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The 37 Council meeting chaired by Union Finance Minister Nirmala Sitharaman on 20 September concluded with various amendments in tax laws including tailoring of corporate tax rates from 30% to 22%. The reform is the breeze of relief for India in this stressed economy. Depressed GDP (current 5% from 8% a year ago), on the […]
The government in a current provision declares to pardon all the taxpayers who have not deposited TDS up to Rs. 25 Lakhs or deliberately mentioned the incorrect income in their Income Tax Return. All the local tax officers are prohibited from filing a complaint against such taxpayers. New Tax Laws Proposed by the Government So […]
The current situation is a catastrophe for the income tax governance as the revenue collection target for 2019-20 is seeming beyond the reach. The first half of the financial year (April to mid-September) has ended with lower than expected growth in revenue collection, giving the signs of a severe economic slowdown. The advance tax collection […]
All the taxpayers are warned by the Income Tax Department of India that they did not disclose their Permanent Account Number on social media. Revealing their ten-digit alphanumeric PAN publicly can lead to its misuse. The IT Dept is warning taxpayers or assesses owing to mentioning of PAN from a number of taxpayers in the […]
Expenses are planned after ensuring the earnings. One must also know the amount which will be levied by the government in the name of tax. The write-up highlights some key pointers for salaried employees according to which they can ensure their exact tax outgo. With Gross Income of Less than Rs. 5 Lakhs As per […]
Initiated on 1 September, the Budget 2019 is all set to lead the way in tax proceedings. Amendments introduced in the 2019 Budget by Finance Minister Nirmala Sitharaman will have many effects but what strikes directly to the common man is Tax Deducted at Source (TDS). Below are the four major amendments related to TDS […]
If the ruling government follows the recommendation of the task force of director tax, your taxable income of up to 6 lakh will be exempted from levied income tax. Currently, the taxable income of INR 5 lakh is excluded from the application of Income-tax. According to sources, the task force in its submitted report to […]
Every Indian Taxpayer contributes to the well-being of the nation by allowing the outgo of some money from its personal account in the form of Tax. Centralized Processing Center (CPC) governed by the Income Tax Department is responsible for verifying the documents and processing them for the claimed tax refunds. There is no way to […]
The current three tax rate slabs of 0%, 5%, 20% and 30% are anticipated to be extended to five of 0%, 10%, 20%, 30% and 35%, on the recommendations of the exclusive task force which was appointed by the Government of India (GOI). This special task force submitted its report on the new Direct Tax […]
