The deadline for filing the yearly individual income tax return (where no tax audit is necessary) for the tax year 2021-22, which is July 31, 2022, is quickly approaching. It is critical to understand the critical features of individual tax return filing in India. Though there are many significant factors to consider to submit an…
The GST council, in its 47th meeting, recommended a 5% fee on some necessary products like pulses, rice, cereals, and so on, when delivered as “pre-packaged and labeled” items. These modifications will take effect on July 18, 2022. Previously, these things were only liable if they were sold under a brand name and packed in…
The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT), comprised of Anikesh Banerjee (Judicial Member) and Dr. M. L. Meena (Accountant Member), has ruled that a firm’s cash deposit cannot be added to the partner’s income without examination. On March 15, 2013, the assessee received a notification under Section 148 of the Income Tax…
It’s been five years since India implemented its Goods and Services Tax, and while revenue collection has increased, some observers believe it’s too soon to rejoice. Since the implementation of GST in July 2017, India, the world’s fifth largest economy with a GDP of more than $3 trillion, has managed to more than quadruple its…
Traders and industry groups across the state have urged that the 5% GST on pre-packaged non-branded food goods be repealed. If this is not done, a statewide movement would be initiated, warned Lalit Gandhi, head of the Maharashtra Chamber of Commerce, Industries, and Agriculture (MCCIA), on Sunday. Gandhi was in town for a program put…
The deadline to file an ITR for the fiscal year 2021-22 is July 31, 2022. Unlike in prior years, the deadline for filing ITRs for the fiscal year 2022-23 may not be extended this year. Over 2.3 crore income tax returns were filed by July 20 for fiscal 2021-22, and the government is not considering…
Thiruvananthapuram: Amid mounting opposition to the introduction of Goods and Services Charge (GST) on vital goods, the Kerala government stated on Tuesday, July 19 that it does not plan to tax items supplied in 1 or 2kg packages by companies such as Kudumbashree or small retailers. State Finance Minister K.N. Balagopal warned the Kerala parliament…
On Wednesday, Indian equities markets rose more than 1.2 percent, led by advances in oil and gas corporations such as Reliance Industries and ONGC, as the government reduced the newly-introduced windfall tax on petrol, diesel, aviation fuel, and crude oil, following a dramatic drop in global oil prices. The benchmark BSE Sensex jumped 1.3% to…
The Annual Information Statement was introduced by the Income Tax Department in 2021. (AIS). The AIS is a detailed statement that contains information about all of your financial transactions within a fiscal year (FY). It comprises the information required by the Income-tax Act of 1961. Individual taxpayers must ensure that the income information on their…
To improve taxpayer comfort and ease of submitting returns, the indirect tax department has recommended a series of amendments to the GSTR-3B form, which is a composite return form that includes data of sales, purchases, ITC, and taxes to be paid. The Central Board of Indirect Taxes has recently recommended that GSTR-3B forms have particular…