Section 270A of the Income Tax Act imposes penalties on taxpayers who under-report or misreport their income. This blog post provides a detailed explanation of the provisions of Section 270A, including the definition of under-reported income, the instances of under-reporting, and the calculation of the penalty. It also discusses the consequences of non-compliance and provides tips for avoiding penalties.

Discover the ins and outs of Section 80TTA of the Income Tax Act, 1961, and how it benefits individual taxpayers and HUFs by offering tax deductions on interest income from savings accounts.

This announcement urges taxpayers to promptly verify the status of their income tax refunds to ensure timely processing and receipt of any owed funds.

This blog explores the significance of Show Cause Notices under the Goods and Services Tax (GST) regime and provides actionable steps for businesses to respond confidently.

To implement this, the GSTN (GST Network) plans to assign the task to the next technology vendor for the GST portal, as the current service provider, Infosys, has a contract that expires on September 30, 2024.

GSTN is implementing two-factor authentication (2FA) to enhance login security on the GST portal.