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In India, the COVID-19 pandemic has adversely affected the Goods and Service Tax collection. GST collection for the month of March and April have considerably fallen along with the decrease in the number of electronic permits and GST e-way bill generation Know the details on blocking and unblocking e-way bill feature for non-filers of GST […]
Here we have provided complete notifications related to the Income Tax and TDS provisions as per the official government laws. We include all the latest updates in Income Tax and TDS, news, amendments, and circulars on the government portal for your reference. Introduce of Income Tax Income Tax is the tax levied by the government […]
Introduction of Traces New Form 26AS (Annual Statement) The Income Tax Department of India is required to upload annual statements in new form 26AS containing the details of Tax Credits in the account of a taxpayer as per the records of the department. It is mandatory to prepare traces of Form 26AS under Rule 114I […]
TDS return becomes defective if the PAN entered at the time of filing the return is wrong. Once you make such a mistake, the next step is obviously to revise the return. An applicant receives a notice from the Income Tax Department on submitting the wrong PAN, and then he needs to file a revised […]
A giant structure of the do’s and don’ts is well build-up for a Non-Resident Indian (NRI) who wants to sell his property to a resident in India. In terms of selling, the deal between an NRI seller and a resident buyer goes through a lot of formalities. Both parties have to be extra vigilant while […]
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 […]
Digital Signature is the mark of approval of electronic information same as we need a regular signature to approve manual documents. Income Tax filing is now an electronic procedure, therefore in order to confirm the authenticity of the information filled, one needs to affix a digital signature on the tax return document. I-T act 2000 […]
Taxpayers are compiling various documents to file an ITR with correct figures. Most of the businessmen have hired professionals and purchased taxation & accounting software for e-file ITRs effortlessly and errorlessly. Salaried individuals are also under an obligation to file ITRs by using Form 16. Form 16 is not only a basic document but an […]
At the point of origin of income, the taxpayers in India have 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 organization). This deducted amount is equal to […]
