# news
12 posts in `news` tag
FM Sitharaman Exposes 21791 Fake GST Registrations Tax Evasion
Sitharaman reported that a total of 21,791 entities with GST registration, split between state tax and CBIC jurisdictions, were found to be non-existent.
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By Krishna
GST Department Special Drive Identifies 21791 Falsified Registrations
Finance Minister Nirmala Sitharaman revealed on Tuesday that a special two-month drive by GST officers has deciphered 21,791 instances of fraudulent GST registrations and suspected tax evasion amounting to over 24,000 crore.
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By Krishna
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Income Tax Act Section 139(4) Guide Filing Belated Returns
A belated return is when an individual fails to file their income tax return by the original due date of 31st July each year and submits it afterward but before 31st December of the same year.
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By Krishna
File Belated Income Tax Returns FY23 December 31
Late submission of an income tax return (ITR) incurs penalties. Individuals filing their ITR after the due date will be charged a late fee of Rs 5,000, along with applicable interest.
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By Krishna
Budget 2024 New Income Tax Slabs Vs Old Income Tax Slabs
New Income Tax vs Old Income Tax Slabs: Exploring Changes and Comparisons. As Finance Minister Nirmala Sitharaman prepares to present the interim budget for FY25 on February 1, 2024, we anticipate updates to the income tax structure.
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By Krishna
CBDT Extends Deadline Processing Refund Claims ITRs 2018-19 2020-21
Considering pending grievances related to refunds for assessment years 2018-19, 2019-20, and 2020-21, the CBDT, using its powers under section 119, relaxes the timeframe for processing.
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By Krishna
Comprehensive Guide Internal Audits Types Mandatory Compliance
An internal audit is a systematic and unbiased review of an organization's activities, processes, and operations to confirm adherence to policies, laws, and industry standards.
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By Krishna
Income Tax Exemptions Section 10 14 i Closer Look
In the Income Tax Act, Section 10(14)(i) outlines provisions related to allowances and perquisites—benefits provided by employers to employees as part of their salary.
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By Krishna
Income Tax Department Appeals Supreme Court High Court Order Validity
The Income Tax Department is contemplating filing an appeal in the Supreme Court. The process for filing the appeal is in its final stages, and expert opinions are being sought, as per the source.
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By Krishna
November 2023 Highest Year on Year GST Revenue Growth
Notably, this is the sixth instance in FY 2023-24 where gross GST collections surpassed Rs 1.60 lakh crore. By November 2023, FY 2023-24's gross GST collection reached Rs 13,32,440 crore, averaging Rs 1.66 lakh crore monthly.
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By Krishna
GSTN Advisory Procedures Provisions Taxpayer Amnesty Missed Appeal Deadlines
The Goods and Services Tax Network (GSTN) has issued an advisory outlining procedures and provisions for taxpayers who missed the appeal filing deadline for orders passed on or before March 31, 2023.
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By Krishna
Digital Payment Safety Alert Systems Transactions Rs 5000
Financial institutions are considering the implementation of a swift alert system for digital payment transactions exceeding Rs 5,000, as per Ministry of Finance sources.
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By Krishna