Section 206AB and 206CCA of the Income-tax Act, 1961 (effective from 1st July 2021) A new category of “Specified Persons” whose TDS is to be deducted from 1st July 2021 has been mentioned under section 206AB for whom TDS is to be deducted at twice the regular rate or 5 percent, whichever is higher. These …
How to check whether a person is filing ITR or not ? Background Via Finance Act 2021, Section 206AB and 206CCA are inserted in the Income-tax Act, 1961 (effective from 1st July 2021). These sections impose a higher TDS/TCS rate on the “Specified Persons”, as defined in the new sections. In view of the …
How to check whether a person is filing ITR or not for TDS or TCS deduction Read More »
Retail and wholesale trade were left out of the ambit of MSME. Under the revised guidelines, MSME has issued order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending under RBI guidelines. The revised guidelines will benefit 2.5 Cr Retail and Wholesale Traders. Minister of MSME …
Government announces inclusion of Retail and Wholesale trades as MSMEs Read More »
Direct link to track ITR refund : https://tin.tin.nsdl.com/oltas/refund-status-pan.html Refund Banker scheme he ‘Refund Banker scheme’ facilitates transmission of refunds generated on processing of Income tax Returns by CPC-Bangalore/AO to State Bank of India, CMP branch (Refund Banker) for further distribution to taxpayers. Refunds are being sent in following two modes: RTGS / NECS: To enable credit …
Now Income Tax Refund Tracking becomes very easy Read More »
Delhi HC Directed the Authority to Accept the Petitioner’s Form SVLDRS-I and Process the Same Under Section 126 Director’s Remuneration Declared as Salaries And subjected to TDS are Not Taxable : AAR GST: Maharashtra’s Confusing Move :A recent trade circular by the Maharashtra tax department has taxpayers worried. The state has done away with a …
Part / Table wise Reporting in Annual Return This form was divided in to 6 Parts and tax payers were expected to report the whole year activities into 19 tables. Sr. No. Details required to be filled Part-I Basic Details Part-II Details of Outward and Inward supplies (RCM) declared during the F.Y. Part-III Details of …
Punjab Vigilance Department on Friday claimed it has unearthed a massive tax evasion and drugs smuggling racket where a number of officers of the State Excise and Taxation Department were allegedly taking monthly bribes from businessmen and transporters for transporting goods in and out of Punjab without paying the Goods and Services Tax (GST). DGP …
Excise Officers Among Six Arrested in GST Evasion Racket in Punjab Read More »
Notification No. 62/2020 Dated 20.08.2020 Businesses registering under GST can opt for Aadhaar authentication, in absence of which registration would be granted only after physical verification of the place of business. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration opts for authentication of Aadhaar …
Businesses registering under GST can opt for Aadhaar authentication Read More »
Aadhaar Authenticatiobn process has been introduced Persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit etc, in Form GST REG 01 (refer Notification No 62/2020-CT dt 20.08.2020 ). Under this, Individuals, Authorised signatory of all types of businesses, Managing and Authorised partners of a partnership …
+91 782 746 9167
info@taxconsult.co.in
English
Hindi