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Tax Evasion is still prevalent on a very large scale in India as taxpayers are now deemed to have given false information of sales in self-declared returns to escape tax levy. Mentioned under the provisions of GST, all e-commerce portals (except service based websites) are expected to get their businesses registered under GST Network. No […]
The Central Board of Direct Taxes (CBDT) clarified the calculation procedures of interest in the case of Disputed Tax. According to the amendment in the Direct Tax Vivad se Vishwas Bill, 2020 Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes […]
The Central Board of Direct Tax (CBDT) modified the provisions of the Income Tax Act related to the collection of Taxes from the salaried staff. The changes were made for the Financial Year 2019-20. Mr. Naveen Kapoor, the Secretary of Government of India was issued a circular by the department comprising the changes in Paragraph […]
The Finance Minister announced the Union Budget for Financial Year 2020-21 on Feb 1, 2020, in the Parliament. Through the introduction of the budget, the Finance Ministry has introduced a New Tax System under which there will be Income Tax Slabs Get the details on income tax rates for FY 2019-20 (AY 2020-21). Various rates […]
The Ministry of Defence on Tuesday has directed the Principal Controller of Defence Accounts (PCDA) to stop deducting income tax from those pensioners affected by disability and withdraw the contentious circular issued to that effect. The ministry stated in the order that, “In view of the directions of the Supreme Court, PCDA(P), Allahabad may be […]
The new indirect tax, GST (Goods and Services Tax), has been in the economy for more than two and a half years now. It was launched claiming that its implementation will be beneficial for the economy and will bring smoothness in the process of tax payments, but the micro, small and medium scale industries (MSMEs) […]
Non-payment of the property of house tax has serious consequences. It can lead to a penalty legal consequences or both. It can also cause serious trouble if you sell the property later. The department recently said that they are planning to seize the property and valuables of the property tax defaulters. On 20th February, Sangita […]
A taxpayer is going to receive the advantage of the rebate if the taxable income calculated after the eligible tax exemptions and deductions results to be less than INR 5 Lakhs. Under the current provisions of the Income Tax Department, a taxpayer can enjoy a maximum rebate of INR 12,500 under section 87A of the […]
An income tax return can be filed online through the government website portal or by any authorized software. In this post, taxpayers can get all the information to file an online income tax return via the Gen I-T software. Income Tax Laws are the list of provisions set by the government in order to maintain […]
