Once the e-Filed returns are processed and outstanding tax demand available in e-Filing portal, assessee is facilitated to submit the response against outstanding tax demand raised by CPC/AST. In this article we have discussed how a Taxpayer can submit online response against such Income Tax Demands :-
On verification of Form No. 26AS, if there is any inconsistency between the TDS details as provided by the deductor and TDS details available with the Government records (i.e. mismatch) then the deductee should intimate the same to the deductor. Mismatch in tax credit status of a deductee is because of : Non-quoting of PAN […]
Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because these people are going to get a tax notice sooner or later. These transgressions can invite penalties and the person has to pay up to 300% of the unpaid amount as the tax.
The government has decided to cap the maximum late fee for Form GSTR-3B at Rs. 500/- (five hundred only) per return for cleaning up past pendency of returns right from implementation of GST ; but subject to the condition that such GSTR-3B returns being filed before 30th September, 2020.
Arjun (Fictional Character): Krishna, some major recommendations were put forth by the GST Council in the 40th GST Council meeting. What further step has CBIC taken to give effect to the recommendations? Krishna (Fictional Character): Arjuna, CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST Notification on 24th June […]
Rule 3(7)(i): Interest free / concessional loan Any loan given free of interest or concessional interest shall be a taxable perquisite and calculated as follows: • Interest calculated at the rate charged by State Bank of India as on 1st day of pr
Compulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government.
As the due date of filing of quarterly TDS statement for second quarter of FY 2013-14 is approaching fast, you are advised to file TDS statement well before due date (15th October for Non Government deductors and 31st October for Government deductors).
Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence.
Benami transaction means; a transaction or an arrangement, where the property is transferred to or held by a person, and consideration for such property has been provided or paid by another person.
