New GST registration denial may badly affect our economy

Recently, many frivolous queries are seen to have been raised by concerned officials when businessman applies for registration of GST Number. Following are some examples. 1. Promoters/Partners – Residential Address – Others (Please specify) – PROVIDE DETAIL OF LATITUDE AND LONGITUDE : Fact is there is not any facility on GST portal to enter such latitude and longitude for […]

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Traveling abroad? Buying dollar beyond this limit may attract income tax notice

  Income tax division has develop into extremely vigilant towards the money transactions executed by taxpayers. It has advanced such an efficient system during which, if a taxpayer executes any such money transaction, then it’s going to get reported to the division a lot earlier than the taxpayer stories such transaction. This system is efficient […]

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IMPORTANT update from CBDT for taxpayers facing difficulties for filing of these forms

  In a major development for taxpayers, CBDT has granted relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal http://incometax.gov.in. “The forms can be submitted in manual format to the authorised dealers till 30th June, 2021,”CBDT said in a […]

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Lost your PAN card? Here’s how to get instant e-PAN on new income tax portal

Permanent Account Number or PAN is an important KYC document required for income tax return (ITR) filing, bank account opening, applying for credit or debit card, etc. But, there are chances of one’s PAN card getting misplaced or getting lost In that case, income tax department allows instant e-PAN card download. This facility is available […]

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Income Tax: Apart from PPF, NPS, these Five Sources are also Tax-Free

Income Tax: According to the rules of income tax, if someone’s income is more than 2.5 lakh rupees. Then he will have to pay tax. People invest in schemes like NPS, PPF, EPF so that they have to pay a minimum tax of their share. In all these schemes, taxpayers get more discounts in return for investment. But apart from […]

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6 important benefits of income tax e-filing portal launching in June 2021

The Income Tax (I-T) department will launch a new ‘taxpayer friendly’ income tax e-filing portal- www.incometax.gov.in, on 7 June. “In preparation for this launch and for migration activities, the existing portal of the department at www.incometaxindiaefiling.gov.in would not be available for a brief period of six days from June 1 to 6,” the order said. […]

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List of Benefits of Income tax & GST you should definitely need to know

National Pension System (NPS) is one of the lowest cost pension schemes globally and it can be concluded that investing in NPS not only helps to reduce taxable income but at the same time enables building a corpus that is essential for leading a dignified post-retirement life. However, among many NPS Scheme beneficiaries, it is […]

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10 Income tax changes announced in budget 2021 you should know

In Budget 2021, Finance Minister Nirmala Sitharaman announced some tweaks in income tax rules that will help ease the compliance for taxpayers. Tax experts have welcomed the move. “No increase in taxes and no Covid cess. However no increased deductions either,” said Asrujit Mandal, Partner – Tax & Regulatory Services, BDO India. Pre-filled tax returns with details […]

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