All taxpayers having aggregate turnover up to ₹5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of tax on monthly basis. Persons availing QRMP Scheme are required to pay tax due, in each of the three months …
Runita bezalwar
March 30, 2021
Since income from whatever source derived is included in the Income Tax Act, 1961, and supply of any service, if not specifically exempted, is taxable under Goods and Services Tax (GST), the gains from cryptocurrency (crypto) trading and services by crypto exchanges are liable to be …
Runita bezalwar
March 30, 2021
Goods and Services Tax (GST) officials have unearthed a Delhi-based racket involving five companies and arrested one person as part of a drive against tax evasion using fake invoices. With this case, the authorities have so far made 40 arrests in various cases of GST fraud from …
Runita bezalwar
March 28, 2021
The Appellate Authority for Advance Ruling (AAAR), Uttar Pradesh, has modified an earlier order by the Authority for Advance Ruling (AAR), exempting tax on delayed payment interest or penalty charged by a broker from clients for undertaking share sale and purchase activity. The AAAR order came …
Runita bezalwar
March 28, 2021
India’s Comptroller and Auditor General (CAG) before Parliament admonished the government for being slow in implementing technology and simplified filing process for Goods and Services Tax (GST) as it said detecting evasion has improved. Report No 1 of 2021 on “Indirect Taxes – Goods and Services Tax, …
Runita bezalwar
March 12, 2021
The Karnataka High Court has ruled that, Fair market value of bonus shares computed as per Rule 11U and Rule 11UA of the Income Tax Rules cannot be considered as income from other sources as per Section 56(2)(vii) of the Income Tax Act. The decision was …
Runita bezalwar
March 12, 2021
Actor Taapsee Pannu opened up about the Income Tax department raids against her and said that she has “nothing to fear”. She added that she and her family co-operated with the officials. On 3rd March, as a part of a tax evasion probe against the now, …
Runita bezalwar
March 12, 2021
The residence of Bollywood filmmakers Anurag Kashyap, Vikas Bahl, actress Taapsee Pannu and others have been raided by the Income Tax department in Mumbai. According to the IT Department, the raised were conducted in the case of tax evasion. Multiple teams of the agency sleuths were carrying out searches …
Runita bezalwar
March 12, 2021
The deadline for filing advance tax is approaching. Any person whose estimated tax liability for the year is ₹10,000 or more is required to pay advance tax. The advance tax has to be paid in four instalments in the financial year itself. The last date for …
