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Tax Deducted at Source or TDS refers to an advance tax which is deducted from the income or earnings of an individual or an organization before actually crediting the income into the account of an individual or entity, as per the Taxation Code of India. As the name suggests, Tax deducted at source, it is […]
The Income Tax department has claimed that allegations projected by industry leaders Kiran Mazumdar-Shaw and Mohandas Pai are false. These leaders purported that the tax officials are heckling businessmen. This contention got wings to roar in the recent deathwatch of the VG Siddhartha, founder of Café Coffee Day (CCD). Pai who was a former director […]
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 […]
More than 200,000 new registrations under Goods and Services Tax (GST) were registered in Haryana since its nationwide inception in July 2017. Haryana is faring forward and performing well under the GST regime since its commencement in 2017 and this can apparently be claimed again when the total count of newly added registration swelled to […]
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. […]
Finance Commission Chairman NK Singh on Tuesday emphasized the need to have a conversation between finance commission and the Goods and Service Tax Council (GST) on various concerns related to taxation matter. He further stated that the commission has requested the Finance Minister (who is also the chairman of the GST Council) and has received […]
The government has identified hundreds of fake companies taking input tax from the government in the name of the goods and services tax (GST). Now the government is set to take action against them. These companies besides taking the input credit from the government in a fraudulent way, also help other companies in stealing GST. […]
The time period of almost two years since the GST regime started on July 1, 2017, has not been proved sufficient to utterly manifest the very spirit of GST – the common national market. With the beginning of Goods and Services Tax (GST) on July 1 2017, the government in its manifesto assured the creation […]
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 […]
