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The Income Tax Department (IT Department) has a simple motto “KOSH MULO DAND” which means ‘The treasure is more important than the army’ it also stands for ‘Revenue is the backbone of the country.’ It suits the aim of the department and indeed right. Revenue is almost a base required for governing a country and […]
Yeah, employees are in the loss due to the pandemic, job loss, salary cut, work/ leave without pay are some of the very well known issues employees are facing at present time but more tax payment is another pain COVID 19 is going to add in this list. If you are working from home during […]
The guidelines have been issued by the income tax department for limiting the roles of the officers for doing the faceless assessment by creating the National e-assessment centre(NeAC) the primary gateway in communicating with taxpayers. In Delhi, the Central Board of Direct Taxes has implemented the faceless assessment policy by notifying the National e-assessment Center […]
As per a recent update, officials made it clear that taxpayers will not have to mention or provide details of High-value transactions in their Income Tax Return (ITR). One of the officials associated with the case makes this decision/ change public. He also informed us that the government is not in a mood to do […]
The Central Board of Direct Taxes (CBDT) said that all Income tax cases will be examined up for scrutiny except those which are related to search and seizure along with international charges and can be assessed by Faceless Assessment Know about the government’s newly introduced faceless income tax assessment for providing relief to the taxpayers. […]
The small and medium textile exporters have urged the government for including the faceless assessments and appeals of the indirect tax schemes so as to eliminate the interactions with GST administration. On Thursday, the income tax department makes some changes in its e-assessment scheme to join with the faceless assessment. Changing the scheme of e-assessment […]
The Central Board of Direct Taxes (CBDT) on Monday, August 10, 2020, released a notification and designated the courts of Magistrates of First Class as Special Courts in the state of Maharashtra under sub-section (1) of section 280A of the Income-tax Act, 1961 Get to know complete guide of TDS provisions under income tax act […]
Before Independence Day, the Prime Minister of India Narendra Modi with the Principal Chief Commissioners of Income Tax on August 13 had called a meeting for launching the new tax program, ‘Transparent Taxation Honouring the Honest’. Chairman of Central Board of Direct tax PC Mody shared the scheme on Tuesday with senior tax officers said […]
Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
