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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 […]
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 […]
What is GSTR 9? GSTR 9 is filed mentioning the complete information of the transactions done by the taxpayer in a particular Financial year. The form is a consolidated annual form and has details of the inward and outward supplies made/received by the taxpayer in the previous year under tax heads like CGST, SGST, IGST […]
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 […]
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 any authorised 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 a […]
As mandated by the constitution of India, Income tax return filing is a foremost requirement by all registered taxpayers in India. Thanks to the outbreak of technology in India, the ITR filing can now be done via both Online and Offline modes. E-filing or electronic filing is the newly inaugurated process for filing online Income […]
Paying heed to the current analysis given by the Income Tax Department on Thursday only 1.46 crore people in the country are under tax-paying net. The said analysis is the affair of the day following the statement of country’s Prime Minister Mr. Narendra Modi who said that out of 130 crore people only 1.5 crore […]
As per norms u/s 206C of the Income Tax Act 1961, it is a prime requirement for a certain category of sellers to collect TCS from a certain category of buyers at the rates prescribed by the government. On failure to collect the TCS from specified buyers, the sellers are liable to pay a huge […]
