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If you think you have made a mistake while selecting between the new and old tax regimes, then here is the way to switch back to the scheme you desire. Through the Current Financial year’s Budget, Union Minister Nirmala Sitharaman announced the new tax regime as voluntary compliance. Taxpayers, especially employees, are allowed to choose […]
The IT department has commanded the field officers to scrutinize the financial transactions of the entities/businesses that come under the surveillance of ‘tax haven’ countries and jurisdiction. The Central Board of Direct Taxes These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, […]
The government sources informed the media that the exemption of GST (Goods and Services Tax) on personal protection equipment like medical test kits, masks, sanitizers, and ventilators will neither benefit the manufacturers nor the customers. Presently, the GST is charged on masks at the rate of 5%, on ventilators and medical testing kits at the […]
No Tax Deducted at Source (TDS) shall be charged from the shipping agents on export freights, says Gujarat High Courts. The respondent to the case, Summit India Water Treatment filed ITR for Assessment Year 2013-14. On this, the Principal Commissioner of tax issued a challenging order u/s 263 of Income Tax Act 1961, on the […]
The IT department is working on a new format of ITR filing forms in order to make sure that the taxpayers are able to avail of the benefits of provisional changes made by the government due to the COVID-19 lockdown in India. ITR forms are amended by CBDT in-line with the provisional tax benefits the […]
The experts have said that providing an exemption of Goods and Services Tax (GST) on products and services being used to fight coronavirus like Medical Test Kits, Personal Protective Equipment (PPE), Masks, etc. might turn out to be counterproductive. GST on PPE is charged at the rate of 5% if the cost of the product […]
The 21 days lockdown announced by the Prime Minister on 24 March 2020 has been extended now till 3 May 2020 looking at the increasing cases of corona positive patients in India. Not only India but the entire world is struggling with COVID-19 crises and the government of every country is coming up with possible […]
Under the Service Code 997337, the Advance Authority of Ruling, Uttrakhand, has observed that the license for mining is to be obtained by any individual for the mining “services” which will be considered as service by the government and so the same will be covered by the Central Tax Rate Notification, Notification No. 11/2017 Sr. […]
The entire economy of the nation is stagnant due to the current lockdown announced by the ruling to protect people from the COVID-19 pandemic. All the government-authorized regulatory bodies are doing their best to provide relief to the individuals residing in India. One such organization is the Ministry of Corporate Affairs (MCA) which has come […]
