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The two invoices from the Finance Department amending Gujarat Goods and Services Tax Act and Indian Partnership (Gujarat Amendment) Act were passed in the Gujarat Assembly on Tuesday. These Bills were inserted by freshly appointed Finance Minister Kanubhai Desai, who came up with particular rectification of the two Acts for enhancing ‘ease of doing business […]
In the current era, people need ready data to execute their chores easier and in less time. CA or tax practitioner companies need effective best income tax return software. Also, they seek effective practice management software for ease of filing compliance and laws. Work in distinct companies is executed through distinct capable software. On the […]
Income Tax Advantage Upon HRA for WFH Towards salaried individuals, the tax exemption upon the house rent allowance (HRA) is an essential advantage. HRA has arrived through the portion of the salary and can be claimed through the employees residing on rent. There are multiple salaried persons, specifically young ones who live far from the […]
The central government on account to deal with the hurdles faced by the several stakeholders due to Covid – 19 pandemic, has taken into contemplation received by multiple stakeholders has concluded to prolong the timelines for compliances under the Income-tax Act, 1961 ( (hereinafter introduced to as “the Act”) in the following cases, as under […]
The income tax provision applies to all the individuals who have been eligible for the income tax bracket as decided by the government of India. The income tax slab starts from INR 5 lakh for individuals having income yearly. There are also certain provisions and deductions which can be done to save the taxes on […]
Towards the assessee, the Central Board of Direct Taxes (CBDT) simplified the method of authentication of the electronic records in proceedings of faceless tax assessment. The central government had revised the income tax rules 1962 to furnish the records submitted via the account of the assessee in the income tax departments portal should be considered […]
The Central Board of Direct Taxes has locked up 3 Boards for Advance Rulings (BAR) to provide transparency on tax implications of transactions and to assist in preventing income tax controversies. An order from CBDT mentioned that the provisions to replace the authority for advance rulings (AAR), set up in 1993, with BAR w.e.f.1st September. […]
The Finance Ministry of India has recently announced the latest set of rules notified under the income tax act for the provident fund (PF) savings. The 2021-22 budget speech of Finance Minister Nirmala Sitharaman mentioned that the income on contribution towards PF would be taxed for above INR 2.5 lakh but further it was extended […]
Every year there are some changes that are started in the forms provided to furnish the income tax returns and processes engaged, that the assessee must find out. Indeed in this year, there are some amendments that are built to the forms and engaged with the processes. There are certain revisions that you must find […]
