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We are living in the Digital Era. Given the aforesaid fact, The Government of India has recently launched a mobile app through which you can file your Income Tax Returns. So, all the features of the web portal of Income Tax that are available on the desktop are also available on the income tax return […]
Details Need by AO for Reopening Not Reasons to Believe If any income taxable for the case of the taxpayer has gone without assessment for any assessment year. The assessing officer might be liable to the act under sections 148 to 153 to assess or re-assess this income or re-complete the loss or depreciation allowance […]
There are various companies and people who might avoid furnishing the taxes has come beneath the taxman’s lens mentioning an explained investigation upon the grounds of the application of the data analytics and machine learning and robust information sharing amid different tax councils. The government practised the statistics of the last 2 fiscal years to […]
Since July 2017, the One Nation One tax i.e. Goods and Services Tax (GST) has been introduced in India. Apparently, it looks simplified; however, the entire accounting mechanism has been overhauled. Nevertheless, the concept of GST has its own advantages in the long run. As Per the Indian Accounting Standards State-based Registration and Consequent Accounting […]
The Mumbai bench of the income tax appellate tribunal (ITAT) has freshly stood that the penalty beneath section 271(1)(c) of the IT act 1961 shall not be imposed towards the cause that the taxpayers had wrongly availed the tax deduction of the yearly exchange service cost looking for the corresponding as revenue expenditure. The taxpayer […]
The Finance Act, 2000 has incorporated numerous amendments along with introductions. One such example is the introduction of the new tax regime. Though it seems chaotic, in essence, it is one of the revolutions in the area of tax. The Finance Minister has announced the new tax slab rates for the: Latest Update Who Can […]
The house rent allowance comes under the salary income of the majority of employees. However, some small and medium-sized firms might provide the “lump sum amount to the employees” excluding any stoppage. For an employee who lives on rent to avail of the claim deduction, HRA must be part of his or her monthly income. […]
In the wake of the second Covid-19, the Income Tax Department has stretched the deadlines for various Income Tax compliance and provided relief also in certain cases. Here is the list of the income tax compliances (updates) Here we have provided complete notifications related to the Income Tax and TDS provisions as per the official […]
We must have heard about the era of the Industrial Revolution, the IT era and so on. But what about this era? This is an ‘Era of Transparent taxation’ or in other words ‘Era of Tax reforms’. The reason attributed to the new ‘era of Transparent Taxation’ or ‘era of tax reforms’ is the blend […]
