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The Income Tax Department has started sharing the list of all the bank accounts and properties of borrowers with the banks. It can be troublesome for those who deliberately avoided paying the debt. Going the extra mile, the I.T. Department is conveying the information about debt defaulter’s bank account, properties and guarantors, to the government […]
The Government of India (GOI) has swung into action the faceless income tax assessment and scrutiny, and this would all together transform the relationship between a taxpayer and income tax department and would surely lower down the corruption and tax malfeasance and quicken up the processing. Faceless tax assessment and scrutiny simply construe that now […]
With the ITR filing dates coming close, everyone must be busy in collecting the relevant documents and information for filing an ITR. While filing an ITR one should not forget that the cashback offers served via, UPI, e-wallets, credit/debit cards under certain conditions may be taxable. A person can get cashback immediately or after the […]
According to section 149 of the Income Tax Act, Certain terms and conditions may apply while issuing the notice of tax assessment above six years. Also, the income tax department is liable to reopen a case only when an assessee has failed to provide returns or has not given proper information and documents regarding the […]
The government on encountering the deficit indirect tax revenue collections in comparison to the estimated targets antes up more stringent rules that administer the payment of an additional fee – to shun the income tax violations. The government kicks in new guidelines of more than 30 pages under direct tax laws, 2019 to restrict the […]
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 […]
