Things have changed from local Kirana Shops to Online Grocery shopping, local readymade garments shops to online purchase of cloth. Everything is now online. The Indian e-commerce sector is the fastest growing in the world and is expected to grow to $200 billion by 2026.
Govt. has imposed many restrictions on sale of property and has also allowed deductions and exemptions that can be claimed when someone sells his property. Some of the Considerations to be kept in mind while selling property are explained in this article.
Under new tax regime tax has been significantly reduced by forgoing certain exemptions and deductions. The rates of tax, amount of tax and savings under new regime is as follows-
Hon’ble PM launched Transparent Taxation Scheme on 13th August 2020 in which Income-tax Assessments through electronic mode was made mandatory. The move was made to reduce interaction between Income-tax Officers and Assessee as a result of which corruption will be reduced to greater extent.
In India many reforms are taking place. Another reform is to safeguard the banks money and reduce NPA of accounts. Business houses often take CC/OD facility from one bank, open current account in another bank and perform all the business transactions in that current account.
Proposal To Add 11 New Transactions In Form 26AS 1) Education related fees and donations above 1 lakh in a year. 2) Electricity bills of above 1 lakh in a year 3) Domestic business class air travel or foreign travel. 4) Hotel bills above Rs.20,000/- 5) Purchase of jewellery, white goods, paintings, marble, etc. above Rs.1lakh. White goods includes Electronic Products i.e. TV, Refrigerator, Washing Machine.
Disposal of income tax cases were big thing for businessman apart from their business. For refund of their own money they faced many problems. People avoided to pay tax when it was well known that their hard earned money will not be used in nation building but will be illegally absorbed into System.
Launching Platform For Transparent Taxation- Honoring The Honest By PM Shri Narendra Modi Prime Minister Narendra Modi will launch the platform for ‘Transparent Taxation – Honoring the Honest’ on 13/08/2020 via Video Conferencing. Govt. has taken several measures from reducing tax rates to ease of compliance. The launch of the platform will further carry forward […]
Cashless societies have existed from the time when human society came into existence. In olden days barter system existed which was cashless system of exchange. Cashless transactions have also become possible in modern times using digital currencies.Government is taking major steps to promote cashless economy. The main purpose is to generate high tax revenue, fight […]
1. Introduction High Value transactions are transactions which are incurred in high denominations. From last few years income tax department is shaking hands with all the other related Govt. departments from which it can procure financial information and trace all the persons who are spending high amount but are not filing income tax return or […]
