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The comprehensive review process of GST laws has been accelerated and now it is particularly focused on rapidly reducing the tax-related offenses and it is aimed at improving business sense and reduce law reports. The Central Government is evaluating the chances and outcome of scrapping Claus into law that empowers Officers to arrest taxpayers on […]
Under section 80C of the Income Tax Act 1961, various tax-saving methods can be accessed in the permitted policies like PPF, ELSS and insurance. However, one can claim the subtraction in tax with the help of section 80C for some other little expenses. One can take the deductions up to Rs 1.5 lakh or more if […]
The Central Board of Direct Taxes in accordance with the powers conferred in section 138(1)(a) of Income Tax Act, 1961, has ordered in F.No. 225/136/2020/ITA.II dated 31.08.2020, for developing the data for IT return filing status Get to know easy guide to check income tax return status online by two methods on the income tax […]
The Delhi High Court has limited the tax authorities The Income Tax Department has commenced taking actions against unidentified /nameless property and black money. The Department has issued notices to 2000 people from submitting show-cause notices to 13 banks for not imposing the service tax on the assurance to keep ‘minimum average balance’ (MAB) in […]
Looking to grow the routes for the market but plunge by maintaining the balance sheet? Or a freelancer who has no time to maintain the balance sheet? If the answer is yes then the burden for conserving the tax can be released and one does not have to worry during the tax filing season. Budget […]
The CBDT has directly governed the bank for refunding the charges that are raised after the January 1st, 2020 on E-Transactions. CBDT announces that the policy declared for the government to promote e-transactions and moves for the lower cash economy. Section 269SU in the Income Tax Act Know all about the section 269su prescribed electronic […]
“Profits and Business or Profession” are the sources from where the tax is filed. While the payrolls are taxable inside the administrator’s salaries. As a salaried person, one can claim up to INR 50,000 as a conventional reduction to take charge of costs taken towards the income without submitting any documentary proof. For the consultant, […]
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 […]
