Glitches in ITR processing lead to bloated tax liability on capital gains

Original Author Sugata Ghosh (Read more at: Economic Times)
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MUMBAI: Hundreds of taxpayers are believed to have received notices from the income tax (I-T) department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source (TDS), among other discrepancies.

Senior accountants have drawn the attention of Pramod Chandra Mody, chairman of Central Board of Direct Taxes (CBDT), regarding the errors at the department’s Central Processing Zone (CP ..

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Quick Reference flow chart for Sec 194Q of TDS effective from July 1st , 2021

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(Disclaimer : Taxmitr India does not own this content. This content contains extracts from this article of Financial Express ) In a major crackdown against the tax evasion, the income tax department carried out raids at several places linked to wellness guru Kalki and his son. The raids were conducted at several locations in Varadaiahpalem in Andhra Pradesh and also in Chennai and Bangalore. The Income Tax Department conducted searches on a group of trusts and companies that run year-round wellness courses and training programmes at several locations in Andhra Pradesh, Karnataka and Tamil Nadu, the Central Board of Direct Taxes (CBDT) said in a statement. “A preliminary estimate of such unaccounted cash receipts is Rs. 409 crore from FY 2014-15 onwards. Such unaccounted cash receipts are also evidenced by huge quantities of cash and other valuables found at the residences of the founder and his son, and at one of the campuses,” the CBDT said. Click here to read complete ...

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What is E-Invoicing? Electronic Invoicing or E-Invoicing in short can be referred to as a system of electronic authentication of B2B(Business to Business) invoices by GSTN for further use on common GST portal. Under the said system every invoice will be issued an identification number by IRP (Invoice Registration Portal) which will be managed by GSTN. All invoice related information will be transferred from this portal to both GST portal and e-way bill portal in real-time thus eliminating the need of manual data entry as well as generation of part A of the e-way bills , as information will be directly passed by the IRP to GST portal. What are the benefits of E-invoicing system? It will help in reducing the mismatch errors in data reconciliation thus saving a lot of time. E-invoicing will allow interoperability as invoices generated through one software can now be read through other software as wel...

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