Indirect Tax Updates: India’s recent economic history offers enough evidence to show that tax revenues can be raised even without a rampaging tax bureaucracy or ad-hoc measures such as demonetization. India’s tax-to-GDP ratio improved significantly in the period between 2003-04 and 2007-08 simply because of higher growth and tax reforms. The obsession with raising taxes has …
Direct Tax Updates: Income tax department, and the collection of data, based on Permanent Account Numbers, the tax authorities have been moving to a system of verification of such information, and taking action if such verification shows that the relevant income has not been offered to tax. The verification seems to have been carried out in …
Direct Tax Updates: The disclosure requirement in the income tax return (ITR) forms have been rising in recent years as the income-tax (I-T) department has been using technology extensively to track tax evasion and process returns. But this year, the number of changes made to the ITR forms notified for the assessment year (AY) 2019-20 is probably …
Direct tax Updates: Income Tax Department has notified the Income Tax Return Form for Individuals and Companies for assessment year 2019-20 (FY 2018-19). The new ITR forms in PDF format are available. However, the excel utilities (or) Java Utilities for AY 2019-20 will soon be made available on E-filing website. Income Tax department has notified …
Indirect Tax Updates: The financial year 2018-19 ended on a happy note on the goods and services tax front. At Rs 1.06 trillion, the government has announced the highest monthly collection from GST in March since its roll-out 21 months ago. This is the fourth time in FY19 that the monthly GST collection has crossed the Rs …
Direct Tax Updates: CBDT notifies the Securities and Exchange Board of India Regulations, 1996 for the purposes of the section 9A of the Income Tax Act. Staring at a shortfall in direct tax collection, Central Board of Direct Taxes (CBDT) Chairman P C Mody took a meeting of senior tax officials in Mumbai on Tuesday …
Indirect Tax Updates: Indian businesses that paid most of their goods and services tax liability using input tax credit or reported a significant variation in turnover are being queried by taxmen, a move that has irked industry and prompted it to petition the authorities against such tactics. Tax officials have sent emails seeking information from …
www.carajput.com; GST Changes Applicable From 1st April Onwards: Data Issued as per the CBIC Circular Issued on March 7, 2019: Benefit of composition scheme has been extended to service providers also. This scheme shall be available only if supplier is engaged in supply of goods or services within same state and the aggregate turnover of …
Indirect Tax Updates: In a major relief to manufacturers, distributors, marketers and direct sellers of consumer products, the government on Thursday clarified the extent of tax liability and the eligibility of input tax credit on promotional offers such as free samples and “buy one, get one free”. Industry players were apprehensive about increased litigation from tax …
Direct tax Updates: The Central Board of Direct Taxes has ordered “best judgment assessment” of individuals who failed to comply with the income tax department’s repeated alerts on bank deposits made soon after demonetisation. The income tax department had sent out SMSes, emails and also issued notices to around 300,000 individuals, who made substantial cash deposits …