Even without supplying goods or services or GST payment, scammers generate a fake GST bill to defraud traders and customers. This is done for reasons like tax evasion, converting input tax credit into cash, booking fake purchases or money laundering.
The discard option can be used repeatedly, provided the ITR status remains unverified or pending verification
Technology has eased tax-filing thanks, in part, to pre-filled forms. But mass tax-notices and erroneous notices have caused confusion. And dispute resolution needs to improve.
As we are on the brink of 2024, it would be wise to find out strategic ways to save money on income tax, to be on a firm footing in 2024. Read on to find more
As far as the revenue and tax collection is concerned the next few months of this fiscal year are bound to be challenging. The fiscal deficit has increased to ₹7 lakh crore. It currently stands at 39.3% of the budget estimate. With elections fast approaching expenditure and the deficit are only bound to increase, observes former Chairman of the Central Board of Indirect Taxes & Customs —Najib Shah.
Capital gain shall be calculated on the basis of the date of transfer of capital asset, i.e., the date of registering the sales deed.
A taxpayer acquiring foreign assets by way of inheritance would be required to furnish the details of the same in Schedule FA (Foreign Asset) of ITR-2 or ITR-3 (as applicable)
An income-tax notice cannot be issued if three years have passed since the end of the relevant assessment year. However, if there is evidence of concealment of income of at least Rs 50 lakh, a notice can be issued beyond three years but within 10 years of the end of the relevant assessment year.
Tax tips to get on track for 2024: understand the two tax regimes and choose the one that works best for you, maximise deductions, and consider investment options
No matter how popular mutual funds and stocks go on to become in our country, owning property is still considered a key milestone by many generations. That is why many people still prefer to have some form of real estate, be it a plot or property in their portfolio.
More often than not, people aim to benefit from the property by renting it out for regular income or selling it at a higher price. However, while the gains/profits in the case of the latter seem to be lucrative, it’s equally important to understand the tax implications that are associated with it.
© 2018 CA Chandan Agarwal. All rights reserved.