e-Proceedings is a digital platform, developed by the Income Tax department of India in 2017. The major objective of this platform was to bring efficiency and transparency in scrutinizing the Income Tax procedure. Read the article to know everything that you need to know about ‘e-Proceedings’. What is an ‘e-Proceeding’? It is an electronic platform created by the Income Tax department. The main purpose of this platform is to conduct proceedings from the beginning to the end, i.e, in an ‘end to end’ manner. Income tax proceedings have become moreSEE DETAILS

Before the advent of Goods and Service tax (GST), we, consumers paid various kinds of taxes under different categories like direct taxes and indirect taxes. For better understanding and proper accounting, all the taxes were merged under one umbrella, known as GST. These taxes are levied upon good and services at every stage of the supply chain. The GST is classified into various types like CGST (Central Goods and Service tax which is levied by the centre), SGST (State Goods and Service tax which is charged by the state), andSEE DETAILS

On 24 Feb 2019, Sunday GST Council’s 33rd meeting was held. This meeting was originally adjourned on 20 Feb, 2019. In this council’s meet, major tax relieving decision was undertaken for the real estate sector. As this sector contributes a major portion of the nation’s GDP also, it helps in generating a number of employment opportunities. Hence, becoming a key area on which consideration is required. GST at the following rates have been prescribed to be made effective from 1 April 2019, Goods and Service Tax @ 5% shall beSEE DETAILS

Recently, 21 Feb 2019 an ordinance has been passed by the government of India. The said ordinance has been named as “ the banning of the unregulated deposit scheme ordinance 2019”. The same has been introduced to prohibit illicit deposit schemes or Ponzi schemes etc. So as to save the interest of the depositors. Since the moment this ordinance has come out everyone has started talking that the government has banned taking up all sorts of loans or advances in India which have not been taken from BanksFinancial Institutions orRelativesSEE DETAILS

In today’s time, Aadhaar works as a basic identity proof document. Also, with the Supreme Court’s recent verdict the validity of Aadhaar has been upheld. As per the pronouncement, Aadhaar needs to be mandatorily linked with PAN for The filing of Income Tax return (section 139AA of the Income Tax act 1961) andAvailing Government subsidies Also, in the decision so made amendments as to voluntary use of Aadhaar by The Banks andTelecom Companies has been accepted. But, practically one might face a situation where he wants to furnish or attachSEE DETAILS

Most important points related to common people – In the span of 2 years Tax assessment shall be done completely online IT returns processing and refund issue shall be concluded in just 24 hours Complete Tax rebate upto Rs. 5 lakh annual income after all deductions, which will give tax benefit upto Rs 12,500 Standard deduction limit has been increased from 40000 to 50000 Tax on the second self-occupied house has been exempted from levy of Income Tax Tax-free Gratuity limit increase from Rs 10 Lakhs to Rs 20 LakhsSEE DETAILS