Consequences of defective income tax return: The mere mention of an Income Tax Notice rings an alarm bell for many people. But there is nothing so scary about it. It is a common practice for the Income Tax Department to send notices to taxpayers for multiple reasons. The reasons for sending the notice could be…
In the second quarter of the current fiscal year, the Center’s advance direct tax collections increased by roughly 22% year over year to Rs 1.81 trillion, according to CNBC TV18. However, a senior member of the revenue department told FE that the data was “premature” since it was still being totaled. The 15th of the…
Moonlighting has recently gained popularity. IT behemoths like Infosys, TCS, and Wipro have informed their staff that variable compensation will be delayed or reduced in the first quarter of FY23 due to lower margins due to moonlight. IBM also referred to moonlighting as ‘unethical.’ Following the covid epidemic, which resulted in major layoffs and/or salary…
If you scheduled your taxes for the new tax system but failed to file your income tax returns (ITR) by the July 31, 2022 deadline, there is some unpleasant news for you. According to present income tax legislation, you cannot claim the advantage of the new tax system if you file a late ITR. Not…
The Delhi government saw an increase in GST revenue in the first quarter of FY23. The state’s GST income rose to Rs 4,349 crore in August, up 21% year on year, indicating development in commerce and business in the city as well as consumer demand despite inflation. In the same month previous year, the GST…
The concept of advance tax is based on pay-as-you-earn, which implies that the tax must be paid in advance in the form of quarterly payments throughout the fiscal year. It is a statutory requirement that allows the government to obtain tax money every quarter. This also reduces the strain on taxpayers because the tax due…
Following the Supreme Court’s judgment, the Central Board of Indirect Taxes and Customs (CBIC) issued a circular reopening the window for claiming transitional Input Tax Credit (ITC) through the Goods and Services Tax (GST) portal by filing TRAN-1/ TRAN-2. According to the circular, You can either file a new GST TRAN-1/ TRAN-2 form or…
The National Informatics Center (NIC) posted an update on the e-way bill webpage on September 12, 2022, about the creation of e-way bills for the transportation of gold, gold jewelry, and precious stones. According to the GST Council, an e-way bill is required for all Interstate and Intrastate transactions involving gold that fall within HSN…
Organizations frequently risk losing tax credits (i.e., TDS and TCS) owing to a lack of regular reconciliation between books of accounts and government data (Form 26AS). The year-on-year lock-up of TDS credit caused huge working capital inefficiencies, which is a major source of worry for CFOs and tax chiefs. Aside from tax credits, if revenues…
Businesses that were unable to claim tax credits for taxes paid before the implementation of the goods and services tax (GST) may soon be able to do so. According to Mint, the government would likely offer a special window for firms to make claims beginning October 1. The credits are likely to be worth Rs…