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There are certain types of exempt income from tax, it is important for a taxpayer to disclose such income on their income tax return (ITR). In future, it may become difficult for a taxpayer to explain the source of a particular income, if exempt income is not disclosed now in ITR. Various types of income are exempt from […]
Read moreInstitute of Chartered Accountants of India (ICAI) has announced the Enrollment of members to act as observers for CA Exams December 2021. The last date of Closing of the window for empanelment was 15th September 2021. Once again ICAI has announced the Reopening of empanelment of members to act as observers for CA exam December 2021. The announcement is […]
Read moreExperts estimate that e-way bills will exceed September levels in October 2021, as production ramps up to meet increased demand throughout the festive season. The increase will boost tax collections and economic recovery trends even further. The current daily average of over 2.17 million implies that the overall month’s e-way bills may well reach 67 […]
Read more1. Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). This statement indicates availability and non-availability of input tax credit to the taxpayer against each document filed […]
Read moreGST ITC: 1. As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for […]
Read moreGST on Textile sector: Industry insiders fear that if the idea to impose a standard slab of 12 percent for GST on textile sector passes, it will hurt the ‘already devastated’ industry and lead to job losses. Currently, there are two tax brackets: 5% for bills under 999 Rupees and 12% for bills over that […]
Read moreIncome Tax refund: Despite the fact that the deadline for filing income tax returns (ITR) for the assessment year 2021-22 has been extended until December 2021, many people have already completed the process. Some of these people may be waiting for their tax refund since they paid more tax than they owed. The refund request […]
Read moreCS Exam: The Institute of Company Secretaries of India (ICSI) has declared the results of the CS professional, Foundation and executive programmes for the June 2021 session. Candidates who took the examinations will be able to get their results at icsi.edu, the official website. Check the pass percentage and toppers list of CS exam in this article CS Professional Exam […]
Read moreIn response to criticism over technical issues with the new income tax return filing system, Infosys CEO Salil Parekh stated on Wednesday that the new income tax portal his company developed is making “steady progress” and that 1.9 crore forms have already been filed. He also stated that the complaints of taxpayers are being “progressively […]
Read moreFrom FY 2020-21 onwards, the income tax department has exempted certain non-residents and foreign investors from filing Income Tax Returns (ITRs), in an effort to reduce compliance burden. With Notification No. 119/2021, Central Board of Direct Taxes (CBDT) notified the exemptions. Non-residents (corporates/ others) who do not earn any income other than income from investment […]
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