India’s income tax (IT) department has notified a new form, ITR-U, for taxpayers filing their updated tax returns. The move seeks to reduce lengthy adjudication timelines and use of resources for improper tax filing and is based on the self-assessment of taxpayers. What is the new ITR form? In the new form, ITR-U, the taxpayer …
The last month of the year 2021 i.e. December is going on. By the end of this month, you have to tackle many important tasks at any cost. If you do not complete these tasks before the due date, then you may suffer a big loss. If you have not filed income tax return yet, …
Today is a very important day for the banking sector for the country and for crores of bank account holders of the country. How a big problem that has been going on for decades has been solved, today is a witness to it. In the name given to today’s event, Depositors First is putting the …
The GST Council meeting was held in Lucknow on Friday under the chairmanship of Finance Minister Nirmala Sitharaman. After this meeting many important decisions were announced. These decisions will have a direct impact on the common man. In this, the exemption from GST on medicines to prevent coronavirus was increased to 31 December 2021. But, …
The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021 to 31.08.2021. The last date to avail benefit of the late …
Document certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoice’). Details from such e-invoice are be auto-populated in respective tables of GSTR-1, and GSTR-1 is a part of GST. Due to some unanticipated issues, there has been delay in auto-population …
Financial Crux of Budget 2019 2017-18 (Actuals) 2018-19 (Revised Estimates) 2019-20 (Budget Estimates) Revenue Receipts (Like Income Tax, GST, Dividends from PSU’s & Banks ,Interest on Government Lending Etc.) 14,35,233 Cr. 17,29,682 Cr. 19,77,693 Cr. Capital Receipts (Recovery of Loans, Funds Raised from PPF, small saving deposits etc.) 7,06,742 Cr. 7,27,553 Cr. …
Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately Rs. 79.21 crore on the taxable value of concocted supplies of Rs.450 crore. Gurugram Zonal Unit of the Directorate General …
The Initial Public Offering (IPO) of CPSE IRCON has been subscribed 9.5 times. In the IRCON IPO, the Government is selling 10.5 percent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees. The Government is expected to raise Rs 466 crore from the issue. The issue received bids for 9.4 crore …
Advance Ruling Mechanism in GST An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities. Further, …