A valid GSTIN should have 15 digits. Identifying a fake GST invoice is crucial to prevent tax evasion and safeguard your business from fraudulent activities. Large number of Goods and Services Tax (GST) fraud cases involving the use of fake invoices for wrong availment of input tax credit (ITC), which is further used to pay…
Automation and simplification in the ITR refund process have raised the trust factor among the taxpayers towards the I-Tax department. (Representative image) A staggering 87 per cent of the individuals and 89 per cent of firms feel that the process of claiming income tax refund is convenient, the survey said. As many as 89 per…
Public health groups along with doctors and economists have urged the government to increase excise duty on all tobacco products in the Union Budget 2024-25 to generate additional revenue. In their appeals to the Finance Ministry, they asked for an increase in health taxes on cigarettes, bidis and smokeless tobacco. Also Read: India Needs To…
Published By: Business Desk Last Updated: November 17, 2023, 07:00 IST Advance tax is money you pay ahead of time if you earn income from sources other than your salary, like rent or stock gains. If the tax is being paid for the same financial year based on estimated income, it is considered advance tax….
Fake ITC Claim Under GST: The ministry said that the fake invoicing syndicate issued invoices with a taxable turnover of Rs 1,481 crore Fake ITC Claim Under GST: DGGI Meerut Zonal Unit has dismantled a major syndicate operated by four masterminds. GST officers have busted a syndicate involved in fraudulently passing on input tax credit…
GST collection in October 2023. The average gross monthly GST collection in the FY 2023-24 now stands at Rs 1.66 lakh crore GST collections in October 2023 jumped 13 per cent YoY to touch its second-highest-ever collection of Rs 1,72,003 crore, according to the latest official data released on Wednesday, November 1. The highest monthly…
November 7: Due date for deposit of tax deducted/collected for the month of October, 2023. Tax Calendar: Knowledge of the tax calendar is essential for maintaining financial discipline, avoiding penalties The tax calendar of the Income Tax Department (IT department) in India lists all the important tax-related deadlines, such as due dates for filing income…
October 31 is the due date for furnishing of annual audited accounts for each approved programmes under section 35(2AA). (Representative image) The due date for furnishing the audit report in Form no. 10B/10BB has been extended from September 30, 2023 to October 31, 2023. Being aware of the tax calendar set by the Income Tax…
NRIs without a PAN can electronically file Form 10F. In the absence of an individual’s PAN, TDS is deducted at a higher rate. Form 10F is submitted by Non-Resident Indians (NRIs) who are receiving payments from India and do not have a Permanent Account Number (PAN), along with the necessary details of the NRI’s Tax…
Gross income of individual taxpayers see a significant jump. (File photo: News18) The increase in average gross total income for top 1 per cent individual taxpayers is 42 per cent while that for bottom 25 per cent individual taxpayers is 58 per cent India’s average gross total income for individual taxpayers increased 56 per cent…