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The Directorate of Income Tax (Systems) furnished the Instruction No. 06 of 2022 on November 28, 2022, to the Assessing Officers to answer for the intimation under tax section 245 issued by CPC, Bengaluru for a reduction in the time limit for furnishing the response to intimation under income tax section 245 by Assessing Officers. […]
The income tax department has asked the assessee to immediately answer online so that their due refunds for the assessment year 2020-21 shall be processed efficiently. Inside the official statement provided on Sunday, it stated that to date 93% of refund claims in Income tax returns furnished for the assessment year (AY) 20-21 have “already” […]
The Central Board of Indirect Taxes and Customs (CBIC) has relaxed the mechanism of GST refund provisions that includes within its purview providing the choice to taxpayers to withdraw the application. It has further amended GST rules and consequentially has excluded the time horizon from the date of filing of GST refund the application to […]
An income tax return (ITR) will be furnished when the income from all sources will (without giving effect to exemptions under section 54/54F or deduction under chapter VI A) exceed the highest value not liable to the income tax. One seeks to see the difference in income arising from all the sources before filing ITR […]
The CICU stands for Chamber of Industrial and Commercial Undertakings, it is registered as a non-profit making society, and it represents Industry & Trade Sectors of the Punjab State since 1968. As per the recent events, the CICU reflected its disappointment to the Punjab state tax department for its inability to release the pending VAT […]
As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the new rules for claiming a refund of input tax under GST. So, they are now waiting for some kind of clarification from the government’s side over the revised mechanism, which limits the maximum amount […]
Good news has arrived for all the taxpayers registered under the goods and services tax regime as the latest system of GSTN portal will be processing the GST refunds faster than the earlier version. Now the communication will be totally online between the tax officers and the taxpayers as the latest “Online Refund Processing and […]
Recently the goods and service tax network issued an advisory for all the taxpayers who are set to file tax returns for multiple tax periods. This advisory was done in the presence of doubts by taxpayers on filing returns.
The recent data formulated by the Income Tax (I-T) department indicates a 40 percent increase in e-filing of I-T returns. The current count of e-return filing stands at 4.37 crore as opposed to the  3.10 crore returns for the financial year 17-18 (Assessment Year 16-17).
