GST

GST Council Meeting: What are the expectations?

The 38th GST Council meeting is being held on December 18, 2019, Wednesday. It will be chaired by our Union Finance Minister, Nirmala Sitharaman, and is being conducted at New Delhi. Ahead of the GST meet today, speculations regarding the increase in GST rates and slabs have been making the rounds. Besides the agenda of… Continue reading GST Council Meeting: What are the expectations?

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income tax return

Didn’t get your income tax refund? yet? Here is how much interest will you get in return?

Every Citizen of India has a right to get interest on their income tax refund under Section 244 of the Income Tax Act in the event that they have made excess payment of advance tax or excess of TDS has been deducted on their sources of income. The Central Board of Direct Taxes (CBDT) in… Continue reading Didn’t get your income tax refund? yet? Here is how much interest will you get in return?

income tax return

Didn’t get your income tax refund? yet? Here is how much interest will you get in return?

Every Citizen of India has a right to get interest on their income tax refund under Section 244 of the Income Tax Act in the event that they have made excess payment of advance tax or excess of TDS has been deducted on their sources of income. The Central Board of Direct Taxes (CBDT) in… Continue reading Didn’t get your income tax refund? yet? Here is how much interest will you get in return?

GST

Challenges of the new GST return filing system

Although it has been two years since Goods and Service Tax (GST) was implemented in India, there are many aspects that are vague even now. Taxpayers are still struggling to understand the concept in its entirety and the bearing it has on business. In a bid to boost accuracy and clarity and address some of… Continue reading Challenges of the new GST return filing system

financial services · Income Tax · income tax return

CBDT Extends PAN, Aadhaar linking to 31 December’19

In a relief to taxpayers, the Central Board of Indirect Taxes has extended the deadline to link PAN with Aadhaar to December 31, 2019. Earlier, the last date was September 30, 2019. This notification is issued for the taxpayers who have not linked their PAN with their Aadhaar. As per the Tax Administration, the PAN… Continue reading CBDT Extends PAN, Aadhaar linking to 31 December’19

financial services · Income Tax

CBDT extends ITR filing deadline for Audit Cases by a month to 31 October 2019

The Central Board of Direct Taxes (CBDT) has extended the Income Tax Return filing deadline for audit cases from 30th September 2019 to 31st October 2019. As per the Income Tax Act Rule, the ITR should be file by those entities who are assessed under section 44AB of the income tax such as companies, partnership… Continue reading CBDT extends ITR filing deadline for Audit Cases by a month to 31 October 2019

financial services · income tax return · Taxation

Finance Minister reduces Corporate Tax to stimulate economy growth

The Finance Minister, Mrs. Nirmala Sitharaman on 20th September has taken a new decision for the Indian economy by unveiling a tax bonanza for Indian Companies. As per the historic move, Nirmala Sitharaman announced a deduction in the country’s corporate tax rate to 22% (effective rate of 25.17% including cess and surcharge) for existing firms,… Continue reading Finance Minister reduces Corporate Tax to stimulate economy growth

financial services · Income Tax · income tax return

Not Got Your Income Tax Refund Yet? Here’s What You Should Do

Once your income tax return is processed, it almost takes 30-45 days for you to receive the refund. Taxpayers who have filed their income tax return before July 31 might have received the refund by now. On the other hand, Tax assesses who have filed the ITR around August 31 for the financial year 2018-19… Continue reading Not Got Your Income Tax Refund Yet? Here’s What You Should Do

financial services · Income Tax · income tax return

CBDT Cautions Taxpayers Not to Share PAN Details on Microblogging Sites

In the recent statement by the Income Tax Department, it has cautioned all the taxpayers who are holding Permanent Account Number to not to disclose their ten-digit alphanumeric number PAN publicly on the internet and social media. The income tax administration stated that sharing personal information on the micro-blogging such as Facebook, Twitter, and other… Continue reading CBDT Cautions Taxpayers Not to Share PAN Details on Microblogging Sites

financial services · GST

Alert: File your GSTR-3B Before 20th Sep ’19’ and Avoid Penalty

The last date to file GSTR-3B for the month of August 2019 is 20th September ’19’. In case you miss the deadline for GSTR-3B, you will be legally responsible to pay a late fee and penalty charges. As per the Central Board of Indirect Taxes and Customs, the delay will impose a fine of Rs… Continue reading Alert: File your GSTR-3B Before 20th Sep ’19’ and Avoid Penalty