Tax Refunds

I-T department to track high value transactions

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View quick summary Due to the slowdown in economic growth, corporate earnings have decreased. This has impacted the tax collection; the April-December period saw a net growth in direct tax earnings by a miniscule 8%. So, to step up tax earnings, the I-T department has decided to track high value transactions, with a focus on those above Rs 10 lakhs. The Department can ask the … [Read more...] about I-T department to track high value transactions

Tax evasion checklist: Taking benefit of basic exemption limit twice in a year

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When shifting jobs, the new employer assumes that you didn't earn any income in the previous months. Tax liability will be calculated according to the income you earn for the following months that remain in the financial year. This concludes to paying lesser tax than what was supposed. Ensure that you actively declare that salary was received for the previous months prior to … [Read more...] about Tax evasion checklist: Taking benefit of basic exemption limit twice in a year

Bulk PAN Validation

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Solution to verify PAN of the employees against the database of the India Income Tax Department. Discrepancies found while income tax pan card verification are reported to the employer via automated MIS. To enable eligible Entities to verify Permanent Account Numbers (PANs), Income Tax Department (ITD) in India has authorized National Securities Depository Limited (NSDL) to … [Read more...] about Bulk PAN Validation