All about updated Income Tax Return ITR-U U/S 139(8A) What is updated Income Tax Return ITR-U & how can submit it. We can say that increase voluntary compliance by that person who pay tax to government. The government announced the concept of updated income tax return (ITR) in budget 2022. This concept in, section 139(8A) …
All About the Public Provident Fund Account When it comes to financial planning, the Public Provident Fund (PPF) is one investment that is often recommended by financial experts. A government-backed investment scheme, the PPF offers a safe and reliable way to build wealth over the long term. By investing in a PPF account, you can …
Supreme Court ruled that the Electoral bonds programme was unconstitutional. Electoral Bonds Scheme: In the 2017 Union Budget, electoral bonds were established as a means of improving political financial transparency. However, issues with donor anonymity and lack of disclosure emerged. The Electoral Bond is a bearer instrument in the nature of a Promissory Note & …
Overview of Goods and service Tax (GST) Appeal Within three months of the date the judgement or order is informed to them, any taxpayer or unregistered individual who feels wronged by a decision or order rendered against them may file an appeal with the Appellate Authority. What are the steps of GST appeals Filling? Appeal …
Taxation implications on Payment of Labour Change The Labour contractor is not registered under Goods & Service Tax: In case Supplying agency is not registered under Goods and service Tax Act, Service receiver should charge Goods and service Tax under RCM Mechanism. Labour contractor registered under Goods and service Tax: In case supplier agency is registered under …
Introduction of Financial Intelligence Unit – India (FIU-IND) FIU (Financial Intelligence Unit) is the central, national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. Financial Intelligence Unit involved in the receipt, analysis and dissemination of financial intelligence as per the mandate assigned under …
Roc fines INR 3.50 Lakh for Submitting Illegible BS via Form AOC-4 Introduction: The MCA via the ROC Office in West Bengal issued an adjudication order U/s 454(3) of the Companies Act, 2013, Jointly with the Companies (Adjudication of Penalties) Rules, 2014 & 2019 amendments. This order addressing the non-compliance regarding the filing of financial …
GSTN Advisory on Improved E-Invoicing Initiatives & Introductions Improved E-Invoice Portal The e-invoice master information portal, the e-invoice QR Code Verifier app, and the additional five new IRP portals were successfully launched a year ago. The Goods and Services Tax Network is pleased to announce the launch of the updated e-invoice master information portal at …
Big Relief for Taxpayers on Govt waived off of Small tax demands up to INR 1 lakh The Central Board of Direct Taxes (CBDT) issued an order to remit and waived off the tax payer requests under the Income-tax Act, Wealth Tax Act, or Gift Act following the Finance Minister’s Budget speech. Tax demand would …
Highlights an important misconception about the new tax regime: Many taxpayers believe that no deductions or exemptions are available, whereas a few important benefits continue to be available even after shifting to the new regime. Salary Deductions Available Under the New Tax Regime Standard Deduction: The standard deduction is available to salaried employees and family …