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A list of issues has been reported by the taxpayers while submitting Form GSTR 9C which has been recently clarified by the GSTN team. The clarification given over different issues faced by the taxpayers while filing GSTR 9C has been given below: Turnover Ambiguity in Form GSTR 9C: All those taxpayers whose aggregate income exceeds […]
With the coming budget on July 5 this year, we could witness an increase in income tax limit from 2.5 lakh to 5 lakh as suggested from ASSOCHAM. Also, the ruling government is considering to imply tax on cash withdrawal of above INR 10 lakh in a year. It will not only help in promoting […]
Some of the reliable sources at income tax department have revealed that tax officials are likely to ask for a 6% reduction in GST return collection target in the full Union Budget for the FY 2019-20, in comparison to what has been announced during the Interim Budget earlier this year. The demand of 6% reduction […]
Recently, the indirect tax department has requested the government to reduce the tax collection target for 2020 owing to slow economic growth in the country. However, the government has politely declined this request made by the CBDT. This has also increased the difficulties in the upcoming interim budget that is going to be presented by […]
New tax policies are going to be formulated soon for internet titans like Google and Facebook. The new approach would allow revenue based on the purview of a company’s business in a specific market, irrespective of the location of the corporate headquarters. The finance ministers from G-20 countries along with central bank governors are likely […]
Many new changes are anticipated to be taken in by the Nation with the appointment of new finance minister by newly elected National Democratic Alliance (NDA) government.These mutations may include taxation on cash transactions, taxation on inherited property, change in the fiscal year from April-March to January-December and equalising the duration of the fiscal year […]
The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms are called ITR-1 and ITR-4 and will be used for the assessment year 2024-25. Read PDF The IT department has enabled the offline utility for MAC and Windows […]
A lot of confusion has been created among people in India with the news flashing on the internet that the income tax slab has been stretched to INR 5 lakh. So, there is quite a debate among working people in India about whether they need to file returns or not, if they fall under the […]
Manufacturing date and Expiry date play a very important role while buying a product because it shows when the product was manufactured and when it is going to be expired. Almost everyone checks the expiry date of the product let that be household products or medicines. The Medicines or Drugs are sold in a process […]
