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On the basis of secret sources, the income tax department All the unaccounted income and not paying up the taxes will not be fruitful from now onwards as the tax department has made it clear that it will be important will initiate a search program and take action for the case of a person who […]
The Covid-19 Pandemic has changed many things, one of the biggest changes is now work from home has become the new norm, many people have left their rental accommodation and shifted to their hometown. Due to losses and financial issues, many tenants have renegotiated the rent or requested for the waiver of the same. In […]
In the context of Value added tax, the countries who have implemented VAT with credit are facing input tax credit frauds. For recovering from these issues the Goods and Services Tax (GST) law has created several anti-abuse provisions, that have the GST credit taken by the taxpayer with the GST paid by its supplier in […]
To adjoin the GST revenue gap created by the centre the states are seeing alternatives to oppose the plan in the coming 42nd GST council meeting There is a 42nd GST Council meeting scheduled in the first week of October 2020. The meeting will be mainly focused to review the options provided. Read more and […]
Sometimes the taxpayer makes some ITR filing mistakes and may also miss some important details to fill in the income tax return form, and this fact has obliged the IT department to come up with a solution. Now taxpayers can make corrections in their ITR filing through the IT department’s E-filing portal within a specified […]
Authority for Advance Ruling (AAR) Karnataka has held that no deduction towards property tax The constant demand from the public has made BBMP extend the deadlines for availing a 5% rebate on property tax from earlier April 30 to current May 31, 2020. Read more from the rent value of immovable services (RIS) is allowed. […]
An income tax return (ITR) will be furnished when the income from all sources will (without giving effect to exemptions under section 54/54F or deduction under chapter VI A) exceed the highest value not liable to the income tax. One seeks to see the difference in income arising from all the sources before filing ITR […]
CBDT has reduced the tax of District Mineral Foundation Trusts which has raised the offering from leaseholder to the foundation, interest on delayed return, fines, interest on the funds, saving bank accounts, and that collected from excess reserves invested in a term deposit. The Board has defined provisions for availing the privilege. the Trust is […]
In the context of flat cancellation, the commissioner of GST and CX (Appeals) Mumbai admits refunding the service tax. The petitioner has booked the residential flat in the project of Bharat Infrastructure & Engineering Pvt. Ltd. for the total contract amount of Rs. 52,58,245. The receipt of Rs 25,00,000 and 27,50,000 from the petitioner the […]
