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What is Taxpayer Charter?

What is Taxpayer Charter?

Union Finance Minister Nirmala Sitharaman in her Budget speech announced that CBDT will adopt a Taxpayer’s Charter. She went on to explain ‘an important aspect of both ease of living & ease of doing business is fairness & efficiency of tax administration. We wish to enshrine in the statutes an ‘Taxpayer charter’ through this budget . Our government would like to reassure taxpayers that we remain committed to taking measures so that our citizens are free from harassment of any…

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An overview of Direct Tax Proposals in Union Budget 2020

An overview of Direct Tax Proposals in Union Budget 2020

Here I am presenting the simplified and summarized version of Direct Tax Proposals in Union Budget 2020 presented by Honorable Finance Minister of India on Feb 1, 2020. This article will help you to grasp the new insertions/amendments without going into the depth of each and every section. Let’s Begin. In order to simplify the taxation structure, a new scheme “Vivaad se Vishwas Scheme” has been introduced which will reduce or simplify the litigations under which an assessee will not…

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Synopsis: Union Budget 2020-2021

Synopsis: Union Budget 2020-2021

GENERAL: Finance Minister says: This Budget Theme: Aspiration, Development, Compassion National security is the top priority of the government A new and simplified GST return system coming this April 2020 Central govt’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014 Government to incentivize farmers to go solar ‘TB Haarega, Desh Jeetega’ mission to be launched Swachch Bharat Abhiyan to get ₹12,300 crore Data is the new oil. A policy to be announced to enable…

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Chargeability of GST On Interest Income

Chargeability of GST On Interest Income

Is Interest Income really exempt from GST? Interest is generally part of everyone’s life. It can be in anything or for anyone. Well! here we are only focusing on interest as financial term. So, in layman language, Interest is the amount paid by borrower for usage of anyone’s money generally termed as Lender. Till the time, lender allows the borrower to use his money, later is under an obligation to pay compensation to former in terms of time value/ opportunity…

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ICAI offers its infrastructure to Income Tax Appellate Tribunal (ITAT)

ICAI offers its infrastructure to Income Tax Appellate Tribunal (ITAT)

The Institute of Chartered Accountants of India (ICAI) recently got into an arrangement with Income Tax Appellate Tribunal (ITAT) at New Delhi whereby ICAI has extended the facility of using ICAI infrastructure for conducting hearings of ITAT at some of ICAI branches & offices across the country including Srinagar & Ladakh. ICAI, being a true Partner in Nation Building has always collaborated with various initiatives of the Government, Regulatory authorities, etc.  for facilitating the implementation of various policies/ measures for development of…

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Section 194M- TDS summary on payment to resident contractors and professionals

Section 194M- TDS summary on payment to resident contractors and professionals

A lot of modifications have been noted in the Finance Act recently. In particular, in the tax area –income tax or GST. Some parts are modified and some are launched lately. Let’s see one of the 194 M section of the freshly launched TDS. Q. What is section 194M? This section was implemented to provide a 5% TDS tax on the amount paid or credited in a year due to contract job or professional service in a financial year above…

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GST Fitment Committee Opposes Tax Rate Cut On Automobiles

GST Fitment Committee Opposes Tax Rate Cut On Automobiles

The Indian Automobiles industry is going through a turbulent period and one of the ways in which a temporary reprieve can be obtained is by reducing the GST rate on automobiles from the current 28 per cent to 18 per cent, even if temporary. But the GST Fitment Committee (a panel of officials from the GST Council, which discusses requests from various industries for GST reduction), says that reduction on GST rates for automobiles will lead to a major loss…

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How does the government catch tax fraud ?

How does the government catch tax fraud ?

Tax Fraud It occurs when an individual or business entity willfully and intentionally give false information on a tax return to limit the amount of tax liability. Tax fraud essentially entails cheating on a tax return in an attempt to avoid paying the entire tax obligation. Procedure :- For this crime the government has set up the tax departments like income tax, sales tax, GST, etc which look at the fraud process. It depends on the fraud that which type of fraud has happened, and which department would come into…

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Goods and Service Tax on Buying Houses

Goods and Service Tax on Buying Houses

Goods and Service Tax is like air everywhere it can be discovered as it is charged for every item. It applies to the house regardless of whether you bought it or built it. Based on the current conditions and situations, distinct steps are taken by the government to benefit both customers and sellers. Let’s comprehend the information of Goods and Service Tax on the new house. Following the new schemes being initiated by the government, the demand for housing properties…

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