CBDT announced a one-time relaxation for the taxpayers for the verification of pending Income tax-returns for AY 2015-16 onwards. This relaxation is given for ITRs which are pending for processing and further action due to non-verification of the same by the taxpayer.
Income Tax requires specific persons, including financial institutions, to report certain information to department authorities in revised form 26AS.
Maintenance of books of accounts in any business is one of the most crucial things as it records each and every transaction of company and reflects financial position of the company such as whether company is making profit or incurring losses, assets held by company, liabilities of the company etc. Therefore, for every statutory compliance purpose such as Companies Act, 2013, Goods & Service Tax Act and Income Tax Act, books of accounts is a pre-requisite. In this article, we will have a look at the requirement of different laws related to the maintenance of books of accounts. 1. Books
The Central Board of Direct Taxes has brought some significant changes to the Income Tax Return filing system. Very unlikely to other financial years where the changes in taxation policies used to take place in the month of April. This year we are noticing the updates in return filing process a bit earlier. As the changes suggest, this year’s return filing is not only about informing the Income Tax Department about your earnings and investments. But also about all the major expenses you made throughout the year. Apparently, the detailed disclosure is only to bring more transparency to our country’s
A new section 115BAB has been inserted, giving an option of a reduced Income tax rate of 15% to new domestic companies setup and registered on or after 1 October 2019 and engaged solely in the business of manufacturing or production of any article or thing and research in relation to, ordistribution of such article or thing manufactured or produced by it. Upon considering the applicable surcharge of 10% and health and education cess of 4%, the effective tax rate works out to be 17.16%. This provision has been targeted at attracting fresh investments in manufacturing and thereby provide boost
Amidst various economic measures announced by the Hon’ble Finance Minister (‘Hon’ble FM’) from time to time during August and September 2019, several income tax-related amendments were announced by the Hon’ble FM on 20 September 2019. The measures announced pertain to change in Income Tax rates, Minimum Alternate Tax (‘MAT’) and Buy-back tax and are aimed promoting growth and investment. It is noteworthy that the Taxation Laws (Amendment) Ordinance 2019 (‘Ordinance’) has been passed barely within two months from the notification of Finance (No. 2) Act, 2019. The amendments in the ordinance pertain to the Income-tax Act, 1961 as well as
1. Handshake Between The Income Tax Department And GST Will Benefit The Economy (ITD will share Data With GST For Tax Evasion) 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
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