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Under section 115BAC of the Income-tax Act, 1961, the concessional/New Tax Regime (NTR), which was introduced in the Union Budget 2020, gives individuals and HUF taxpayers the opportunity to pay income tax at reduced rates in exchange for giving up some exemptions and deductions. The NTR was developed to streamline the filing of income tax […]
Section 80TTB Income Tax exemption limit for senior citizens: The exemption is there on the Interest income of up to Rs 50,000 on savings accounts, fixed deposits, and recurring deposits from income tax for senior citizens under Section 80TTB of the Income Tax Act. SBI Research recommended in its recent report that this limit must […]
“It is saddening to note that tax evasion has been mushrooming in our State / Country day-by-day, which is purely illegal, and such evasion includes hiding true income and portrayal of false income, not reporting cash flow, etc” In a recent decision, a Division Bench of the Madras High Court expressed its sadness about the […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that there shall be no tax implications on the profits of the businesses which is earned on the basis of the reinsurance business in the lack of the fixed place permanent establishment (PE) in India. The two-member bench, Pramod Kumar (Vice President) and Anikesh […]
SAG Infotech is a leading tax software development company in India since 1999 with Income Tax, TDS, MCA and GST software. The company holds a well-built network in more than 80 cities network with a strong base of 50,000+ clients across India. A total of 200+ technical executives as the company holds 9 certifications and […]
The firms are being given permission to execute the ministry of corporate affairs’ latest shift in accounting software to use the audit trail (edit log) feature. The audit trail shall be essential for the private limited firms beginning from April 1, 2022, as per the decision made the same year. But, the notification MCA, in […]
The high court of Gujarat has asked the Central Board of Direct Taxes ( CBDT) to fix the technical problems which has been faced by the taxpayers while filing the Tax Audit Report (TAR ) and Income tax returns (ITR), warning to expand the deadline to March 15 in case the job is not been […]
Impact of No Taxes in India The system of tax is so difficult in India. As a CA student, it would diminish your taxation syllabus which is difficult for many students to crack. As an assessee in India, they would surely find it cool as they do not need to give the time to all […]
What is a Tax Filing Software? Tax filing software is an end tool to file the tax data on the official government portal which in turn is necessary to fulfil the compliance as per the government. What are the Different Kinds of Tax Filing Software? Every business requires comprehensive best filing software that would make […]
