Vivad se Vishwas scheme: Assessee eligible to file declarations despite issuance of notice to initiate prosecution
In the FAQ issued on 4 March, the CBDT said that where notice for initiation of prosecution has been issued with reference to tax arrears, taxpayer has a choice to compound the offence and opt for Vivad se Vishwas.
No timeline to remove I-T exemptions; intention to give simplified reduced rate of income tax: Nirmala Sitharaman
Addressing a post-Budget press conference on 1 February, Sitharaman had said the government intended to remove all I-T exemptions in the long-run.
Budget 2020: New tax structure gives option to save tax; people can stay in current regime or switch to proposed plan, says revenue secretary
In the new regime, 5 percent tax is levied on an annual income between Rs 2.5 lakh and Rs 5 lakh. The tax rate rises to 10 percent, 15, percent, 20 percent and 25 percent for every Rs 2.5 lakh addition.
Budget 2020: After corporate tax reduction, it is time Nirmala Sitharaman gives some relief to individual taxpayers
The reduction in individual tax will leave the taxpayers with more room to spend and consequently will improve demand, consumption and investment, which is the need of the hour to boost India’s economic growth.
Various tax exemptions for salaried class has outlived utility; time for Nirmala Sitharaman to enhance them
Currently, the maximum tax rate of 30 percent is triggered at an income exceeding Rs 10 lakh per annum
Parliament panel asks govt to prevent misuse of input tax credit under GST as revenue collection slows in recent months
GST revenue collection crossed the Rs 1 lakh crore mark after a gap of three months in November, with the revenue growing by 6 percent to Rs 1.03 lakh crore in the month.
Budget 2019 offers no big tax relief to middle-class taxpayer though Narendra Modi sets $5-tn economy vision
As far as the employment generation initiatives are concerned, tax concessions to businesses surrounding, setting up of more workplaces and factories have always been a favoured option to create employment opportunities.
Highlights of Budget 2019: Chidambaram claims Budget 'bereft of any reforms', says chief economic adviser must be most disappointed
Budget 2019 LIVE Updates: At a press conference, former finance minister P Chidambaram claimed that the Union Budget was "bereft of any reforms". "The most disappointed person must be the chief economic adviser. The only investment-related proposal was the to increase the FPI percent. The Modi government treats India as one big state government. Apparently the prime minister believe that only his government can deliver basic public goods and services. It is not good to reduce state government to local administrations," he said.
Union Budget Highlights 2019-20: Key takeaways from Finance Minister Nirmala Sitharaman's maiden Budget speech
Union Budget Highlights 2019-20 | Finance Minister Nirmala Sitharaman became only the second woman in the history of Independent India to present the Union Budget. Fifty-nine-year-old Sitharaman presented the Modi 2.0 government's maiden budget in the Lok Sabha. Prior to the presentation, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20.
Budget 2019: Changes in transfer pricing laws likely to play major role to improve business-friendly environment
It is possible that the taxpayer may have to switch to arithmetic mean, if the number of comparables falls below 6 during the course of assessment, which might add to the complexities and increase litigation.
Filing income tax return as said in the earlier pieces is a fairly simple affair but if one has avoided tax wittingly or unwittingly by investing in the names of near and dear ones, it is better to call for the services of experts
Income Tax Return filing: Why the last fortnight of July would strain the ITR server like never before
Things have changed tremendously from the assessment year 2018-19 onwards insofar as the penalty regime for late filing of return is concerned.
The GST Council on Friday made sweeping changes to give relief to small and medium businesses on filing and payment of taxes
GST: Hasmukh Adhia says govt has been flexible with deadline, urges businesses to file returns on time
Sales return or GSTR-1 for July will have to be filed by 10 September instead of 5 September earlier and purchase returns or GSTR-2 can be filed by 25 September instead of 10 September earlier.
The linking of Aadhaar number with the PAN (Permanent Account Number) of a taxpayer has also been made mandatory for filing of an ITR, beginning 1 July.
A taxpayer will always have the option of coming out of the e-proceeding system at any point of time and go for the manual mode.
It is expected that the GSPs shall provide the tax payers with all services mentioned above in addition to maintaining their individual business ledgers (sales ledger and purchase ledger) and other value added services.
The Income Tax Department has 42,000 officers, yet only 8% of the revenue come from scrutiny of returns
there has to be a clear, competitive and transparent process to all these appointments in FTII and every educational institute
Taxpayers will now be able to perform their I-T related works like filing returns or applying for a PAN card from an enhanced single website to be launched tomorrow by Finance Minister Arun Jaitley.