Direct tax revenue will soon slip in the financial year 2019-20
You must have read in the newspaper that direct tax revenue will soon slip in the financial year 2019-20. The Income Tax Department is conducting Survey U / s 133A of the Income Tax Act on assessee’s business premises in order to recover higher tax sums and to meet budgeted tax collection. The income tax department will even conduct a tax recovery survey and TDS test to recover higher taxes.
In view of the above situation, we request you to take necessary steps:
(1) keep books of account updated
(2) Unwanted chits/papers/ noting always create a problem. So you should not keep such papers in your drawer/computer/ laptop/personal diary. Please destroy it.
(3) keep advance tax working ready for the installment of March 2020
(4) pay advance tax on the basis of booking of flats/ shops made during the year
(5) ledger confirmations of all sundry Creditors should be always obtained.
(6) Name and address of loan depositor with PAN should be always readily available at your office.
(7) provisions of the Benami Property Act are very severe and therefore never enter into such transactions. “ Hawala Loan “ transactions are covered under the Benami Property Act
(8) Always pay tax as per Law
(9) Pay TDS, Advance tax, GST within the time limit allowed under Law.
(10) keep the Labour Contract agreement ready.
(11) partners should have complete knowledge in relation to transactions entered in books of accounts
(12) Please note that income declared under section 68 to 69D of income tax Act is liable to tax at 75% provision of section 115BBE of Income-tax Act.
Latest Updates
- A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25 Filing your Income Tax Return (ITR) is not just about fulfilling a legal formality—it’s a vital part of your financial discipline. Every individual earning income in India is required to declare their income, deductions, and taxes paid during the financial […]
- Faking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax RulesFaking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax Rules New ITR-1 and ITR-4 Mandate Detailed Proof for Claims to Curb False Deductions Paying taxes accurately and on time isn’t just a legal obligation—it fuels public welfare and national development. To ensure compliance, the Income Tax Act prescribes […]
- Aadhaar OTP a Must for PAN Registration: New Income Tax Portal RuleNew PAN Registration Rule: Aadhaar OTP Verification Made Mandatory In a significant update, the Income Tax Department has introduced a mandatory Aadhaar-based OTP verification step for individuals registering their Permanent Account Number (PAN) on the official e-filing portal — www.incometax.gov.in. This change is designed to enhance security and ensure that only genuine users […]
- Income Tax Benefits for Senior Citizens: What You Can Claim in AY 2025-26Income Tax Benefits for Senior Citizens: What You Can Claim in AY 2025-26 As the Income Tax Return (ITR) filing season for Assessment Year 2025-26 begins, many taxpayers—especially senior citizens—are evaluating the deductions and exemptions they are entitled to. The Income Tax Act provides several tax concessions for senior and super senior citizens […]
- Claiming Input Tax Credit (ITC) under GST: Essential Documents and Compliance ChecklistClaiming Input Tax Credit (ITC) under GST: Essential Documents and Compliance Checklist Input Tax Credit (ITC) is a cornerstone of India’s Goods and Services Tax (GST) regime. It enables registered businesses to offset the tax paid on purchases and business-related expenses against their GST liability on outward supplies. However, ITC is […]