Government India Launches Mera Bill Mera Adhikaar Scheme Promote Billing Culture
The main goal of the "Mera Bill Mera Adhikaar" scheme is to create a behavior change where consumers actively ask for invoices as their right.
My ITR Online Post Daily Latest News or Updates for Income Tax Filing.
The main goal of the "Mera Bill Mera Adhikaar" scheme is to create a behavior change where consumers actively ask for invoices as their right.
This form pertains to the "Audit Report under clause (b) of the tenth proviso to section 10(23C) and section 12A(1)(b)(ii) of the Income Tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.
The government's requirement for income tax audits for businessmen and professionals who earn a certain amount shows its commitment to transparency and responsibility in finances. This rule has multiple purposes.
Advancements in technology and a strong system are speeding up the processing of tax returns. Last year, the percentage of processed tax returns increased significantly.
The real money gaming app Fantok has stopped its operations due to the government's decision to keep the 28% Goods and Services Tax on online gaming earnings, which has resulted in more negative outcomes.
Income Tax Return Update (August 24): Many people file their income tax returns on time via the Income Tax Department's e-filing portal, but often skip the crucial step of verifying their tax returns.
During the assessment proceedings, the Assessing Officer initiated penalty proceedings for not submitting the audit report within the specified time.
Efficient expense management entails making strategic decisions and implementing measures such as optimizing employee costs, embracing technology to streamline manual tasks, increasing production efficiency, and minimizing tax obligations.
High-earning employees who receive rent-free accommodation from their employers are set to enjoy increased savings and a larger take-home salary. The income tax department has updated its valuation guidelines for such accommodations.
A senior government official noted that a considerable number of these taxpayers earn up to Rs. 7 lakhs. In the 2023-24 Budget, the government implemented substantial adjustments to the new tax structure to enhance its appeal.
Government India Launches Mera Bill Mera Adhikaar Scheme Promote Billing Culture
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