GST Council clears the way for the rollout of the GST Bill

Last Thursday, the Goods and Service Tax Council gave the green signal for rolling out the new tax (Goods and Service Tax) regime from July, clearing all regulations and legislations required for one of the most aspiring and ambitious tax reform measures since Independence. The GST council, which met in New Delhi, approved the union […]

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ITD defines guidelines for verification of suspicious bank accounts

In post-demonetisation India, things are a-changin’. Not only have the banks been instructed to levy charges on cash transactions above a certain limit, the RBI’s mandate to investigate unusual cash transactions will also be followed rigorously. The Income Tax Department has noticed several malpractices in cash deposits of 500 and 1000 rupee notes made before […]

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E-verification methods for your tax returns

The Income Tax Department messaging you can be a worrisome thing, right? A single SMS and you suddenly have visions of IT officers breaking down your doors but relax, it really isn’t that bad. A communication like this only means that you need to verify the details for your income tax returns so that the […]

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