The income tax return (ITR) filing deadline for FY 2019-20 has been further extended to January 10, 2021, for most individual taxpayers, from the earlier deadline of December 31, 2020

The government has notified on Tuesday the recommendations of the Law Committee of the GST Council in order to control the menace of GST fake invoice frauds

Out of 1.27 lakh crore refunds, Rs 34,532 crore were issued as refunds to Individual taxpayers in about 37.22 lakh cases while Rs 92,376 crore were issued as refunds to 1,92,409 in corporate tax cases

While refunds for 'risky' exporters have been a contentious issue, tax consultants with sizeable client base said that technical glitches are also being cited for pending GST refunds

This is Part I of two-part article revisiting critical economic decisions that eventually led to minus 23.9% growth in Q1 of FY21. Blaming exogenous factors (pandemic) or intense lockdown is merely an excuse to divert attention from government's ineptitude and thwart meaningful debate

A message stating free masks under PM Mask Yojana doing rounds on Facebook and WhatsApp along with a link has been deemed fake by PIB Fact Check.

The Finance Ministry said last week that it will fast track issuance of pending income tax refunds  Rs 5 lakh

In a circular issue by the Central Board of Indirect Taxes and Customs (CBIC) has come up with instructions and clarifications in situations arising out of cancellation of business orders

The goods and services network (GSTN) said in its release that the tax officers have processed over 10,000 new registrations and about 8,000 refund applications in the first 10 days of lockdown until April 3, working through Virtual Private Network (VPN)

The court has also categorically denied self-assessment of the AGR dues by the telcos, and has asked companies to pay all four components of the dues: principal, interest on the principal, penalty, and interest on penalty

The government on Friday approved Remission of Duties and Taxes on Exported Products, a scheme for reimbursement of taxes and duties to exporters

Budget 2020: In today's speech, the FM broke her own record and delivered the longest Union Budget speech, which was 159 minutes long

Budget 2020: The government's budget focus on infrastructure development of Tier 2 and 3 cities was expected to trigger the next round of urbanisation in the country and create large scale employment

Budget 2020: With a few days to for the Union Budget 2020, India Inc expects finance minister Nirmala Sitharaman to strike a fair balance between falling consumption, revenue shortfall and high rate of unemployment

In a circular issued on January 23, CBIC's GST policy wing asked its commissioners to inform all exporters whose scrolls had been kept in abeyance for verification to complete the verification formalities for release of funds

ITR-1 Sahaj is used to file returns by ordinary resident individuals whose total income does not exceed Rs 50 lakh. Form ITR-4 Sugam is meant for resident individuals, HUFs and firms except LLPs with a total income of up to Rs 50 lakh and presumptive income from business and profession

Prescriptions from top experts in business, economics, politics and taxation

The meeting is being organised with the purpose of curbing fraud and evasion, checking fake or huge input tax credit claims, seeking bank account details of businesses to tally with their filings, misuse of refund

As of now, refunds of only Rs 3,604 crore are pending with CBIC and out of about 185,000 exporters, a total of 6,421 exporters (about 3.4 per cent only) including some 'star exporters' have been identified as risky and hence, red flagged

Business Today spoke to various stakeholders to understand their suggestions on what changes they seek from the government to simplify not just the return filing process but also the overall compliance requirement