Regarding a GST rate increase, no decision has been made. Since the second report on casinos and online gaming was not distributed, it was not on the agenda for the 48th meeting. Cess on SUV at 22% clarified- Applicable if meets 4 criteria- Popularly known as SUV, The engine capacity of more than 1500 cc,...
On September 13th, 2022, the CBIC issued a circular regarding the removal of difficulties in Section 194R, which casts an obligation on the person responsible for providing any benefit or perquisite to a resident to deduct tax at source at 10 percent before providing such benefit or perquisite. The benefit or perquisite may or may...
The Income Tax Act, under section 80C, allows taxpayers to invest up to INR 1.5 lakh in particular securities and claim it as a deduction from their taxable income. Among all the options, the three most popular ones are PPF, ELSS and a Tax Saving FDR. For an effective tax-saving investment option, read the detailed...
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While processing Income Tax Returns filed on or before July 31, the Income Tax department is using Artificial Intelligence Software to find out the correctness of various deductions/exemptions claimed by the taxpayers. The notices are being issued in mostly those cases where TDS was deducted and a claim for refund has been filed in the...
The Notification No. 04/2022–Central Tax (Rate) dated July 13, 2022 has amended the Notification No. 12/2017–Central Tax (Rate) dated June 28, 2017. The following supplies were earlier exempts from GST vide Notification No 12/2017 Central Tax (Rate) dated June 28, 2017 against serial number 21, in column (3), clauses (b) and (c): (b) goods, where...
The Central Board of Indirect Taxes and Customs (CBIC) vide Notification No. 17/2022–Central Tax dated August 01, 2022 notified the reduction in the Applicability of GST E-invoicing threshold from Rs.20 Crores to Rs.10 Crores with effect from October 1, 2022.
The Central Board of Direct Taxes (CBDT) has announced via a notification issued on July 29, 2022 that the time limit for verification of income tax return (ITR) has been reduced to 30 days (from 120 days) of transmitting the ITR data electronically. This notification will come into effect from August 1, 2022. It has...
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