessees to pay the taxes even before they have some income and ascertain the TDS (Tax Deducted at Source) on it to pay. Such assessee includes those taxpayers who have to pay self-assessment tax amounting more than Rs. 1 lakh for the financial year 2019-20 and if any assessee fails to […]
All the taxpayers who do not have filed their income tax returns for the financial year 2018-19 have now been provided with a relief of two months. The Central Board of Direct Taxes (CBDT) has extended the last date to file Income Tax Returns Get all due dates of income tax return and payment of […]
The Income Tax Appellate Tribunal (ITAT), Delhi, has ruled that for the payment for the procurement of raw material from an individual of a foreign country, the Indian assessee is not required to deduct a TDS (Tax Deducted at Source). The decision of the bench of ITAT has come as a relief for the Honda […]
Niranjan Hiranandani, the president of Assocham India, said during an interview that it is the need of the hour to promote and revive the demands for all sectors and the government should take the necessary steps instead of waiting for the COVID 19 vaccine. He also said that the rate of GST (Goods and Services […]
The collection of revenue from GST Cess has seen a 42% shortage in the financial year 2019-20. The GST council has decided to organize a meet to discuss the lending from the market as shortfalls are projected to continue. The finance ministry said that the final installment of the GST collection of the year, amounting […]
The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
The Income Tax Appellate Tribunal (ITAT), Bangalore, has ruled that according to the 2015 amendment made in section 54F of the Income Tax Act 1961, the benefit of capital gain deductions will be available to the one residential property only. Latest Update 14th November 2022 The ITAT of Pune bench has ruled that the construction […]
The government has decided to continue the existing GST (Goods and Services Tax) return filing system for the time being. In place of launching the new GST return filing system, the government will try to introduce advanced features to the older system. The government will be launching from GSTR 2B for the Input Tax Credit. […]
