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To put it briefly, PAN is a ten-digit identification number assigned to individuals who have applied for it. The purpose of introducing PAN was to keep track of taxable financial transactions. PAN card acts as a form of identification and helps prevent tax evasion. Companies, banks, and other business entities can verify an individual’s PAN […]
The people who have undergone the investigation through the income tax department in the former year shall not able to furnish the updated tax returns. Before that, the individuals or businesses who have gone with the investigation in the related fiscal year and the former year cannot furnish the updated tax return, as proposed. Quoting […]
The total income from GST, comprising CGST, SGST, IGST, and cess, was Rs 1,55,922 crore as of 5:00 p.m. on January 31, 2023. Of this amount, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore, IGST was Rs 79,599 crore, and cess was Rs 10,630 crore (including Rs 768 crore collected on import of […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
A unified national market for goods and services was intended to be created by the Goods and Services Tax (GST), which was established with the claimed goal of rationalizing India’s indirect tax environment. The three pillars of this “one nation-one tax” strategy were ‘ease of doing business’, economic expansion and pricing rationalization. A strong dispute […]
As most of us are aware, India’s tax year runs from April to March. Salaried taxpayers must submit their first return of income by the 31st of July following the relevant tax year, but they also have a further five months to do so in order to comply with the law or revise their initial […]
Gen TDS software is designed to reduce compliance steps and make the process of filing the return completely automated. For the self-filling data of several forms, the import and export options make it easier. Even clients who are not technically savvy can use Gen TDS return filing software. It is the most reliable and user-friendly […]
Simple Description of the Income Tax Challan The Challan is a form used by the government for collecting taxes. The Income Tax department receives the tax through a challan first deposited with the authorized banks and then with the challan. The challan can be paid online via net banking or offline at designated bank branches […]
An Intro About Form 10E Section 89(1) of the Income Tax Act 1961 requires you to submit Form 10E in order to claim tax relief. A delayed salary received in the form of arrears is eligible for tax relief under Section 89(1) of the Act. Your Form 16 includes a line for any arrears received. […]
