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Latest Regulation for Companies Under Form SPICe Plus Spice+ is a new web-based form in place of the Spice Form. To make the company incorporation process easier MCA has deployed a new web-based form spice+ and other registration along with the form. Now the company can apply for EPFO/ESI, and GST numbers as well with […]
In a bid to simplify the taxpayer’s compliance, the Central Board of Direct Taxes (CBDT) has announced that the taxpayers are now free to switch between newer income tax slab offering lower tax implication from the current one without exemptions. As per the statement, it was said that “Let it be very clearly noted that […]
Currently introduced by FM Nirmala Sitharaman, Union Budget 2020-21 seems to be a set of challenging income tax provisions. There have been no provisions like the provisions of Union Budget 2020. In the said budget, FM has introduced the new tax slabs with reduced slab rate which taxpayers may adopt on a voluntary basis. This […]
The government has recently again shifted one of the states from one group to another. This has been done to the state of Uttar Pradesh. In a freshly issued corrigendum, the ministry of finance has said that the Uttar Pradesh has been shifted to the 7th Feb 2020 filing due date instead of the earlier […]
The government in its run to entirely curb tax evasion from Indian grounds is now going to put strict checks on refunds related to IGST on exports. Recently, many cases of fraud have been witnessed by the government related to credit or refunds claimed unethically on Integrated GST (exports). In order to put a halt […]
The Government will be having a mechanism to resolve the tax issues of the company. It is aimed to lower the rate of litigation. The mediation will help to discuss the disputes relating to the law and ascertain the tax liability of the taxpayers. The companies Act provided a formal mediation to settle disputes relating […]
As an initiative to boost the digital payments and bolster the cashless economy, the Government of India has introduced a new provision Section 269SU Prescribed Electronic Mode and subsequently notified Rule 119AA through the Finance (No. 2) Act, 2019 that prescribes certain electronic modes of payments as a mandatory facility for costumers to be given […]
Sources from Finance Ministry unveil that the panel is currently stressing on income tax relief for the middle-class Indian residents. The amended norms are likely to get induced in the upcoming Union Budget 2020-21 Budget 2020 may bring good news for the taxpayers by announcing a flat tax rate without exemptions. Finance Minister Nirmala Sitharaman […]
Tax officials have been directed to augment their inspection of tax evasion through the help of Artificial Intelligence and Data Analytics in order to stop the leakages in revenue collection. Their goal is to make a targeted approach to counter the leakages. They want to ensure the process of red-flagging the tax evaders thereby making […]
