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The CBIC had issued a Standard Operating Procedure (SOP) on January 23, 2020, and it needs to be followed by such exporters, and on May 20, 2020 CBIC made some amendments in it regarding verification of IGST refunds and other related aspects. The Standard Operating Procedure (SOP) by CBIC was released to confirm the existence […]
The CBIC had early received some complaints from exporters that in some cases the Integrated Good and service tax (IGST) refunds are being held for over 6 months. In this matter, the Central Board of Indirect Taxes and Customs (CBIC) recently directed the GST risk management wing to identify risky suppliers to exporters and submit […]
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 […]
India’s national treasury is estimated to be in the deficit of INR 5 trillion which is approximately 40% of the total Goods and Service Tax (GST) collection target. The aforesaid loss is due to cases of tax evasion and irrelevant ITC claims by businesses, as declared by Fifteenth Finance Commission (FFC). FCC in its presentation […]
Income Tax Return filers need to be very alert as the bogus messages of Income-tax Department is becoming run of the mill. A company which invents protection software for the computer and mobile has informed that the fake messages of income tax department are summing up these days. Cybercriminals send these bogus messages to steal […]
At the point of origin of income, taxpayers in India are required to pay TDS (Tax Deducted at Source) as per the Income Tax Act of 1961. An amount from the total earnings received by a deductee or receiver is generally withheld by the deductor (person, institution, or organisation). This deducted amount is equal to […]
It is the moral duty of every organisation and taxpayer to file an income tax return and pay the taxes. The budget 2020 income tax amendments have stated that the ITR is important to be filed in case the electricity bill is more than 1 lakh and more than 2 lakh for foreign travel expenses. […]
The ITR-6 Form for Income Tax Return filing with the IT department of India is meant for only those companies that are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes). Note: The ITR-6 offline utility, Mac (V1.1.7) and the JSON schema (V1.2) have been released on the official portal. […]
As per the Economic point of view of the OECD, there will be an increase of 7.50 per cent in the strength of the Indian economy by the year 2020. A new income scheme will be set for the small farmers will help in rural utilization. There will be an increase in Investment growth because […]
