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The Central Government of the country is desperately trying to revive the country from the impact of the outbreak of coronavirus. The demands and suggestions made by the industry include reducing custom duties, more liquidity, reduction in GST (Goods and Services Tax) Have a look at the major issues/problems being faced by Indian people after […]
The government has recently extended the deadlines for many important compliance as a statutory relief amid coronaviru crises in India. One of such important compliance is filing Form 15G and Form 15H. The form is usually submitted by April but since the entire nation is hit by the outbreak of this deadly disease, due dates […]
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 […]
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 […]
Budget 2020 recently introduced by Finance Minister Nirmala Sitharaman incorporates a law related to lowering the income tax rates. The law is imposed on a voluntary basis and can be exercised at the time of furnishing the Income Tax Return (ITR) Read the easy guide on e-filing of IT return online in India. Step by […]
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 […]
Income Tax Return Forms – ITR 1 (Sahaj) and ITR 4 (Sugam) for the Assessment Year 2020 – 21 have been notified by the Central Board of Direct Taxes ( CBDT ) in the first week of January 2020. The ITR 1 Sahaj is an ITR form Get to know easy guide to file ITR […]
To ascertain that every taxpayer of the country files their compliance on time, the Central Board of Indirect Taxes and Customs ( CBIC ) has come up with the new facility of issuing GSTR 3A Get to know all about GSTR 3A notice for the non-filers or defaulters of GST returns. Also, we showcased the […]
On the government’s order, 21 income tax officers have been compelled to retire under Fundamental Rule 56(j), as the officials incriminated of extortion and other malfeasance acts. Under Fundamental Rule 56(j), government officials can be mandatorily retired in public interest on notice of not less than three months. These officers have been forced to retire […]
