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GST Portal update on new GST Returns SRM I and SRM II

By | May 17, 2024

Information from manufacturers of Pan Masal and Tobacco taxpayers May 16th, 2024 Government had issued a notification to seek information from taxpayers dealing in the goods mentioned therein vide Notification No. 04/2024 – Central Tax dated 05-01-2024. Two forms have been notified vide this notification namely GST SRM-I and GST SRM-II. The former pertains to… Read More »

What is Off-market Credit Transactions in AIS on Income Tax Portal

By | May 16, 2024

What is Off-market Credit Transactions in AIS on Income Tax Portal In the context of the Annual Information Statement (AIS) and income tax in India, off-market credit transactions refer to the movement of shares into your demat account through transactions that don’t involve a stock exchange. Here’s a breakdown: Off-Market Transactions: These transactions occur directly… Read More »

What is Off-market debit transactions in AIS on Income Tax Portal

By | May 16, 2024

What is Off-market debit transactions in AIS on Income Tax Portal Off-market debit transactions are one of the 57 types of financial transactions reported in the Annual Information Statement (AIS) by the Income Tax Department in India. Here’s a breakdown of what it means: Off-Market Transactions: These are transactions that occur directly between two parties,… Read More »

what is CASS Method of Income Tax Scrutiny (Computer-Assisted Scrutiny Selection)

By | May 7, 2024

The Income Tax Department in India uses a system called Computer-Assisted Scrutiny Selection (CASS) to identify tax returns for potential scrutiny. Here’s a breakdown of the CASS cycle: Purpose: CASS is a mechanism to automate the selection of high-risk ITRs for further scrutiny. It helps the department efficiently identify potential tax evasion cases and optimize… Read More »

Relief to TDS deductors in respect of inoperative PAN CBDT Circular 6/2024

By | April 24, 2024

Relief to TDS deductors in respect of inoperative PAN CBDT Circular 6/2024 Dated 23rd April 2024 Sub: Partial modification of Circular No. 3 of 2023 dated 28.03.2023 regarding consequences of PAN becoming inoperative as per rule 114AAA of the Income- tax Rules, 1962- reg. Circular No. 3 of 2023 dated 28.03.2023 issued by the Board… Read More »