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The Government of India (GOI) has swung into action the faceless income tax assessment and scrutiny, and this would all together transform the relationship between a taxpayer and income tax department and would surely lower down the corruption and tax malfeasance and quicken up the processing. Faceless tax assessment and scrutiny simply construe that now […]
According to section 149 of the Income Tax Act, Certain terms and conditions may apply while issuing the notice of tax assessment above six years. Also, the income tax department is liable to reopen a case only when an assessee has failed to provide returns or has not given proper information and documents regarding the […]
Some of the reliable sources at income tax department have revealed that tax officials are likely to ask for a 6% reduction in GST return collection target in the full Union Budget for the FY 2019-20, in comparison to what has been announced during the Interim Budget earlier this year. The demand of 6% reduction […]
Recently, the indirect tax department has requested the government to reduce the tax collection target for 2020 owing to slow economic growth in the country. However, the government has politely declined this request made by the CBDT. This has also increased the difficulties in the upcoming interim budget that is going to be presented by […]
Many new changes are anticipated to be taken in by the Nation with the appointment of new finance minister by newly elected National Democratic Alliance (NDA) government.These mutations may include taxation on cash transactions, taxation on inherited property, change in the fiscal year from April-March to January-December and equalising the duration of the fiscal year […]
Government has introduced many tax rules for the NRIs (Non-Resident Indians) who wants to sell their property in the country. But the tax is applied as per the status of the residence and the ownership of the property. As per the Income Tax Department rules, tax is not levied on the heritage property in India […]
The CBDT (Central Board of Direct Taxes) will make an agreement with the GSTN (Goods and Services Tax Network) about the formal data exchange mechanism so that the Income Tax department and GST authorities can automatically share the information of the taxpayer between each other. As per the CBDT order that has been issued on […]
Due to Lok Sabha elections and multiple holidays falling in line, citizens are in demand to extend the due date of depositing the property tax further by one month from now applicable 30th April 2019. The house tax department has offered a 5 per cent discount on the house tax if paid by 30th April, […]
The latest financial year has introduced a new attestation to be clubbed with the ITR -1 form. Now the taxpayers will have to provide a full break-up of the interest income and income from any other sources received during the year while filing the basic income tax return (ITR) form ITR 1 for FY 2018-19.
