Insurance, taxes, and interest rates are among the 5 benefits and privileges that banks provide to senior citizens
Banks provide senior citizens with a variety of services, ranging from banking to taxation. The following are some of the benefits and privileges that senior citizens receive from banks: Free At-Home Basic Banking Service: According to the Reserve Bank of India (RBI) mandate, banks must provide basic banking services free of charge at home to…
The Income Tax Portal does not support bulk uploads: ITAT accepts manual submissions of documents
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee could not be said to have failed to maintain a stock register and books of accounts because they were not uploaded to the Income Tax Portal, which does not allow bulk uploads and only allows manual submission of the required documents.…
How and why the common ITR form will make income tax filing easier
The tax department has proposed a common ITR Form that would replace all ITR Forms except ITR-7, and taxpayers will be able to download the appropriate utility to file ITR based on their answers to questions about their income and filing status. Taxpayers who are eligible to file ITR-1 (Sahaj) and ITR-4 (Sugam) will have…
City gas distribution companies urge the government to include CNG and PNG in the GST
NEW DELHI: City gas distribution (CGD) businesses in Uttar Pradesh have demanded that the central government include CNG/PNG in the scope of the goods and services tax (GST), as rates in UP are significantly higher than in other states, according to sources. According to reports, customers are preferring diesel over petrol and CNG, which is…
GST Registration Cancellation cannot be revoked due to undivided property disputes: J & K & L HC
The Jammu and Kashmir & Ladakh High Court have ruled that a Goods and Services Tax (GST) registration provided to the assessee and later canceled upon request cannot be canceled only because of property issues with the applicant’s brother. The appellant petitioned the High Court to have the licenses awarded to the Samci Restaurant restored…
Missing GST deadlines this month may cost you: CBIC Reminds Taxpayers
The Central Board of Indirect Taxes and Customs (CBIC) made a significant notification regarding the filing of GST returns. Starting this month, the 11th and 13th of each month are the dates to remember for filing returns by different categories of GST filers. The Central Government revised Sections 37 and 39 of the Central Goods…
The Centre is considering reforms to the capital gains tax structure
According to authorities, the government is looking into ways to simplify the capital gains tax structure, such as rationalizing the different holding periods. Parity within asset classes will be a crucial aspect of the examination, which may even contemplate tax rate modifications. “The capital gains tax scheme is rather complicated. There is a case to…
According to a report, the Centre may amend capital gains tax laws
The government may soon modify the capital tax structure to make it easier. According to The Economic Times (ET), the major focus will be asset parity, and the Centre may even consider modifying tax rates. The several holding periods might be rationalized as well. “The capital gains tax structure is a little convoluted, and there…
Education tax? According to the new guidelines, you must pay taxes
The education cess, which is collected at 4% of the tax payable, is charged as a supplementary cost on taxpayers to finance certain government welfare programs, primarily elementary and secondary education. The education cess is paid solely on the tax owed, and if your income falls under the non-taxable slab of the IT taxing slab,…