Less than 1% of the Income Tax Returns are selected for scrutiny/investigation Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface
Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that the said returns can not be filed.
Krishna, recently the Government has reintroduced the investment scheme of Kisan Vikas Patra. There are many questions regarding this scheme but answer to the most important question is unascertainable. The earlier scheme of Kisan Vikas Patra was closed due to increasing black money from the scheme then why it is reintroduced?
Discover the 7 common reasons why you receive income tax notices, from TDS mismatches to high-value transactions.
Salaried taxpayers form a major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Income tax deductions offer a gamut of opportunities for saving tax for the salaried class. With the help of these deductions and exemptions prescribed under Income Tax Act, 1961, one […]
In Part 1 of the Article author discussed Generation of e way bill & its salient features and in Part 2 Author discussed Contents of E- Way Bill and Guide To Generate E Way Bill ( EWB -01) Online . In this i.e.Part 3 Author discusses E Way generation by Transporters and in Fourth and […]
Deposits up to Rs.1.50 lakh in National Savings Certificate (NSC) qualify for Deduction Section 80C of the Income Tax Act. Accrued interest on NSC also qualify for deduction u/s. for first five years. NSC interest is taxable.
Due date for annual return in FORM GSTR-9 and reconciliation statement in FORM GSTR-9C for FY 2017-18 to be extended to 31.01.2020. Input tax credit to the recipient in respect of invoices or debit notes that are not reflected in his FORM GSTR-2A shall be restricted to 10 per cent of the eligible credit available in respect of invoices or debit notes reflected in his FORM GSTR-2A.
CBIC has recently issued various notifications to make compliance of E-invoice under GST regime mandatory for certain category of person from the specified date. The purpose of this article is to answer the top 10 question about the E-invoice as per rule 48(4) CGST Act and others respectively. Q 1. What is E-Invoice under GST? […]
Article explains E-Invoice under GST with Government Preparation on E-Invoice under GST, Applicability of E-Invoice under GST, Process to Generate an E-invoice under GST, Summary Of Notifications Issued on 13th December 2019 related to E-invoice under GST, Other Points related to E-invoice under GST, Mandatory Fields Of E-Invoice and Links to the Notifications Related to […]
