Archive | ClearTax

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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GSTN under scrutiny for tax evasion, says CBEC

The Goods and Services Tax Network – a privately held firm that is tasked with building the IT infrastructure required for the country to transition to GST – is now under scrutiny from the service tax department of CBEC. The CEO of GSTN received a summons asking them to appear in person or through a representative […]

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Textile mills ask PM for fixed 5% GST

Tamil Nadu textile mills have approached Prime Minister Narendra Modi to ask for a fixed levy of 5% under the new GST scheme. More than 471 mill owners have written to the PM’s office via the My Government portal in this regard. Prabhu Damodaran, the secretary of the Indian Texpreneurs Federation, said that while has […]

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Ban on High Value Cash Transactions

In India, tax evasion has become the norm for many people. The amount of domestic black money is huge which adversely affects the revenue of the Government creating a crunch for various welfare programmes. It creates undue pressure on the honest tax payers. Black money is generally transacted in high value cash transactions. A large amount […]

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GST and the E-com sector: Virtual rivals unite to ask for help from FICCI

The latest news from the Indian e-com sector is that traditional rivals Amazon, Flipkart, and Snapdeal have united together to approach FICCI (Federation of Indian Chambers of Commerce and Industry) and present a joint front against the proposed GST. Representatives from these companies had met with a panel of state finance ministers in August, 2016, when they […]

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