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As per the information gathered from various sources, The Government collected INR 92,681 crore through the net direct tax collections as of June 15. The said amount is 7.03% of the full-year target which is INR 13.19 lakh crore. The data represents a 32.3% fall in the year to year collection because in the last […]
Due to ongoing Coronavirus pandemic situations across the globe, almost all the countries are going through a very rough phase. The global economic recession has brought every country to their knees and made them think about an urgent economic revival strategy. Here in India, prime minister Shri Narendra Modi has come up with a much […]
The collection of advance tax has seen a massive decline resulting in more than 30% reduction in the Gross Tax Collections. The dip shows that the businesses have been impacted very harshly by the coronavirus lockdown. All the companies and other “big” assesses are required to pay an advance tax On June 15th, 2020, the […]
As per the recently released Government reports and statements a 13% drop has been reported in Gross Direct Tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc collection in this year up to May […]
The Financial Year 2019-20 has not ended well, the last dates of some tax compliance Check out the compliance calendar of Income-tax and GST for Feb to May 2020 with brief details. Also, we attached the latest notification of Income-tax and GST. Read more have been extended till 30th June but not the Financial year. […]
Almost all the world economies have been looming with economic slowdown and crash. Also, there are companies that have postponed their salary payments and also held the payments of the vendors. With this never before situation, there are doubts and queries in the market and companies on the tax liabilities of the business units. Here […]
The CBDT which stands for The Central Board of Direct Taxes provided a big relief to all the taxpayers. CBDT through an order directed all the authorities to not send any adverse message and letters to any tax assessee for mistakes during the first quarter of Financial Year 2020-21. CBDT with this step reflecting that […]
The Delhi High Court on Tuesday 5th May asked the IT department to go through the applications of the pensioners whose pension account has been attached by the Department. The petition was filed by Lalita Aggarwal for amendment in the attachment of the Petitioner’s bank account, to provide a permit for the cash withdrawal (Pension) […]
The Government revised the Income-tax rules and with this amendment, the authorities can now try to resolve the Mutual Agreement Procedure (MAP) disputes within the 24 months. This step has been taken for faster resolution of cases related to multinational corporations who have opted to the alternative process for resolution of the tax-related disputes. The […]
