GST to bring biggest business reform Tax expert.

The proposed Goods and services (GST) tax regime is set to bring in biggest business reform, a tax expert said here today.

GST is just not tax reform. I say it is going to biggest business reform.

GST is just not tax reform. I say it is going to bring business reform. I say it is going to bring biggest business.

According to him the implications will not be the same for all and depend on how each one does business.

Referring to various concerns of a few sectors on the issue. Jain urged that unless these correct they might have to suffer. Besides highlighting benefits of GST.

Panda said that he has raised at several locations of the draft, word service is missing instead of goods and services tax in Chartered accountant in Delhi.

I don’t know whether it is deliberate or mistake. I have already raised it.

According to draft GST those not registered with excise cannot claim stock credit. 

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Deadline for Filing Income Tax Returns Extended.

Earlier the last date for filing returns by individuals was July 31. Last year the deadline was extended to august 31 and further to September31.

The government on Friday extended last date for filing income tax returns to august 5, revenue secretary hasmukh Adhia said earlier, the last date for filing returns by individuals was July 31.

Tax grievances: Income Tax department to ensure ‘E-nivaran’

The income tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints.

A separate and dedicated window for grievance redressal has been launched recently in the has been launched recently has been launched recently in the income tax business application (TBA), the new smart electronic platform for the regular operations of the department.  

The facility is called ‘e-nivaran’ (electronic solution and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing officer of the case upto the supervisory officers in a paperless environment.

The new system is called unified grievance management system and is acronymed ‘e-niravan’ The system not only records the origin of the grievance on the electronic platform it works on but it also keeps tracking it till it reaches its logical conclusion for final resolution “a-senior IT official said.

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Amendments in Income Tax Rules

The income tax department came up with a new form making it compulsory for salaried taxpayers to provide proof of travel for claiming tax deductions on LTA/LTC.

The new form 12BB needs to be produced before the employers by the employees with evidence in relation to house rent allowance (HRA) if it exceeds more than Rs. 1 Lakh per assessment year.

The required details include name, address, and PAN of landlord where the total rent paid is over Rs. 1 Lakh.

Similarly in the case of tax deduction on LTA/LTC, employee needs to furnish travel expenditure to the employer.

CBDT extended the time limit for depositing TDS on transfer of immovable property from 7 days to 30 days.

Also due date for quarterly TDS returns in Form 24Q, 26Q and 27Q was extended by 15 days. These rules will be applicable from June 1, 2016.

An employee can claim tax deduction of Rs. 1.5 Lakh from the total taxable income if invested/spent in PPF, life insurance schemes, child tuition fee, home loan repayment among others.

Section 80E provides for deduction of interest on loan taken for pursuing higher education.

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What is the process to e-verify your income tax return.

After filing income tax returns, you are supposed to get it verified. Earlier it was mandatory to send the physical copies to income tax department, now you can e-verify it in minutes. Your income tax return filling process is not incomplete until you have successfully verified your income tax return earlier returns could be verified via posting the ITR-V or use of digital signatures. Auditing firms in India