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Central Board of Indirect Taxes and Customs (CBIC) on 31st March 2020 released a circular with No.135/05/2020 in Subject of Clarification on refund related issues-Reg. The Circular actually provides clarification on some of the issues relating to GST refunds which have been received by Various representations. In order to clarify all the reported issues and […]
On March 31, 2020, the Central Board of Direct Taxes (CBDT) issued some new provisions related to Tax Deducted at Source (TDS) and TCS collections and other related works. The provisions were introduced because of the outbreak of COVID-91 in the country. The provisions were issued related to the issue of certificates of the lower […]
The amount of GST paid on purchasing the emergency health care equipment for the Kanyakumari government hospital has exceeded Rs. 10 lakh, said Rajya Sabha MP, A Vijaykumar. The aid of Rs, 1Cr was given from the Members of Parliament Local Area Development Scheme (MPLADS) fund to fight against the crises caused due to COVID-19 […]
TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of fees for technical as well as professional services. We prepared this article to keep you up to date about the changes and to provide a complete overview of Section 194J under TDS. Here you will also get information about […]
Introduction of Traces New Form 26AS (Annual Statement) The Income Tax Department of India is required to upload annual statements in new form 26AS containing the details of Tax Credits in the account of a taxpayer as per the records of the department. It is mandatory to prepare traces of Form 26AS under Rule 114I […]
On Tuesday, 3rd March 2020, a parliamentary panel proposed a reduction in GST rates for the Automobile Sector of the country. It recommended that the GST rates imposed should be reduced at least until the Automobile Sector revives in full. It also said that uniform road taxes What is One Nation One Road Tax? One […]
February ended on a good note for the country and its economy as a total of 6.35 Crore Income Tax Returns were being filed electronically in mid-February. The number hiked from 6.28 Crore in 2018-19. Replying to the question of Lok Sabha, Minister of State for Finance Anurag Singh Thakur said the numbers are constantly […]
The Income Tax Department is sending notices to the Directors of the private limited companies owing to the company’s tax dues. As far as tax issues are concerned, the director is now the face of the company for the tax department. Such notices are sent to the Directors based on the law u/s 179 of […]
In Bhopal, a total of 75 thousand registered traders accused of making delayed GST payments are now in the eyes of the Central Board of Indirect Taxes and Customs (CBIC). Currently, such taxpayers in the capital have received notices from the CBIC. Out of 75 thousand traders, 50 thousand owed more than Rs. 300 crore. […]
