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CBIC : Issuance of SCNs on difference in ITR-TDS data (Form 26AS) and Service Tax Returns only after Proper Verification
CBIC: After various indiscriminate issuance of demand notices by the field officers on the basis of ITR-TDS data received from by the Income Tax Department, CBIC issued Instructions dated October 26, 2021 directing that the show cause notices (SCNs) based on the difference in ITR-TDS data and service tax returns to be issued only after proper verification. The […]
Read moreIncome tax intimation notice got after ITR filing? Know what to check first
The income tax department issues an Income tax intimation notice to taxpayers after processing their income tax returns under Section 143(1) of the Income Tax Act, 1961. This notice is sent to the taxpayer’s registered email address by the income tax department. In addition, an SMS is also sent to the taxpayer’s registered mobile number informing him […]
Read moreIncome tax notice for Rs 3.47 crore issued to e-rickshaw driver
The income tax department issued an income tax notice to a 40-year old e-rickshaw driver in Mathura, demanding him to pay tax of Rs 3.47 crore for his annual turnover of Rs 43.44 crore in the 2018-19 financial year. E-Rickshaw Driver, Pratap Singh filed a police report on Sunday, but no FIR has been registered […]
Read moreITR: Why you must report tax-exempt income on your tax return?
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 moreCA Exam Dec 2021: ICAI again Reopens the empanelment of members to act as observers
Institute 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 moreE-way bills in October may exceed September figures due to festive season
Experts 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 moreGSTN Advisory for taxpayers on Form GSTR-2B
1. 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 advisory by GSTN: Availability of Input Tax Credit (ITC) for FY 2020-21
GST 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: Textile sector demands 5% GST for the sector
GST 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 more10 reasons why your Income Tax refund is delayed
Income 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 […]
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