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UNION BUDGET 2019
Blog
Kavit Vijay

Key highlights on UNION BUDGET 2019

After interim budget in February, 2019, Hon’ble Finance minister Nirmala Sitharaman presented her first union budget, 2019 on 5th July, 2019. While presenting budget, Hon’ble FM focused around promoting investment in infrastructure, higher surcharge for super riches, reduction in corporate tax rate, reduction in taxes of electric vehicles etc. Budget also focused on promotion of digital transactions by way of reduction in charges for digital payments, TDS on cash withdrawal etc. Finance Bill, 2019 proposed various amendments in Income Tax Act, 1961, Central Goods and Service Tax Act, 2017 etc. Gamut of various changes proposed is as follows: 1. Central

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The Income Tax Department Will Share ITR Data With GST For Tax Evasion
Blog
Kavit Vijay

The Income Tax Will Share ITR Data With GST For Tax Evasion

Handshake Between The Income Tax Department And GST Will Benefit The Economy India is a growing economy and one of the fastest developing nations in the world; nevertheless, tax evasion in the country is cutting the economy like a hot knife through the butter. Although India is deemed to be the fastest growing economy with an enhanced military might, there is a stark difference in the standard of living among its citizens. This disparity is partly due to a vast number of tax-payers not contributing or evading tax. This idea of one nation- one tax is strengthened with the Central

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Income Tax
Kapil Mittal

Budget 2019 Tax Updates | Highlights For Taxpayers

Being the last budget of the present government, The budget 2019 had been much talked about. All the sections of the society had been looking forward to the changes that the government has to bring in. This budget has included everyone and has been focused on improving the condition of the financial condition of the middle class. There have been amendments in the Income Tax Act 1961 and Goods and Services tax along with changes in many other areas as well. With the raising of the standard tax deduction for people who had made investments in savings, which constitute around

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CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)
Blog
Kavit Vijay

CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

1. CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS) Based on the following source of information, Non-Filers Monitoring System (NMS) identify / monitors the persons who enter into high value transactions and have potential tax liabilities, however, the tax return of such person are still not filed such as – Statement of Financial Transaction, Tax Deduction at Source, Tax Collection at Source, Information about foreign remittances, Export and imports data etc. With a view to reduce the compliance cost of the taxpayer, the department has enabled e-verification of all these Non-Filers Monitoring System (NMS) cases. Information relating to the Non-Filers

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