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It is revealed that the income taxpayers will not be able to save exemptions and deduction on almost 70 plus categories from the upcoming Income Tax slab FY 2020-21 Have a look at the difference between old FY 2019-20 and new Income Tax slabs rates FY 2020-21 according to the income such as INR 10 […]
Non-compete agreements between sellers and buyers are now under the tax levy net. Such agreements come into effect when the seller assures the buyer that it will not come in competition with the buyer for a designated period of time. Already received by several private equity firms, strategic investors and others who have purchased businesses […]
The norm w.e.f 15 February 2020, states that all the importers and exporters are obliged to duly mention their GST Identification Number or GSTIN in the goods shipping documents. This current norm is a part of the government’s endeavor to demolish tax evasion from the country. Relevant to the scenario, the Central Board of Indirect […]
Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. According to the central board of indirect taxes and customs (CBIC) officials, central and state officers are soon going to share information of taxpayers with each other in order to […]
Currently introduced by FM Nirmala Sitharaman, Union Budget 2020-21 seems to be a set of challenging income tax provisions. There have been no provisions like the provisions of Union Budget 2020. In the said budget, FM has introduced the new tax slabs with reduced slab rate which taxpayers may adopt on a voluntary basis. This […]
The Government will be having a mechanism to resolve the tax issues of the company. It is aimed to lower the rate of litigation. The mediation will help to discuss the disputes relating to the law and ascertain the tax liability of the taxpayers. The companies Act provided a formal mediation to settle disputes relating […]
Central GST authorities have started ordering the businesses to come up with a bunch of dozen important documents like various GST returns (GSTRs), copies of the annual report, GST registration certificate, Income Tax returns, tax and internal audits, reports of cost, cash ledger and work orders, etc. Central GST authorities are collecting these records pertaining […]
Central Board of Direct Taxes (CBDT) in its current notification has declared to extend the due dates of filing returns in response to tax notices received by the taxpayers u/s 142(1). The step is determined to provide taxpayers and other concerned professionals relief from sudden compliance and allotting them enough time to sort their legal […]
The ongoing concerns of the startups are related to equalization levy and tax on employee stock ownership plans (esops). These budding businesses are now seeking clarifications from the government related to some key tax issues which will directly/indirectly affect their sales and profits. The issues came in the limelight when companies discussed the same in […]
